Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
463 Cards in this Set
- Front
- Back
- 3rd side (hint)
What is the number directly below #34? |
#3 is directly below #34 |
|
|
How many different expert information areas does Real Estate professionals provide and what are they? |
3 Areas
Knowledge of property transfer Knowledge of market condition Knowledge of how to market real estate and businesses |
|
|
______ is the business of bringing together buyers and sellers, owners and renters, and of completing real estate transactions |
Real Estate Brokerage |
|
|
What are the five major sales specialties real estate sales associates involved in sales and leasing often specialize in? |
Residential, Commercial, Industrial, Agricultural and Businesses |
|
|
_____ refers to a selected and limited geographic area to which a sales associate devotes special attention and study. ______ involves expertise in locating prospects. |
Farm area. Target marketing |
|
|
_____ is what a sales associate does for buyers and sellers after the sale. |
Follow-up |
|
|
_____ is a professional service conducted by a person or company hired to maintain and manage property on behalf of property owners. It typically involves leasing, managing, marketing and maintenance of property. |
Property management |
|
|
Property owner's local representative who is responsible for maintaining the property and managing the expenses. |
Property manager |
|
|
Property owners who dose not reside on the property and who often relies on a professional property manager to mange the investment |
Absentee owner |
|
|
The field of property management has experienced rapid growth and specialization, primarily because of the increase in ________. |
absentee ownership |
|
|
A ________ must hold a CAM license when the community association consists of more than 10 units or has an annual budget in excess of $100,000. |
community association manager |
|
|
The process of developing and communicating an estimate of a property's value |
Appraisal |
|
|
Who regulates state-certified and licensed appraisers? |
FREAB - The Florida Real Estate Appraisal Board |
|
|
Who can prepare an appraisal that involves a federally related transaction? |
Only a state-certified or licensed appraiser |
|
|
A set of guidelines (standards of practice) to follow when conducting appraisal services. Florida law requires appraisers and real estate brokers and sales associates to abide by this when conducting appraisals of real property. |
Uniform Standards of Professional Appraisal Practice (USPAP) |
|
|
Real estate licensees may help potential sellers determine an asking price by preparing a _____. |
comparative market analysis (CMA) |
|
|
A ___ is a marketing tool that is prepared for a potential buyer or seller based on recent sales of similar properties, properties currently on market and recent expired listings. |
CMA (comparative market analysis |
|
|
A written opinion of the value of real property |
Broker's price opinion (BPO) |
|
|
Anyone who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan applications for compensation must be licensed as a _____. |
mortgage loan originator (MLO) |
|
|
What are the three general phases of development and construction? |
Land acquisition, subdividing and developments, and recording the subdivision plat map |
|
|
Before work can begin, most local governments require that developers submit a ________. This is an engineer's plan for land use superimposed on a map of the land to be developed. |
subdivision plat map |
|
|
The gift of land by an owner, in this case a developer, to a government body for a public use. |
Dedication |
|
|
What are the three general categories of residential construction? |
|
|
|
What is DBPR? |
department of business professional regulation |
|
|
What is the largest trade organization in the world? |
The national Association of realtors (NAR) |
NAR |
|
Who appoints the chief administrator (secretary of the DBPR)? |
The governor |
|
|
The division of professions contracts with a __________For exam services. |
Professional testing service |
|
|
What is the division of Florida condominiums, timeshares, and mobile homes? |
It regulates condominiums, cooperatives, timeshares, and mobile home parks. |
|
|
How many general categories of residential construction are there? |
Three |
|
|
What’s the largest trade organization in the world? |
National Association of REALTORS (NAR) |
|
|
In 1962, the Florida legislature created the _____ To administer an in force the license law. The ____ Granted the commission authority to keep records and conduct investigations, as well as the power to grant, Deny, suspend, and revoke licenses. |
Florida legislature |
|
|
What laws and rules must applicants be familiar with? |
Florida statute 20 Florida statute chapter 475 Part II of chapter 475 Part III OF CHAPTER 475 Chapter 455 Florida statute 120 Chapter 61J2
|
|
|
Organizational structure, establishes the structure of the executive branch Of Florida |
Florida statute 20 |
|
|
An_____Is an unlicensed entity that sells, exchanges, or leases its own property |
Owner-developer |
|
|
An owner developer’s Sales staff Must hold active real estate licenses in order to be paid a commission or other compensation based on what? |
Actual sales (that is, on a Transactional basis) |
|
|
Where can you apply for Florida real estate license online? |
WWw.myfloridalicense.com/dbPr and select apply |
|
|
The DBPR exempts the following three categories of applicants from the initial licensing fee for a professional license: |
Low income applicants Military personnel and their spouses Military veterans and their spouses (also Surviving spouse is) |
Low income applicants |
|
The DBPR is required by Florida law to Waive the initial license fee for qualifying______ |
Low income applicants |
|
|
This law is often called the real estate professional practice act |
Florida statute chapter 475 |
|
|
Part _____ of chapter____what pertains to real estate brokerage? |
Part I of Florida chapter statute chapter 475 |
|
|
Part_____of chapter _____ Pertains to real estate appraisers and sets forth the requirements for licensed and certified appraiser’s according to federal statute? |
Part II of chapter 475 |
|
|
Part_______ of chapter______, The commercial real estate sales commission lien act, Gives a broker lienAnd certified appraiser’s according to federal statute |
Part III of Chapter 475 |
|
|
Chapter ______Business and professional regulation: General provisions, defines the general legal practice and procedure for the DBPR And the licensees of Our professions regulated by the DBPR, including real estate |
Chapter 455 |
|
|
Florida Statute ______The administrative procedure act Defined the procedural process by which regulatory agencies decide and employment agency action |
Florida statute 120 |
|
|
Chapter_____Is the rules of the Florida real estate commission |
Chapter 61J2 |
|
|
The three categories of real estate licenses are as follows: |
Sales Associate Broker Broker associate |
|
|
The DBPR is required by Florida law to Waive the initial license fee for qualifying______ |
Low income applicants Member of the U.S. armed Services that has served on active duty (The fee waiver also applies to a spouse who was married to the active duty member during a period of active duty into a surviving spouse of a member of the US arm services who is the time to death with serving on active duty duty) Military Veterans (and their Spouses who apply for a license issued by the DBPR) |
|
|
What fees must be waived for military veterans and their spouses? |
Application fee The initial license fee Unlicensed activity fee |
|
|
For veterans, the application must be made with _______ after honorable discharge from the U.S. armed forces |
60 Months |
|
|
_____As a process by which the record of a criminal conviction is destroyed or sealed after expiration of time |
Expungement |
|
|
In reference to “To check for errors and omission” a____ day period Is allowed after receipt of the application to check for errors and omissions and to send the applicant a notice of insufficiency concerning any additional information required |
30 days |
|
|
The licensure Applicant must be informed of approval or denial of the application within how many days after Receipt of the last correctly submit an application? |
90 Days |
|
|
When the commission denies an application reference he licensure, It sends a copy of the denial to the applicant, list of reasons for denial, and advised that the applicant has how many days from the date of receipt of the order to request a hearing in Accordance with chapter 120? |
21 days |
|
|
____Is the practice of mutual exchange of privileges |
Reciprocity |
|
|
___As a person who has resided in Florida continuously for a period of four calendar months or more within the preceding years, regardless of whether the person who resides in an RV, hotel, rental, or any temp location. |
Florida Resident |
|
|
_____ Is to recognize the education and experience of individuals licensed in another state or nation When the other two are addiction has education and experience Requirements comparable to Florida requirements |
Mutual recognition agreements |
|
|
The Social Security number is used to determine where the applicants are in compliance with what? |
Child support obligations |
|
|
4-Year or higher real estate degree are exempt from the following except what? Pre-license course I Pre-license course II Post License |
Continuing Education |
|
|
Florida-Licensed Attorney are exempt from Pre-license course one and continuing education...however what are the NOT exempt from? |
Pre-license course II Post License |
Page 27 |
|
Request to review the exam must be received within how many days after the date of the examination? |
21 days |
|
|
Sales associates who do not complete the 45 hour post licensing requirement and want to continue and the real estate business are required to re-qualify for licensure by doing what? |
By repeating the pre-license course and and of course exam and buy again passing the state Licensing exam |
|
|
After completing the post licensing education requirements during the initial license period, Active and in active licensees must complete at least what every 2 year period after? |
Continuing education |
|
|
Reference a Real estate broker, The applicant has held in active sale associate license under one or more real estate brokers for at least How many months during the five year period Proceeding application to become a Florida real estate broker? |
24 months |
|
|
