Random Multiple Choice Questions (all units) Leave a Comment / Uncategorized / By Fs5CwcORXdh 0 Random Multiple Choice Questions (All Untis) 1 / 61 The type of deed that contains the words "remise and release" or similar words is the quitclaim deed Bargain and sale deed personal representative's deed special warranty deed 2 / 61 Which duty is NOT a duty in all three types of brokerage relationships? Account for all funds Disclose all known facts that affect the value of residential property and are not readily observable to the buyer Use skill, care, and diligence Deal Honestly and fairly 3 / 61 A man who dies without leaving a will (intestate) owned two farms and a house. The court appointed a personal representative to dispose of the real property in the decedent's estate. The personal representative is exempt from a real estate license must dispose of all real property through an active real estate broker must register with the DBPR if he expect to be paid for his work must have the clerk of the circuit court auction any property sold. 4 / 61 Which statement is TRUE regarding a real estate broker who provides property management services? Brokers are allowed to keep up to $5,000 of personal funds in a property management escrow account Sales associates are allowed by law to independently provide property management services to absentee owners as an extra source of income The broker is required to maintain a separate property management escrow account Brokers may post a bond with the county court in lieu of placing rental deposits into an escrow account 5 / 61 On July 1, a broker received conflicting demands from a buyer and seller regarding a good faith deposit. Twelve business days later, the broker is unable to resolve the conflict between the parties and notifies the FREC. How many days does this broker have remaining to implement a settlement procedure? 15 business days 30 business days 10 business days 18 business days 6 / 61 A real estate licensee is NOT authorized to draw which contract? option sale and purchase buyer-brokerage lease 7 / 61 Florida law requires brokers to have which item in the broker's office? Office telephone Desks for each registered sales associate Copy Machine Real estate transaction files 8 / 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 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 deposit such funds in a seperate interest-bearing account, and pay the tenant at least 50% of the annualized average interest 9 / 61 Which statement is FALSE regarding unearned fees? Payment of an unearned fee must not violate RESPA Real estate licensees are prohibited from sharing part of their commission with the buyer or seller in a real estate contract unless the buyer or seller is a real estate licensee Payment of an unearned fee is also called a kickback An owner of an apartment complex may pay a finder's fee of up to $50 to an unlicensed person who is tenant of the apartment complex for the referral of a prospect who decides to rent an apartment in the complex. 10 / 61 A sales associate or broker associate owes fiduciary duties to all of the individuals in the above situations. only to the broker is working as an employee of the broker to the buyer when working for a traction broker 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 11 / 61 The property owner of a listed property has instructed the broker not to show the property when the owner is out of town. A potential buyer asks the sales associate to show the listed property; however, the owner is out of town.  How should the sales associate handle the situation? Explain to the buyer that the sales associate can not show the property until the owner returns. the sales associate can show the property anytime unless the owner put his instructions in writing Show the buyer the property because the owner will not find out. Show the buyer the property provided the buyer has been prequalified and is a serious buyer. 12 / 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? 15 calendar days 15 business days 7 calendar days 30 business days 13 / 61 Duties owed in a no brokerage relationship include obedience accounting for all funds confidentiality loyalty 14 / 61 The legal document that allows a purchaser of a cooperative to occupy a particular unit is referred to as a declaration of intent to occupy a proprietary lease an estate for years a declaration of possession 15 / 61 A woman and her sister, who are both married, want to go into business together and are purchasing a parcel on which to build a restaurant. To protect each of their families, how should they take title? Joint tenancy estate for years life estate tenancy in common 16 / 61 In which situation is the broker NOT exempt from the notice requirements regarding conflicting demands? A dispute over escrow funds related to a property inspection A sale of HUD owned property that uses a HUD sale contract A buyer's inability to secure financing for the purchase according to the terms of the contract A buyer's cancellation of a residential condominium purchase agreement within the allowable time period for review 17 / 61 A protected class under the Fair Housing Act is national origin age marital status occupation 18 / 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 must purchase the property within the option period is limited to a refund of the option consideration if the option is exercised 19 / 61 Eight months ago a licensed real estate sales associate who was a caregiver for their sick parent did NOT complete the