Test A 2011-2012 edition 14 Hour CE Distance exam
d
First name middle inital Last Name
address
city State zip
Broker Salesperson type of license, broker or salesperson Lic. Number Exp. date Invoice or ticket#
Email to send cert to
date you started to read course Today's Date
1. Betty completed her pre license salesperson course on 6/15/2011. Betty’s credits for completing the pre-licensing course will expire on:
A. 12/15/2011
B. 6/15/2012
C. 12/15/2012
D. 6/15/2013
Pick only one answer from below A B C D
2. Danny, Ron’s attorney, negotiated a stipulation agreement for Ron’s administrative complaint. For the stipulation to be binding it must be approved by the
A. Department of Business and Professional Regulation.
B. Florida Real Estate Commission.
C. Division of Administrative Hearings.
D. Division of Real Estate.
3. Becky, a salesperson, renewed her license without completing the continuing education requirement prior to the expiration of her license. This was discovered by a state investigator doing an office audit. Becky received an administrative complaint 5 weeks later, this is Becky’s first violation. Becky will most likely
A. receive a fine of $500 and a 30 day suspension.
B. be issued a citation.
C. have the license revoked.
D. have to take a 28 hour re-activation course.
4. Jennifer, a sales associate, is a buyers single agent for ABC Fast Food and David, a sales associate, is a sellers single agent for 123 Land Corp. Both Associates work for Luten Commercial Brokers. Both the buyer and the seller have assets of more than $1 million and have requested this type of representation. Under Chapter 475 this type of representation is considered
A. Dual agency.
B. Agreed-upon single agency.
C. Transaction broker relationship.
D. Designated sales associate.
5. Bob, a broker, received a $10,000.00 deposit from Jane, a buyer on Thursday. Bob deposited the check in his sales escrow account on Tuesday. What statement is correct?
A. This is proper procedure for escrow deposits.
B. Bob should have deposited the check on Monday.
C. Bob should have deposited the check in his account on Saturday.
D. Bob should have forwarded the funds to the seller.
6. Ben, a broker, sold Jan a rental list for $100.00. Jan viewed a home on the list. The property manager told Jan that the owner does not allow pets. Jan only looked at the home because the list noted pets were accepted. On the 14th day after purchasing the list, Jan demanded and should
A. Receive 50% refund as she had the list for 15 days.
B. Receive no refund as she did not rent any of the properties on the list.
C. Receive 100% refund as the list was not accurate.
D. Have Ben charged with a misdemeanor.
7. Frank, a borrower, did not disclose on his current mortgage application with Bay Lending that he co-signed on his brother’s home loan. This is an example of
A. mortgage fraud.
B. double responsibility.
C. dual pledging.
D. equity skimming.
8. Travis DOES NOT need a Real Estate license for which activity?
A. Purchase real estate for others.
B. Offer properties for exchange for others.
C. Repair properties for others.
D. Lease properties for others.
9. Beth, a buyer, filed a complaint with DBPR. If Beth’s complaint is found to be legally sufficient, DBPR will:
A. forward the complaint to Division Of Administrative Hearings.
B. investigate the complaint.
C. forward the complaint to FREC for a final order.
D. close the complaint as that is all that happens with complaints.
10. Roger, a licensed broker, has an unlicensed personal assistant named John, who is paid by salary. John prepares brochures for open houses. Which is correct?
A. John must be a licensed salesperson.
B. Roger and John did not violate FS. 475.
C. Only Roger may prepare brochures for open houses
D. John has violated FS. 475.
11. During Ron’s disciplinary hearing, Ron is represented by his attorney. The Florida Real Estate Commission is represented by?
A. DBPR attorneys.
B. No one, as they are exempt from representation.
C. Independent legal counsel.
D. Respondents counsel.
12. Jim received his salesperson’s license on April 20, 2011. What course must Jim complete to renew his license prior to the expiration on March 30, 2013?
A. 14 Hour continuing education.
B. 28 Hour re-activation.
C. 45 Hour post education.
D. 72 Hour pre licensing broker.
13. Mandatory FTC disclosures for short sale transactions are referred to as MARS. MARS stands for?
A. Mortgage Asset Realtor Services.
B. Mortgage Assistance Relief Services.
C. More Assistance Realtor Services.
D. Mortgage Asset Relief Services.
14. A mortgage fraud scheme in which a straw buyer obtains a mortgage loan then signs the note over to an investor who defaults on the mortgage loan and then keeps the money is
A. Deed skimming.
B. Equity skimming.
C. Mortgage theft.
D. Mortgage skimming.
15. Steve Johnson, a salesperson, receives a deposit with a contract for 1915 East Bay Dr. on Wednesday. Steve shall deliver the deposit to his broker no later than the end of business on?