Another way that a broker can fulfill an experience requirement, the applicant must have held an active broker License where? for at least 24 months during the five year period Proceeding application to become a Florida real estate broker? |
From another state or any foreign jurisdiction |
|
|
A brokers experience CANNOT be earned by working for an owner-developer Unless the owner developer is A licensed broker who holds a current, active, valid _____ |
Real estate license |
|
|
____ Is the process of submitting information to the DBPR that is entered into the departments records |
Registration |
|
|
______Is obtained when an applicant passes the state license exam |
Licensure |
|
|
Sales associate and broker associates licensed in Florida must be registered under there employing _____ (or Owner developer, if applicable). |
Broker |
|
|
Sales associates and broker associates may Have how many registered employers at any given time? |
One |
|
|
After being issued a real estate license, The license indicates the following: Licensees full name and address, type of License, license number and what other 2 things? |
Effective date and expiration date |
|
|
_____ Is the phone has any value or valuable consideration, directly or indirectly paid, promised, or expected to be paid or received |
Compensation |
|
|
____May pay a referral fee to a broker license in another state so as long as the foreign broker does not violate Florida law |
Florida Broker |
|
|
In reference to presumption of acting as a real estate broker: The _____Should be upon the individual to show that he was not acting or attempting to act as a broker or sales associate |
The Burden of proof |
|
|
The Florida statute identify specific exemptions from the Requirement to be licensed as a real estate broker or sales associate. The exemptions has been organizing to how many groups? |
Five |
|
|
In reference to exemptions from a real estate license what are the five groups of exemptions from The requirement to be licensed as a real estate broker: |
Owner exemption Exemptions based on career Salaried employee exemptions Court and legally appointment persons Miscellaneous exemptions |
|
|
Partners in real state partnership are exempt from _____ If selling property owned by the partnership provided the partner receives a share of the profits in Proportion to their interest in the partnership |
Licensure |
|
|
____Are individuals who receive a salary and do not receive compensation based on the actual real estate transaction |
Salaried employees |
|
|
What salaried employees are exempt from licensure?
Note: these Employees cannot be Compensated based on transactions completed |
Employees out of an apartment community who works in an on site rental office |
|
|
Salaried managers Of a condominium or cooperative apartment complex who rent individual units for periods no longer than ____, And do not receive compensation based on transactions |
1 year |
|
|
In reference to court and legally appointment persons, An ____ Is a person who has been authorized by another person to act in his place |
Attorney-in-fact |
|
|
In reference to court and legally appointment persons who may a seller choose to To sign legal documents, such as a cell contract or a deed, on the sellers behalf |
Power of attorney |
|
|
In reference to miscellaneous exemptions rentals and mobile home parks and recreational vehicle lot rentals are not considered what? |
Real property |
|
|
Tenants of an apartment community may receive a fee up to how much for a referral of a new tenant to the same apartment community? |
$50 |
|
|
A licensed sales associate may operate for the Broker registered as the sales associate’s _______ |
Employer |
|
|
A sales associate applicant is not required to comply with what requirement? |
Be a boba fide Florida Resident |
|
|
It’s associate applicant is not required to disclose with information on the licensee application? |
Proof of US citizenship |
|
|
In reference to a real state licensee That works on a commission basis for a brokerage company, How many registered employers can one have? |
One |
|
|
The DBPR is required by law to wave which fees for low income license applicants |
Initial license fee |
|
|
Which event because the FREC To refuse to certify an individual as qualified for licensure? |
Was convicted of fraud in an insurance scam |
|
|
If someone receives their Florida says associate license, Which requirement Must be completed to become a licensed real estate broker? |
Successfully complete the 45 our post licensing course |
|
|
Anyone who performs any of the services of a real estate for another for a compensation unless specifically exempted by law must be what? |
Licensed |
|
|
There are three types of laws that society looks too for guidance regarding Agency relationships what are they? |
Common law Statutory law Administrative law |
|
|
A _____Ask in a position of trust and confidence for another |
Fiduciary |
|
|
A fiduciary Relationship contrasts With the common public relationship that exists in normal trading transaction where people with adverse interest deal at ______ with one another |
Arm’s Length |
|
|
What does FSBO stand for? |
For Sale By Owner |
|
|
Caveat Emptor is a Latin term meaning what? |
Let the buyer beware |
|
|
In reference to a fiduciary relationship, A ____ Is authorized by the principal to perform ask associate it with the continued operations of a particular job or a certain business of the principal |
General agent |
|
|
A _____Is authorized by the principal (broker or owner-developer) To handle a specific business transaction or to perform a specific act |
Special agent |
|
|
And a residential transaction, there are three Brokeridge relationship options that a real estate broker will assume for buyers and sellers...WhT are they? |
Non-representation (no brokerage relationship) 0%
Single Agency
Transaction Broker |
|
|
In reference to Brokeridge relationship options, who determines the appropriate type of brokers relationship? |
The Broker |
|
|
A _____Is a broker who provides limited representation to a Buyer, a seller, or to both parties in a real estate transaction |
Transaction Broker |
|
|
What are the transaction broker relationship duties? |
-Account for all funds -Deal honestly -Disclose all known facts of materially affect the Value of residential property -use skill, care, and diligence in the transaction -Present all offers and counter offers in a timely manner -Exercise limited confidentiality, unless waived in writing by a party -Perform any additional duties that are mutually agreed to with a party |
|
|
In reference to distinct features of a transaction broker relationship, What must be a transaction broker exercise? |
Limited Confidentiality |
|
|
To gain the principal’s Written consent To a change in relationship, the buyer or the seller (or both) Must sign the _____ Two transaction broker notice set forth in chapter 475 |
Consent to transition |
|
|
What does the following refer to: if the brokerage firm is representing the seller as a single agent, the brokerage firm can work with the buyer, in the same transaction, in a Non-representation capacity |
brokerage relationship limitations |
|
|
In reference to brokerage relationship disclosure act, written disclosures are required only for residential sales transactions when the brokerage firm acts in the capacity of what 2 things? |
Single Agent and no brokerage relationship |
|
|
Residential sales transactions are defined as what three following: |
-Improved residential property of four or fewer units -Unimproved residential property is zoned for four or fewer units -Agricultural property of 10 or fewer acres |
|
|
What are the types of transactions that do not require Brokeridge relationship disclosures? |
-Non-residential transactions -Rent or lease agreements (except when there is an option to purchase residential property) -Business opportunities(Except for property with four of your residential units) -Auctions (is not considered a residential sale) -Appraisals |
|
|
Under Florida law, it is presumed that all licensees are operating as transaction brokers unless another brokerage relationship is established. Therefore, there is no requirement to give a written transaction broker disclosure to the ____ and/or ____ |
Buyer or Seller |
|
|
In reference to recordkeeping in retention of disclosure documents, brokers must retain Brokeridge relationship disclosure documents for _____ years For all residential transactions that result in a Written contract to purchase and sale real property. |
Five Years |
|
|
A broker working in a______It’s not an agent of either party Any transaction. |
No brokerage relationship(Non-representation) |
|
|
- When the licensee knows that a single agent or a transaction broker represents a prospective seller or a prospective buyer -Add a bona fide “open house)” Or motorhome showing that does not involve eliciting Confidential information
The above are Situations that does not create a what? |
A brokerage relationship |
|
|
In a non-residential real estate transaction where the buyer and seller each have assets of $1 million or more, the broker at the request of the buyer and seller may designate to sales associates to act as a single agent for the buyer and the seller in the same transaction. What are the two sales associates in such an arrangement called? |
Designate sales associates |
|
|
What are some reasons A brokerage Relationship between a principal (or a customer) And a broker may be terminated: |
-Death of a sellers broker or the seller before the broker finds a ready, willing, and able buyer -Death of the buyers broker or the buyer before the broker find a suitable property for the buyer -Destruction of the property or condemnation by eminent domain |
|
|
A broker (And the brokers associates) Working in a No brokerage relationship with the parties to a transaction 03 duties to customers...What are they? |
Account for all funds Deal honestly and fairly Disclose all know effects that materially affects the value of the residential real property and are not really Observable to the buyer |
Account for our phones |
|
Who are required to follow the following three duties:
Account for all funds Deal Honestly And fairly Disclose all known fact that affect the value of residential property |
All brokerage relationships: (No Brokerage, Transaction Broker, Single Agent) |
|
|
Florida license law to find a ______ As a broker who represents, as a fiduciary, Either the buyer or the seller, but not both, In the same transaction |
Single agent |
|
|
The term _____ and______ Should only be use when referring to a single agent relationship.
