Practice Exam Real Estate Part 1

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?

• Share the deposit 50/50 with Buyer.

• Give Seller 50% of the deposit.

• Give Seller an amount equal to his expenses and keep the rest.

• Observe the terms of the contract and keep the deposit.

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

• notify the state.

• sue the seller for his share

• sue the broker.

• forget it. He is not entitled to the commission

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

• broker

• sales associate

• broker associate

• Realtor-Associate.

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

• be compensated for the appraisal.

• not be compensated for the appraisal unless licensed or certified.

• apply for a temporary license from the Commission.

• appraise any hardware store in the state without a license.

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

• 2 years

• 1 year

• 4 year

• 5 years

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

• present the offer and suggest that the owner counteroffer for a binder.

• refuse to submit the offer until accompanied by valuable consideration.

• present the offer only if the buyer promises to pay a binder if accepted.

• present the offer only if it is close to the asking price.

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

• seven members.

• three brokers, two brokers or sales associates, and two lay members.

• five brokers and two lay members.

• four brokers and three lay members.

Licensure may be suspended for what maximum period of time?

• 1 year

• 2 years

• 5 years

• 10 years

Which is not correct?

• A real estate licensee may not appraise a single family residence unless she has been licensed as a state licensed or certified appraiser.

• A licensee may be paid a commission only by his employer.

• A licensee may not work for more than one employer.

• A licensee has no grace period for renewing a license, and may not operate while the license is expired.

A real estate sales associate is a person who

• may perform any of the services ordinarily performed by a broker provided that the service is under the supervision of the employing broker

• may not perform any service of real estate for the public for compensation in Florida, unless employed by an owner-employer.

• may perform some of the services ordinarily performed by a broker.

• at times may perform any of the services ordinarily performed by a broker.