Review Questions – Ch. 1-3 – Flashcards
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A developer acquires a tract of land that he divides into 25 homesites. Before marketing the homesites, the developer must submit the subdivision plat to the
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Local governmental planning agency.
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The term follow-up refers to
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what a sales associate does for buyers and sellers after the sale.
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Even though certain exceptions apply, an active real estate licensee is legally entitled to appraise real property for compensation concerning a non-federally related transaction
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as long as she does not represent herself as a state-certified or licensed appraiser, and complies with the USPAP.
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The field of property management has experienced growth and specialization primarily because of
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the increase in the number of absentee owners.
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Real estate licensees must comply with the Uniform Standards of Professional Appraisal Practice (USPAP) when conducting which value estimates?
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Appraisals
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Appraisers are paid a fee because
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to accept compensation based on the appraised value is a conflict of interest.
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When a developer makes lots available for custom building in a newly developed subdivision, the overall purpose of restrictive covenants is to ensure that custom-built homes will
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not decrease the value of neighboring properties.
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The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is called
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Property Management
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Which type of construction involves building to a buyer's specifications?
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Custom homes
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The term dedication as it applies to development and construction refers to
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a gift of land by the owner to the local government for a public use.
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What type of license is required to sell or lease business opportunities for another person?
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Real estate license
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Residential real estate is defined in Chapter 475, F.S. as
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vacant land zoned for four or fewer residential units.
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The real estate profession requires
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skill and experience in real estate values, specialized service, and expertise.
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Selecting a limited geographical area in which a real estate professional develops special expertise is called
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farming
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A broker charges a prospective seller $50 for a comparative market analysis (CMA) which statement applies?
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This is permissible, provided the broker does not represent the CMA as an appraisal.
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A licensed sales associate may operate
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for the broker registered as the sales associate's employer.
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A sales associate applicant is NOT required to comply with which requirement?
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Be a bona fide Florida resident
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Which person does NOT meet the experience requirements to obtain a Florida broker's license?
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An applicant who has held an active Florida sales associate license during two of the preceding five years while employed by an owner-developer.
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Which statement does NOT describe the intent of the Florida Legislature concerning regulation of professional and licensed occupations to protect the public?
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Whenever deemed appropriate by the Legislature
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A sales associate applicant is NOT required to disclose which information the the license application?
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Proof of U.S. citizenship
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A sales associate sells real estate for a real estate brokerage company. He also works as a sales associate for another real estate brokerage company
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The sales associate is in violation of F.S. 475.
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What is the Latin term for a plea of "no contest"?
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Nolo contendere
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A woman helped her father sell some property he owned. The daughter is not a real estate licensee. Her father was grateful for his daughter's assistance, but the daughter declined any compensation for assisting her father. Which statement is TRUE?
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This was a legal arrangement because the daughter did not receive compensation for performing real estate services.
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Which event may cause the FREC to refuse to certify an individual as qualified for licensure?
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Was convicted of fraud in an insurance scam.
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To receive a notice of satisfactory completion on Course I or Course II, a student may NOT miss more than
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8 instructional hours.
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A woman received her Florida sales associate's license last year. Which requirement must she complete to become a licensed real estate broker?
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Successfully complete the 45-hour post-licensing course.
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A man has a North Carolina broker's license, but he is not licensed in Florida. He sells a parcel of land he owns in Florida. Assuming all else is proper, this is a legal transaction because
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Florida law exempts from licensure individual owners selling their own real property.
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A sales associate applicant who has submitted a correctly completed application for the state license examination and who successfully passes the state exam may legally begin to operate as a licensee when the
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applicant is notified of having passed the state exam, has filed the appropriate form to become registered as active with the DBPR, and the DBPR website indicates the applicant's license status is active.
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If the post-licensing requirement is not fulfilled before the first renewal and a sales associate licensee wishes to continue in the real estate business, the licensee
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must re-qualify for licensure
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Services of real estate do NOT include
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selling cemetery lots for compensation
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Which statement BEST describes who must be licensed to practice real estate in Florida?
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Anyone who performs any of the services of real estate for another for compensation, unless specifically exempted by law.
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Which individual is NOT exempt from licensure under F.S. 475?
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An employee of a real estate developer who receives a salary plus bonuses based on sales quotas.
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A salaried individual manages a condominium building and rents units for three months to six-month periods. The manager
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is exempt from licensure under F.S. 475.
