Random Multiple Choice Questions (all units) Leave a Comment / Uncategorized / By Fs5CwcORXdh 0 Random Multiple Choice Questions (All Untis) 1 / 61 Which right is not included in the bundle of rights? Inheritance Possession Enjoyment Control 2 / 61 Which procedure is NOT used by a local municipality to enforce building codes? issue building permits conduct condemnation proceedings issue certificates of occupancy conduct building inspections 3 / 61 An interest in real property that exists for a designated period, created by a property executed leas agreement, is a freehold estate a fee simple estate a tenancy at will an estate for years 4 / 61 Lucy lives in Tall Towers Condominiums. She enjoys swimming in the condominium's pool each morning before going to work. The pool is referred to as community property chattel common elements proprietary rights 5 / 61 An individual who has earned a four-year degree or higher in real estate is NOT exempt from which education requirement? Sales associate post-license course Sales associate prelicense course Broker prelicense course Continuing education 6 / 61 A parol contract is also called an informal contract a written contract a unilateral contract an express contract 7 / 61 Duties owed in a no brokerage relationship include confidentiality loyalty accounting for all funds obedience 8 / 61 State and Federal telemarketing law restricts telephone solicitation calls to what hours? 8:00 am to 9:00 pm 9:00 am to 8:00 pm 8:00 am to 6:00 pm 8:00 am to 5:00 pm 9 / 61 An individual who has fulfilled all of the academic and experience requirements for a real estate broker's license, but who operates as a sales associate in the employ of a supervising broker is an inactive broker active broker active broker associate active sales associate 10 / 61 Which real estate form does NOT require a signature No Brokerage Relationship disclosure form Offer to purchase a real property Designated Sales Associate Disclosure form consent to Transitation to Transaction Brokerage disclosure form 11 / 61 A broker's escrow account may NOT be in a qualified Florida attorney's trush account if designated int eh contract an insurance company located in Florida a credit union located in florida a Florida-based title company having trust powers 12 / 61 A sales associate receives a good-faith deposit on Monday morning. The broker is in the office days, so he gives the deposit to his broker that same day. By the end of business on what day must the broker deposit the funds into the escrow account? Thursday Wednesday Tuesday Friday 13 / 61 The Commission is obligated to report any criminal violation of Chapter 475, F.S., when knowledgeable of such violations, to the local police secretary of the DBPR Division of Profressions. state's attorney having jurisdiction. 14 / 61 A broker associate is ordering business cards. May she put "broker" on the card instead of "broker associate" This is a matter of personal taste Yes, with the consent of her broker Yes, because she is broker-qualified No, she must use the title "broker associate" 15 / 61 Tile by adverse possession must continue for LEAST how many consecutive years without the owner's consent? 15 7 12 5 16 / 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? 14 days 7days 15 days 5 days 17 / 61 A real estate licensee is NOT authorized to draw which contract? sale and purchase buyer-brokerage option lease 18 / 61 A buyer signs a contract to purchase a seller's home for $370,000. The listing broker submits the contract to the seller, but the seller insists on the listed price of $380,000. The broker prepares a counteroffer for $380,000 that the buyer refuses to sign. The seller then instructs the broker to take the buyer's original offer of $370,000 back to the buyer because the seller has decided to accept the offer. The buyer has changed his mind and refuses to accept the contract. The result is no valid contract exist the buyer, having refused the contract, must pay the broker's commission the seller owes the broker a sales commission an enforceable contract exists 19 / 61 A transaction broker may disclose, without exception the motivation of the other party for buying or selling the property to the buyer, that the seller will accept a price less than the listed price to the seller, the race of the prospective buyer to the buyer, the listed price and physical characteristics of the home 20 / 61 Which statement concerning the requirement for a licensee to self-report is FALSE? Licensees must self-report within 30 days of being convicted or found guilty of a crime Licensees must report entering a plea of nolo contendere to a crime Licensees must report being convicted of a crime, regardless of where the event occurred Licensees must report only felony convictions 21 / 61 Which Florida statute governs the DBPR and the professions regulated by the DBPR? Chapter 120, F.S. Chapter 455, F.S. Chapter 20, F.S. Chapter 492, F.S. 22 / 61 A license applicant has completed the 63-hour sales associate pre-license course. Within what period of time after being issued a course