Random Multiple Choice Questions (all units) Leave a Comment / Uncategorized / By Fs5CwcORXdh 0 Random Multiple Choice Questions (All Untis) 1 / 61 The Commission is obligated to report any criminal violation of Chapter 475, F.S., when knowledgeable of such violations, to the secretary of the DBPR local police Division of Profressions. state's attorney having jurisdiction. 2 / 61 A sales associate has been directed by her real estate broker to commit an unlawful act. The sales associate should notify the FREC comply because of the fiduciary obligation involved indicate her concern but comply with her employing broker refuse and withdraw from the relationship 3 / 61 If both buyer and seller claim the earnest money deposit in a broker's account, how much time does the broker have to notify the FREC in writing? 7 calendar days 15 calendar days 30 business days 15 business days 4 / 61 Real property ads and yard signs of a licensed broker MUST include the name of the seller or broker's principal broker associate who obtained the listing broker or brokerage firm real estate team or group 5 / 61 A broker mailed a signed purchase offer to a property owner. Instead of signing the purchase offer contract, the owner sent the broker a fax accepting the offer. Which is correct? There has been a valid offer but no a legal acceptance To be enforceable, a contract must contain the offer and acceptance within the same instrument There is a valid contract between the buyer and seller There has been a valid offer an a telegraphic acceptance but not an enforceable contract 6 / 61 When a security deposit or advance rent is required by a landlord, the landlord may place the funds in a broker's operating account deposit such funds in a seperate interest-bearing account, and pay the tenant at least 50% of the annualized average interest post a surety bond in the total amount of security deposit/advance rent or $50,000, whichever is less, and pay the tenant 5% per year in simple interest commingle such funds with personal funds and pay the tenant 75% of any interest earned 7 / 61 a sublease will result in a lease of the entire premises located below ground level all of the leased premises for the full duration of the reminder of the original lease a portion of the leased rights and interest the entire premises by a new tenant 8 / 61 A mother deeded a beachfront villa to her son who suffered from a terminal illness. The deed specified that the property was to return to the mother or her heirs when the son died. The estate owned by the mother, or her heirs, is a fee simple estate an estate for years a conventional life state an estate in reversion 9 / 61 Which reason would NOT make a valid contract to purchase and sell real estate unenforceable? no earnest money was pledged the property was destroyed it violates the statute of frauds the time frame extends beyond the statute of limitations 10 / 61 A tree growing near the corner of a lot is ordinarily considered to be a fixture real property personal property chattel 11 / 61 Which statement is TRUE regarding owner-developers? The sales staff working for an owner-developer are exempt from all real estate license requirements. An owner-developer must be a licensed broker to employ real estate sales associates. The owner-developer's sales staff must hold real estate licenses to be paid a commission Owner-developers who operate as a real estate development company are licensed by the division of Real Estate in the same manner as a real estate brokerage company. 12 / 61 Which statement is FALSE concerning a transaction broker relationship? A transaction broker representing both parties in the transaction must negotiate as a facilitator, showing no favoritism to either the buyer or the seller in the negotiation. The brokerage provides limited representation to the buyer, the seller, or both the buyer and the seller in the same transaction The buyer and seller are principals in nonresidential transactions A transaction broker relationship is presumed in all residential and nonresidential transactions 13 / 61 A parol contract is also called an informal contract an express contract a written contract a unilateral contract 14 / 61 Which business entity would obligate all principals as personally liable for organizational-incurred debts? Limited partnerships Corporations for profit General partnerships Limited liability companies 15 / 61 Which pair of terms do NOY go together? gross lease -- fixed rent plus building expenses Percentage lease -- retail property Ground lease -- long-term land lease Variable lease -- index 16 / 61 A real estate broker, when working in a single agent relationship, is typically authorized by a principal to act as a special agent general agent nonagent designated agent 17 / 61 A sales associate is selling her own property "by owner". Which statement is TRUE regarding real estate licensees selling property "by owner"? If she uses her own phone number in the ad, the licensee should disclose to a buyer prospect that she is a real estate licensee at eh first point of meaningful negotiation. The licensee must include the name of her broker in the ad The property must be listed with the sales associate's broker If she is using her personal contact information, the licensee my always disclose in the ad that she is a real estate licensee 18 / 61 What type of evidence unless refuted by evidence to the contrary will be accepted by the court as a fact? Enforceable Notarized Prima facie Case Law 19 / 61 Any contract that obligates both parties to perform in accordance with the terms of the contract is a voidable contract a bilateral contract an unenforceable contract a unilateral contract 20 / 61 If a broker is given the right to sign a real estate sale contract that will be binding on the seller, the broker is given general power of attorney an attorney-in-fact a special agent trustee the attorney of record 21 / 61 The purpose of recording a deed is to establish a future right of redemption bring the ocunty records up to date as to ownership give the world constructive notice of ownership give the world actual notice of ownership 22 / 61 A dispute over escrowed funds arises between the buyer and seller. The broker notifies the FREC of the conflicting demands and requests that the Commission issue an escrow