A. Thursday.
B. Friday.
C. Saturday.
D. Monday.
16. Loan originator Gary received Raven’s completed mortgage application on Monday. Raven should receive the Good Faith Estimate no later than?
A. Tuesday.
B. Wednesday.
C. Thursday.
D. Friday.
17. Bonnie, a licensed salesperson, meets with property owner Steven. Steven would like Bonnie to list his home for sale. If Bonnie does not talk about any brokerage relationship with Steven, Bonnie is a
A. dual agent.
B. single agent.
C. transaction broker.
D. non-broker agent.
18. Broker Liz received a notice of noncompliance for failure to display her sign at the entrance to her office. Liz had 15 days to comply. If Liz does not comply within the time allowed, she may receive
A. an informal hearing notice.
B. a formal hearing notice.
C. a citation.
D. a notice of revocation.
19. The intent of the new standardized GFE and HUD-1 is to
A. provide borrowers an easier means of comparing loan offers and to determine that they are getting the loan at settlement they were offered in the GFE.
B. prepare borrowers to properly complete the mortgage application..
C. show lenders all the borrower’s assets and liabilities, thus enabling the lender to make an informed decision on loan approval.
D. to show borrowers what changes are made during the loan process.
20. Karin lives in North Carolina and applied for a Florida Salesperson’s license. Which form must Karin file with her application for licensure?
A. DD26 form.
B. Informal hearing request form.
C. Irrevocable consent form.
D. Form 1004, formal application for out of state residents.
21. Mark, a broker, is working with Greg’s lender. Greg’s lender provided Mark with a short sale approval letter on behalf of Greg. Mark is required to provide Greg with which disclosure when he presents the letter to him?
A. General commercial communications disclosure.
B. Consumer specific commercial communications disclosure.
C. Part 1 only of offer from lender disclosure.
D. Both Part 1 and Part of the MARS Disclosure for offer from lender.
22. Bill, a broker, just received a notice of noncompliance of a minor violation. Bill received this notice from
A. a DBPR investigator.
B. a FREC commission member.
C. a DBPR staff attorney.
D. the director of Real Estate.
23. REK School of Real Estate received a post-licensure course approval on 10/15/2011. The course shall expire on
A. 10/15/2012.
B. 10/15/2013.
C. 10/15/2014.
D. 10/15/2015.
24. Jane, a salesperson, has been involuntarily inactive for 19 months. For Jane to renew her license, she must pay the renewal fee plus the late fee and show DBPR that she completed the
A. 14 hour continuing education course.
B. 28 hour reactivation education course.
C. 45 hour post license education course.
D. 63 hour pre license education course.
25. Fraud usually involving only the borrower is usually referred to as fraud for
A. profit.
B. money.
C. property.
D. greed.
26. Broker Danny Jones, of Dan’s Properties, Inc., is ordering a sign for the entrance of the office. What is the minimum information required on the sign?
A. Danny Jones Licensed Real Estate Broker.
B. Dan’s Properties, Inc. Danny Jones Licensed Real Estate Broker.
C. Dan’s Properties, Inc. Licensed Real Estate Broker.
D. Dan’s Properties, Danny Jones and Associates.
27. John obtained a 4 Year degree in Real Estate from USF in Tampa. John would like to apply for a salespersons license. John should
A. apply and receive his salespersons license with no further action on his part.
B. apply for equivalency evaluation for the pre license course requirements and complete the balance of the application.
C. start to work as an agent as he has a 4 year degree and does not need a license.
D. take the 63 Hour pre license salespersons course as the state of Florida does not consider college education courses.
28. Elias moved to Florida 2 years ago, he has been licensed as a salesperson in Connecticut for the last 5 years. Elias applied for a Florida salesperson’s license by mutual recognition. Elias will NOT receive his license by mutual recognition because?
A. He was born in Texas and does not have a Florida birth certificate.
B. He received a grade of 35 on the Florida specific real estate law exam.
C. His license in Connecticut is not 8 years old yet.
D. He is currently a Florida resident.
29. Tony’s Final order from FREC was entered on 6/2/2011. The final order will become effective on
A. 7/2/2011
B. 7/17/2011
C. 8/2/2011
D. 9/2/2011
30. Liz, a broker, shall be provided a reasonable amount of time to correct an escrow error if there is no shortage of funds and such errors pose no significant threat to economic harm to the public. The error was discovered on 03/30/3011, when must Liz have the error corrected by?
A. 4/30/2011
B. 5/30/2011
C. 6/30/2011
D. 7/30/2011