completion slip for the pre-license course MUST the applicant pass the state license exam? One year Two years Indefiniately Six months 23 / 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 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 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 24 / 61 When purchasing a commercial property from a seller without the services of a real estate professional, a buyer would be well advised to carefully verify information conveyed regarding the property. This is sometimes referred to as eminent domain constructive notice caveat empror lis pendens 25 / 61 Which statement is true regarding a sales associate forming a professional association? It is a violation of license law for a sales associate to form a professional association Forming a professional association allows the sales associae to work independently of the broker Only brokers may form a professional association Sales associates may form a professional association in their legal name only 26 / 61 A sales associate was issued a citation. How many days does the licensee have to either pay the citation or file an objection to the alleged violation? 90 60 30 45 27 / 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? Rebecca K. Semmiss Licensed Real Estate Broker 1000 N Gulf to Bay Blvd Executive Homes, Inc. 28 / 61 Which reason would NOT make a valid contract to purchase and sell real estate unenforceable? the property was destroyed no earnest money was pledged the time frame extends beyond the statute of limitations it violates the statute of frauds 29 / 61 When a security deposit or advance rent is required by a landlord, the landlord may 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 place the funds in a broker's operating account 30 / 61 Florida law requires brokers to have which item in the broker's office? Copy Machine Desks for each registered sales associate Office telephone Real estate transaction files 31 / 61 A condominium is created by forming a corporation and filing the articles of incorporation with the Florida Department of State recording a declaration in the public records filing a copy of the bylaws with the county property assessor's office filing the building plans with the county 32 / 61 To be valid, a real estate sale contract MUST contain an offer and acceptance an earnest money deposit a notary's seal evidence of two witnesses' signature 33 / 61 Which FREC power is part of the FREC's quasi-judicial responsibilities? Establish fees Foster education of licensees Make determination of violations Regulate professional practices 34 / 61 Which information MUST be disclosed on the license application? A personal bankruptcy that occurred twoyears ago A speeding ticket issued in the current year The applicant's personal credit history. A misdemeanor offise that occurred when the applicant was enrolled in college 10 years ago 35 / 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 is not required to keep the builder contract, but must keep the brokerage disclosure The broker must retain the contract and brokerage disclosures for five 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 two years 36 / 61 Which statement is TRUE? all encumbrances are liens specific liens affect all personal property of the debtor a property tax lien is a type of genera lien all liens are encumbrances 37 / 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? Show the buyer the property provided the buyer has been prequalified and is a serious buyer. the sales associate can show the property anytime unless the owner put his instructions in writing Explain to the buyer that the sales associate can not show the property until the owner returns. Show the buyer the property because the owner will not find out. 38 / 61 The clause in a deed that contains the words "bargains and sells" or similar words is the encumbrances clause granting clause habendum clause the granting clause 39 / 61 Which statement is FALSE regarding unearned fees? Payment of an unearned fee must not violate RESPA 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. Payment of an unearned fee is also called a kickback 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 40 / 61 An instrument that transfers possession of real property but does not transfer ownership is a mortgage a lease a deed an easement 41 / 61 A nephew inherits his uncle's 1,150 -acre cattle ranch. The legal term for the nephew in this situation is devisee testator bequest beneficiary 42 / 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 an attorney-in-fact a special agent trustee given general power of attorney the attorney of record 43 / 61 Which property is NOT covered under the Fair Housing Act? Single-family housing owned by a development company Commercial real estate A duplex listed by a real estate broker Government-owned residential property 44 / 61 An estate or interest in real property that can measure by the lifetime of an individual is a type of estate by the entireties fee simpe estate estate for years freehold estate 45 / 61 Which statement