disbursement order. The FREC informs the broker that it declines to issue an escrow disbursement order (EDO) and the broker must use an alternative settlement procedure. Which alternative method CANNOT be used to resolve the matter? Litigation Arbitration Mediation Petition for review or appeal 23 / 61 In an assignment of a real estate contract, the person assigned the legal rights is the assignor the optionor the assignee the vendor 24 / 61 Which right is not included in the bundle of rights? Possession Control Inheritance Enjoyment 25 / 61 A real estate sale contract becomes valid when it has been signed by the buyer and spouse buyer and seller seller and two witnesses broker and buyer 26 / 61 Which statement is FALSE regarding mutual recognition agreements? The agreements are intended to recognize the education and experience that real estate licenses have acquired in other states or nations. Mutual recognition applicants may be Florida residents or non residents A person who is licensed in a mutual recognition state and who wants to obtain a Florida license through mutual recognition must complete the process of Florida licensure before becoming a resident of Florida Mutual recognition applicants are required to take an examination on Florida real estate laws. 27 / 61 Any legal remedy sought by a tenant or a landlord under the Florida Residential Landlord and Tenant Act must be through the civil courts Division of Florida Land Sales, Condominiums and Mobile Homes Division of Real Estate criminal courts 28 / 61 A sales associate or broker associate owes fiduciary duties to the principal as does the broker, with whom the associate is registered, including those situations where the sales associate, for tax purposes, is an independent contractor to the buyer when working for a traction broker only to the broker is working as an employee of the broker to all of the individuals in the above situations. 29 / 61 A broker associate is ordering business cards. May she put "broker" on the card instead of "broker associate" Yes, with the consent of her broker No, she must use the title "broker associate" Yes, because she is broker-qualified This is a matter of personal taste 30 / 61 A transaction broker of residential property has which duty(ies) and responsibility(ies)? Obedience to the buyer and seller Undivided loyalty to both the buyer and seller to disclose any latent defects to the buyer Full disclosure between the buyer and seller 31 / 61 May escrow funds be moved from a non-interest-bearing account to an interest-bearing account? Yes, provided the broker secures the written permission of all interested parties to the contract before moving the funds. Yes, the broker is free to move the funds from one escrow account to another escrow account No, funds may not be removed from the non-interest-bearing account until title closing No, to do so would be a violation of Chapter 475, F.S. 32 / 61 What is the cancellation period for the purchase of a three-year-old residential condominium unit from a private party? 3 calendar days 15 calendar days 3 business days 15 business days 33 / 61 The statute that requires an injured party to bring an action within a specific period of time after the injury is the statute of obligations limitations specific enforcement frauds 34 / 61 The broker of a large office hired a certified public accountant (CPA) and a full-time bookkeeper to manage the escrow account. Which statement is TRUE regarding this situation? The broker must be a signatory on the escrow account The broker is relieved of liability in the event there is an escrow violation because a certified CPA has been hired to manage the escrow account The broker is required to personally prepare the monthly escrow account reconciliation statement Both the CPA and the bookkeeper must also hold a real estate license if they are going to write checks on the escrow account 35 / 61 A license applicant is NOT required to disclose which offense on the application? Committed a felony 10 years ago and the court withheld adjudication of guilt Issued two speeding tickets within the last 12 months Plead no contest to a misdemeanor Involved in an auto accident 10 years ago and convicted of leaving he scene of the accident 36 / 61 City planning commissions are usually NOT delegated which authority? zoning change approval sign control site plan approval Subdivision plat approval 37 / 61 The act of inducing homeowners to sell by stating that minority persons might move into a neighborhood is called steering blockbusing ethnic zoning redlining 38 / 61 The term procuring cause is most significant in which type of listing? open exclusive right-to-sell exclusive-agency net 39 / 61 A type of contractual agreement having all essential elements of a contract plus a property description and a definite term of tenancy specified creates which type of interest in real property? fee simple estate life estate leasehold tenancy at will 40 / 61 Which condominium document MUST be given to buyers or residential units sold by a developer of more than 20 new residential units and by a seller of a resale unit? Prospectus Governance form Estimated operating budget Frequently asked questions and answers (FAQ) sheet 41 / 61 A father and daughter brought a commercially zoned tract for cash. The property was deeded to them "with full and legal rights of survivorship." The father and daughter are tenants in severalty tenants by the entireties tenants in common joint tenants 42 / 61 A prospective tenant was recently transferred to Jacksonville. He was not familiar with the city so he purchased a rental list for $100 from a local real estate company. The prospective tenant referred to the list while looking for an apartment but was unable to locate a suitable unit. He has requested a refund of his $100. Which applies The broker is guilty of a first degree misdemeanor He is entitled to a refund of his $100 if requested in writing within 30 days He is entitled to a refund of $75 if requested either verbally or in writing within 30 days He is not entitled to a refund because there was nothing wrong with the list 43 / 61 Which statement regarding the recovery fund is FALSE? An unlicensed spouse of the offending licensee is eligible for reimbursement Punitive damages and interest cannot be reimbursed