Download Post-Licensing Course Latest 2025-2026 (VERIFIED) and more Exams Law in PDF only on Docsity!
Post-Licensing Course Latest 2025- 2026
(VERIFIED)
The term quasi-judicial means: - correct answer>>The ability to jusge and punish for law and rule violations The FREC consists of how many members appointed by the Governor? - correct answer>> 7 Jack complied with an Escrow Disbursement Order from the FREC and was sued for the action. The Real Estate Recovery Fund may: - correct answer>>Pay for Jack's attorney and court costs, if Jack defended his actions for the EDO Jane is a college graduate with a four-year degree in real estate. She has a sales associate's license and seeks to renew the license for the second time. What must she do? - correct answer>>She must take 14 hours of continuing education and renew online, prior to the license expiration date. She must fill out the form, pay the fee, and return it before the expiration date. John is moving his real estate office and reports Jan on the change of address. What happens to Jan's license? - correct answer>>Jan's license becomes involuntary inactive. What is the primary mission of the FREC? - correct answer>>To protect the public Johnny got a DUI during the office Christmas party. He must: - correct answer>>Self report within 30 days to the Division of Real Estate Jimmy had a complaint registered with the DBPR against his real estate license. Jimmy disputes that the event took place on a specific date. He must: - correct answer>>Appear in front of an Administrative Law Judge on ALL charges Your broker does not have a policy manual available. This means: - correct answer>>The broker may not have "Safe Harbor" in some of their practices and could get into trouble later Advertising rules are set forth by the FREC using: - correct answer>>61J2.10- 25 A business analysis identifies: - correct answer>>Strengths, weaknesses, opportunities, and threats. A business analysis identifies strengths, weaknesses, opportunities and threats. "SWOT"
Your broker requires that you come to the office Monday through Friday and stay at least 4 hours each day. You are: - correct answer>>An employee of the broker Nikki is looking fir a broker. Upon entering a potential broker's office, she notices that there is no Fair Housing Poster. Nikki should: - correct answer>>Ask why there is no poster and if she is not satisfied with the answer, look elsewhere for her next broker What should you give to potential customers when prospecting door-to-door? - correct answer>>Your business card You are trying to select a farm area and you have narrowed the choices down to four areas. Which of the choices listed would be the best option? - correct answer>>An area close to your own house, where the 125 homes are similar to yours and familiar to yku When prospecting FSBOs: - correct answer>>Provide them with documents and information to help them sell the home themselves so they view you as a resource When someone with an expired listing tells you mistakes the previous sales associate made: - correct answer>>Comment on the action, not the sales associate, and explain how a different action might produce different results next time Which of the following is NOT an exception to the Do-Not-Call laws? - correct answer>>You can call as long as you block your company name and number Exceptions to Do Not Call laws - correct answer>>Can call someone you have conducted business with within the last 18 months Can call in response to advertisements or signs Can call for up to three months after someone has inquired about your services The first and most important thing to discuss after signing the listing agreement is: - correct answer>>How you will start to advertise the property What is one benefit you CANNOT offer to someone who lists with you? - correct answer>>A guarantee that the house will sell in 60 days or less Benefits you can offer someone who lists with you: - correct answer>>Security if knowing that strangers will not be walking through the house alone Dedicated and personalized marketing plan
The seller's disclosure form is used to: - correct answer>>Protect the seller and the broker by disclosing any known material defects in the home All of the following are true about Florida real estate disclosure laws EXCEPT: - correct answer>>Compensation determines whether an agency or transactional brokerage relationship exists All of the following are true about Florida real estate disclosure laws: - correct answer>>Disclosure rules do not apply to non-residential transactions Disclosure rules do not apply to auctions Disclosure rules do not apply to the rental or leasing of real property unless an option is given The obligations of a transaction broker include all of the following EXCEPT: - correct answer>>Disclosing the the buyer will pay a higher price than offered The obligations of a transaction broker include all of the following: - correct answer>>Dealing honestly and fairly Accounting for all funds entrusted to the