Florida Constitutional Homestead Benefits and Requirements
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Questions and Answers

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?

    <p>Leverage is a measure of the degree to which a firm uses borrowed money.</p> 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?

    <p>The sales associate's license status will be null and void, and they will need to requalify.</p> 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?

    <p>The 14 hours of continuing education can be completed at any time during the two-year license period.</p> 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?

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

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

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

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

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

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

    <p>FHA loans</p> 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?

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

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

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

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

    <p>The license status will be involuntary inactive.</p> Signup and view all the answers

    Which statement about the FHA and VA loans is true?

    <p>VA is a government-insured loan.</p> 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?

    <p>Landlords can hold funds in a non-interest-bearing Florida bank account.</p> 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?

    <p>15 days</p> 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?

    <p>In Florida</p> Signup and view all the answers

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

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

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