Practice Exam Real Estate Part 2

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

• Reactivate by taking a 28-hour reactivation education course and paying a late fee.

• Reinstate by taking 14 hours of continuing education and paying a late fee

• Reinstate by filing a renewal request with a late fee.

• Take the sales associate course and the state exam all over again.

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?

• no part of the real estate commission

• a commission if he actually performs services in the transaction

• a referral fee if he doesn't come to Florida

• a commission provided he doesn't come to Florida

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?

• $2,025

• $4,050

• $2,700

• $3,456

Which of the following is most correct?

• All Realtors must be members of NAR.

• All brokers are Realtors.

• All brokers have sales associates

• All sales associates work for brokers.

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

• Consent to Transition to Transaction Broker Notice

• Notice of Nonrepresentation.

• Single Agent Notice.

• Transaction Broker Notice.

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

• She must be registered as a broker-sales associate.

• She need not be licensed if she confines her sales activity to the one employer.

• She must be licensed as a broker.

• She must be licensed as a sales associate.

Which brokerage relationship status requires that a broker disclose known facts that materially affect the value of residential property?

• any status requires the disclosure

• single agents

• transaction brokers

• licensees with no official brokerage relationship

A licensed sales associate of a brokerage corporation may

• own stock in that corporation.

• be an officer of that corporation.

• be a director of that corporation.

A single agent broker who wishes to remain loyal to the principal yet be involved in both sides of a transaction

• must work with the other party in a "no official brokerage relationship" role

• may transition to dual agent with the written approval of both parties

• may be a transaction broker for the other party.

• are unable to do so if working with the other party in a transaction.

Permission to use another's property that may be withdrawn at will is

• a license

• an easement appurtenant.

• an encroachment.

• a deed restriction.