Florida Real Estate Broker Exam Flashcards

A grade of 75 points or higher.

100 multiple choice questions.

210 minutes (three and a half hours).

With 210 minutes for 100 questions, you have just over 2 minutes per question — flag long math problems and return to them.

Confidentiality, Obedience (lawful instructions), Accounting, Loyalty, Disclosure, plus skill/care/diligence — owed to the principal in a single agent relationship.

A transaction broker provides limited representation to a buyer or seller without full fiduciary loyalty; a single agent represents one party with full fiduciary duties.

Mixing escrow (trust) funds with the broker's personal or business funds — a serious license law violation.

Unauthorized use of escrow or trust funds for the broker's own purposes — more serious than commingling.

The broker may seek an Escrow Disbursement Order, mediate, arbitrate, or litigate (interplead) — remember "MEAL": Mediation, EDO, Arbitration, Litigation.

A CMA is a licensee's informal estimate of value using comparable sales; an appraisal is a formal, unbiased opinion of value that must be prepared by a licensed/certified appraiser for federally related transactions.

A listing where the seller sets a required net amount and the broker keeps anything above it; risky because the broker's interest can conflict with fiduciary duty to get the best price for the seller.

The Real Estate Settlement Procedures Act governs closing/settlement disclosures on federally related mortgage loans and prohibits kickbacks and unearned fees for settlement services.

Steering: channeling buyers toward or away from neighborhoods based on protected class. Blockbusting: inducing sales by predicting protected-class entry into a neighborhood. Redlining: denying loans or insurance in an area for discriminatory reasons. All violate fair housing law.

A general lien attaches to all of a debtor's property (e.g., judgment, IRS lien); a specific lien attaches only to a particular property (e.g., mortgage, property tax lien).