Note: Single agent relationships must be in writing |
Principal and client |
|
|
What are the types of authorized relationships in reference to Fiduciary and Non-Fiduciary relationships |
Transaction Broker (customer) Non-representation (customer) Single agent (100%) (principle/client) |
|
|
____Occurs when a brokerage Firm represents as a fiduciary both the buyer and the seller in the same real estate transaction |
Dual Agency |
|
|
What for duties do single agents have And our brokerage relationships? |
-Account for all funds -Deal honestly and fairly -Disclose all known facts that materially affect the value of the Residential real property in or not really observable to buyer -Use skill, care, and diligence |
|
|
It is presumed that all licensees are operating as transaction broker is unless one of the other two brokerage relationships is establish in what matter with the customer? |
In writing |
|
|
Both the seller and the buyer must transition to a transaction broker relationship before the buyer can be shown The sellers property if what? |
If A real estate brokerage company has entered into a single agent buyer broker relationship with the buyer |
|
|
The brokerage relationship disclosure requirements in chapter 475 Florida statute applies to what? |
Settle of condominium unit |
|
|
What duties does the following statement best describe:
The broker must act in the best interest of the principal |
Single agent relationship |
|
|
A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is called a what? |
A transaction broker |
|
|
Scenario: The licensee of a ABC Realty Must give the no brokerage relationship notice to |
A for-sale-by-owner (FSBO) Seller before showing the FSBO Home to a buyer customer of ABC Realty |
|
|
And the common public relationship that exists And a typical real estate transaction, buyers and sellers are said to be dealing at ______with each other |
Arm’s length |
|
|
A brokers obligations to consumers with whom the brokerage firm has a _______ relationship include the duty of Accounting for all funds |
No brokerage relationship |
|
|
The following designated individuals are best described as the following: Single agent for the buyer and the seller in non-residential transactions were the buyer and the seller me certain asset thresholds |
Sales associates |
|
|
Relationship between the employing broker and a broker associate we’re considered what type of relationship? |
General agency |
|
|
All active Florida real estate brokers are required to have an office and to register the office with who? |
department of business and professional Regulation (DBPR) |
|
|
In reference to brokerage offices, if local zoning and any applicable restrictive covenants permit, The broker’s Office may be located where? |
Brokers Residence |
|
|
A broker may have an officer offices in ____, Provided the broker agrees and riding to cooperate with any investigation initiate it on their chapter 475 |
In another state |
|
|
In reference to Brokerage offices, Who are not permitted to open offices of their own? |
Sales associates |
|
|
If a broker decides to close one branch office and open a new branch office at a different location, the registration of the closed office May not be transferred where? |
To the new location |
|
|
A broker may reopen a branch office in the same location during the same license. By requesting a re-issue of the branch office license without paying what? |
Additional fees |
|
|
A temporary shelter in a subdivision being sold by broker is not a branch office if the shelter is intended only for the protection of who?
Note: If sales associates are permanently assign there and sell transactions are close there, then the temporary structure must be registered as a BRANCH OFFICE |
Customers and sales associates |
|
|
In reference to Office signs with real estate brokers, They must display an official sign on either the exterior or the interior of the entrance to their principal office and all branches. Why information must the same contain: |
Trade Name (of one is used) Brokers Name The words “Licensed real estate broker” or “Lic. Real Estate Broker” |
|
|
In reference to Active real estate brokers office sign, What names are not required on the entrance signs? |
Sales associates in broker associates
Note: If associates names appear on the sign, the names must be below the name of the broker(s) Inappropriate license type |
|
|
In reference to advertising,All advertising must be in the name of the _____ and under the supervision of the broker. |
Brokerage |
|
|
_____ (also known as group advertising) Is the name or logo used by one or more licensees who represent themselves to the public as a team or group. |
Team advertising |
|
|
In reference to team advertising, each team is file with their employing broker the name of the licensee whom the team designates to be responsible for ensuring that the team advertising complies with what? |
Florida license law and administrative rules |
|
|
In reference to advertising, teams most advertise in the name of who? |
The brokerage Note: the team name In advertisements may be no larger than the name of the registered Broker |
|
|
In reference to blind advertisements, advertisements must Clearly reveal the license name of the ______ ______. Advertisements that failed to disclose the license name of the ______ are called Blind Advertisements. |
Brokerage Firm |
|
|
In reference to false advertising, false advertising is a what kind of criminal degree? |
Misdemeanor of the second degree (page 94) |
|
|
FREC Rules mandate that real estate advertisements must not be what? |
Fraudulent, false, deceptive, or misleading |
|
|
When advertising on an Internet site, the name of the brokerage firm must appear _____ to or immediately above or below the point of contact information |
Adjacent |
|
|
In reference to licensee selling property by owner, it is not necessary for a licensee to indicate in the advertisement that the seller is a _______. |
Real estate licensee |
|
|
In reference to telephone solicitation, calls are restricted to the hours between______ and _____ |
8:00AM and 9:00PM |
|
|
In reference to state regulations, he says associate representing a potential buyer may call the FSBO seller, but only if the associate has an Actual buyer interested In the property in for purposes of ____ |
Negotiating a sale |
|
|
In reference to state regulations, it says associate may contact individuals with whom the associate has had an established business relationship, even if those customers numbers are on the ____ |
National registry |
|
|
In reference to state regulation, sales associates may contact a customer for ______ after a business inquiry or application (Such as a customer who registered at an open house or a FSBO seller who request information from a sales associate). |
Business inquiry
(Page 96) |
|
|
In reference to email advertising, Provide a clear and obvious way to opt out of every email and honor the unsubscribe request within how many days? |
10 business days |
|
|
In reference to signatory on escrow accounts, ______ rules Require brokers to be a signatory on all their brokerage escrow accounts. |
FREC rules |
|
|
In reference to signatory on escrow account, The broker made designate another person, such as a bookkeeper, to sign______On the account in the ordinary course of business. |
Checks |
|
|
In reference to interest-bearing escrow accounts, if the brokers escrow account is an interest-bearing account, The broker must get written permission from who before placing the funds And this type of account? |
All Parties
Note: The Written authorization mess specify who is entitled to the interest earned. |
|
|
To _______ funds Is the illegal practice of mixing a buyers, sellers, tenants, or landlords funds with the brokers on money or of mixing escrow money with the brokers personal funds or Brokage funds. |
Commingle |
|
|
________ (another word for Property) Is the unauthorized control or use of another persons personal property. |
Conversion |
|
|
In reference to money to maintain escrow account, A broker is allowed to place in the sales escrow account and amount up to how much of personal or brokerage funds? |
$1,000 |
|
|
In reference to Money to Maintain Escrow Account, brokers may keep up to $_______of their own monies in a property manager escrow account. |
$5,000 |
|
|
In reference to the fact solicitations, faxes that contain in unsolicited advertisement must include an |
Opt-out notice |
|
|
A ____ is A sum of money, or it’s equivalent, delivered to a real estate licensee as earnest money or payment, Or partial payment in connection with a real estate transaction. |
Deposit (Also called good faith deposits or binder deposit) |
|
|
An ____Is it an account for the positive money in disinterest Third party (for example, the broker) House in trust for others; hence the term trust fund
Note: Trust Funds, Include cash, checks, money orders, and items that can be converted into cash, such as deeds and personal property. |
Escrow Account |
|
|
In reference to acceptable depositories, brokers may maintain their escrow accounts in a _________Commercial bank, credit union, or savings association. |
Florida |
|
|
