Random Multiple Choice Questions (all units) Leave a Comment / Uncategorized / By Fs5CwcORXdh 0 Random Multiple Choice Questions (All Untis) 1 / 61 The process of land buildup from water-borne rock, sand, and soil is reliction alluvion erosion accretion 2 / 61 A broker wishes to be issued several broker licenses for business reasons. She may only be issued one broker license. be issued a group licenses be issued one broker license only, but have several broker associate licenses request multiple licenses 3 / 61 A sales associate's non-initial license expired 20 months ago. What MUST this sales associates do to again work as a real estate sales associate? Pass the state license exam Complete a 28-hour Commission prescribed education course Complete 14 hours of continuing education Complete Course 1 and pass the end-of-course exam 4 / 61 A real estate licensee is NOT authorized to draw which contract? option lease sale and purchase buyer-brokerage 5 / 61 An agreement as to the facts of the case and the penalty reached between the DRE attorneys and the licensee is called an informal hearing agreement a settlement stipulation a mediation order a summary order 6 / 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 common elements chattel community property proprietary rights 7 / 61 A licensed real estae sales associate and broker desire to open a new real estate brokerage firm as general partners. Which statement applies to this situation? A sales associate may not be a general partner in a real estate brokerage partnership They may register the partnership with the broker as the required active broker partner and the sales associate as a junior partner They may not register as a partnership; however, they can incorporate and register as a corporation with the sales associate as vice president and the broker as president The partnership must be registered as a joint venture 8 / 61 Which written instrument authorizes a person to act for and on behalf of another person? power of attorney lis pendens option attorney-in-fact 9 / 61 Which statement is TRUE regarding owner-developers? The sales staff working for an owner-developer are exempt from all real estate license requirements. The owner-developer's sales staff must hold real estate licenses to be paid a commission 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. 10 / 61 Under which circumstance may a real estate licensee lawfully refuse to show a listed property to a member of a protected class who has specifically requested to see the property? When the owner is out-of-town and has instructed the broker not to show the listed property when the owner is away on business When the licensee believes that showing the property to the prospective buyer will be considered steering When the owner has expressed his intent in writing to exercise his exemption under the Fair Housing Act Never 11 / 61 Which statement is FALSE regarding the Junk Fax Prevention Act concerning unsolicited advertisements to fax machines? All faxes must include the date and time the fax is sent 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 12 / 61 Which entity or individual may NOT be licensed under a trade name? Sole proprietor broker Brokerage corporation Brokerage partnership Real estate broker associate 13 / 61 A license applicant is NOT required to disclose which offense on the application? Plead no contest to a misdemeanor Committed a felony 10 years ago and the court withheld adjudication of guilt 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 14 / 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 15 / 61 What action would likely result in a charge of conversion? The sales associate did not indicate on the contract for sale and purchase that the earnest money check was postdated A broker place escrow funds in the operating account and used the funds to cover office expenses. The broker deposited the rental security deposit checks into the operating account The broker did not review the monthly reconciliation statements prepared by accountant when a shortage occurred 16 / 61 A tenant in a 50-unit apartment complex paid a $1,200 security deposit. The tenant received a receipt for the $1,200. Three weeks later, the landlord informed the tenant by phone the name of the bank where the tenant's security deposit was held. Why has the landlord violated F.S. 83? The landlord failed to notify the tenant within 15 days of the manner in which his funds were held The landlord collected a security deposit exceeding legal limits A security deposit of $1,200 is an "unconscionable agreement of provision" The landlord failed to notify the tenant in writing of the bank name, address, and other information concerning the $1,200 security deposit 17 / 61 a railroad company may use which method to acquire land? auction escheat eminent domain police power 18 / 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? the seller must notify the code enforcement agency of the new owner's name and address within 30 days after closing 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 deposit with the closing agent an amount equal to the cost to clear the violation 19 / 61 Besides ownership between spouses, the MOST frequently used form of co-ownership of property is tenancy at will joint tenancy tenancy in common tenancy by the entirety 20 / 61 Salse advertising concerning real estate information is what type of penalty? Third-degree misdemeanor First-degree misdemeanor Third-degree felony Second-degree misdemeanor 21 / 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 22 / 61 Essential elements of a real estate contract include all EXCEPT in writing and signed consideration recordation offer and acceptance 23 / 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 lis pendens caveat empror eminent domain constructive notice 24 / 61 A transaction broker may disclose, without exception 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 the motivation of the other party for buying or selling the property 25 / 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 must have the clerk of the circuit court auction any property sold. must dispose of all real property through an active real estate broker is exempt from a real estate license must register with the DBPR if he expect to be paid for his work 26 / 61 Residential zoning usually controls single family home density through lot size acres divided by square footage of homes traffic that passes by a given point each hour persons per bedroom 27 / 61 Duties owed in a no brokerage relationship include loyalty confidentiality accounting for all funds obedience 28 / 61 A sales associate has been directed by her real estate broker to commit an unlawful act. The sales associate should refuse and withdraw from the relationship indicate her concern but comply with her employing broker notify the FREC comply because of the fiduciary obligation involved 29 / 61 The phrase "time is of the essence" means 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 the seller wants to close quickly the buyer wants to take possession quickly 30 / 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 entire leasehold is transferred the original lessee would still retain a right to use the property for a limited time it is the same as a sublease 31 / 61 A real estate sale contract becomes valid when it has been signed by the buyer and spouse broker and buyer seller and two witnesses buyer and seller 32 / 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? 