broker Using skill, care, and due diligence The sellers signed an exclusive right of sale listing but they have since decided that they do not want to sell the property; they would rather lease it instead. Do they still owe a commission? - correct answer>>Yes, the terms of the listing agreement state that the broker will be compensated in any number of circumstances, including a lease agreement. A closing isn't required for the broker to have earned their commission. Includes refusal by the seller to sign a contract the meets the stated price and terms, or a buyer's defaulting in a transaction. Protection period during which compensation will still be due to the broker if an agreement is reached after the contract has expired. May the sellers decide not to offer compensation to cooperating sales associates and brokers? - correct answer>>Yes, but only if the listing agreement states that they may refuse and they understand that the listing will probably not meet the requirements for placement on the MLS. If a seller opts out of internet advertising of their property, they: - correct answer>>Acknowledge they will miss out on an opportunity to sell to any consumers who search the internet for listings
How soon must a copy of the signed listing agreement be given to the sellers? - correct answer>>Within 24 hours after is has been completed and signed by both parties The exclusive-right-of-sale listing must have: - correct answer>>A legal description of the property A limited service listing agreement is one where: - correct answer>>The broker offers services which are less than full services One of the seller's obligations in an exclusive right of sale listing agreement is: - correct answer>>To disclose all facts that materially affect the property's value If a seller agrees to an exclusive agency listing, it means: - correct answer>>The seller can avoid paying a commission by finding the buyer themselves An offer is pending on the property listed. The listing agreement will expire prior to the date of closing. You should: - correct answer>>Talk to your broker about the best action to take, as they may have their own method of handling this scenario Identify this type of buyer: "I used to be a real estate agent, so I could probably do this on my own, but my wife is nervous about all the legal stuff, so here we are." - correct answer>>Know-it-all Intentionally directing someone to or away from specific areas based on the ethnicity of the person or the area is known as: - correct answer>>Steering A couple walks in to your office and asks to see homes where they could live with their parents. You should ask: - correct answer>>If the parents will be involved in the decision making. Two buyers call you. Both want to view homes this coming weekend. One is relocating from out of town, the other has six months left on an apartment lease. Which buyer should be your priority for the weekend? - correct answer>>The one who is relocating, because your time with them is limited and their need is more immediate An option contract is where: - correct answer>>The seller holds the property for a certain amount of time for the buyer to complete a certain action Mary and Joan are under contract. Mary has offered and Joan accepted a Ferrari as consideration. This is: - correct answer>>Valuable consideration
T-Bill - correct answer>>Treasury bill indexes are based on the results of auctions that the U.S. Treasury holds for its treasury bills, notes, and bonds. They are adjusted at monthly, 3-month, and 6-month intervals. MTA - correct answer>>The 12 Month Treasury Average is also known as the 12-Month Moving Average Treasury index (MAT) and is a relatively new ARM index. This index is the 12-month average of the monthly average yields of U.S. Treasury securities adjusted to a constant maturity of one year. It is calculated by averaging the previous 12 monthly values of the 1-Year CMT (Constant Maturity Treasury index) which is calculated weekly for treasury securities. Tim applies for a mortgage to purchase a home. He is the: - correct answer>>Mortgagor A simple interest mortgage: - correct answer>>May cost the borrower more over the life of the loan. An individual seller who finances three of their own properties over one year is: - correct answer>>Not considered an MLO The final approval for a loan belongs to: - correct answer>>Underwriter An escrow account statement will be provided to the buyer: - correct answer>>Annually FICO stands for: - correct answer>>Fair Isaac & Co A step that may be taken if the appraisal comes in low is to: - correct answer>>Order a second appraisal. The closing disclosure is given to the borrower: - correct answer>>At least 3 days before closing A borrower must receive any revised loan estimate: - correct answer>>4 business days before closing Items disclosed as "Other" in item H on page 2 include: - correct answer>>Those not shown on the loan estimate Deposits on the closing estimate are shown as: - correct answer>>A negative number.
