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Florida Real Estate Laws and Rules/ Codes, Florida Real Estate Questions for State Exam Studying, Florida Real Estate Notes to Study for State Exam, Florida Real Estate Key Terms for State Exam
- In order to work as a property manager independently, what license do you need?
• A) CAM license • B) Active real estate broker license • C) Sales associate license • D) Commercial license
Correct Answer: B) Active real estate broker license
- True or False: Real estate professionals who specialize in the sale, purchase, and
- True or False: Follow-up refers to returning phone calls to prospective buyers in a
lease of businesses must hold a commercial license.• A) True • B) False Correct Answer: B) False (In Florida, an active real estate sales associate or broker license is required to market business opportunities. No license distinction is made regarding the type of real estate.)
timely manner.• A) True • B) False Correct Answer: B) False (Follow-up is what a sales associate does for buyers and sellers after the sale/closing to promote customer loyalty.)
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- True or False: The product that real estate licensees market is expert information.
• A) True • B) False
Correct Answer: A) True
- Do real estate professionals provide knowledge of market conditions?
• A) Yes, because knowledge of market conditions is one of the 3 important areas you must have knowledge and understanding in when doing sales for real estate.• B) No, market conditions are strictly handled by appraisers.• C) Yes, but only for commercial properties.• D) No, they only provide knowledge of property transfer.Correct Answer: A) Yes, because knowledge of market conditions is one of the 3 important areas you must have knowledge and understanding in when doing sales for real estate.
6. Question: What does Chapter 61J2 cover?
Correct Answer: The rules of the Florida Real Estate Commission.
7. Question: What does Florida Statute 120 establish?
Correct Answer: The administrative procedure acts; it defines the procedural process by which regulatory agencies decide and implement agency action.
8. Question: What does Chapter 455 cover?
Correct Answer: Business and Professional Regulations general provisions; it defines legal practice and procedures for the DBPR.
9. Question: What does Florida Statute Chapter 475 establish?
Correct Answer: Called "REAL ESTATE BROKERS, SALES ASSOCIATES, SCHOOLS, AND APPRAISERS", it establishes the legal right and responsibilities in 4 parts:
- Real estate brokerage
- Real estate appraisers and sets forth the requirements for licensed and certified
- Commercial real estate sales commission lien act (gives a broker lien rights to
appraisers according to federal statute.
earned commission on commercial property).
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- Commercial real estate leasing commission lien act (gives a broker lien rights for
earned commission associated with a brokerage agreement to lease commercial real estate).
10. Question: What does Florida Statute 20 Chapter 20 establish?
Correct Answer: Organizational Structure; establishes the structure of the executive branch of Florida's government. (Legislative branch, executive, and judicial branch of government).
11. True or False: Rental agents manage the property once a tenant is secured.
• A) True • B) False Correct Answer: B) False (Rental agents typically find a tenant for property and collect a fee. Property managers continue to manage the property once a tenant is secured.)
12. True or False: A property manager of an apartment building who is paid on a
transactional basis must hold a CAM license.• A) True • B) False Correct Answer: B) False (A property manager of an apartment building who is paid on a transactional basis must be licensed as a broker. A CAM license is not required to manage apartment buildings.)
- True or False: The Uniform Standards of Professional Appraisal Practice (USPAP)
- True or False: Real estate licensees must abide by USPAP when preparing CMAs
are standards of practice that must be followed by appraisers but not real estate licensees.• A) True • B) False Correct Answer: B) False (Florida law requires appraisers, real estate brokers, and sales associates to abide by the USPAP when conducting appraisals of real property.)
and BPOs.• A) True
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• B) False Correct Answer: B) False (The USPAP standards do not apply to real estate licensees who, in the ordinary course of business, perform CMAs and BPOs.)
- True or False: Sources of real estate financing include commercial banks, savings
associations, credit unions, and mortgage companies.• A) True • B) False
Correct Answer: A) True
- True or False: An individual who offers to negotiate the terms of residential
- True or False: A gift of land by a developer to a local government to be used for
mortgage loan applications for compensation must be licensed as a real estate broker.• A) True • B) False Correct Answer: B) False (Individuals who negotiate the terms of residential mortgage loan applications for compensation must be licensed as mortgage loan originators.)
streets and sidewalks is called dedication.• A) True • B) False
Correct Answer: A) True
- True or False: A subdivision plat map usually must be submitted to the local
planning board.• A) True • B) False
Correct Answer: A) True
- True or False: The multiple listing service is a database that allows real estate
licensees to share information about properties with other real estate licensees.• A) True
