Real Estate Practice Exam 1

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A hardware store owner, who is neither a real estate licensee nor a licensed or certified appraiser, was appointed by the court to appraise another hardware store. The person can

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Broker Bill has a listing contract to sell Janet's condominium. A prospective buyer offers to pay $60,000, but refuses to give a binder deposit with the contract. Broker Bill should

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A sales associate gets a signed contract from a buyer and mails it to the seller. The seller has agreed to the terms and the escrow deposit is safely in the broker's escrow account. The sales associate has a disagreement with his broker and quits. The broker refuses to pay a commission because the sales associate was not in his employ when the contract was actually received and signed. The sales associate should

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Practicing real estate without a license is a

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Which is not correct?

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The F.R.E.C. is composed of

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A sales associate chooses not to renew his license at the appropriate time. His license will be

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In order to be a licensee member of the Florida Real Estate Commission, an individual must have been licensed a minimum of

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Jane is a broker and accepts a deposit made out to her firm for $3,000. What is her legal requirement?

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Broker Larry, Broker Linda, and Broker Susan form a partnership to buy a tract of land and develop and sell the land. Sales Associate Lee joins the partnership and profits will be split equally among the four. Profits for the first year amount to $80,000. Which is correct?

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The passage of rules require

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A buyer gives a sales associate a binder check made out to him. The sales associate should

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Which category is exempt from licensing when performing real estate services?

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Possession of a current and valid license will be considered by a court

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Licensure may be suspended for what maximum period of time?

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A licensee who has passed the broker's state examination, but desires to continue to operate under an owner-employer will be registered as a

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Broker Jacqui decides to move her branch office from Fort Walton to Panama City. The proper procedure is for Jacqui to

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The license period is currently

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A real estate sales associate is a person who

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Seller employed Broker to sell his property in Astoria Park. Broker subsequently negotiated a contract whereby Seller and Buyer agreed to sell and buy the property in Astoria Park. The contract was prepared and typed in Broker's office. As there were numerous conditions and terms that had been agreed upon by Seller and Buyer, the contract was quite long and involved. Since the amount of deposit obtained by Broker from Buyer was equal to what his commission was going to be, in the middle of one of the long paragraphs was the phrase "In the event the buyer defaults, the deposit shall be retained by the broker as his compensation." At the time Broker presented the contract to Seller and Buyer for their signatures, he made no mention of the phrase he inserted in the contract, nor did he recommend that they read the contract. However, he did not in any way try to influence them not to read it. Seller and Buyer signed the contract without reading it. In the area, a 50/50 split of defaulted deposits is customary between sellers and brokers. Buyer subsequently defaulted. Seller asked Broker for 50% of the deposit. Broker refused and showed Seller the phrase he had inserted in the contract. What should Broker do?

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