Term
| A Sales Associate may be employed by |
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Definition
| Owner-Employer or Broker-Employer |
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Term
| Compensation must come from wher for real estate services? |
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Definition
| Broker-Employer or Owner Employer |
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Definition
| Holds property for the production of income and long-term benefits, such as appreciation, tax shelter, and income from the eventual sale of property. |
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Term
| When a broker is acting as a single agent for others, the party employing the broker is called |
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Definition
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Term
| A real estate license is issued by the _____ |
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Definition
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Term
| Licenses are issued for a period of up to how many years: |
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Definition
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| Licenses expire on either |
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Definition
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Term
| The effective date of an initial issue license is |
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Definition
| The date of notification regarding passing state examination |
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Term
| The effective date of a renewal issue license is ** |
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Definition
| The beginning of new license period |
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Term
| The effective date of a re-issuae license is |
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Definition
| The date received by dbpr |
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Term
| A broker associate who desires to be inactive would request a(n) |
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Definition
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Term
| An active broker may be issued ______________ licenses in more tan one capacity only if it is clearly shown that such additional licenses are necessary to the conduct of legitimate business. |
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Definition
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Term
| A license is _________ after expiration or when revoked. |
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Definition
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Term
| Rules and other quasi legislative matters may be conducted only by __________________ if tge FREC. |
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Definition
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Term
| FREC rules do not become effective until they are filed with |
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Definition
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Term
| The ________ is used to authenticate the proceedings, records, and acts of the FREC. |
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Definition
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Term
| A voluntarily inactive licensee may remain in that status |
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Definition
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Term
| An involuntarily inactive licensee may remain in that status for ______ years. |
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Definition
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Term
| Only a(n) __________ may obtain a multiple license. |
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Definition
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Term
| After initial reviewal lecensees must complete at least __ hours of FREC approved continuing education. |
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Definition
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Term
| When the license of an active brokerage corporation or an active brokerage partnership is suspended or revoked the |
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Definition
| Licenses of all offices, directors, members or sales associates are automatically canceled until reinstated under a properly licensed business arrangement. |
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Term
| The overall powers and duties of the FREC include |
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Definition
| quasi-legislative powers, quasi-judicial powers and quasi- investigative powers |
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Term
| A licensee may remain on a voluntary inactive status for how long? |
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Definition
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Term
| Individuals who do not renew their licenses or who fail to complete the 14 hours of continuing education become |
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Definition
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Term
| The purpose of the Florida Real Estate Education and Research Foundation is to |
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Definition
| Provide a vehicle for the funding of research and education projects that will benefit the real estate industry and the public. |
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Term
| Licensees are issued for a license period of up to ___________ |
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Definition
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Term
| The DBPR is not responsible for |
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Definition
| Creating rules and regulations afffecting licenses real estate activities. |
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Term
| Authorized brokerage relationships include |
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Definition
| transaction broker, single agent and no brokerage |
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Term
| A licensee employed to market one property is called a(n) |
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Definition
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Term
| A licensee employed to handle all of someone's real estate is called a(n) |
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Definition
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Term
| The duties of a single agent are called ____________ duties. |
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Definition
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Term
| The disclosure requirements of BRDA apply to all ______________ sales. |
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Definition
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Term
| A licensee offering limited representation to both parties in residential transactions is called a(n)_____________ |
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Definition
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Term
| A licensee who becomes an agent to a seller or buyer is considered ________________ |
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Definition
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Term
| A single agent may transition from a single agent to a transaction broker provided the principal consents to the change _______the change in relationship. |
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Definition
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Term
| A transaction broker has limited confidentiality when representing both parties that includes not disclosing___________ |
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Definition
| Price, motivation, or terms. |
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Term
| Designated sales associates may represent buyer and seller if each has assets of ___ or more and the buyer and seller make the request. |
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Definition
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Term
| When acting in a no brokerage capacity, licensees are required to provide the no brokerage relationship notice _________ |
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Definition
| To buyer or seller at first contact. |
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Term
| Disclosure requirements apply to __________ |
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Definition
| Sale of improved or unimproved residential property of 4 or fewer units or the sale of agricultural property of 10 or fewer acres. |
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Term
| A customer is the party who__________ |
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Definition
| The brokerage firm works with but not for. |
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Term
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Definition
| When the real estate licensees are involved in a nonresidential transaction where both the buyer and seller are working with the same real estate licensee, the broker may allow different sales associates of the same firm to represent the buyer and the seller as single agents. |
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Term
