Real Estate Practice Exam 2

This is a timed quiz. You will be given 60 seconds per question. Are you ready?

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Which of the following best describes the relationship of a broker and his principal?

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Hinson forms a limited partnership to develop and sell real property. Hinson will be the general partner will do all the work. Bailey buys units as a limited partner and invests $100,000. Hinson defrauds several purchasers who bring suit against the partnership and get judgments for amounts in excess of $300,000. The partnership funds are wiped out. Which is correct?

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Required brokerage relationship disclosures must be retained by the broker for:

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John and Edward were brokers with their own firms. An economic downturn made them decide to share office space. They did not put up signs which described that the public was actually dealing with two separate firms. A BPR investigator made a routine office inspection visit. The investigator would probably issue a citation stating that this I. is an ostensible partnership. II. is a general partnership. III. is a violation.

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Which of the notices shown below MUST be signed by a buyer or a seller

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Which is correct about a group license?

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A Fort Walton Beach real estate broker is the property manager for several condos on the beach which rent for $1,000 per month. He also manages several (which are rented) that rent for $850 per month. The broker advertises beach front condos (which are unavailable) at a price of $850, and has a good response rate. He is usually able to explain the better quality of the $1,000 per month rentals and rents them quite fast. The broker

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A licensee fails to renew his license at renewal time, and desires to become active again 16 months later. What must he do?

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A sales associate's license has expired. The sales associate is called by a buyer who wants to see property. The sales associate shows the property, but does not write a contract until he has renewed his license. The sales associate

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Which of the following is most correct?

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Joyce owns property in Tallahassee which is 100 feet on the road and 125 feet deep. The city paves the street and agrees to pay 25% of the cost. The cost per running foot is determined to be $54. How much is Joyce’s special assessment?

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A sales associate properly licensed with a broker may

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During the week, Janet works for Wonder Works Realty, Inc. as a sales associate. On weekends, she holds open houses for Schultz Homes, and is paid a 2% commission directly by Sam Schultz on any sales she helps procure. Which is correct?

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Which of the following is a legal brokerage office? I. permanent building with at least one office II. sign at or about entrance with "Licensed Real Estate Broker" or REALTOR III. names (but not license status) of all licensees of the firm.

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A broker decides to go to work for an owner-developer, and will be compensated on a salary plus commission basis. Which is correct?

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A Kentucky lawyer and a Florida broker joint venture to sell property in Florida for a friend of the Kentucky lawyer. What can the Kentucky lawyer receive?

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Jill sells commercial property exclusively. Which is correct about her brokerage relationships?

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Who can receive compensation directly from an owner?

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John Harrison, a sales associate, leaves the employ of Gilbert Miller, a licensed real estate broker. John wrote a sales contract prior to his termination, and the transaction closed after he left Miller. The amount of the gross commission was $3,700, and John was on a 50/50 commission split. There is no office policy which covers this situation. John demands his portion of the commission. What should Mr. Miller do?

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An example of institutional advertising would be

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