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I.  LICENSE LAW AND QUALIFICATIONS FOR LICENSURE
 
1.  In Florida, all professions (including the real estate profession) should be regulated when each of the following conditions are present, except when
A.  The unregulated practice can harm the public, the potential harm is recognizable, and the danger of the unregulated practice outweighs any anticompetitive impact.
B.  The public is not adequately protected by other local, state or federal laws
C.  Lawmakers believe that regulation will decrease consumer complaints
D.  Less restrictive means of regulation are not available
     
2.  A person who has been issued a broker license, but operates as a sales associate in the employ of a broker or owner-developer is known as:
A.  Broker
B.  Sales Associate
C.  Broker Associate
D.  Office Manager
     
3.   Kathleen successfully completes the FREC Course I on June 18, 2002. Thereafter, her end of course report (diploma) is valid for how long?
A.  1 year
B.  2 years
C.  3 years
D.  4 years
     
4.  Once the DBPR receives an application for licensure, they have how long to deny or approve the application?
A.  15 days
B.  30 days
C.  60 days
D.  90 days
     

5.  Sales Associate Karen has been working for Florida Broker Bob for at least 12 months of the preceding 5 years. What other qualifications must she meet in order to be issued a Broker's license?
I.  Successfully complete the 72 hour FREC Course II 
II.  Pass the State Examination with a grade of 70% or higher
III.  Successfully complete the 45-hour sales associates post license course
IV.  Be a member of her local Board of Realtors for at least one year
A. I only
B. I, II and III
C. I and III
D. I, II, III, and IV
     

6.  Joan has been a licensed sales associate for 6 months in her home state (Alabama), which has mutual recognition with Florida. After she moves to Florida, she desires to obtain a Florida Sales associate license by submitting an application and taking a 40-question law exam. Which of the following best describes her situation:
A.  Joan will receive a Florida license if her application is approved and she passes the law exam
B.  Joan cannot receive a Sales associate license, but may obtain a Broker's license if she passes the Broker's exam
C.  Joan will not receive the Sales associate license under mutual recognition procedure because she did not work under a Broker for at least one year
D.  Joan will not receive the Sales associate license under mutual recognition because she is now a Florida resident
     
7.  Howard is issued his initial sales associate  license on April 4, 2002. When will his initial license expire?
A.  April 4, 2004
B.  September 30, 2004
C.  March 31, 2004
D.  December 31, 2005
     
8.  If Howard fails to successfully complete the 45-hour post-license education requirement before his initial license expires, what will happen to his license status?
A. Null and Void
B. Voluntary Inactive
C. Involuntary Inactive
D. Cancelled
     

9.  Kathy, an unlicensed person, helps her neighbor Cindy sells Cindy's house by showing the house to potential Buyers.  As a way of saying thank you, Cindy gives Kathy a gift certificate to Kathy's favorite restaurant.  Which of the following best describes this situation?
A. This is a legal arrangement since Kathy helped without the expectation of payment
B. Kathy may not legally accept the gift certificate
C. Kathy may accept the gift certificate if she was the procuring cause of the sale
D. Kathy may accept the gift certificate since it is not considered to be compensation
     

10.  Doug is a condominium manager that arranges for units to be rented on a weekly basis.  As compensation, Doug receives a salary of $500 a month plus 1% of all rental income.  Does Doug need a real estate license?
A. Yes, since part of his compensation is paid on a percentage
B. Yes, because he is performing a real estate service by renting condos for compensation
C. No, because condominium managers are exempt from licensure
D. No, because part of his compensation is a fixed salary.
     
11.  What is the passing score for the state license exam and the mutual recognition law exam?
A. 65%
B. 70%
C. 75%
D. 80%
     
12.  In order to qualify for licensure, an applicant must
A. Be a high school graduate of equivalent (GED)
B. Be at least 18 years of age
C. Possess good character and reputation
D. All of the above
     
13.  Which of the following individuals are exempt from being licensed?
I. Attorneys acting with the scope of their professional duties
II. Salaried employees working at an on-site apartment rental units
III. Corporate officers of a real estate corporation
A. II only
B. III only
C. I and III
D. I and II
     
14.  After passing the state license exam, when may an applicant begin working as a sales associate?
A. Immediately upon passing the exam
B.

Upon submitting the proper form to the Division of Real Estate designating their employer
C. 5 days after passing the exam
D. Upon receiving their actual license in the mail
     
15.  Jim is applying for a Florida sales associate license.  On his application, he has disclosed that he pled nolo contendere to credit card fraud in Georgia last year. Jim's application will probably...
A. Be denied
B. Take longer to process
C. Be approved
D. Be returned to him with a request for more information