Florida Real Estate License Exam Answers

To be enforcable, a lease longer than 1 year a. can be oral if witnessed by 2 people b. does not have to conform to the Statute of Frauds c. must be in writing, signed by the landlord (no witness is required in Florida) d. Does not have to be witnessed {Ans: c. must be in writing, signed by the landlord (no witness is required in Florida)}The range of penalties that may be imposed on a licensee by the commission for violation of law or rules includes {Ans: Denial, reprimand, fine probation, suspension and recovation......not imprisionment}A sales associate is a _________ of the brokers's principal. {Ans: SubAgent}__________ clause, A.K.A. due-on-sale clause, prevents a borower from transfering any interest in the morgaged property w/o permission of the lender. {Ans: Alienation}Sales associates can be stockholders in a brokerage corporation but may not be _________ or _________? {Ans: officers or directors}a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal {Ans: CMA -Comparative Market Analysis...}Your allowed Compensation from your Broker True or False {Ans: True}Borrowers are allowed a recission period (days to back out) which is ____ days, on