FLORIDA REAL ESTATE CLASS FINAL EXAM LATEST 2024 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

FLORIDA REAL ESTATE CLASS FINAL EXAM LATEST 2024 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ What is stipulation? - ANSWER- When two attorney's come to an AGREEMENT as to the penalty to be imposed for the violation If an inactive sales assoc renews her license before the expiration date but did not complete her continuing education prior to the expiration date and the BPR finds out, what can happen to her? - ANSWER- She will most likely have her license revoked and not be allowed to reapply for a license for 5 years. If a sales associate has had his license revoked by FREC but is appealing and wants to continue practicing RE during the appeal process, can he do so? - ANSWER- Yes. He can continue to practice if a stay of enforcement is ordered. Supercedeas. What are the 3 "FREC musts" when dealing with a Final Order of the Court - ANSWER- 1. FREC must inform the Division of Fla Land Sales, Condominiums and Mobil Homes of any disciplinary actions against a licensee. 2. FREC must turn any criminal stuff into the State Attorney 3. If another state agency disciplines a licensee, FREC must issue a notice to that licensee to show cause why it should not take action also. What is the Real Estate Recovery Fund used for? - ANSWERCompensatory Damages. To reimburse a person who has suffered monetary damages as a result of an act of a real estate licensee who violated chapter 475 In the Real Estate Recovery Fund, how much is the payment for claims out of a Single Transaction? - ANSWER- $50,000 In the Real Estate Recovery Fund, how much is the payment for claims out of Multiple Transactions? - ANSWER- may not exceed $150,000 Racial discrimination in the sale or rental of real property is prohibited by what Act? - ANSWER- The Civil Rights Act of 1866 The federal Fair Housing Act (applies to Housing only) of 1968 prohibits discrimination based on what 7 things? - ANSWER- 1. Religious affiliation 2. sex 3. national origin 4. color 5. race 6. familial status 7. handicap status Is it true that the Civil Rights Act of 1866 supercedes all other laws relative to racial issues? - ANSWER- Yes Who prepares the Equal Opportunity poster? - ANSWER- HUD Is it a violation of law if the poster is not displayed by brokerage firms? - ANSWER- Yes. Failure to display the poster may be considered discrimination. What are the exemptions under the Fair Housing Act? - ANSWER- 1. Religious Organizations 2. Private Clubs 3. Any single-family house sold or rented by its owner (provided the owner doesn't own more than 3 houses) 4. 2-4 family housing if the owner occupies one of the dwelling units as a residence 5. Commercial Real Estate (it's not a house) According the Fair Housing Act, what are the 3 unlawful practices? - ANSWER- 1. Steering - steering people to a neighborhood based on race 2. Blockbusting - persuading existing owners to sell 3. Redline - lenders who refuse to make a loan in certain areas or subdivisions Which law or regulation requires the disclosure of the annual percentage rate and finance charge? - ANSWER- Regulation Z The Truth in Lending Act (TILA) requires lenders to give the Truth in Lending statement within how many business days after the receipt of a written loan application? - ANSWER- 3 The Truth in Lending Act (TILA) gives consumers the right to rescind the loan agreement within how many business days after the receipt of the Truth in Lending Statement (disclosures)? - ANSWER- 3 Under Regulation Z, what 3 things does the right to cancel a loan agreement within 3 business days apply to? - ANSWER- 1. A home equity line of credit 2. a cash-out refinance transaction 3. a second mortgage on a primary residence ***(does NOT apply to first mortgage loans) If a "trigger term" is used in an advertisement, the lender must disclose ALL of what 3 things? - ANSWER- 1. amount or percent down payment 2. the terms of the loan 3. the Annual percentage rate What is a "trigger term"? - ANSWER- Example: Just 3% downpayment. Interest rate only 6%. Only $1000 downpayment Is APR (annual percentage rate) a "trigger term"? - ANSWER- No