A broker who does not want the responsibility and liability of maintaining escrow accounts may choose to have a_______based title company with the trust powers to maintain the escrow funds, or alternatively, if designated in the sale contract, a Florida attorney may ask her of the funds |
Florida |
|
|
In reference to immediately defined, Brokers most please trust funds into an escrow account Immediately, Which is defined and rule as no later than the end of the _____ business day following receipt (By the Broker or an agent of the broker) of the item to be deposited. |
Third |
|
|
Infinite school check is made out to the sales associate personally, the best course of action is to ask the prospective buyer to write a new check payable to who’s escrow account? |
Broker |
|
|
In reference to post dated checks And insufficient funds, who’s approval must be obtain before excepting the post dated check? |
The seller |
|
|
In reference to post dated checks and insufficient funds, a broker will not be held responsible for the nonpayment of an escrow check, provided the broker timely deposit the check into the escrow account and the broker’s own _______ just did not cause a check not to be honored. |
Culpable negligence |
|
|
In reference to a Record-keepingo and Retention, Workers must be preserved for at least ______ years From the date of receipt of money, funds, deposits, or checks and trusted to the broker. |
5 Years |
|
|
In reference to record-keeping and retention, If a broker’s Records have been the subject of litigation or have served as evidence for litigation, theRelevant records must be preserved for 2 years beyond the Conclusion of the civil action Are the conclusion of an appellate proceeding, but in no case, for less than _____ years. |
5 years |
|
|
In reference to the title company and attorney escrow accounts, the real estate licensee who prepared or present at the sale contract must indicate on the purchase and sale agreement what? |
-The title company’s name (or attorney’s name, if applicable) -address -Telephone number |
|
|
In reference to title company and attorney escrow accounts, No later than 10 days after each deposit is due under the term of the sales contract, the licensees Broker most request what type of verification of receipt of the deposit? |
Written |
|
|
In reference to the title company an attorney escrow accounts, No later than ______ business days after the date the broker made the written request for a verification of the deposit, the broker must provide the sellers broker with a copy of the written verification. |
10 Days |
|
|
In reference to title company and attorney escrow accounts, how many brokers of you having in attorney or a title company maintain escrow funds as a benefit. However, if the transaction feels to close in both the seller and the buyer claim the escrow funds the Frick will not issue an ____________. The buyer and seller will be left with the financial expense of going to court to resolve the dispute. (Page #103) |
Escrow Disbursement Order (EDO) |
|
|
________, A determination of who is entitled to the disputed funds. |
Escrow Disbursement Order (EDO) |
|
|
An EDO Procedure is only available if the dispute a deposit does not exceed $______, and the funds are held in a Brokerage escrow account. |
$50,000 |
|
|
FREC Rules require a broker to notify the commission within ___ business days If the dispute is settled between the parties or if the matter goes to court before the Escrow Disbursement Order (EDO) is issued. |
10 business days |
|
|
In reference to exceptions to notice and settlement procedures,Brokers who are interested with an earnest money deposit concerning a residential sale contract used by HUD in the sell of HUD-owned Property are required to follow what guidelines? |
HUD-Guidelines
Page 105 |
|
|
If a buyer of a residential condominium unit Tommy delivers To a licensee written notice of the buyers intent to cancel the contract as a authorized by the condominium act, The licensee my return the ______ property to the purchaser |
Escrowed property |
|
|
If a buyer of real property in good faith fails to satisfy the terms specified in the financing clause of a contract for sale and purchase, the licensee may return the escrowed funds to the _______ |
Purchaser |
|
|
If a broker has a good faith doubt As to which party should receive the escrowed property, the broker must notify the FREC, In writing, within how many business days after having such doubt? |
15 business days |
|
|
Advertising rental property information or less that are not current or are materially Inaccurate is _____ |
Illegal |
|
|
Any person who violates the requirements in reference to in accurate rental list, is guilty of a Misdemeanor of the _____ degree, And subject to a fine of up to ________ and/or Imprisonment I’m up to one year, And subject to license suspension or revocation |
Misdemeanor of the first degree and fined up to $1,000
(PG 108) |
|
|
Florida _____ Does not establish or regulate the amount of commission paid |
Law |
|
|
In reference to Sharing commission with a party to the transaction,FREC Provides an exception for sharing brokerage _____ with a party to the real estate transaction, with a full real estate and be either a contract for sale or at lease. |
Compensation (Commission) |
|
|
What law protects competition? |
Anti-trust laws |
|
|
____ Occurs when competing brokers conspire to establish a standard commission rate rather than letting the rate be set by the open market |
Price-Fixing |
|
|
______ Occurs when brokers agree to split up competitive market area is among themselves and not compete in each others areas |
Market allocation |
|
|
A ______ may place a lien on a residential real property for nonpayment of commission only if the broker is expressly authorized to do so in the listing agreement, the buyer representation agreement, or the sale contract |
Broker |
|
|
In reference to commercial real estate sales, Chapter _____, Part III, called the Commercial Real Estate Sales Commission Lien Act, Gives a broker lien rights for nonpayment of earned commission. |
Chapter 475
Also Note: The commission lien act gives the broker lien rights to the seller’s net proceeds for the commission earned by the broker in accordance with the listing agreement to sell commercial property |
|
|
Reference to commercial real estate leasing commission lien act, Chapter 475, Part _____, Called the Commercial real estate leasing Commission lean act, Gives a broker lien rights for earn commission associated with a brokerage agreement to lease commercial real estate |
Part IV (Four) |
|
|
A _____ (or rebate) Is an unearned Fee paid to a licensee Associated with a real estate transaction for non-real estate services (Payment for something other than one of the eight services of real estate) |
Kickback |
|
|
In reference to a kickback, The parties to the transaction must be fully informed of the kickback. Before payment receipt of the kickback, The buyer and seller must be fully informed of all ____ Regarding the kickback. |
Facts |
|
|
In reference to a kickback, The _______ Act (______), Prohibits the payment of a kickback or honor and fee associated with a settlement (closing) service, Including title searches, title insurance, attorney services, Service, credit report, and Appraisals. |
Real Estate Settlement Procedure (RESPA) |
|
|
In reference to the following business entities, what can they NOT do?
|
The business entities may not register as a real estate brokerage |
|
|
A ____ Is a business owned by an individual. |
Sole Partnership |
|
|
A _____ partnership Is an association of two or more persons for the purpose of jointly conducting a business |
General partnership |
|
|
In reference to a general partnership, at least one partner must be ____ as an active broker. |
Licensed |
|
|
In reference to a real estate brokerage general partnership, if the partnership has only one active Broker (broker or record) and that broker dies, resigns, or is removed from the office, the broker of record must be replace within how many days? |
14 Calendar Days |
|
|
A _____ partnership Is created by a written instrument found with the Florida Department of state. There must be one or more general partners and one or more limited partners to qualify under the law. The ____ partners must make an investment Of cash or of property, but not of services. |
Limited partnerships |
|
|
The reference to real estate brokerage limited partnerships, at least _____ general partner must be license as an active Broker. All other general partner’s must register (Names and addresses are disclosed) with the DBPR For identification purposes. |
One |
|
|
Who may not be general partners in a real estate brokerage limited partnership; however, They may be limited partners (Regarded in the same light as stockholders in a corporation) |
Sales Associates and Broker Associates |
|
|
An _______ partnership (or quasi partnership) is not intentionally created. Rather, the conduct of two or more persons creates the “appearance” that a partnership exists. |
Ostensible Partnership (ARE PROHIBITED) |
|
|
A _____ Is it an artificial person or legal entity created by law and consist of one or more persons. |
Corporation |
|
|
A ____ Corporation as a corporation organize under the Florida laws of another state but doing business in Florida.
