Featuring 500+ practice questions, quizzes, mnemonics and strategies, Real Estate For Dummies helps you get the score you need. Relationship between the employing broker and a broker associate. The Reason: Steven must give written consent in order for the broker to transition from a single agent to a transaction broker. agree to engage in business together and share in the profits and losses. The Reason: Residential property owned by a private individual who owns three or fewer homes and who does not employ the services of a real estate licensee is not covered by the Fair Housing Act. The Reason: Typically it is a transaction in which the parties are dealing from equal bargaining positions, each looking out for his or her best interest. ensure that buyers are informed regarding the amount and types of expenses to be expected at closing. Trade Names . a writ which authorizes and directs the proper officer of the court to carry into effect the judgement or decree of the court is known as, if a seller prepays taxes and insurance on a property, the process used to reimburse the seller for the unused portion is called, a charge level against real estate to cover the proportionate cost of a server installation is, a young couple wants to buy a home. The broker also has a duty to use skill, care, and diligence with regard to the transaction, including information regarding development that may affect the value of the property. Governor and confirmed by the state Senate. which of the following may a broker-salesperson NOT do? The Reason: A license may be revoked or canceled without prejudice if it is issued through the mistake or inadvertence of the Commission. 03/19/2017 . Davis, Hernandez, and Moore are vested as tenants in common on a parcel of land. The Reason: If the information provided to a prospective tenant is not current or is inaccurate in any material respect, the full fee must be repaid to the prospective tenant on demand. This is an instance where there are two possible answers, but one is considered better. discrimination on account of marital status is prohibited, a real estate salesperson CAN do these 3 things, 1. can never be in charge of a branch office, a promissory note as an earnest money deposit with an offer to purchase is acceptable with the written authorization of. $50 per day when on offical business, plus expenses. The Reason: A license is required for anyone who performs any of the services of real estate for another for compensation, unless specifically exempted by law. The Reason: Under the Fair Housing Act, all discrimination is illegal in sales, leasing, advertising sales or rentals, financing, or brokerage services if such discrimination is based on race, color, religion, sex, national origin, handicap, or familial status. The other license law violations are second degree misdemeanors. The Reason: A corporation is formed by applying for a charter approved by the Department of State in Tallahassee. The Reason: Leasing business property for compensation requires a real estate license in Florida. her broker must give her an accounting of earned, but unpaid commissions within what period of time? The Reason: A transaction broker provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either the seller or the buyer in a fiduciary capacity. We recommend that you print this 100-question practice exam. If a broker feels that carrying out the principal's legal directions will harm the principal, the broker must promptly inform the principal of all facts along with the broker's opinion. Key Concepts: Terms in this set (107) Joint Ventures. We have so much confidence in our system that we offer a full money-back guarantee to those who do … c) the security deposit does not have to beplaces in an interest-bearing account, a person who assumes an existing mortgage, becomes a co-guarantor along with the original maker. The Reason: The buyer can be reimbursed for the actual amount of lost earnest money deposit (up to a maximum of $50,000). Failure to meet the 14-day deadline will result in the automatic cancellation of the brokerage firm's registration. Learn. The Reason: It is a violation of the Fair Housing Act to advertise housing is available only to people of a certain race, color, sex, religion, national origin, handicap status, or familial status. expenses for one year are 1133, taxes are 115 and the loan payments are 195 per month. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission. "Cute cottage home, perfect for the first-time buyer". a broker has a house listed for $100,000. Real Estate For Dummies has everything you need to pass the exam and join the ranks as a professional real estate agent. The Reason: A licensed sales associate may perform real estate services for compensation under the direction of his or her registered employer. Learn vocabulary, terms, and more with flashcards, games, and other study tools. You must make sure that you are confident of your answers. The Reason: If a prospective tenant does not obtain a rental, he or she is entitled to 75 percent of the fee paid if requested within 30 days of the contract/receipt date. Choose your answer to the question and click 'Continue' to see how you did. The Reason: A member of the U.S. Armed Forces who at the time of entry to active duty was a Florida licensee in good