Random Multiple Choice Questions (all units) Leave a Comment / Uncategorized / By Fs5CwcORXdh 0 Random Multiple Choice Questions (All Untis) 1 / 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 laws of agency statute of frauds statute of limitations real estate licensing laws 2 / 61 An individual who has earned a four-year degree or higher in real estate is NOT exempt from which education requirement? Continuing education Sales associate post-license course Sales associate prelicense course Broker prelicense course 3 / 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 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 If the seller does not clear the violation before closing, it becomes the buyer's responsibility to clear the violation 4 / 61 Tile by adverse possession must continue for LEAST how many consecutive years without the owner's consent? 7 5 15 12 5 / 61 Private restrictions on ownership of real property include which restrictions? deed restrictions escheat police power eminent domain 6 / 61 Which government restriction on ownership represents the broadest power of government to limit the rights of property owners? escheat government liens police power eminent domain 7 / 61 Which statement is FALSE regarding mutual recognition agreements? Mutual recognition applicants are required to take an examination on Florida real estate laws. 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 The agreements are intended to recognize the education and experience that real estate licenses have acquired in other states or nations. 8 / 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 given general power of attorney the attorney of record a special agent trustee 9 / 61 which encumbrance constitutes a lien on real property? easement restriction mortgage encroachment 10 / 61 The owner of an office building has signed an exclusive listing agreement with a broker. The listing agreement contains information about the broker's lien rights in accordance with Part III of 475, F.S. If the owner sells the property without paying the broker a commission, the broker may place a lien on the office building within 30 days of closing cannot record any lien without first obtaining a court judgement may record a lien with an effective date of the listing agreement may place a lien against the seller's net proceeds from the sale 11 / 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 Tuesday Wednesday Friday 12 / 61 Florida Statutes prohibit members from serving on the Commission for more than one four-year term one two-year term two consecutive four-year terms three consecutive two-year terms The governor, subject to confirmation by the state Senate, appoints FREC members to four-year terms. Florida statutes prohibit Commission members from serving more than two consecutive terms. 13 / 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? 15 days 7days 5 days 14 days 14 / 61 Which statement does NOT describe an owner's title insurance policy? A single premium is paid at the time of issance/ The policy is issed for an amount equal to the unpaid balance of the mortgage loan. Damages are paid for any defect in the title not listed as an exception The policy may not be transferred from on owner to another owner 15 / 61 What is the term for water rights associated with oceanfront property? Riparian rights Alluvion rights Accretion rights Littoral rights 16 / 61 Two buyers purchased a three-story building and took title as legal joint tenants. One died estate. The surviving owner now owns the building in severalty in absolute ownership under the law of descent as tenant by the entirety subject to the terms of the deceased owner's will 17 / 61 A joint venture usually is created to quiet title take advantage of business opportunities simplify appraisals carry out a single project 18 / 61 Real property ads and yard signs of a licensed broker MUST include the name of the real estate team or group broker associate who obtained the listing broker or brokerage firm seller or broker's principal 19 / 61 Court decisions (case law) build on the body of promulgated law common law administrative law statutory law 20 / 61 An individual does NOT intend to engage in real estate activity. However, he does plan to be an officer of a real estate brokerage corporation. Which status is required? Active broker license Inactive sales associate license Registered with the DBPR Active sales associates license 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 an estate for years a fee simple estate an estate in reversion a conventional life state 22 / 61 During a lunch meeting, three brokers discuss how to increase their business. They decide that broker A will work exclusively northeast of downtown, broker B will work exclusively northwest of downtown and broker C will work exclusively south of downtown. This is a common, acceptable practice among brokers violation of antitrust laws called an illegal boycott violation of antitrust laws called market allocation violation of antitrust laws call price-fixing 23 / 61 One criterion used to determine if an item in real property is a fixture is whether the real property would be damaged by removing the item in question. What "test" for fixtures does this describe adaptation of the item method or degree of attachment intent of the parties relationship of the parties 24 / 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 in common a joint tenant a tenant by the entirety 25 / 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. 26 / 61 The rights of an owner of land that abuts flowing water are referred to as riparian rights reliction rights subsurface rights littoral rights 27 / 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? Six months Indefiniately One year Two years 28 / 61 The Civil Rights Acts of 1968 mad discrimination illegal if based on any of these criteria EXCEPT age sex race religion 29 / 61 Which real estate form does NOT require a signature No Brokerage Relationship disclosure form Offer to purchase a real property consent to Transitation to Transaction Brokerage disclosure form Designated Sales Associate Disclosure form 30 / 61 Which activity is NOT a real estate service that requires a real estate license? Mortgaging real property Auctioning real property Advertising real property Renting real property 31 / 61 In a valid option contract to purchase real estate, the optionee 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 has no obligation to purchase the property 32 / 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 man choose to divest herself of her obligations under the contract 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 33 / 61 All these terms apply to leasing EXCEPT assignment subrogation title eviction 34 / 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. 