Note: domestic corporations are incorporated in Florida and do business in Florida. |
Foreign |
|
|
I’m reference to requirements regarding real estate brokerage corporations, how many officers or directors must be licensed as an active broker? |
One (principle broker or qualifying broker)
Note: At the Florida brokers, inactive Florida Brokers, and unlicensed people May service officers and directors of a real estate brokerage; however, officers and directors who will deal with the public and perform the services of real estate must be license as active brokers. |
|
|
In reference to vacancies of office, if the only active broker of April Christianity dies, resigns, or is unexpectedly unable to remain in the position as active broker, the Vegas he must be filled within how many days? |
14 Calendar Days
Note: The vacancy may be filled with a temporary Broker. A temporary Broker may be registered with the DBPR For up to 60 days without the need to comply with the department of state registration requirements. |
|
|
A _____ is an ecclesiastical or church organization and should not be confused with a corporation for profit. |
Corporation Sole
Note: (THEY CAN NOT REGISTER AS A BROKERAGE) |
|
|
A _____ Is a temporary form of business arrangement often encountered in the real estate business. The ____Structure is normally used when two or more parties combine their efforts to complete a single business transaction or a fixed number of business transactions. |
Joint Venture
Note: (THEY CAN NOT REGISTER AS A BROKERAGE) |
|
|
A ____ Is a form of business entity that may be created to engage in transactions involving its own real property. |
Business Trust
Note: (THEY CAN NOT REGISTER AS A BROKERAGE) |
|
|
A _____ Is Permitted to conduct commercial business and to convey, sell, or by its own property, but you cannot be register as a real estate broker |
Cooperative Association
Note: (THEY CAN NOT REGISTER AS A BROKERAGE) |
|
|
_____ Are generally recognized as groups of people associated for some non-commercial common purposes. |
Unincorporated associations
Note: (THEY CAN NOT REGISTER AS A BROKERAGE) |
|
|
In reference to the DBPR registration of a trade name, how many trade names may an individual Broker or Broker entity register at a time? |
One |
|
|
A licensed broker Associate Orange Sales Associate may register with the department of state (DOS) A professional corporation (PA), Limited liability company (LLC), Or a professional limited liability company (PLLC) in her ____ name only. |
Legal |
|
|
_____ Or hired by licensees to perform administrative tasks associated with real estate transactions |
Personal assistance |
|
|
Some cells associate prefer to use licensed personnel assistances Because licensed assistances Can perform services of real estate including showing ______ properties. |
Listing Properties |
|
|
_____ Is defined as an evaluation or Omission of a legal and moral duty |
Breach of trust |
|
|
_____ Is defined as an evaluation or Omission of a legal and moral duty |
Breach of trust |
|
|
To ____ Funds is to mix the money or other personal property of a buyer or a seller with a brokers on money or property, what’s the combine escrow money with personal or business funds |
Commingle |
|
|
____ Is it licensees personal use or miss use of client (or customer) monies |
Conversion |
|
|
___ Involves negligent conduct that, well not intentional, involves a disregard or the consequences likely to result for once action. |
Culpable negligence |
|
|
Who may be charged with a couple negligence if they do not give ordinary, careful attention to their brokerage and do not exercise reasonable control over the brokerages’ agents |
Brokers |
|
|
___ Is intentional deceit Reliance on the deception for the purpose of inducing another person to rely on the deceitful information and for the injured person to part with something of value or to surrender a legal right |
Fraud |
|
|
____ Is an untrue statement of facts or an incorrect or false representation of the facts |
Misrepresentation |
|
|
____ Involves conducting contrary to honesty, good morals, justice, or excepted custom |
Moral Turpitude |
|
|
A complaint is ______ If it contains fax indicating that a violation of any of the following has occurred:
|
Legally sufficient |
|
|
The DBPR may conduct an investigation with that notification to anyone subject to the investigation if the act under investigation is a _____ criminal offense. |
Criminal offense |
|
|
In reference to investigation, If the original complainant (Person who filed a complaint) Withdraws to complain or otherwise indicates and desire not to cause it to be investigated we’re prosecutor to completion, the department may do what and the Commission make take what Appropriate actions on the complaint? |
Department may continue with the investigation and the Commission May take the appropriate final action |
|
|
In reference to Summary suspension, in rare situations, during the investigative process, the DBPR may uncover something so serious that It cannot allow the licensee to what? |
Continue to endanger the public welfare |
|
|
In reference to summary suspension, the DBPR secretary (Or illegally appointment designee) How’s the authority to issue a ______ (emergency) _______ (stop) |
Summery (emergency) Suspension order |
|
|
Reasonable grounds for prosecution is called ____ |
Probable cause |
|
|
The determination as to whether probable cause success is made by majority vote of what panel? |
FREC’s probable-cause panel |
|
|
Each probable cause panel is composed of how many individuals? |
Two
Note: One of the panel members must currently serve on the Commission |
|
|
In reference to probable cause determination, If the panel funds that probably cost does not exist, it may simply dismissed the case, or it may dismissed the case with what type of letter to the subject? |
Letter of guidance |
|
|
What does the following pertains to: the licensee may choose to
|
Election of rights |
|
|
A _____ Is in agreement as to the facts of the case and the penalty reach between the attorneys for the DRE in the licensee or licensee’s Attorney |
Stipulation
Page 134 |
|
|
What permanently Puts the license out of real estate business? |
Voluntary relinquishment for permanent revocation |
|
|
_____ Involve finds that currently range from $100-$500 per offense I may include other assessments (For example, require educational course attendance) |
Citations |
|
|
In reference to administrative fines, the FREC’s may impose a maximum fine of_____ Per violation of chapter 455, F.S. |
$5,000 |
|
|
In reference to suspension, what is the maximum. For a wish the FREC may suspend a license? |
10 Years
Note: Licensees must continue our renewal requirements during the period of suspension |
|
|
What is the most severe type of administrative penalty that the FREC is authorized to impose of a license? |
Revocation Note: When a real estate brokers license is suspended or revoked, all licenses issued to sales associates who work for the penalized Broker becomes inactive |
|
|
In reference to revoke without prejudice, a license may be revoked or canceled if it is issued through the mistake or inadvertence if the _____ |
Commission |
|
|
The maximum penalty for a first-degree misdemeanor is a fine of what and up to how many years in jail? |
$1,000 and 1 Year in jail |
|
|
What is the maximum penalty for thirddegree felony and fine amount |
$5,000 and 5 years in jail |
|
|
What’s the maximum penalty for a second-degree misdemeanor and fine amount? |
$500 and 60 days in jail |
|
|
What is the number one violation for sales associates? |
Failure to self-report |
|
|
Administrative ____ Are not subject to control, supervision, or direction by any party, commission, or department of state government. |
Law Judge |
|
|
The administrative law judge prepares estimates to FREC a ______ That includes the administrative law judge’s Findings of fact and conclusions of law and the recommended penalty, if any, in accordance with the commissions range of penalties as set forth in a rule. |
Recommended order |
|
|
The FREC (With the members who serve on the probable cause panel excused) Issues the _____ In each disciplinary case. The _____ is FREC’s final decision I was to innocence or guilt And determination of the appropriate penalty. |
Final Order |
|
|
In reference to the final order, Define order becomes affective how many days after it has been entered? |
30 Days |
|
|
The licensee-Responded in a challenge to find an order within 30 days by filing a ______ |
Appeal |
|
|
The licensee’s may request a Stay of enforcement. Stay at enforcement, If granted, stops the Forssman of the final order pending the outcome of the appeal process. To obtain a stay of the final order, the district court of appeals must issue a ________ |
Writ of supersedeas |
|
|
Thus, The FREC May not impose what type of penalty And who may a punishment be ordered by? |
FREC Cannot impose imprisonment and criminal punishment must be ordered by the court. |
|
|
The DBPR may issue a ____ For the first time minor violation by a licensee |
Notice of non-compliant (warning) |
|
|
In reference to notice of non-compliance, If a license he fails to take action to correct the minor violation within ______ days After being notified, the licensee may be issued a citation or the licensee may be subjective to a disciplinary proceeding |
15 days |
|
|
Who Reimburses consumers who have been financially injured by a licensee? |
Real estate recovery fund |
|
|
In reference to claimant requirements, The claimant must secure a _______ Issued on the judgment and make a diligent attempt to satisfy the judgment from the assets of the licensee By conducting an asset search and showing that there were insufficient assets available to satisfy the judgment |
A writ of execution |
|
|
In reference to time limit to file a claim, A claim must be made within ____ years of either the alleged violation or discovery of the alleged violation |
Two years |
|
|
The recovery fun will reimburse the claimant for _______ damages. ______ damagesOr actual monetary damages incurred by the claimant. The fund will not Reimbursed attorneys fees, Court costs, treble (triple) damages, Or punitive Damages. |
Recovery fund |
|
|
In reference to mandatory suspension, the license is Automatically suspended on the date of payment from the recovery fun I will not be restored until the licensee has what? |
Repaid the amount paid from the fund in full (plus interest) |
|
|
If they broker who complied with an escrow Disbursement order(EDO) Is later sued by the buyer or the seller, and as a result is required by a court of law to pay damages, the FREC is authorized to order reimbursement for the amount of judgment against the broker up to how much? |
$50,000
Note: No Disciplinary action will be taken against a broker who previously requested and video and follow it’s instructions. |
|
|
The legal purpose of a ______ Is to describe a parcel of land with sufficient detail that it will be excepted by a court of law |
Legal description |
|
|
Where can you find a proper legal description? |
Note: The county property appraiser website is not the most accurate |
|
|
In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they? |
|
|
|
1 square mile, equals how many Acres? |
640 Acres |
|
|
What is the number directly below #34? |
#3 is directly below #34 |
|
|
In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check? |
Because of the curvature of the earth |
|
|
The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description. |
Lot And Block
Page 243 |
|
|
The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______. |
Public records |
|
|
The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements |
Street locations |
|
|
The ____ Is the oldest method of land description. |
metes-and-bounds description |
|
|
Metes refers to _____ (Measured and feet), and bounds refers to _____. |
Metes = Distance
Bounds= Direction |
|
|
Metes-and-bounds Description begins at an exact reference point, called a _____.