from the recovery fund A final judgement must be issued against the licensee and the consumer must make an attempt to collect on the judgement Licensees must hold an active license at the time of the alleged act 44 / 61 The brokerage relationship disclosure requirements in Chapter 475, F.S., do NOT apply to improved residential property of no more than four units agricultural property of 10 acres or less an unimproved site intended for development as residential duplex an agreement to lease a residential condominium 45 / 61 The Florida Residential Landlord and Tenant Act requires landlords to approve or deny the rental application of an active duty member with how many days? 5 days 15 days 14 days 7days 46 / 61 A neighbor succeeds in gaining legal use of an owner's property by open and continuous use of the land for over 20 years. The legal term for this result is Accretion encroachment adverse possession easement by prescription 47 / 61 A member of the U.S. armed forces is transferred to active duty in Jacksonville, Florida. The service member's spouse holds a valid New York real estate license. The service member's spouse desires a Florida real estate license. Which statement is true? The spouse must complete the prelicense education requirement. the spouse is eligible for a Florida license provided Florida has a mutual recognition agreement with the state of New York. Upon an approved application for a license, the DBPR must issue the spoise a Florida real estate license. The spouse must pass the Florida-specific real estate law license exam. 48 / 61 Which condominium document is required to be given to prospective buyers only for new residential construction of more than 20 units? Frequently asked questions and answers Bylaws Articles of Incorporation Prospectus 49 / 61 A DBPR investigator is authorized, in cases that involve a first-time offense of a minor violation, to issue a notice on noncompliance a letter of guidance a cease and desist order an administrative fine 50 / 61 The spouse of a retired Naval Officer holds a valid Connecticut real estate license. The spouse submits an application for a Florida real estate license. Which statement is TRUE? The spouse must take and pass the sales associate prelicense course and the state license exam The initial fees and the fingerprint fee is waived for military spouses The spouse is exempt from the sales associate prelicense course but must pass a 40-item real estate law exam The spouse qualifies for a reciprocal real estate license pending a satisfactory background check 51 / 61 Legal title always passes from the seller to the buyer when the deed is place in escrow when the closing statement has been signed when the deed is voluntarily delivered and voluntarily accepted on the date of the execution of the deed 52 / 61 An. owner sold her home to a married couple and give them a warranty deed. The couple moved into the home but did not record the deed. Two days dater, the seller die, and her heirs in another state sold the property without any knowledge of the previous sale. The heirs conveyed title to a single man, who did record the deed. Who owns the property? the single man the couple and the single man as joint tenants The couple the deceased owner's heirs 53 / 61 If a licensee accepts a postdated check as an earnest money deposit on real property, which applies? The sales associate must get approval from the listing broker The postdated check may not be drawn on an out-of-state bank account The FREC must be notified within 24 hours The seller's approval must first be obtained 54 / 61 In a valid option contract to purchase real estate, the optionee has no obligation to purchase the property is the prospective seller of the property is limited to a refund of the option consideration if the option is exercised must purchase the property within the option period 55 / 61 a broker MUST give a copy of the written listing agreement to the seller at the time of acceptance within 24 hours of execution by the end of the next business day by the end of the third business day 56 / 61 Which real estate form does NOT require a signature Designated Sales Associate Disclosure form consent to Transitation to Transaction Brokerage disclosure form Offer to purchase a real property No Brokerage Relationship disclosure form 57 / 61 A sales associate has helped a buyer locate a home for which the buyer has made an offer to purchase. The buyer gives the sales associate an earnest money check of $2500 payable to a title company. Which applies? Within 5 business days after the deposit has been made, the sales associate's broker must make a written request to the title company for written verification of receipt of the deposite The sales associate's employing broker must deposit the $2500 in the broker's escrow account within 3 business days The earnest money check must be made payable to the broker's trust account The sales associate must indicate the name, address, and telephone number of the title company on the purchase and sale agreement 58 / 61 A real estate sales associate MUST disclose to a prospective buyer that a murder occurred in the home during a home invasion a former occupant of the property committed suicide in the home the seller has been diagnosed with HIV the family room ceiling leaks during prolonged rain spells 59 / 61 A nonresident who holds a Florida real estate license MUST complete all required post-licensing and continuing education requirements accept permanent revocation of the license should any violation of the real estate license law be upheld consent, once licensed to having all documents notarized that become part of future real estate transactions in which the nonresident licensee is involved become a Florida resident within the initial license period 60 / 61 A condominium is created by filing the building plans with the county recording a declaration in the public records forming a corporation and filing the articles of incorporation with the Florida Department of State filing a copy of the bylaws with the county property assessor's office 61 / 61 Florida law requires brokers to have which item in the broker's office? Office telephone Copy Machine Real estate transaction files Desks for each registered sales associate Your score is LinkedIn Facebook Twitter VKontakte