post-license education requirement by their initial license expiration. Which state applies to this situation? The Commission has no legislative authority to extend the post-license requirement beyond six-months. The Commission has the authority to allow the licensee to complete the post-license education requirement if the licensee can document an economic hardship that prevented the licensee from completing the course. The licensee may be eligible for an extension due to physical hardship The licensee must request an extension in writing to the Commission 20 / 61 The phrase "time is of the essence" means the seller wants to close quickly the buyer wants to take possession quickly a specific period of time must lapse before the contract can legally be concluded action are required to be completed by dates set forth in the agreement 21 / 61 Any contract that obligates both parties to perform in accordance with the terms of the contract is a unilateral contract a voidable contract an unenforceable contract a bilateral contract 22 / 61 the licensee status that results when a license is NOT renewed at the end of the license period is referred to as involuntary inactive voluntary inactive canceled deliquent 23 / 61 An applicant was issued a sales associate's license by mistake. She has been informed that the license has been revoked. Which applies? Revocation means that the applicant may not be licensed in Florida for 5 years The applicant is not allowed to reapply for a sales associate's license for one year The applicant has been disciplined for a violation of Chapter 475, F.S. The action is referred to as "revoked without prejudice" 24 / 61 An instrument that transfers possession of real property but does not transfer ownership is a deed a lease a mortgage an easement 25 / 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 by the entireties joint tenants tenants in severalty tenants in common 26 / 61 Which entity or individual may NOT be licensed under a trade name? Sole proprietor broker Brokerage partnership Real estate broker associate Brokerage corporation 27 / 61 May escrow funds be moved from a non-interest-bearing account to an interest-bearing account? No, funds may not be removed from the non-interest-bearing account until title closing Yes, the broker is free to move the funds from one escrow account to another escrow account No, to do so would be a violation of Chapter 475, F.S. Yes, provided the broker secures the written permission of all interested parties to the contract before moving the funds. 28 / 61 Three persons were co-owners of a parcel of real property. One owner died, and his ownership passed to the two remaining co-owners. The deceased owner was a tenant at will a tenant by the entirety a tenant in common a joint tenant 29 / 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 FREC must be notified within 24 hours The seller's approval must first be obtained The postdated check may not be drawn on an out-of-state bank account 30 / 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 31 / 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 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 must be a signatory on the escrow account Both the CPA and the bookkeeper must also hold a real estate license if they are going to write checks on the escrow account The broker is required to personally prepare the monthly escrow account reconciliation statement 32 / 61 Rebecca K Smmis, broker of Executive Homes, Inc., is ordering the sign for her new office. She is NOT required to have what information on her sign? Licensed Real Estate Broker Rebecca K. Semmiss 1000 N Gulf to Bay Blvd Executive Homes, Inc. 33 / 61 Which statement is TRUE? all liens are encumbrances a property tax lien is a type of genera lien specific liens affect all personal property of the debtor all encumbrances are liens 34 / 61 A broker promises to give a $20,000 bonus to the first sales associate who sells 20 homes. Which type of contact is this? unilateral contract bilateral contract implied contract executed contract 35 / 61 The process of land buildup from water-borne rock, sand, and soil is erosion alluvion reliction accretion 36 / 61 Which statement is TRUE regarding a real estate sales associate who is convicted of driving under the influence (DUI)? The sales associate does not need to report the DUI conviction because only felony convictions need to be reported to the Commission The sales associate's employer is required to notify the DBPR of the DUI conviction Only real estate applicants are required to disclose criminal offenses tot eh DBPR The sales associate must report the DUI conviction within 30 days to the Commission 37 / 61 the clause in a deed that specifies the type of estate being transferred is the premises clause the granting clause the seisin clause the habendum clause 38 / 61 Which Florida statute governs the DBPR and the professions regulated by the DBPR? Chapter 492, F.S. Chapter 455, F.S. Chapter 120, F.S. Chapter 20, F.S. 39 / 61 The owner of an automobile parts business rents space in a commercial shopping center. The business owner has installed shelving and display racks. The shelving is bolted to the floors and the racks are attached to the walls. The racks and shelving are trade fixtures property of the landlord real estate real property 40 / 61 Which statement is FALSE concerning a transaction broker relationship? The buyer and seller are principals in nonresidential transactions 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 A transaction broker relationship is presumed in all residential and nonresidential transactions 41 / 61 All these terms apply to leasing EXCEPT eviction title assignment subrogation 42 / 61 The Commission is obligated to report any criminal violation of Chapter 475, F.S., when knowledgeable of such violations, to the local police Division of Profressions. secretary of the DBPR state's attorney having jurisdiction. 