The survey or identifies each corner of the parcel with a visible marker called a ______. |
Point of beginning (POB) And Marker called a Monument |
|
|
In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____. |
We’re only be broken down/given to Degrees |
|
|
In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______. |
Principle Meridian (north-south) Base line (east-west) |
|
|
In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____ |
Range |
|
|
Township lines goes which way? |
Horizontal |
|
|
Range Lines goes? |
Vertical |
|
|
How many square feet are in 1 acre? |
43,560 Square feet
HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560 |
|
|
In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they? |
|
|
|
1 square mile, equals how many Acres? |
640 Acres |
|
|
What is the number directly below #34? |
#3 is directly below #34 |
|
|
In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check? |
Because of the curvature of the earth |
|
|
The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description. |
Lot And Block
Page 243 |
|
|
The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______. |
Public records |
|
|
The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements |
Street locations
Page 244 |
|
|
The ____ Is the oldest method of land description. |
metes-and-bounds description |
|
|
Metes refers to _____ (Measured and feet), and bounds refers to _____. |
Metes = Distance
Bounds= Direction |
|
|
Metes-and-bounds Description begins at an exact reference point, called a _____.
The survey or identifies each corner of the parcel with a visible marker called a ______. |
Point of beginning (POB) And Marker called a Monument |
|
|
In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____. |
We’re only be broken down/given to Degrees |
|
|
In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______. |
Principle Meridian (north-south) Base line (east-west) |
|
|
In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____ |
Range |
|
|
Township lines goes which way? |
Horizontal |
|
|
Range Lines goes? |
Vertical |
|
|
How many square feet are in 1 acre? |
43,560 Square feet
HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560 |
|
|
In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they? |
|
|
|
1 square mile, equals how many Acres? |
640 Acres |
|
|
What is the number directly below #34? |
#3 is directly below #34 |
|
|
In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check? |
Because of the curvature of the earth |
|
|
The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description. |
Lot And Block
Page 243 |
|
|
The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______. |
Public records |
|
|
The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements |
Street locations
Page 244 |
|
|
The ____ Is the oldest method of land description. |
metes-and-bounds description |
|
|
Metes refers to _____ (Measured and feet), and bounds refers to _____. |
Metes = Distance
Bounds= Direction |
|
|
Metes-and-bounds Description begins at an exact reference point, called a _____.
The survey or identifies each corner of the parcel with a visible marker called a ______. |
Point of beginning (POB) And Marker called a Monument |
|
|
In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____. |
We’re only be broken down/given to Degrees |
|
|
In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______. |
Principle Meridian (north-south) Base line (east-west) |
|
|
In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____ |
Range |
|
|
Township lines goes which way? |
Horizontal |
|
|
Range Lines goes? |
Vertical |
|
|
How many square feet are in 1 acre? |
43,560 Square feet
HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560 |
|
|
In reference to description by metes-and-bounds, How many legal descriptions are use today and what are they? |
|
|
|
1 square mile, equals how many Acres? |
640 Acres |
|
|
What is the number directly below #34? |
#3 is directly below #34 |
|
|
In reference to measures and terms Associated with the government service system, Why do we need a check or the reason of the check? |
Because of the curvature of the earth |
|
|
The most common type of legal description used for a single-family dwellings located in Developed subdivisions is the ______ (recorded plat) method of land description. |
Lot And Block
Page 243 |
|
|
The lot and block method can be used only wear plat maps, Or simple plats, Have been recorded in the ______. |
Public records |
|
|
The plat map shows the lot divisions and ____ locations, And it may provide for Dedication of streets, parks, and school sites to the county or community. It shows actual dimensions for lots, streets, and other planned improvements |
Street locations
Page 244 |
|
|
The ____ Is the oldest method of land description. |
metes-and-bounds description |
|
|
Metes refers to _____ (Measured and feet), and bounds refers to _____. |
Metes = Distance
Bounds= Direction |
|
|
Metes-and-bounds Description begins at an exact reference point, called a _____.
The survey or identifies each corner of the parcel with a visible marker called a ______. |
Point of beginning (POB) And Marker called a Monument |
|
|
In reference to building blocks of metes- and -bounds descriptions, Recall that a circle contains 360° degrees. A degree can be broken down into smaller units. To be more accurate, boundary directions are given in _____. |
We’re only be broken down/given to Degrees |
|
|
In the beginning reference is the intersection of a North South Line called a _______ and an east-west line called a ______. |
Principle Meridian (north-south) Base line (east-west) |
|
|
In reference to _____, This resulted in a series of lines 6 miles apart on either side of the PM. Each resulting 6 mile wide vertically (north-south) Strip of land on either side of the PM is called a _____ |
Range |
|
|
Township lines goes which way? |
Horizontal |
|
|
Range Lines goes? |
Vertical |
|
|
How many square feet are in 1 acre? |
43,560 Square feet
HINT: 4 little old ladies going 35 MPH in a 65 MPH zon) = 43,560 |
|
|
_____ Defined the parties legal relationship and spells out each parties rights and duties |
Contracts |
|
|
In reference to contracts in general, underlying Every contract is the _____ |
Promise |
|
|
In reference to preparation of contracts, Unless they are attorneys, ______ and _____ May not prepare deeds, mortgages, promissory notes, or most other legal documents. |
Real estate brokers or associates |
|
|
_____ Defined the parties legal relationship and spells out each parties rights and duties |
Contracts |
|
|
In reference to contracts in general, underlying Every contract is the _____ |
Promise |
|
|
In reference to preparation of contracts, Unless they are attorneys, ______ and _____ May not prepare deeds, mortgages, promissory notes, or most other legal documents. |
Real estate brokers or associates |
|
|
In reference to authority of real State Licensees to prepare contracts, Who may not draft leases? |
Real Estate Licensees
Note: however, Licensees may fill in the blanks on the residential lease instruments for lease Periods that do not exceed one year |
|
|
Real estate Licensees may assist buyers and sellers with the completion of what types of contracts, as directed by the buyer and\or sellers? |
|
|
|
A ____ Is one that complies with the provisions of contract law and contains for essential elements |
Valid Contract |
|
|
In reference to essential elements of a Contract, a valid contract is one that complies with a provision of contract law and contains what four Essential elements? |
POSSIBLE STATE TEST QUESTION: Which one is not correct to make a valid contract?