standing is exempt from all renew requirements while on active duty and for six months thereafter. in estimating the value of a church, the appraiser would use which approach? They also administer The Florida Real Estate Sales Associate exam and the broker exams that both consist of 100 multiple-choice questions. The Reason: Sales associates who fail to complete the post-licensing requirement and want to continue in the real estate business are required to re qualify for licensure by repeating the prelicense course and end-of-course exam and again passing the state licensing exam. the type of deed that warrants only that the grantor has not impaired the title during the term in which he held it is referred to as, a woman died and left a 10-acre piece of land to her brother. b. the contract for sale of the house is VOIDABLE, if a broker receives 3 offers to purchase a property at different times on the same day and is finally able to reach the seller later in that day, then the broker should present. this is called a/an. Be sure to review the real estate license law and the Rules of the FREC at www.realestate-school.com. vacant land zoned for four or fewer residential units. The sales associate may change his or her registration to active when a new broker is found. which of the following is NOT an approach to value? Pass your real estate exam the FIRST time with 550+ exam-like questions & explanations! Having problems with documentary stamps and intangible tax? Anyone who performs any of the services of real estate for another for compensation, unless specifically exempted by law. which of the following documents is NOT typically recorded in the public records? The Reason: Individual property owners who buy, sell, exchange, or lease their own real estate are exempt from licensure. The Reason: A brokerage relationship may be terminated when the broker renounces the brokerage relationship by giving notice to the principal or customer. The Reason: An individual who did not renew his or his license before it expired is placed in involuntary inactive status. A classroom hour is considered to be 50 minutes. An owner lists his home and agrees to pay a 6% commission provided he nets 10,000 after paying the commission and the balance of his mortgage, which is 75,000. Personal information concerning the seller, previous occupants of the property, or the demographics of the area are not material facts according to law. Mr. Croft is not qualified for licensure. 4tests com free practice real estate agent exam. The Reason: Developers use restrictive covenants to ensure that homes will not be built that might decrease the value of neighbor's properties. The license is automatically suspended on the date of payment from the recovery fund. Davis put up 40% and Hernandez put up 22,500. The Reason: If a broker receives conflicting demands on escrowed property, the broker must notify the FREC, in writing, within 15 days of the party's last demand unless specifically exempted. legally property of the sales associate's employer. Take your Florida Real Estate exam conveniently from home through OnVUE online proctoring. Cram.com makes it easy to get the grade you want! on jan 1, a seller paid 130 for a 3 year insurance policy and 625 in annual property taxes. The Reason: One example of grounds for denial is neglecting to correct errors or omissions on a license application that has been returned to the applicant for additional information. the family room addition does not comply with local building codes. However, because a licensee has superior knowledge and expertise in real estate, to reduce liability the "by owner" licensee-seller should disclose at the first point of meaningful negotiation that the seller is a real estate licensee. If the son had been paid salary only, this would have been a legal arrangement. what will the second lot sell for? which of the following is a unilateral contract? is a business name other than the legal name of the person doing … The Reason: The entrance sign must contain the name of the broker, trade name, and the words "Licensed Real Estate Broker." he must, file an "irrevocable consent" form with the NJ REC. A sales associate received her license as a result of an administrative error by the Division of Real Estate. What percentage does Moore own? The Reason: Kickbacks to brokers must not violate the Real Estate Settlement Procedures Act (RESPA). in NJ, which of the following would NOT be required to be licensed as either a real estate broker or salesperson? The Reason: Sales associate must be issued licenses in their legal names only. The Reason: Conversion is the unauthorized control or use of another's personal property. The owner responded with a counteroffer, the owner received a better offer. for the broker registered as the sales associate's employer. if a licensee is found guilty of a 3rd violation of the license law, the Commission may... direct that no real estate license ever again be issued to that person, the REC settles commission disputes between NEITHER, brokers and salespersons NOR brokers and their clients, the person who files a complaint under the federal fair housing act is, all places of business maintained by a real estate broker must (3), 1. be open to the public during usual business hours, in NJ, there is a right of