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A developer purchased a tract of land and subdivided the property into individual lots. The developer hired his son, who was not licensed to sell the lots. The father agreed to pay his son a salary of $200 per week. After two weeks, the son has sold only two lots, so the father decided to add an incentive. The father promised his son that after every fifth lot was sold, he would give his son a lot free and clear. After on more week, the son had sold only one more lot. The son quit his job to go work for another developer who paid a higher weekly salary. Which statement applies to this arrangement?
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Both the father and the son have violated F.S. 475, because he expected to receive payment.
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FBI files reveal that six months ago a man worked as a real estate broker in Georgia, where he was charged with arson related to a large insurance claim. To avoid a long court fight without pleading guilty, the man agreed to revocation of his real estate license and entered a plea of nolo contendere. The FREC has just received the man's application for licensure as a sales associate disclosing the above information. The application shows that all academic requirements have been met, and a background check reveals no incriminating information other than the facts mentioned above. The FREC will probably decide that
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the man is not qualified for licensure.
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The statements below are true with respect to the members of the Florida Real Estate Commission EXCEPT that they
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are DBPR employees.
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Members of the FREC are appointed by the
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governor and confirmed by the state Senate.
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The Commission's purpose is to regulate
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real estate brokers, broker associates, and sales associates; real estate schools and instructors; real estate brokerage firms.
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Real estate licensees on active duty with the U.S. Army are required to renew their licenses
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within six months after discharge
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The term of office for each Commission member is
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four years.
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The members of the Commission receive
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$50 per day when on official business, plus expenses.
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A licensee's status as registered with the DBPR is broker associate. Which statement is FALSE regarding this licensee?
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The licensee may hold more than one Florida broker associate license.
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The commission is NOT empowered to
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levy fines and imprisonment as penalties for certain crimes.
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Specific responsibilities of the FREC do NOT include
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providing the services necessary for the preparation and administration of licensing examinations.
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Which power is NOT granted to the DBPR under Florida Statute 455?
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Appoint FREC members
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A sales associate recently moved from Dunedin, Florida, to High Springs, Florida. Which statement is TRUE?
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The sales associate must notify the DBPR of her change in current mailing address within 10 days of the change.
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A sales associate is employed by a broker. The broker's license is suspended. This action causes the sales associate's license to be
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Placed in involuntary inactive status.
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When an active broker changes a business address and the broker notifies the FREC within the required 10 days, the licenses of the sales associates
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Remain in force.
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A sales associate applicant is required to comply with which requirement?
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Submit an application fee; Be 18 years of age or older; Possess a Social Security Number.
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Which person does meet the experience requirements to obtain a Florida broker's license?
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An applicant who has held an active California broker's license for the preceding 3 years; An applicant who has held an active Ohio sales associate license during four of the preceding five years while employed by an Ohio broker. An applicant who has held an active Florida sales associate license for the preceding 2 years while employed by a Florida broker.
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Which statement does describe the intent of the Florida Legislature concerning regulation of professional and licensed occupations to protect the public?
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When the potential for harm to the public is clear; When other ordinances and laws are not sufficient to protect the public; When less-constraining measures of regulation are not available or apparent.
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A sales associate applicant is required to disclose which information on the license application?
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Convicted of a crime; Maiden name, if applicable; A finding of guilt in conduct that would have resulted in disciplinary action if the applicant had been licensed to practice real estate.
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Services of real estate do include
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advertising rental property lists; appraising real property; conducting an auction of real property.
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Which individual is exempt from licensure under F.S. 475?
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Salaried employees of a governmental agency who perform real estate services for the state and do not receive commission; Individual dealing in personal property only; Individual serving as a personal representative and acting within the statutory limits of that designated role.
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Which statements are true with respect to the members of the Florida Real Estate Commission
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are a mix of real estate practitioners and consumer members; are accountable to the governor for proper performance; depend on the DRE for their administrative assistance.
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A licensee's status are registered with the DBPR is broker associate. Which statement is TRUE regarding this licensee?
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The licensee holds an active license; The licensee is broker-qualified; The licensee has an employer.
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The Commission is empowered to
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make determinations of violations; impose administrative fines; adopt an official seal that, when used on a document, certificate, proceeding, or act of the Commission, is prima facie evidence of its authenticity in all matters of law in this state.
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Specific responsibilities of the FREC include
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determining the amount of licensing fees needed to operate the Commission; reporting criminal violations to the state's attorney; informing the Division of Florida Condominiums, Timeshares, and Mobile Homes of disciplinary action against any of its licensees.
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Which power is granted to the DBPR under Florida Statute 455?
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Issue citations; Investigate consumer complaints; Issue subpoena.