Above is all correct elements |
|
|
In reference to one party that makes an offer (_______), the individual would be who? |
The Offeror |
|
|
In reference to one party that receives an offer (_______), the individual would be who? |
The Offeree |
|
|
In reference to one party that makes an offer (_______), the individual would be who? |
The Offeror |
|
|
In reference to one party that receives an offer (_______), the individual would be who? |
The Offeree |
|
|
_____ Is a thing of value given in exchange for some other value |
Consideration |
|
|
The ____ Is the period of time, set by statute, during which the terms of the contract may be enforced. |
Statue of limitations |
|
|
In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Written contract so good for how many years? |
5 Years |
|
|
In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Written contract so good for how many years? |
5 Years |
|
|
In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Oral contract so good for how many years? |
Four Years |
|
|
In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Written contract so good for how many years? |
5 Years |
|
|
In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Oral contract so good for how many years? |
Four Years |
|
|
In reference to the statute of limitations, He protects people from being compared to perform or otherwise be sued After a period of time has expired. Partly written and partly oral is good for how many years? |
Five Years for the written portion and Four Years for the oral portion |
|
|
Real estate purchase contracts are not required to be _____ or _____. |
Witnessed or Notarized |
|
|
A_____ contract lacks one or more of the requiredElements of a valid contract and, therefore, has no legal effect |
Void Contract |
|
|
A_____ contract lacks one or more of the requiredElements of a valid contract and, therefore, has no legal effect |
Void Contract |
|
|
A _______ contract Allows one of the parties to potentially disavow contractual duties |
Voidable Contract |
|
|
An _____ contract Why not being forced by a court of law |
Unenforceable Contract |
|
|
In reference to formal contracts, historically, a formal contract was in written form And under seal. The seller has Evolved from the old wax impression on a document to the word seal Or the letters “locus sigilli” which is a Latin word for what? |
The Place of the Seal |
|
|
A _____ contract Refers to an oral contract as opposed to a written contract or specialty instrument. |
Informal Contract |
|
|
A _____ contract Obligate both parties To perform in accordance with the terms of the contract |
Bilateral contract |
|
|
A ______ contract Obligate only one party to an agreement |
Unilateral Contract |
|
|
An _____ contract Is an actual agreement between the parties, the terms of which are declared orally or in writing, at the time of entering into the agreement |
Express Contract |
|
|
An _____ contract Is inferred by the acts or conduct at the parties |
Implied Contract |
|
|
An _______ contract Is an agreement between parties that involves promises to be completed at a further date |
Executory Contract |
|
|
An ______ contract Exist when both parties have performed their obligations |
Executed (DONE) Contract |
|
|
In reference to contract negotiation, Enough first time I did it when any of the following what happens? |
Withdraw by offeror Insanity Lots of time Death Counter offer Acceptance Rejection Distraction of the property
HINT: WILD CARD
STATE TEST QUESTION
Page: 257 |
|
|
What are the four legal remedies for a breach of the contract? |
|
|
|
In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties? |
Open listing Exclusive agency listing Exclusive right of sale listing (🍓) Net listing Multiple listing service |
|
|
In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what? |
Closes on the property |
|
|
In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what? |
The Commission (💵) |
|
|
In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what? |
Particular Transaction (A blanket authorization cannot be given to a closing agent) |
|
|
In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale. |
Procuring Cause |
|
|
In reference to option contracts, option contracts must be in writing and signed because they fall under what? |
The statute of frauds |
|
|
_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states |
Specific Performance |
|
|
_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller. |
Liquidated damages |
|
|
______ refers to the following: To rescind Is to cancel or annul the contract. |
Rescission |
|
|
_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________). |
Compensatory damages |
|
|
An______ Refers to the transfer of a persons rights and duties under a contract to another person.
Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract. |
Assignment |
|
|
A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property. |
Listing Contract
Note: A listing contract may be written, oral, or implied. |
|
|
A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation. |
Notation |
|
|
Chapter 475, requires written listing. Contract to include what following information in reference to dates? |
A definite expiration date |
|
|
Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution? |
24 Hours |
|
|
What are the four legal remedies for a breach of the contract? |
|
|
|
In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties? |
Open listing Exclusive agency listing Exclusive right of sale listing (🍓) Net listing Multiple listing service |
|
|
In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what? |
Closes on the property |
|
|
In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what? |
The Commission (💵) |
|
|
In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what? |
Particular Transaction (A blanket authorization cannot be given to a closing agent) |
|
|
In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale. |
Procuring Cause |
|
|
In reference to option contracts, option contracts must be in writing and signed because they fall under what? |
The statute of frauds |
|
|
In reference to option contracts, Licensees who are really interested in obtaining an option on a property as a true optionee (not as listing agent) Must first divest themselves of their role as Licensees. Licensee’s must give a valuable _____ (substantial and not nominal) For the option contract. |
Consideration |
|
|
_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states |
Specific Performance |
|
|
_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller. |
Liquidated damages |
|
|
______ refers to the following: To rescind Is to cancel or annul the contract. |
Rescission |
|
|
_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________). |
Compensatory damages |
|
|
An______ Refers to the transfer of a persons rights and duties under a contract to another person.
Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract. |
Assignment |
|
|
A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property. |
Listing Contract
Note: A listing contract may be written, oral, or implied. |
|
|
A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation. |
Notation |
|
|
Chapter 475, requires written listing. Contract to include what following information in reference to dates? |
A definite expiration date |
|
|
Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution? |
24 Hours |
|
|
What are the four legal remedies for a breach of the contract? |
|
|
|
In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties? |
Open listing Exclusive agency listing Exclusive right of sale listing (🍓) Net listing Multiple listing service |
|
|
In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what? |
Closes on the property |
|
|
In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what? |
The Commission (💵) |
|
|
In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what? |
Particular Transaction (A blanket authorization cannot be given to a closing agent) |
|
|
In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale. |
Procuring Cause |
|
|
In reference to option contracts, option contracts must be in writing and signed because they fall under what? |
The statute of frauds |
|
|
In reference to option contracts, Licensees who are really interested in obtaining an option on a property as a true optionee (not as listing agent) Must first divest themselves of their role as Licensees. Licensee’s must give a valuable _____ (substantial and not nominal) For the option contract. |
Consideration |
|
|
The parties to a sale and purchase contract (sale contract) are the ______ (or seller) and the _______ (or buyer). |
Vendor (Seller) Vendee (Buyer) |
|
|
_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states |
Specific Performance |
|
|
_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller. |
Liquidated damages |
|
|
______ refers to the following: To rescind Is to cancel or annul the contract. |
Rescission |
|
|
_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________). |
Compensatory damages |
|
|
An______ Refers to the transfer of a persons rights and duties under a contract to another person.
Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract. |
Assignment |
|
|
A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property. |
Listing Contract
Note: A listing contract may be written, oral, or implied. |
|
|
A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation. |
Notation |
|
|
Chapter 475, requires written listing. Contract to include what following information in reference to dates? |
A definite expiration date |
|
|
Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution? |
24 Hours |
|
|
What are the four legal remedies for a breach of the contract? |
|
|
|
In reference to types of listings, what type of listing agreements are used by the broker and owner Determining on the rights and obligations of the parties? |
Open listing Exclusive agency listing Exclusive right of sale listing (🍓) Net listing Multiple listing service |
|
|
In reference to brokers compensation, if required to effect a sale, The commission is urn only if the Prospective buyer actually does what? |
Closes on the property |
|
|
In reference to brokers conversation, the closing agent for a real estate transaction can legally prepare a check payable to a real estate sales associate for the sales associate’s share of what? |
The Commission (💵) |
|
|
In reference to brokers Compensation, the commission check may be given to the associate at the closing, provided the broker has given the closing agent written authorization and instructions regarding the specific amount of commission the associate is to be paid for the particular what? |
Particular Transaction (A blanket authorization cannot be given to a closing agent) |
|
|
In reference to brokers compensation, I To be a ______, The broker must have started the chain of events that resulted in a sale. |
Procuring Cause |
|
|
In reference to option contracts, option contracts must be in writing and signed because they fall under what? |
The statute of frauds |
|
|
In reference to option contracts, Licensees who are really interested in obtaining an option on a property as a true optionee (not as listing agent) Must first divest themselves of their role as Licensees. Licensee’s must give a valuable _____ (substantial and not nominal) For the option contract. |
Consideration |
|
|
The parties to a sale and purchase contract (sale contract) are the ______ (or seller) and the _______ (or buyer). |
Vendor (Seller) Vendee (Buyer) |
|
|
In reference to information contained in sales contract, in earnest money deposit is valuable consideration given by the buyer to indicate serious intent to purchase the property under contract. What is not required to make the contract valid? |
Earnest Money |
|
|
_____ Refers to, if awards of money damages do not afford sufficient relief, The wronged Party may sue for _____ performance to have the courts force the other party to perform as the contract Specifically states |
Specific Performance |
|
|
_____ refers to the following: Frequently the parties will stipulate an amount of money in the contract (usually the earnest money deposit) to be paid in the case of default by the buyer. This amount is called a ____ to the seller. |
Liquidated damages |
|
|
______ refers to the following: To rescind Is to cancel or annul the contract. |
Rescission |
|
|
_____ refers to the following l: Another remedy for breach of contract is a suit for damages. Usually the party bringing suit six in amount of money equal to the extent of loss suffered (__________). |
Compensatory damages |
|
|
An______ Refers to the transfer of a persons rights and duties under a contract to another person.
Note: An assigner does not escape the obligations to perform the terms and conditions of the contract or to see that they are performed by the assignee, Unless given a release from the other party to the original contract. |
Assignment |
|
|
A _______ contract Is an employment agreement between a property owner and a real State Broker a Authorized in the Broker to find a buyer (or tenant) For certain property. |
Listing Contract
Note: A listing contract may be written, oral, or implied. |
|
|
A _____ agreement Is used to substitute a new party for the Original one. The effect is to discharge The original party from the obligation. |
Notation |
|
|
Chapter 475, requires written listing. Contract to include what following information in reference to dates? |
A definite expiration date |
|
|
Florida law prohibits a provision in a listing contract that requires the owner to notify the broker of the intent to cancel the listing once the listing has expired. A copy of the listing contract must be given to the owner within how many hours of execution? |
24 Hours |
|
|
In reference to sell and purchase contracts, when the property is co-owned by a married couple, Or if it is the homestead and ownership is in only one spouse’s name (in severalty),who must sign the real estate sale contract? |
Both Spouses |
|
|
Power of attorney is a written legal document designating Some of the person as an ____-_____-_____. |
Attorney-In-Fact Note: The attorney in fact then may Bargain and signed the person who granted the power of attorney, provided that power is specific |
|
|
In reference to material defects disclosure, _______vs _______, He will not leave a case of Florida, set legal presidents concerning material defects. “We hold that where the seller way home knows facts materially Affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer. |
Johnson v. Davis |
|
|
The use of an “______” Provision in the contract for the sale of real property does not circumvent the duty to disclose all known material defects. |
“As Is” Provision |
|
|
In reference to lead based paint disclosure, when purchasing or renting pre-_____ housing, The residential lead-based paint has a reduction act requires Sellers and landlords Disclose to prospective buyers And tenants the presence of known lead based paint and residential property built before _____. |
1978 |
|
|
Florida statue 720 requires sellers of property subject to a mandatory __________ associationTo provide buyers with the disclosure summary regarding the association, The existence of restrictive Covenants, And any assessments that the association imposes? |
Homeowner Association |
|
|
In reference to building code violation disclosure, noticed that the buyer will be responsible for compliance with the applicable code and with the others issued in the county ______ proceeding. |
Court Proceeding |
|
|
A _______ Is an independent special district created, pursuant to go to law, to serve the long term specific needs of its community. |
Community Development District (CDD) Note: The developer finance is the construction of infrastructure but issuing bonds. |
|
|
______ Is the Misstatement The fact or the new mission or concealment of a factual matter. _______ can lead to fraud. |
Misrepresentation
Page 271 |
|
|
Change the following decimals to percentage:
.5 = ______ 1.5= _____ |
.5 = .50 = 50% 1.5= 1.50 = 150%
Move the decimal point two places to the right and add the percent sign (%)
Page 334 |
|
|
In reference to preliminary steps to closing, once the loan is approved, any required repairs should be ordered to remove these contingencies when? |
As soon as possible |
|
|
In reference to Preliminary steps to closing, before the title closing, the buyer makes a final ________ (_______-______) Of the property with the sales associate. |
Pre-closing Inspection (walk-through) |
|
|
_______ Requires the payment of a tax on deeds and other conveniences. This state Documentary stamp tax on deeds is assessed at the rate of $.70 for each $100 of the full purchase price (or any fraction of $100) |
Florida Note: Purchase Price divided by $100 = Taxable Units (If results is a decimal number, round to the next whole number) Number of Taxable units x $.70 = cost of documentary stamp tax on deeds |
|
|
In reference to state documentary Stamp Taxes on promissory notes, Florida requires the payment of a documentary stamp tax on all what? |
New and assumed promissory notes Note: The tax rate is $.35 per $100, or fraction thereof, on the face value of the promissory notes. |
|
|
What is the formula for documentary stamp taxes on promissory notes? |
Promissory note divided by $100 = taxable units (If result is a decimal number, round up to the next whole number) Number of taxable units x $.35 = Cost of documentary Stamp tax on promissory notes |
|
|
In reference to stay intangible tax on new mortgages, The tax rate for the state intangible tax on new mortgages is two mills ($.002) per dollar debt. How do you solve the cost of intangible tax? |
New loan amount x $.002 = cost of intangible tax
Example: $25,000 (new second mortgage) x $.002 = $50 (intangible tax on new second mortgage) |
|
|
What are the two items that are credited to the seller? |
|
|
|
In reference to preliminary steps to closing, once the loan is approved, any required repairs should be ordered to remove these contingencies when? |
As soon as possible |
|
|
In reference to Preliminary steps to closing, before the title closing, the buyer makes a final ________ (_______-______) Of the property with the sales associate. |
Pre-closing Inspection (walk-through) |
|
|
_______ Requires the payment of a tax on deeds and other conveniences. This state Documentary stamp tax on deeds is assessed at the rate of $.70 for each $100 of the full purchase price (or any fraction of $100) |
Florida Note: Purchase Price divided by $100 = Taxable Units (If results is a decimal number, round to the next whole number) Number of Taxable units x $.70 = cost of documentary stamp tax on deeds |
|
|
In reference to state documentary Stamp Taxes on promissory notes, Florida requires the payment of a documentary stamp tax on all what? |
New and assumed promissory notes Note: The tax rate is $.35 per $100, or fraction thereof, on the face value of the promissory notes. |
|
|
What is the formula for documentary stamp taxes on promissory notes? |
Promissory note divided by $100 = taxable units (If result is a decimal number, round up to the next whole number) Number of taxable units x $.35 = Cost of documentary Stamp tax on promissory notes |
|
|
In reference to stay intangible tax on new mortgages, The tax rate for the state intangible tax on new mortgages is two mills ($.002) per dollar debt. How do you solve the cost of intangible tax? |
New loan amount x $.002 = cost of intangible tax
Example: $25,000 (new second mortgage) x $.002 = $50 (intangible tax on new second mortgage) |
|
|
What are the two items that are credited to the seller? |
|
|
|
REMEMBER |
S- State Documentary Stamp Tax on deeds I- Intangible Tax on New Mortgages N- State Documentary Stamp Tax on Promissory Notes |
|
|
How is the buyer’s binder deposit entered on the closing disclosure? |
Credit to the buyer only |
|
|
How is the purchase price answered on the closing disclosure? |
Credit to the seller and debit to the buyer |
|
|
How are unpaid property taxes insert on the closing disclosure? |
Credit to the buyer and debit to the seller |
|