| A single agent relationship may be changed to a transaction broker relationship anytime during the relationship between an agent and principal provided the agent give___ |
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Definition
| The principal a transition disclosure form and the principal signs the form before a change in the relationship. |
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Term
| A sales associate taking copies of listings to a new broker without the former broker’s permission is guilty of _________ or breach of trust. |
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Definition
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Term
| A sales associate taking original listings to a new broker without the former broker’s permission is guilty of |
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Definition
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Term
| A broker not using the registered name of the brokerage firm in advertising would be guilty of using a(n) |
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Definition
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Term
| Collecting more than the agreed-upon commission is called a(n)__________or secret profit. |
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Definition
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Term
| A broker earns his or her commission by____________ and the amount of the commission is determined______________. |
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Definition
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Term
| A broker must place funds in an escrow account within_____________. |
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Definition
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Term
| A broker must review and sign statements on a(n) _________________ bases when the broker maintains escrow accounts. |
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Definition
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Term
| Escrow dispute procedures include___________ |
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Definition
| Edo, lawsuit, arbitration and mediation |
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Term
A broker must notify the FREC within______
of the last party’s demand when an escrow dispute occurs. |
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Definition
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Term
| A temporary business relationship formed when 2 or more adult parties combine their efforts to complete a single business transaction or a predetermined definite number of transactions. |
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Definition
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Term
| Any name used by a person to transact business in Florida other than the person’s legal name. |
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Definition
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Term
| Consists of a bishop or other appropriate clerical personage designated to hold title to church property |
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Definition
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Term
| Formed when 2 or more adult persons engage in business together and agree (expressed or implied) to share the profits and losses of the business. |
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Definition
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Term
| A sales associate and his or her former employer must notify the DBPR of the termination of the sales associate’s employment within_____days and on the appropriate form. |
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Definition
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Term
| Internet advertising, a brokerage firm's name must appear where? |
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Definition
| Above, below or adjacent to the point-of-contact information. |
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Term
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Definition
| Misuse or intermingling of, or failure to account for funds or property entrusted to any licensee for safekeeping. |
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Term
| A violation of F.S. 475 is typically a(n)___________ |
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Definition
| Second Degree Misdemeanor |
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Term
| A violation of F.S. 475 is typically punishable by a criminal fine not to exceed $__________ and imprisonment up to ____days |
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Definition
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Term
| If an unlicensed person is operating in violation of Chapter 455 or 475, F. S., the DBPR may seek damages to a maximum of ___________ |
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Definition
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Term
| In addition to application denial or license revocation, the FREC can impose the following penalties: ___________________ |
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Definition
| Reprimand, temporary suspension, fine and probation. |
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Term
| For a complaint to be investigated it must be___________________ |
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Definition
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Term
| The maximum penalty that may be imposed by the FREC against licensees or applicants is __________________ |
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Definition
| application revocation or denial. |
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Term
| The recommended penalty for temporary impairment caused by use of drugs or temporary mental derangement is |
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Definition
| Temporary suspension for the period of the incapacity. |
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Term
| Citations may be used if an offense poses no |
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Definition
| substantial risk to the public health, safety, or welfare. |
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Term
| A licensee has how many days from the date the citation becomes a final order to the the fine? |
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Definition
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Term
| An investigator is appointed by |
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Definition
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Term
| Who pays into the Real Estate Recovery Fund? |
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Definition
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Term
| The probable cause Panel consists of how many members of the FREC? |
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Definition
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Term
| The respondent has how many days to file an answer to an administrative complaint? |
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Definition
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Term
| The licensee is given at least how many days notice of a formal hearing? |
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Definition
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Term
| Each party is given at least how many days to file written exceptions to the recommended order following a formal hearing? |
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Definition
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Term
| Judicial review (appeal) is obtained from a final order by filing a petition for review with the ________________________ within _______ days of the final order. |
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Definition
District Court of Appeal
30 |
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Term
| To obtain financial reimbursement from the Real Estate Recovery Fund, the claimant must first be awarded a(n) |
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Definition
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Term
| Recovery from the Real Estate Recovery Fund is limited to ___________________ for a single transaction and ______________ against a single licensee. |
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Definition
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Term
| Sales associates are subject to a fee of ______ per license year for the Real Estate Recovery Fund. |
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Definition
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Term
| Brokers are subject to a fee of ____________ per license year for the Real Estate Recovery Fund. |
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Definition
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Term
| Upon payment from the Real Estate Recovery Fund, the licensee involved must be placed on ____________ |
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Definition
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Term
| If a broker was following an escrow disbursement order (EDO) and was sued in a civil action: |
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Definition
| Damages against the broker can be reimbursed from the Real Estate Recovery Fund without jeaporday to their license. |
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Term
Which statement is true about the FREC Final Order Panel?
