Chapters 1-5 Flashcards Preview

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Flashcards in Chapters 1-5 Deck (25)
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1
Q

A transaction broker relationship provides _______ representation to a customer.

A

limited

2
Q

A no brokerage relationship provides ______ representation for a customer.

A

no

3
Q

Concentrating on one area or style of property is known as ________.

A

farming

4
Q

Residential transactions: agricultural property of ______ acres or less.

A

10

5
Q

Sales associates that offer opinions of value do not prepare appraisals, they prepare a ________ _________ _________.

A

comparitive market analysis

6
Q

The Florida Real Estate License Law was oficially designated Chapter ______ of the ________ _________ in 1941.

A

475

Florida Statutes

7
Q

An applicant for a Florida real estate license ________ required to be a resident of the state of Florida.

A

Is not

8
Q

Members of the Florida Bar in good standing _______ required to take postlicensing requirements.

A

are

9
Q

An applicant must score ____ out of 100 on the state sales associate exam.

A

75

10
Q

Sales associate post-license eduacation is ______ hours.

A

45

11
Q

DRE stands for _____.

A

Division of Real Estate

12
Q

The seven members of FREC are appointed by the _____ and confirmed by the _____.

A

Governor

Senate

13
Q

_____ member(s) of the FREC must be actively licensed real estate brokers for at least 5 years.

A

4

14
Q

FREC members are appointed for a _____ term.

A

4 year

15
Q

The power of the FREC to investigate complaints against licensees is an example of their _____ powers.

A

executive

16
Q

FREC members receive an allowance of _____ per day plus expenses.

A

$50

17
Q

An agent authorized by the principal to perform a single act.

A

special agent

18
Q

An agent authorized by the principal to act of their behalf in all matters.

A

universal agent

19
Q

A sales associate is a _____ agent of the broker.

A

general

20
Q

Provides limited representation to the customer(s). No fiduciary obligation.

A

transaction broker

21
Q

_____ _____ relationships require a fiduciary commitment to the principal.

A

Single agent

22
Q

Each active broker is required to maintain an office, which must be registered with the _____.

A

DBPR

23
Q

A broker must maintain books, records, and files pertaining to transactions of others in the office for at least _____ years.

A

5

24
Q

A _____ is an ad that does not contain the registered name or trade name of the broker.

A

blind ad

25
Q

A broker operating as a sole proprietorship must have a sign containing: the broker’s trade name, if any, the name of the broker, and the words ______.

A

Lic./Licensed Real Estate Broker