43 / 61 Real property can be converted into personal property by accretion substitution serverance attachment 44 / 61 The brokerage relationship disclosure requirements in Chapter 475, F.S., do NOT apply to agricultural property of 10 acres or less improved residential property of no more than four units an agreement to lease a residential condominium an unimproved site intended for development as residential duplex 45 / 61 a buyer and seller make an oral agreement regarding the sale of the seller's property. this contract normally would be unenforceable in a court of law based on the real estate licensing laws statute of frauds laws of agency statute of limitations 46 / 61 An estate or interest in real property that can measure by the lifetime of an individual is a type of estate for years fee simpe estate freehold estate estate by the entireties 47 / 61 An individual who has earned a four-year degree or higher in real estate is NOT exempt from which education requirement? Broker prelicense course Sales associate prelicense course Sales associate post-license course Continuing education 48 / 61 A properly executed contract that has as it purpose an illegal objective is legal but depends on voluntary performance valid but not enforceable void and unenforceable valid and enforceable 49 / 61 A joint venture usually is created to simplify appraisals take advantage of business opportunities carry out a single project quiet title 50 / 61 What action would likely result in a charge of conversion? The broker did not review the monthly reconciliation statements prepared by accountant when a shortage occurred The sales associate did not indicate on the contract for sale and purchase that the earnest money check was postdated The broker deposited the rental security deposit checks into the operating account A broker place escrow funds in the operating account and used the funds to cover office expenses. 51 / 61 Legal title always passes from the seller to the buyer on the date of the execution of the deed when the deed is voluntarily delivered and voluntarily accepted when the deed is place in escrow when the closing statement has been signed 52 / 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. 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. The owner-developer's sales staff must hold real estate licenses to be paid a commission 53 / 61 When a new home is constructed, the structure is inspected to make sure it is built in compliance with building codes for wind-load strength, ventilation, and so forth. If the inspection is successful, the building inspector will issue a lis pendens a certificate of ocupancy a building permit a notice of commencement 54 / 61 Essential elements of a real estate contract include all EXCEPT offer and acceptance recordation in writing and signed consideration 55 / 61 Which statement is TRUE with respect to the assignment of a lease? the original leasee is not liable for the payment of the rent the original lessee would still retain a right to use the property for a limited time it is the same as a sublease the entire leasehold is transferred 56 / 61 A 15-year old entered into a contract with a man who is of legal age to contract. Which statement is TRUE? the contract is a void contract because the minor is not a competent party the teenager is obligated to honor the terms of the contract the man may divest himself of his obligations under the contract because the contract is invalid the teenager man choose to divest herself of her obligations under the contract 57 / 61 A license applicant is NOT required to disclose which offense on the application? Issued two speeding tickets within the last 12 months Involved in an auto accident 10 years ago and convicted of leaving he scene of the accident Committed a felony 10 years ago and the court withheld adjudication of guilt Plead no contest to a misdemeanor 58 / 61 The Civil Rights Acts of 1968 mad discrimination illegal if based on any of these criteria EXCEPT race age sex religion 59 / 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 There has been a valid offer an a telegraphic acceptance but not an enforceable contract There is a valid contract between the buyer and seller To be enforceable, a contract must contain the offer and acceptance within the same instrument 60 / 61 A parol contract is also called an informal contract a unilateral contract a written contract an express contract 61 / 61 A broker is a single agent for a buyer who has entered into a written contract to purchase a new house from a builder. The builder is unable to complete construction by the required date. The builder and the buyer agree to rescind the contract. What MUST the broker do with the canceled contract? The broker must retain the contract and brokerage disclosures for two years The broker is not required to keep the contract or the brokerage disclosure because the contract was rescinded The broker must retain the contract and brokerage disclosures for five years The broker is not required to keep the builder contract, but must keep the brokerage disclosure Your score is LinkedIn Facebook Twitter VKontakte