Real Estate Class Final Exam Questions And Correct Detailed Answers

Which clause in a warranty deed indicates the type and duration of estate being conveyed? {Ans: Habendum}To obtain a broker's license, the applicant must have {Ans: 1. Satisfactorily completed the 72 hr broker course. 2. been an Active Sales Assoc for at least 24 months.}A Sales Assoc shows a property which the brokerage firm has listed for sale to a prospective buyer. The sales associate is considered what to the broker? {Ans: A general agent of the broker}What are the primary powers and duties of FREC? {Ans: Adopt Rules and Discipline Licensees who violate chapter 475.}A proprietary lease is associated with what type of ownership {Ans: Cooperative}Is APR (annual percentage rate) a "trigger term"? {Ans: No}If John sells his farm land and retains the oil rights, what type of property right is he retaining? {Ans: Subsurface}If a Florida licensee becomes a non-resident of Florida, he or she must {Ans: notify the BPR within 10 days and file an "irrevocable consent to service" within 60 days}What are the 3 criminal penalties? {Ans: 1. Violating Chapter 475 - 2nd degree misdemeanor. $500 fine or 60 days in jail or both. 2. Rental information