The Final Order Panel consists of all 7 FREC members. The Final Order Panel may increase the penalty or reject or modify the findings of fact in the recommended order without a review of the record. A final order must be rendered by the FREC within 10 days of receipt of the recommended order. The defendant may accept the final order or file an appeal. |
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Definition
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Term
| Offenses such as failure to maintain the required office sign or register a location as a branch office may result in a:_______________ |
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Definition
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Term
| License suspensions can be as long as ________years |
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Definition
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Term
| Investigation and probable cause are applications of the FREC’s: |
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Definition
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Term
| Which is a first degree misdemeanor, punishable by a criminal fine of up to $1,000 and/or improsonment not to exceed one year? |
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Definition
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Term
| Should the actions of a licensee create an immediate serious danger to the public welfare, the DBRP is empowered by Chapter 120 FS to |
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Definition
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Term
| Which statement is true about the FREC Final Order Panel? |
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Definition
| The defendant may accept the final order or file an appeal. |
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Term
| The Civil Rights Act of 1866 prohibits discrimination based on |
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Definition
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Term
| Telling a prospect that dwellings are not available based on the prospect’s religion would result in a charge of |
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Definition
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Term
| A retirement community is exempt from certain provisions of the Fair Housing Amendments Act of 1988 if all the residents are age____ or older and at least one resident in 80% of the units is ____ or older |
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Definition
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Term
| occurs when a licensee induces owners to sell their property (with the intent of profiting from those sales) by saying the neighborhood is deteriorating or becoming transitional. |
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Definition
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Term
| Real estate brokers must display a(n) __________ in all places of business. |
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Definition
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Term
| The Civil Rights Act of 1968 prohibits discrimination based on race and what four other factors: |
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Definition
| Sex, Religion, Color and National Origin |
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Term
| Two protected classes that were added to the Civil Rights Act of 1968 with amendments in 1988 are _______________ and _____________ |
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Definition
| Familial Status and Handicapped |
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Term
| The landlord has __________ days to either return a security deposit or ______ days to notify the tenant of a claim. |
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Definition
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Term
| The landlord must notify the tenant within ______ days of the location and manner in which advance rents and security deposits are held. |
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Definition
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Term
| The tenant shall receive ____% of the interest payable on the account where security deposits and advance rents are kept, if any. |
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Definition
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Term
| The landlord may commingle deposit money or advance rent that is intended to be held for longer than the next immediate rental period with other funds provided he or she posts a surety bond with the clerk of the circuit court in the amount of the total holdings or ____________ whichever is less. |
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Definition
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Term
| The Interstate Land Sales Full Disclosure Act requires developers to file a ________ disclosing relevant information concerning real estate developments. |
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Definition
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Term
| Familial Status does not include: |
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Definition
| An adult with children over 18 years of age. |
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Term
| The illegal practice of inducing panic selling in a neighborhood for financial gain. |
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Definition
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Term
| The landlord of a triplex building (or larger) dwelling unit need not provide: |
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Definition
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Term
| The courts have termed the practice of lending institutions cutting funds to an area because of the integrated makeup of the community as: |
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Definition
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Term
| The Fair Housing Act of 1968 does not prohibit discrimination in housing on the basis of: |
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Definition
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Term
| _____________ property has physical form and is capable of being seen and touched, whereas ______________ property is merely a collection of rights or valuable assets. |
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Definition
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Term
| Ownership rights in real property are _________ estates; possession and use rights are ________________. |
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Definition
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Term
| The main types of freehold estates are _____________ |
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Definition
| Fee Simple and Life Estate |
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Term
| A tenancy by the entireties may exist only between _________________. |
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Definition
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Term
| If the original grantor receives title at the termination of a life estate, it is known as a(n) ___________ estate. If a third party is to receive title it is known as a(n) _____________ estate. |
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Definition
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Term
| Should a renter continue to occupy property after termination of a lease without the agreement of the landlord, he or she is a(n) ___________________. |
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Definition
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Term
| A month-to-month residential tenancy may be terminated by _______________notice and a week-to-week tenancy by _________________. |
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Definition
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Term
| he instrument that creates a condominium is the _____________________ . |
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Definition
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Term
| Ownership of shares of stock with use rights prescribed by a proprietary lease describes a(n) ____________. |
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Definition
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Term
| The purchase of a timeshare from a developer allows a cancellation period of _____________________. |
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Definition
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Term
| The purchaser of a resale condominium is given ______________to review the applicable condominium documents. |
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Definition
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Term
| Florida Statutes provide that the ____________ must be clearly expressed in the deed for the joint tenancy to exist. |
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Definition
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Term
| If the ownership is vested in one owner it is called a(n) _____________________. |
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Definition
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Term
| The ownership or use of a(n)_____________unit is divided into fixed or variable time periods of weeks, months, or years. |
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Definition
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Term
| The elective share provides that the surviving spouse (widow or widower) is entitled to _____________ of the deceased spouse’s personal and real property except for the homestead property. |
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Definition
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Term
| The legal rights of real estate owners whose land abuts non-flowing water (such as an ocean, sea, or lake) to use and enjoy the water and shore abutting their property are referred to as: |
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Definition
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Term
| According to Chapter 475, F.S., real property does not include: |
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Definition
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Term
| The most common, complete, and comprehensive form of ownership is: |
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Definition
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Term
| What type of estate involves the rights of possession and use of the property without ownership? |
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Definition
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Term
| The type of estate available only to a husband and a wife is____________. |
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Definition
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Term
| In the event of a divorce, what type of ownership results? |
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Definition
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Term
| Personal Property does not include an ____________ |
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Definition
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Term
| In the event of a divorce, what type of ownership results? |
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Definition
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