An example of services that a buyer cannot shop for may include: - correct answer>>VA funding fee. Buyer can shop for: - correct answer>>Lender, Survey, Title closing agent Consummation of a loan occurs: - correct answer>>When the borrower is contractually obligated to the lender. The CHARM booklet is required to be provided to: - correct answer>>Borrowers seeking an ARM. The real estate business cycle affects real estate: - correct answer>>Locally The tax law changes of 2017, created: - correct answer>>Greater advantages for investors One disadvantage of real estate investment: - correct answer>>There is a great time investment. An investor expecting to pay a low amount for an investment property expects: - correct answer>>A high rate of return A ____________ is not involved in the decisions for managing a property. - correct answer>>Passive investor The GDP measures our ability: - correct answer>>To produce and keep jobs Capital expenditures are funded by: - correct answer>>Reserves for replacement Joanie is an unmarried investor who has $575,000 in allowable deductions and losses. Her income is $250,000. She has no other businesses. This puts her Net Operating Loss (NOL) for the following year at: - correct answer>>75, $575,000 - $250,000 = $325,000; $325,000 - $250,000 (max for individual) = $75, Seasonal maintenance is the: - correct answer>>Maintenance required at certain times. A gross lease would most often be used for: - correct answer>>Office lease. Gross lease includes: - correct answer>>all utilities and everyday expenses and is typically used for an office lease
In many groups, ethics would be described as: - correct answer>>Moral standards by which people make decisions and conduct their lives FL is a: - correct answer>>transaction broker state Dual agency - correct answer>>Not authorized in FL DBPR is governed by - correct answer>>Chapter 120 FS DBPR powers: - correct answer>>Adopting rules for the biennial renewal of licenses using the fee caps as established Submitting an annual budget to the Florida Legislature Appointing the Executive Director of the Division of Real Estate, subject to the confirmation by the FREC Developing a training program for newly appointed members of the FREC to acquaint them with procedural laws and rules Establishing rule procedures for the purposes of investigation, inspection, and evaluation of applications Requiring all proceedings to be electronically recorded Selecting only those investigators or consultants who undertake investigations and meet criteria established with the advice of the FREC Allowing applicants for real estate licenses to be screened by the child support agency FREC's duties are granted by the state in the areas of: - correct answer>>Education Quasi-legislative Quasi-judicial Sales Associate - correct answer>>A person who provides real estate services for another, for compensation under the direction, control, and management of an active broker. Broker Associate - correct answer>>a person who is qualified to be issued a license as a broker but who operates as a sales associate in the employ of another. They have completed all requirements as a licensed broker. As a broker associate, an individual is not allowed to act as a broker on their own without applying to the Commission for a full broker's or brokerage license. Broker: - correct answer>>A person who provides real estate services for another, for compensation.
A license is required of anyone who performs the following services for properties that they DO NOT OWN and are compensated for when complete - correct answer>>Advertising, buying, auctioning, renting, selling, appraising, leasing, exchanging in like kind A Florida resident is anyone who: - correct answer>>resided in Florida continuously for a period of 4 calendar months or more in the preceding year anyone who presently resides in Florida with the intention to reside continuously in Florida for a period of 4 months or more, beginning on the date that the person began the current period of residence in Florida. Who Does Not Need a Real Estate License in Florida - correct answer>>An owner selling their own property Anyone acting as an Attorney in Fact An employee of a public utility, rural electric cooperative, a railroad, or state or local government A full-time graduate student enrolled in a FREC-approved degree program,appraising at a college or university. However, any appraisal report must be issued in the name of the supervising individual Persons who are licensed under other laws exempt from Florida Real Estate Law: - correct answer>>A salaried employee of an owner or of a registered broker for an owner of an apartment community who works in an onsite rental office of the apartment community in a leasing capacity Any salaried employee who is a manager of a condominium or cooperative apartment complex whose activities or duties include renting of individual units if the rental period is no greater than 1 year. Any property management firm or owner of an apartment complex providing a finder's fee or referral fee to an unlicensed person, who is a tenant in the apartment complex, PROVIDED THE VALUE OF THE FEE DOES NOT EXCEED $50 per transaction. The _________ is charged with the responsibility of investigating potential licensees and current licensees - correct answer>>DBPR The DBPR and Florida Real Estate Commission may enforce the following by law: - correct answer>>Deny a license Refuse to renew a license Suspend a license Revoke a license Issue citations