is FALSE regarding the Junk Fax Prevention Act concerning unsolicited advertisements to fax machines? Faxes that contain an unsolicited advertisement must include an opt-out notice The Junk Fax Act regulates unsolicited advertisements to residential fax machines only The registered name of the company sending the fax must be included on all faxes All faxes must include the date and time the fax is sent 46 / 61 A type of concurrent ownership that provides an undivided interest in the property with no rights of survivorship is a tenancy in common a conventional life estate an estate in severalty a joint tenancy 47 / 61 A seller and a buyer enter into a real estate contract. The seller defaults. The buyer sues the seller to go through with the contract. This action is known as a suit for damages declaratory judgment specific performance unliquidated damages 48 / 61 Real property can be converted into personal property by attachment serverance substitution accretion 49 / 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? The sales associate must indicate the name, address, and telephone number of the title company on the purchase and sale agreement 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 earnest money check must be made payable to the broker's trust account The sales associate's employing broker must deposit the $2500 in the broker's escrow account within 3 business days 50 / 61 Which statement is FALSE concerning a transaction broker relationship? The buyer and seller are principals in nonresidential transactions The brokerage provides limited representation to the buyer, the seller, or both the buyer and the seller in the same transaction 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. A transaction broker relationship is presumed in all residential and nonresidential transactions 51 / 61 Which disclosure document is required for the sale of condominiums from a developer of more than 20 residential unets estimated operating budget most recent year-end financial report governance form rules of the association 52 / 61 If a property has been cited as being in violation of a building code, the seller must provide a disclosure to the buyer. Which statement is TRUE regarding the disclosure? If the seller does not clear the violation before closing, it becomes the buyer's responsibility to clear the violation The seller must correct the violation before the closing or credit the buyer with the cost to correct the seller must notify the code enforcement agency of the new owner's name and address within 30 days after closing The seller must deposit with the closing agent an amount equal to the cost to clear the violation 53 / 61 A seller who wishes to recover monetary damages equal to the extent of loss suffered in excess of the earnest money deposit may sue the broker for breach of duty to perform sue for compensatory damages sue for specific performance seek compensation from the Real Estate Recovery Fund 54 / 61 a broker MUST give a copy of the written listing agreement to the seller by the end of the third business day within 24 hours of execution at the time of acceptance by the end of the next business day 55 / 61 A sales associate has hired a licensed personal assistant to help increase the sales associate's business. The licensed assistant will receive $12 an hour for administrative work and 35% of any commission earned. The licensed assistant may be paid by the sales associate for any administrative work but must be paid by the broker for commissions earned cannot perform any services of real estate may be paid by the sales associate for the administrative work and for the 35% commission must be paid by the sales associate's broker for all administrative work and commissions 56 / 61 Buyer and seller are discussing the type of deed that is to be conveyed. The buyers are requiring a guarantee that the seller owns the property and has legal right to sell. This guarantee is part of which clause in the deed? hatendum premises Seisin encumbrance 57 / 61 A real estate sale contract becomes valid when it has been signed by the buyer and spouse buyer and seller broker and buyer seller and two witnesses 58 / 61 The act of refusing to make mortgage loans or stating different mortgage terms or conditions based on racial groups is called steering redlining blockbusting overwriting 59 / 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? 30 business days 10 business days 15 business days 18 business days 60 / 61 In a valid option contract to purchase real estate, the optionee is limited to a refund of the option consideration if the option is exercised has no obligation to purchase the property is the prospective seller of the property must purchase the property within the option period 61 / 61 an easement created by court order to allow the right of ingress and egress over another person's property to landlocked property is which type of easement? easement by prescription easement by necessity easement by adverse possession easement by condemnation Your score is LinkedIn Facebook Twitter VKontakte