Florida Constitutional Homestead Benefits and Requirements

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What is the consequence if a licensee does not complete the required 45-hour post license course before the first renewal of their license?

The licensee's license status will be null and void, and they will need to requalify by submitting fingerprints, completing the 63-hour pre-license course, and passing the state exam. (correct)

The licensee will automatically have their license renewed for another two years, and they can complete the 14 hours of continuing education later.

The licensee's license status will remain active, but they will not be able to engage in real estate activities until they complete the 45-hour post license course.

The licensee will be required to visit the DBPR website and renew their license and pay the renewal fee before the first expiration of their license.

What is an example of negative leverage?

When the cost of borrowed funds is more than the rate of return. (correct)

When the cost of borrowed funds is less than the rate of return.

Leverage is always positive.

Leverage is similar to equity.

Which of the following is true about the required 45-hour post licensing course?

The licensee is not required to complete the course if they have already completed 14 hours of continuing education.

If the licensee does not complete the course, their license status will remain active, but they will not be able to engage in real estate activities.

The licensee will automatically have their license renewed for another two years after completing the course.

After completing the course, the licensee must visit the DBPR website and renew their license and pay the renewal fee before the first expiration of their license. (correct)

Which of the following statements is true about leverage?

Leverage is a measure of the degree to which a firm uses borrowed money. Signup and view all the answers

What is the consequence if a sales associate does not complete the required 45-post license course and renew their license at the DBPR before the first expiration of their license?

The sales associate's license status will be null and void, and they will need to requalify. Signup and view all the answers

Which of the following statements is true about the 14 hours of continuing education required for real estate license renewal?

The 14 hours of continuing education can be completed at any time during the two-year license period. Signup and view all the answers

Under the Florida Residential Landlord and Tenant Act, when can a landlord require a tenant to pay advance rent?

The landlord can require up to one month's advance rent from a tenant. Signup and view all the answers

Which statement about security deposits under the Florida Residential Landlord and Tenant Act is correct?

Landlords can collect a security deposit equivalent to one month's rent or less. Signup and view all the answers

Which of the following is a requirement for newly licensed real estate sales associates in Florida?

Complete a 45-hour post-license course before the first license renewal. Signup and view all the answers

Which type of loan is insured by the Federal Housing Administration (FHA)?

FHA loans Signup and view all the answers

What happens to the license status of real estate sales associates when their broker dies, resigns, or is removed from their position?

Their licenses are automatically changed to involuntarily inactive status. Signup and view all the answers

Which statement about continuing education requirements for real estate license renewal in Florida is correct?

Only actively licensed sales associates are required to complete continuing education before each renewal. Signup and view all the answers

What is the consequence of a sales associate not completing the required 14 hours of continuing education?

The license status will be involuntary inactive. Signup and view all the answers

Which statement about the FHA and VA loans is true?

VA is a government-insured loan. Signup and view all the answers

Under the Florida Residential Landlord and Tenant Act, which option do landlords have for holding advance rents and security deposits?

Landlords can hold funds in a non-interest-bearing Florida bank account. Signup and view all the answers

What is the timeframe for landlords to return advance rents and security deposits if no claim is being made?

15 days Signup and view all the answers

If a landlord is holding advance rents and security deposits in a bank, where must the bank be located?

In Florida Signup and view all the answers

What happens if a seller discloses to a broker that their house roof leaks?

The broker must inform potential buyers about the roof leak. Signup and view all the answers

Florida Constitutional Homestead Benefits and Requirements

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