35 / 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 36 / 61 A broker associate is ordering business cards. May she put "broker" on the card instead of "broker associate" Yes, because she is broker-qualified This is a matter of personal taste Yes, with the consent of her broker No, she must use the title "broker associate" 37 / 61 In which situation is the broker NOT exempt from the notice requirements regarding conflicting demands? 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 dispute over escrow funds related to a property inspection A buyer's cancellation of a residential condominium purchase agreement within the allowable time period for review 38 / 61 An agreement as to the facts of the case and the penalty reached between the DRE attorneys and the licensee is called a mediation order a summary order an informal hearing agreement a settlement stipulation 39 / 61 Which statement concerning a consumer complaint is FALSE? The person named in a complaint must be a real estate licensee A complaint is considered to be legally sufficient if it contains facts in indicate a violation of license law has occured. A person may file a complaint online The DBPR will investigate an anonymous complaint that is in writing and legally sufficient 40 / 61 Against her will, an owner's farm was taken in order that a municipal water supply could be built. The legal principle justifying this action is called esheat to the state eminent domain police power estoppel 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 joint tenants tenants by the entireties tenants in common tenants in severalty 42 / 61 An owner-developer employs five licensed sales associates and pays each sales associate a commission for sales of the owner-developer's lots. Which is TRUE of the owner-developer. The owner-developer must hold an active broker license The owner-developer must register with the DBPR but does not have to be licensed The owner-developer must apply for mulitple licenses. The owener-developer may only pay the sales associates a salary, not a commission 43 / 61 A listing to sell property and obtain a specified amount for the owner-principal is called a net listing an open listing an exclusive right-to-sell listing an implied listing 44 / 61 a strip of land that separates one type of land use from another is a nonconforming use an easement a buffer zone a boundary 45 / 61 A real estate sales associate MUST disclose to a prospective buyer that a murder occurred in the home during a home invasion the family room ceiling leaks during prolonged rain spells the seller has been diagnosed with HIV a former occupant of the property committed suicide in the home 46 / 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 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 is not required to keep the builder contract, but must keep the brokerage disclosure 47 / 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 is using her personal contact information, the licensee my always disclose in the ad that she is a real estate licensee 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 property must be listed with the sales associate's broker The licensee must include the name of her broker in the ad 48 / 61 A real estate licensee is interested in obtaining an option on property as the true optionee. Which statement is FALSE regarding a real estate licensee's obligations? the licensee must inform the owner that the licensee is personally interested in acquiring an option on the property the lincensee must inform the owner that the licensee is not functioning as a real estate agent in this transaction the licensee must divest (relinquish) the role as licensee for this transaction in the option contract, the licensee must pledge a nominal consideration 49 / 61 If a brokerage office provides property management services to property owners, and collects and holds rental funds on behalf of the owner how must the broker account for the advance rent and security deposits? If the broker posts a $50,000 surety bond, the broker may place the advance rent and security deposits in the broker's operating account The broker must deposit the advance rent and secuirty deposits into an escrow account and prepare reconciliation statements for the account each month The broker may place the advance rent and security deposits in the broker's operating account and keep a record of the amount of funds held on each tenant's behalf The broker must pay the tenant 5% interest on the funds held for the benefit of each tenant 50 / 61 Which information MUST be disclosed on the license application? A speeding ticket issued in the current year A misdemeanor offise that occurred when the applicant was enrolled in college 10 years ago The applicant's personal credit history. A personal bankruptcy that occurred twoyears ago 51 / 61 Commingling occurs when a broker deposits earnest money in a business operating account deposits up to $1000 of personal funds in a sales escrow account employs unlicensed persons to obtain listings and sales withdraws funds from the broker's escrow account to pay for business expenses 52 / 61 The act of refusing to make mortgage loans or stating different mortgage terms or conditions based on racial groups is called blockbusting steering overwriting redlining 53 / 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. A transaction broker relationship is presumed in all residential and nonresidential transactions 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 54 / 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 55 / 61 The term procuring cause is most significant in which type of listing? net open exclusive-agency exclusive right-to-sell 56 / 61 In case of breach by the buyer, most real estate sale contracts include a provision that the earnest money be regarded as unliquidated damages to the seller liquidated damages to the seller liquidated damages to the broker unliquidated damages in escrow 57 / 61 A tree growing near the corner of a lot is ordinarily considered to be a fixture real property personal property chattel 58 / 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 is a valid contract between the buyer and seller 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 To be enforceable, a contract must contain the offer and acceptance within the same instrument 59 / 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? 30 business days 15 calendar days 7 calendar days 15 business days 60 / 61 Duties owed in a no brokerage relationship include confidentiality obedience loyalty accounting for all funds 61 / 61 If a licensee accepts a postdated check as an earnest money deposit on real property, which applies? The postdated check may not be drawn on an out-of-state bank account The sales associate must get approval from the listing broker The seller's approval must first be obtained The FREC must be notified within 24 hours Your score is LinkedIn Facebook Twitter VKontakte