Questions and Answers
What are the three areas of expertise where real estate professionals are qualified to provide expert information? (Select all that apply)
A property manager needs an active real estate license if they are paid on a commission basis.
True
Bankruptcy must be disclosed on a license application.
False
A timeshare owner selling their portion for sale by owner is required to have a real estate license.
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How many broker associate licenses may a licensee hold?
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What chapter of the Florida statutes defines legal practice and procedure for the Department of Business and Professional Regulation?
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What must members of the military do to obtain a reciprocal license in Florida?
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Who appoints the DBPR secretary?
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When would a broker need multiple licenses?
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If a sales associate wants to become a member of the Florida Real Estate Commission, what is required?
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What does executive power allow the Florida Real Estate Commission to do?
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Which duty has a transaction broker violated if they disclose to the buyer that the seller will accept a lower price than listed?
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What would cause termination of a brokerage relationship?
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Which types of transactions require brokerage relationship disclosures?
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What duties are required in all relationships?
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Which of the following is the least misleading advertisement and meets all advertising requirements?
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How long does a broker have to request written verification of receipt of deposit if holding funds with a title company?
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A sales associate receives an earnest money deposit check on Thursday. The sales associate must turn the check over to their broker by:
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A sales associate receives an earnest money deposit check on Thursday. The broker must deposit the check by?
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Who needs to hold an active broker's license in a limited partnership?
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If a sales associate, Tom Jones, wanted to form a professional corporation, how must his name appear on his license?
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If a broker closes a branch office but wants to reopen in the same location during the same license period, what must they do?
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What is the maximum fine for violation of Florida telemarketing law?
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A corporation sole can register as a real estate broker.
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What is the maximum amount that can be paid from the real estate recovery fund per transaction?
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If a real estate licensee is found guilty of a crime, who must they send notice to?
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How long does a licensee have to notify the DBPR of a guilty plea?
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The DBPR needs to be notified if a licensee enters a guilty plea outside of Florida.
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A hearing would be part of the process for a notice of noncompliance.
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Study Notes
Areas of Expertise for Real Estate Professionals
- Real estate professionals are qualified in three main areas: property transfer, market conditions, and how to market real estate and business.
Property Manager Licensing
- A property manager requires an active real estate license if compensated on a commission or transactional basis.
Bankruptcy Disclosure
- Bankruptcy does not need to be disclosed on a real estate license application.
Timeshare Ownership
- A timeshare owner selling their portion without representation does not need a real estate license.
Broker Associate Licenses
- Licensees may hold only one broker associate license; brokers can hold multiple licenses.
Florida Statutes
- Legal practice and procedure for the Department of Business and Professional Regulation are defined in Chapter 455 of Florida statutes.
Military Reciprocal License
- Military members must submit a Florida real estate license application to obtain a reciprocal license in Florida.
Appointment of DBPR Secretary
- The DBPR secretary is appointed by the Governor with state senate confirmation.
Multiple Licenses for Brokers
- Brokers need multiple licenses when representing two or more separate brokerage entities.
Florida Real Estate Commission Membership
- A sales associate must have active experience within the last two years to join the Florida Real Estate Commission.
Executive Power of Florida Real Estate
- The executive power allows the Florida Real Estate Commission to regulate and enforce license laws.
Violation of Confidentiality by Transaction Broker
- A transaction broker violates limited confidentiality by disclosing a seller's willingness to accept a lower price.
Termination of Brokerage Relationship
- A brokerage relationship can be terminated due to bankruptcy, revocation, agreement, destruction, fulfillment, renouncement, expiration, or death.
Brokerage Relationship Disclosures
- Brokerage relationship disclosures are required for residential sales transactions.
Required Duties in All Relationships
- Essential duties include accounting for all funds, disclosing material facts, and dealing honestly and fairly.
Least Misleading Advertisement
- An advertisement that includes the agent's last name, brokerage name, and phone number meets advertising requirements.
Receipt of Deposit Verification by Broker
- Brokers must request written verification of receipt of deposit within 10 business days if holding funds with a title company.
Handling Earnest Money Deposit
- A sales associate must turn over an earnest money deposit check to their broker by the next business day.
Broker Deposit Time Limit
- Brokers must deposit the earnest money check by the next business day following receipt.
Active Broker's License in Limited Partnership
- All general partners in a limited partnership must hold an active broker's license.
Professional Corporation Naming
- A sales associate forming a professional corporation must license under their name followed by "PA."
Reopening Branch Office
- A broker reopening a closed branch office during the same license period must request a reissue of the branch office license.
Telemarketing Law Violation Fine
- Violating Florida telemarketing law can result in fines of up to $10,000 per call.
Corporation Sole and Real Estate Brokerage
- A corporation sole, considered a religious organization, cannot register as a real estate broker.
Real Estate Recovery Fund Limit
- The maximum payment from the real estate recovery fund per transaction is capped at $50,000.
Notification of Criminal Conviction
- Licensees found guilty of a crime must notify the DBPR.
Notification Deadline for Guilty Plea
- A licensee has 30 days to report a guilty plea to the DBPR.
Out-of-State Guilty Plea Notification
- Notification to the DBPR is required within 30 days even if the guilty plea occurs outside of Florida.
Hearing for Noncompliance Notice
- A hearing is not part of the process for a notice of noncompliance, which involves minor, first-time violations.
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Description
Test your knowledge on key aspects of real estate licensing in Florida. This quiz covers topics like property manager licensing, bankruptcy disclosure, timeshare ownership, and the relevant Florida statutes. Perfect for aspiring real estate professionals and current licensees!
