Real Estate

The flashcards below were created by user rasblu on FreezingBlue Flashcards.

  1. 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
    local governmental planning agency.
  2. the term follow-up refers to
    what a sales associate does for buyers and sellers after the sale.
  3. Even though certain exceptions apply, an active real estate licensee is legally entitled to appraise real property for compensation concerning a nonfederally related transaction
    as long as she does not represent herself as a state-certified or licensed appraiser, and complies with the USPAP.
  4. The field of property management has experienced growth and specialization primarily because of
    the increase in the number of absentee owners.
  5. Real estate licensees must comply with the Uniform Standars of Professional Appraisal Practice (USPAP) when conducting which value estimates?
  6. Appraisers are paid a fee because
    to accept compensation based on the appraised value is a conflict of interest.
  7. 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
    not decrease the value of neighboring properties.
  8. The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others is called
    property management.
  9. Which type of construction involves building to a buyer's specifications?
    Custom homes.
  10. The term dedication as it applies to development and construction refers to
    a gift of land by the owner to the local government for a public use.
  11. What type of license is required to sell or lease business opportunities for another person?
    Real Estate license.
  12. Residential real estate is defined in Chapter 475, F.S., as
    vacant land zoned for four or fewer residential units.
  13. The real estate profession requires
    skill and experience in real estate values, specialized service, and expertise.
  14. Selecting a limited geographical area in which a real estate professional develops special expertise is called
  15. A broker charges a prospective seller $50 for a comparative market analysis (CMA). Which statement applies?
    This is permissible, provided the broker does not represent the CMA as an appraisal.
  16. A licensed sales associate may operate
    for the broker registered as the sales associate's employer.
  17. A sales associate applicant is NOT required to comply with which requirement?
    Be a bona fide Florida resident.
  18. Which person does NOT meet the experience requirements to obtain a Florida broker's license?
    An applicant who has held an active Florida sales associate license during two of the preceding five years while employed by an owner-developer.
  19. Which statement does NOT describe the intent of the Florida Legislature concerning regulation of professional and licensed occupations to protect the public?
    Whenever deemed appropriate by the Legislature.
  20. A sales associate applicant is NOT required to disclose which information on the license application?
    Proof of U.S. citizenship.
  21. 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.
    The sales associate is in violation of F.S. 475.
  22. What is the Latin term for a plea of "no contest"?
    Nolo contendere.
  23. 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 declinded any compensation for assisting her father. Which statement is TRUE?
    This was a legal arrangement because the daughter did not receive compensation for performing real estate services.
  24. Which event may cause the FREC to refuse to certify an individual as qualified for licensure?
    Was convicted of fraud in an insurance scam.
  25. To receive a notice of satisfactory completion of Course 1 or Course 2, a student may NOT miss more than:
    8 instructional hours.
  26. A woman received her Florida sales associate's license last year. Which requirement must she complete to become a licensed real estate broker?
    Successfully complete the 45-hour post-licensing course.
  27. 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:
    Florida law exempts from licensure indifidual owners selling their own real property.
  28. 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:
    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.
  29. 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:
    must requalify for licensure.
  30. Services of real estate do NOT include:
    selling cemetery lots for compensation.
  31. Which statement BEST describes who must be licensed to practice real estate in Florida?
    Anyone who performs any of the services of real estate for another for compensation, unless specifically exempted by law.
  32. Which individual is NOT exempt from licensure under F.S. 475?
    An employee of a real estate developer who receives a salary plus bonuses based on sales quotas.
  33. A salaried individual manages a condominium building and rents units for three-month to six-month periods. The manager:
    is exempt from licensure under F.S. 475.
  34. 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 had 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 one 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?
    Both the father and the son have violated F.S. 475.
  35. 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:
    the man is not qualified for licensure.
  36. The statements below are true with respect to the members of the Florida Real Estate Commission EXCEPT that they:
    are DBPR employees.
  37. Members of the FREC are appointed by the:
    governor and confirmed by the state Senate.
  38. The Commission's purpose is to regulate:
    real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms.
  39. Real estate licensees on active duty with the U.S. Army are required to renew their licenses:
    within six months after discharge.
  40. The term of office for each Commission member is:
    four years.
  41. The members of the Commission receive:
    $50 per day when on official business, plus expenses.
  42. A licensee's status as registered with the DBPR is broker associate. Which statement is FALSE regarding this licensee?
    The licensee may hold more than one Florida broker associate license.
  43. The Commission is NOT empowered to:
    levy fines and imprisonment as penalties for certain crimes.
  44. Specific responsibilities of the FREC do NOT include:
    providing the services necessary for the preparation and administration of licensing examinations.
  45. Which power is NOT granted to the DBPR under Florida Statute 455?
    Appoint FREC members.
  46. A sales associate recently moved from Dunedin, Florida, to High Springs, Florida. Which statement is TRUE?
    The sales associate must notify the DBPR of her change in current mailing address within 10 days of the change.
  47. A sales associate is employed by a broker. The broker's license is suspended. This action causes the sales associate's license to be:
    placed in involuntary inactive status.
  48. When an active broker changes a business address and the broker notifies the FRECĀ  within the required 10 days, the licenses of the sales associates:
    remain in force.
  49. If an active licensee fails to renew her third two-year license before the expiration date on the license, the license will:
    revert automatically to involuntary inactive status at the end of the license period.
  50. An involuntary inactive license will automatically become void without further action by the FREC or the DBPR after:
    2 years.
  51. Who may NOT reactivate a license to active status?
    A sales associate who did not complete post-licensing education prior to the expiration of the initial license.
  52. An owner-developer owns several properties with different names, but all are business entities closely connected and controlled by the owner-developer. A sales associate working for that owner-developer may legally obtain:
    a group license.
  53. A broker moves his real estate office to a new, trendy location. He is so busy coordinating the move that he forgets to notify the DBPR. The broker's license:
    will cease to be in force.
  54. An initial real estate license is issued on September 10, 2013. When will it expire?
    March 31, 2015.
  55. A broker decides to relocate her real estate brokerage office. She notifies the DBPR of the change in business address. She also informs the DBPR of the names of two sales associates who are no longer associated with her brokerage. The sales associates' license will be:
    place on involuntary inactive status.
Card Set:
Real Estate
2014-07-06 01:53:18
Real Estate

Real Estate
Show Answers: