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Comprehensive Florida Real Estate Law & Practice Guide TestBank {ALREADY
GRADED A+ } NEWEST VERSION
- Who regulates appraisers in Florida?
Correct Answer: The Florida Real Estate Appraisal Board (FREAB).
- What is a Broker Opinion of Price (BPO)?
- What is a Comparative Market Analysis (CMA)?
- What is an appraisal in real estate?
- What types of properties require a CAM license?
Correct Answer: The least accurate and formal estimate of property value created by a real estate license holder, often used in foreclosure processes.
Correct Answer: A well-researched price range comparing recently sold or listed homes to estimate market value for similar properties.
Correct Answer: An impartial, qualified appraiser's opinion of value for a specific property as of a specific date.
Correct Answer: Mobile home parks, planned unit developments, homeowners
associations, cooperatives, timeshares, and condominiums.
- What is required for a license holder managing properties with 11 or more units?
Correct Answer: They need a CAM (Community Association Manager) license.
- What is the primary ethical guideline of the NAR Code of Ethics?
- What does joining the National Association of Realtors (NAR) signify?
- What issues do local governments address in real estate?
Correct Answer: The Golden Rule: treat others the way you wish to be treated.
Correct Answer: It designates a person as a REALTOR, adhering to a higher standard of ethics than general law.
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Correct Answer: Land use control, taxation, zoning, occupational licensing, and building permits.
- What is the primary role of state governments in real estate law?
- What is the Uniform Standards of Professional Appraisal Practice (USPAP)?
- What is the role of the Division of Real Estate (DRE)?
- What does Chapter 475 of the Florida Statutes establish?
Correct Answer: To regulate aspects such as environmental control, waste disposal, and property conveyance.
Correct Answer: An agency that oversees and regulates real estate appraisals and appraisal practices.
Correct Answer: To protect the public by regulating real estate and appraisal licenses through education and compliance.
Correct Answer: The Real Estate License Law.
- What is the function of the Florida Real Estate Commission (FREC)?
- How many members are on the Florida Real Estate Commission (FREC)?
Correct Answer: To administer and enforce real estate license law in Florida, including granting and denying licenses.
Correct Answer: Seven members, appointed by the Governor.
- What are the three branches of FREC?
Correct Answer: Executive, Quasi-Judicial, and Quasi-Legislative.
- What is the purpose of the Quasi-Judicial branch of FREC?
- What is the significance of rule 61J2?
- What are group licenses in real estate?
Correct Answer: To create rules to enforce license law, report violations, and impose penalties.
Correct Answer: It is the set of rules created by FREC to enforce Chapter 475 of the Florida Administrative Code.
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Correct Answer: Licenses issued to sales associates and broker associates working for one developer with multiple connected businesses.
- What are multiple licenses in real estate?
- What is the role of the Division of Service Operations within DBPR?
- What does Chapter 120 of the Florida Statutes pertain to?
Correct Answer: Licenses issued to brokers who operate multiple brokerage businesses.
Correct Answer: To handle license renewal reminders, license issuance, and collect license fees.
Correct Answer: Licensing procedures and disciplinary processes.
- What does Chapter 455 of the Florida Statutes outline?
- Can a non-U.S. citizen obtain a professional license in Florida?
Correct Answer: General provisions for all professions, including licensing examinations and commission compensation.
Correct Answer: Yes, according to 455.10 of the Florida Statutes.
- What is the mission of the Florida Real Estate Commission (FREC)?
- What is required for a real estate licensee to perform an appraisal?
- What is unethical for an appraiser regarding compensation?
Correct Answer: To protect the public by regulating real estate and appraisal licenses through education and compliance.
Correct Answer: They must not represent themselves as a state-certified or licensed appraiser.
Correct Answer: Accepting compensation based on the value of a property.
- What is a broker in real estate?
- What is the role of a sales associate?
Correct Answer: A licensed person or business entity representing one of the parties in a real estate transaction for a commission.
Correct Answer: A person who performs acts specified in the definition of 'broker' under the direction of a broker or owner/developer.
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- What defines a broker associate?
- What does NASALBRACE stand for in real estate services?
- What are exceptions to needing a real estate license?
- What is the requirement for a broker license application regarding prior
- What is the post-licensing education requirement for broker applicants?
- What must be disclosed in the broker license application?
- What is the time frame for FREC to approve or deny a broker application?
Correct Answer: A person qualified for a broker license but operates as a sales associate under another's employment.
Correct Answer: Negotiating, Advertising, Selling, Appraising, Leasing, Buying, Renting, Auctioning, Closing, Exchanging.
Correct Answer: Property owners selling their own property, court-appointed individuals, CPAs, salaried property managers, attorneys, and certain students.
experience?Correct Answer: Must have an active sales associate license for at least 24 months in the last five years or equivalent experience.
Correct Answer: Completion of a 45-hour post-licensing education course before applying for the broker exam.
Correct Answer: Arrests, guilty pleas, traffic incidents, and ongoing investigations.
Correct Answer: FREC has 90 days to approve or deny the application.
- What does it mean to be licensed versus registered in real estate?
- What are the possible statuses of a real estate license?
- What is the grace period for renewing an involuntarily inactive license?
Correct Answer: Licensed means passing the exam; registered means being registered with the DBPR under a sponsoring broker.
Correct Answer: Active, voluntarily inactive, involuntarily inactive, void, ineffective, and ceases to be in force.
Correct Answer: 24 months, with specific continuing education requirements for
reactivation.