10 business days 18 business days 15 business days 30 business days 33 / 61 A protected class under the Fair Housing Act is age national origin marital status occupation 34 / 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 business days 30 business days 15 calendar days 35 / 61 In which document will a condominium owner find the rules and regulations? frequently asked questions (FAQ) and answers master deed Bylaws of the association declaration of condominium 36 / 61 a real property tax is an example of a general voluntary lien specific involuntary lien specific voluntary lien general involuntary lien 37 / 61 A property owner build a bridge across a stream he owns, but the footing on the other side extends onto his neighbor's property. The legal term for this action is implied easement subrogation of space encroachment easement 38 / 61 A sales associate or broker associate owes fiduciary duties to the buyer when working for a traction broker to all of the individuals in the above situations. 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 only to the broker is working as an employee of the broker 39 / 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 must purchase the property within the option period is the prospective seller of the property has no obligation to purchase the property 40 / 61 If a licensee accepts a postdated check as an earnest money deposit on real property, which applies? The FREC must be notified within 24 hours 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 seller's approval must first be obtained 41 / 61 A broker associate is ordering business cards. May she put "broker" on the card instead of "broker associate" No, she must use the title "broker associate" This is a matter of personal taste Yes, because she is broker-qualified Yes, with the consent of her broker 42 / 61 Which activity is NOT a real estate service that requires a real estate license? Advertising real property Renting real property Mortgaging real property Auctioning real property 43 / 61 A buyer signs a contract to purchase a property that is subject to a mandatory homeowners association. The buyer did not receive a disclosure concerning the association before signing the sale and purchase contract. Which statement is TRUE? The buyer may cancel the sale contract within three days of signing the contract the buyer may cancel the sale contract within three days after receiving the disclosure the buyer may cancel the sale contract within three days after closing the buyer may cancel the sales contract within three days unless the buyer waives this right in the contract 44 / 61 Which business entity would obligate all principals as personally liable for organizational-incurred debts? Corporations for profit Limited partnerships General partnerships Limited liability companies 45 / 61 a broker MUST give a copy of the written listing agreement to the seller by the end of the next business day at the time of acceptance by the end of the third business day within 24 hours of execution 46 / 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 the attorney of record an attorney-in-fact a special agent trustee given general power of attorney 47 / 61 A broker's escrow account may NOT be in a Florida-based title company having trust powers a qualified Florida attorney's trush account if designated int eh contract an insurance company located in Florida a credit union located in florida 48 / 61 A properly executed contract that has as it purpose an illegal objective is valid and enforceable legal but depends on voluntary performance valid but not enforceable void and unenforceable 49 / 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 Petition for review or appeal Mediation Arbitration 50 / 61 Court decisions (case law) build on the body of administrative law common law statutory law promulgated law 51 / 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? tenancy at will leasehold fee simple estate life estate 52 / 61 A broker has an agreement with a local rental car agency. The agreement stipulates that the broker will pay a $25 referral fee to the rental car agency for each prospective buyer referred to the broker. Which applies? The broker is in violation of Chapter 475, F.S., because he has promised to compensate an unlicensed person for the referral of real estate business. This is a legal kickback or rebate This is legal, provided the broker informs each prospect of the agreement Florida Real Estate Law prohibits all kickbacks and rebates 53 / 61 A parol contract is also called an informal contract an express contract a unilateral contract a written contract 54 / 61 Which information MUST be disclosed on the license application? A misdemeanor offise that occurred when the applicant was enrolled in college 10 years ago A speeding ticket issued in the current year The applicant's personal credit history. A personal bankruptcy that occurred twoyears ago 55 / 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 pass the Florida-specific real estate law license exam. The spouse must complete the prelicense education requirement. Upon an approved application for a license, the DBPR must issue the spoise a Florida real estate license. the spouse is eligible for a Florida license provided Florida has a mutual recognition agreement with the state of New York. 56 / 61 When a real property owner fails to occupy a property and the land is occupied by someone else for seven years the basis for a title claim may be created by use of the legal principle of escheat adverse possession estoppel adverse interest 57 / 61 The act of refusing to make mortgage loans or stating different mortgage terms or conditions based on racial groups is called overwriting steering redlining blockbusting 58 / 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? estate for years life estate Joint tenancy tenancy in common 59 / 61 Homeowners are protected from forced sale of their homestead property for nonpayment of which type of debt? Credit card bills Special assessment liens Home equity line of credit Vendors' lien 60 / 61 Which duty is NOT a duty in all three types of brokerage relationships? Disclose all known facts that affect the value of residential property and are not readily observable to the buyer Deal Honestly and fairly Account for all funds Use skill, care, and diligence 61 / 61 An estate or interest in real property that can measure by the lifetime of an individual is a type of fee simpe estate freehold estate estate for years estate by the entireties Your score is LinkedIn Facebook Twitter VKontakte