redemption in connection with, functional obsolescence would least likely include. The Reason: A single agent is a fiduciary. To the nearest dollar, what should the selling price be to net the owner his 10,000? The Reason: A broker may place a lien on real property for nonpayment of commission only if the broker is authorized to do so in a contractual agreement. Create. Before closing, it is determined that the taxes are actually among the highest in the area. The Reason: The Latin term, nolo contendere means "no contest". which of the following does NOT hold a leasehold estate? I'll teach you about discount points and how they affect the lender's yield. They must wait a "reasonable length of time" before actively soliciting any buyers or sellers of a former employer. which of the following liens takes precedence over all the others? The Reason: Appraisers are paid a fee, not a commission, to reduce the possibility of any conflict of interest. Anyone who performs real estate services for compensation must be licensed. The Reason: If the rent is current and the tenant notifies the landlord of an intended absence, the landlord cannot enter the premises during the period of absence except with the tenant's consent or in an emergency for the protection and preservation of the dwelling unit. that ceramic tiles in the dining room are loose. Take the exam, and then grade it using the answer key on the last page. The Reason: Brokers have a duty to account for all funds entrusted to the broker. The Reason: All imprisonment penalties must be obtained in a court of law because the Commission lacks the authority to assess this penalty. The Reason: Most local governments require that developers submit a subdivision plat map of a new development to the applicable government planning agency. when a purchaser buys subject to an existing mortgage, b. the purchaser is not personally liable for the note or bond, compliance with the lead based paint hazard reduction act is important to real estate agents because its regulations specifically require real estate agents to. The Reason: A custom builder constructs homes under contract with a buyer, often using building plans provided by architects or buyers. The Reason: Florida sales applicants must submit an application fee, be 18 years of age or older, and have a high school diploma or its equivalent. 75 percent of the fee if requested within 30 days of the contract/receipt date. A home buyer is obtaining a fully amortized loan in the amount of 140,000. The Reason: Property management is the real estate activity that is devoted to the leasing, managing, marketing, and overall maintenance of property for others. Susan should, Advise her friends this could constitute a violation of Sherman antitrust act. Limited confidentiality is only owed by transaction brokers to their customers. with regard to the senior citizen tax reduction, which of the following is not true? requires disclosure of finance charges as well as annual percentage rates of interest. d. a lien is a physical claim against property (false), d. place an obligation only on the offerer. The Reason: The landlord has 30 days to notify the tenant if the landlord intends to impose a claim on the deposit. Pass The Real Estate Exam Guaranteed. The Reason: The term culpable negligence is defined as failing to use the care a reasonable person would exercise. The Reason: The son was employed by his father, the owner-developer. at the end of 5 years the property was sold for a net price of exactly twice the original cost. The Reason: A Sales associate or broker associate who is issued a group license is considered to hold one license and have one employer. The Reason: A license that has been in inactive status for more than two years becomes null and void without further FREC or DBPR action, A sales associate who did not complete his or her post-licensing education prior to the expiration of the initial license. 141 terms. Failure to do so will cause the initial license to become null and void. The Reason: The intent of the Florida legislature is that professions and occupations be regulated only when (1) their unregulated practice can harm the public; (2) the public is not adequately protected by other state, local ordinances, or federal laws; or (3) less restrictive means of regulation are not available. The Reason: Listings belong to the broker and commissions are paid to the broker. 2018. the best florida real estate online practice exams. inform the tenant within 30 days if part of the tenant's deposit will be claimed. notify the FREC in writing, unless exempted from the notice requirements. Match. The covenant in a deed in which the grantor guarantees he has title is. The civil rights acts of 1866 prohibits any type discrimination based on. Full disclosure and loyalty are owed to clients by single agent brokers. agreement between each broker and buyer or seller. Business broker who negotiates leases of business property only. One of the ways is to post a surety bond with the clerk of the circuit court. The Reason: Real estate licensees are professionals who provide specialized service and expertise in the details of property transfer, knowledge of market conditions, and knowledge of how to market real estate or businesses.

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