Absorption Analysis - correct answer>>can be used to show the average time on market for a property and how substitution works when a buyer is purchasing a property. Broker's Price Opinion - correct answer>>opinion of value often used by banks to determine a list price material defects - correct answer>>roof leaks, electrical problems, termites and other areas which would affect a property's value ny agency or non-representation (no-brokerage relationship) requires a specific disclosure be provided to sellers and buyers during the - correct answer>>first meaningful contact with such a party Any agency relationship established where the broker is representing one side of the transaction and a potential customer would like the broker to assist them for the other side of the transaction must - correct answer>>change from an agency to transaction brokerage relationship using the Consent to Transition to Transaction Broker Disclosure There are four (4) types of listing agreements used in Florida: - correct answer>>Open, exclusive agency, limited service, and exclusive-right-of-sale Net listings - correct answer>>highly discouraged as they may result in a broker taking advantage of sellers by concentrating less on what a market value could bring a seller and more on their net profit. An executory listing agreement - correct answer>>must be returned to the seller within 24 hours of signing. The offer - correct answer>>is not a contract There are 8 ways that an offer can be terminated - correct answer>>withdrawal, illegality, lapse of time, death or insanity, counter-offer, acceptance, rejection, and destruction of property There are four essential elements to a valid contract - correct answer>>contractual capacity of the parties, offer and acceptance, the legality of the contract or object of the contract, and consideration. A bilateral contract - correct answer>>requires both parties to perform in order to execute the contract.
A void contract - correct answer>>one that may be missing one of any of the essential elements with the exception of the age of the parties An executory contract - correct answer>>one where one or both parties have not completed the details that are described in the contract An executed contract - correct answer>>one where both parties have performed and completed all details which are described in the contract These override the pre-printed areas of a contract: - correct answer>>Handwritten changes and riders mortgagor - correct answer>>a borrower who takes out a loan for a property mortgagee - correct answer>>lender who provides the money for the mortgage A title theory state - correct answer>>retains the title an intermediary theory state - correct answer>>may take the title back in a default situation Florida is a lien theory state - correct answer>>borrower retains the title to the property and the bank holds a lien against the title judicial foreclosure - correct answer>>a lawsuit against the lien filed for the title non-judicial foreclosure - correct answer>>allows the lender to foreclose without the courts determining if there is a default fixed rate mortgage - correct answer>>creates a payment which is equal throughout the life of the loan adjustable rate mortgage - correct answer>>payments will fluctuate through the life of the loan. Interest - correct answer>>overall cost to borrow money APR - correct answer>>reflects points, fees, and other charges which may be mixed into the loan over time
Presents risk- Recognizing opportunity in the marketplace is critical but not as critical as the timing Cap Rate (I/RV) - correct answer>>Net Operating Income (NOI) ÷ Sales Price Equity Dividend Rate (BTCF/E EDR) - correct answer>>Before Tax Cash Flow ÷ Equity Cash Break Even Ratio (CO & MP/PGI CBER) - correct answer>>Cash Out (expenses and annual mortgage payment) ÷ Potential Gross Income Debt Service Coverage Ratio (I/AME DSCR) - correct answer>>Net Operating Income ÷ Annual Mortgage Expense Adjusted Gross Income (AGI) must be - correct answer>>no more than $100,000 per year. passive investor - correct answer>>cannot use passive loss to offset ordinary income With proper conditions, an active investor of real property - correct answer>>may use $25,000 worth of loss on investment property to offset ordinary income. There are four reasons that may contribute to a specific cycle that runs contrary to the general economy: - correct answer>>Physical Economic Governmental Social The duties of a property manager include: - correct answer>>Preserving the integrity of the property. Preserving the income stream from the property. Property manager Duties will fall into the following areas: - correct answer>>Administrative- Managing files and records. Fiscal- Financial management. Physical- Maintaining the property itself. The appraisal theory that is most important in pricing the space is - correct answer>>supply and demand
Factors that may contribute to high vacancy in the residential market: - correct answer>>Lack of amenities Poor location Poor security or lighting Earnings of a property manager may be: - correct answer>>On a commission basis. On a per door fee. A flat fee. An annual salary when an individual is hired by an entity to manage property owned by the entity. Four types of maintenance that should be built into the budget and long-term goals are:
- correct answer>>Preventative Maintenance Corrective Maintenance Scheduled Maintenance Construction Maintenance The proof and worth of a given property are found in the following three reports that relate to investment property: - correct answer>>Operating Budget Cash Flow Report Profit and Loss Statement The operating budget helps an owner understand two important items: - correct answer>>A projection of the future operation of the property A history of the property's past performance The calculations in the budget consist of: - correct answer>>Income Expenses Net operating income before financing Cash flow Profit and Loss Statement (P&L) would list only - correct answer>>total gross receipts and only total expenses compared to itemized lists of receipts and expenses. Property management specializations: - correct answer>>Certified Property Manager (CPM) Real Property Administrator (RPA) Certified Shopping Center Manager (CSM) Certified Apartment Manager (CAM)
An executory listing agreement must be returned to the seller within ___________ of signing. - correct answer>>24 hours ________________ is a person who provides real estate services for another, for compensation under the direction, control, and management of an active broker. - correct answer>>A sales associate Where would you logon to check your license information? - correct answer>>DBPR site Any disputes between the broker and seller are agreed to be settled: - correct answer>>Through binding arbitration. __________ is using borrowed funds for real estate investments. - correct answer>>Leverage Which is commonly used in analysis to determine your competition and how you can overcome and succeed in the business of real estate? - correct answer>>SWOT ______________ of a loan occurs when the borrower becomes contractually obligated to the lender for the loan, not, for example when the borrower becomes contractually obligated to a seller for a real estate transaction. - correct answer>>consummation The ____________ is the administrative arm for the real estate profession. - correct answer>>DRE ______________ power is used to write and enact rules - correct answer>>Quasi- legislative What was designed to protect consumers who were harmed in a real estate transaction and who seek compensatory (compensation) or monetary loss damages? - correct answer>>Real Estate Recovery Fund A license is _______________ evidence that a licensee is qualified to practice real estate. - correct answer>>Prima facie _____________ who is licensed and skilled, may discover problems in a property that would otherwise go unnoticed by a buyer. - correct answer>>A home inspector
Further areas of the ____________ laws require real estate professionals not to discriminate in advertising on their websites or in videos and flyers. - correct answer>>Fair Housing In applying for a license and maintaining such a license, the name, address, email, and broker's information for every licensee is available for anyone for their review, meaning that it is _______________. - correct answer>>Public record In _______________ the broker offers services which are less than full service to list a property in the MLS with limited marketing and open houses. Other services may be offered by the broker through as a la carte, or the seller may choose to perform some of the duties on their own. - correct answer>>A limited service listing ______________ refers to the fact that a licensee must report a crime in any jurisdiction to the FREC within 30 days after they are convicted, found guilty of, or entered a plea of nolo contendere (no contest), regardless of adjudication. - correct answer>>Self reporting _____________ is a measurement of sales for comparable homes in a neighborhood. The analysis uses the supply and demand focus in determining the rate of sales and anticipated time that a home may remain on the market. - correct answer>>An absorption analysis ___________ is defined as intentionally directing someone to or away from specific areas based on the ethnicity of the person or the area. - correct answer>>Steering Florida rules state that ______________ MUST be adjacent to or immediately above or below your contact information on your real estate webpage. - correct answer>>The brokerage logo A designated sales associate has the same responsibilities as a single agent sales associate except that they have the duty of: - correct answer>>Limited confidentiality. Licensees are required to complete fourteen (14) hours of continuing education that consists of: - correct answer>>8 hours specialty education, 3 hours of core law, and 3 hours of ethics and business practices. Utilizing ________________ in the CMA allows the sales associate to provide a good comparison for the seller to determine the best price for their home. - correct answer>>Active, sold, and expired listings
