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Exam 2016-CE-D
Please answer the following questions and then click the "Submit" button at the bottom of this page.
To save your answers and return later to your exam, click the "Save My Place" button below. Click here
(/reg/class.php?enroll=2356806) to return to the class navigation page.

1. Complete this statement: Home Inspectors and Mold Remediators:

(a) Must answer to a board much like the Florida Real Estate Commission (FREC).
(b) Are not governed by a board, but are administered directly by the Department of Business and
Professional Regulation (DBPR).
(c) Are grandfathered into licensure if they are General Contractors who have worked as Home Inspectors.
(d) Require licensure if the property is considered commercial property (has more than 5 units).

2. Which of the following methods is used for elections for Condo association board as provided in the
Condominium Act?
(a) Secret ballots or voting machines.
(b) A show of hands.
(c) By proxy.
(d) A combination of A, B, or C.

3. How long do lenders in Florida have to collect on a judgment?

(a) 2 years
(b) 4 years
(c) 10 years
(d) 20 years

4. Loan Originators need which of the following?

(a) 24 hours of pre-license education and 8 hours of continuing education each year.
(b) 20 hours of pre-license education and 8 hours of continuing education each year.
(c) 24 hours of pre-license education and 8 hours of continuing education every 2 years.
(d) 20 hours of pre-license education and 8 hours of continuing education every 2 years.

5. Which Act gives consumers access to the same information about themselves that lenders use when
reviewing a loan application?
(a) Equal Credit Opportunity Act (ECOA)
(b) Fair Credit Reporting Act
(c) Equal Credit Reporting Act
(d) Fair Consumer Reporting Act

6. Licensees must disclose which of the following to a buyer?

(a) A person was murdered in the home.
(b) An owner died in the condo pool.
(c) The seller is HIV Positive.
(d) A new highway will be built near the house.

7. Complete this statement: If substantial changes to a contract are required to insure conformity to the

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parties intent, the:

(a) Real estate licensee should explain each provision thoroughly to the parties.
(b) Licensee should suggest that the buyer and seller obtain legal counsel to prepare the contract.
(c) Licensee should write the necessary clauses to change the contract's meaning.
(d) Licensee should tell the parties that the contract cannot be changed.

8. Which appraiser needs a minimum of 100 hours of appraisal education?

(a) Registered Trainee
(b) Certified Residential Appraiser
(c) Certified General Appraiser
(d) Master Appraiser

9. Complete this statement: Licensees must report criminal convictions to the DBPR:
(a) Only when applying for a license.
(b) Within 2 weeks of being found guilty to a crime in any jurisdiction.
(c) Within 30 days of being found guilty to a crime in any jurisdiction.
(d) Only if the conviction is real estate related.

10. Failure of a contractor to follow the EPA requirements for renovations of a building that contains lead
based paint could result in which of the following fines?
(a) $37,500 per week.
(b) $37,500 per month.
(c) $37,500 per day.
(d) $37,500 per year.

11. What is the frequency at which condo associations generally require unit owners to pay an assessment?
(a) Upon purchase of the unit.
(b) Once a month or quarterly.
(c) Twice a year.
(d) Once a year.

12. Which of the following statements regarding "Green Building" is true?

(a) It applies only to the construction phase of a new building.
(b) It is the practice of creating structures and using processes that are environmentally responsible and
resource efficient throughout a building's life cycle.
(c) Its primary purpose is to reduce building costs.
(d) It does not apply to residential property.

13. Ralph owns a condo unit that he rents out. He has not paid his maintenance fees for six months. What can
the condo association do?
(a) Only demand that Ralph pay the maintenance fees.
(b) Make written demand to the tenant to pay their rent directly to the association.
(c) Require the tenant to pay all fees due within 30 days.
(d) Sue the tenant for the outstanding fees.

14. Which Division of the Construction Industry Licensing Board (CILB) has jurisdiction over the examination
and regulation of Certified Residential Contractors?

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(a) Division I
(b) Division II
(c) Division III
(d) Division IV

15. Mortgage Loan Originators (MLOs) must pass which of the following?
(a) A Nationwide Mortgage Licensing System (NMLS) exam of 1,000 questions.
(b) Only a 60-question state-specific exam.
(c) Both a 125-question NMLS exam and a 60-question state-specific exam.
(d) A 100-question NMLS exam plus a 50-question state exam.

16. Which of the following statements regarding registered trainee appraisers is true?
(a) They are qualified to issue appraisal reports for any type of real property.
(b) They are only qualified to issue appraisal reports for residential real property of one to four residential
units.
(c) They cannot prepare appraisals without the supervision of a licensed or certified appraiser.
(d) They may have a personal interest in the property that they are appraising.

17. Complete this statement: The Statute of Frauds:

(a) Makes oral real estate contracts illegal.
(b) Only covers real estate sales contracts, not leases or any other documents.
(c) States that real estate listing contracts over 60 months must be in writing.
(d) Requires that a contract for the transfer of rights or interest in land must be in writing in order to be
enforceable.

18. A sales associate presents an offer to lease to an owner. The owner asks about the race of the potential
renter. The sales associate responds by engaging in a discussion with the owner regarding the race of the
potential renter and the racial makeup of the neighborhood. Which of the following statements best describes
this situation?
(a) This is fine. The sales associate was not practicing discrimination.
(b) This is not a violation of the Civil Rights Act since it involves leasing, not purchasing the property.
(c) This is permissible, as long as the sales associate is honest and does not express any personal biases.
(d) This is a violation of the Civil Rights Act of 1866.

19. Complete this statement: Condo Association records:

(a) Are private and may only be viewed by the condo board.
(b) Can be viewed by any unit owner upon written request.
(c) Must be held for 5 years.
(d) Are not required to be maintained for any specified time period.

20. Certified appraisers deal with which of the following?

(a) Customers
(b) Prospects
(c) Clients and/or Intended Users
(d) Consumers

21. Which of the following are essential elements of all contracts?

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(a) Legal object, consideration in writing and offer and acceptance.

(b) Consideration, competent parties, offer and acceptance, and in writing.
(c) Competent parties, offer and acceptance, legal subject and in writing.
(d) Competent parties, offer and acceptance, legal subject and consideration.

22. The Statute of Frauds was violated. What does this mean?
(a) The contract conveying property rights was not in writing and may be unenforceable.
(b) The contract is legal.
(c) FREC will discipline the licensee.
(d) The real estate licensee committed fraud.

23. A real estate licensee tells home owners to list their home for sale because minorities are moving into the
neighborhood which will cause property values to decline. Which statement best describes this situation?
(a) This is channeling.
(b) This is acceptable as long as it is true.
(c) This is blockbusting and is in violation of federal law.
(d) This is redlining.

24. Which of the following statements regarding the Real Estate Settlement Procedures Act (RESPA) is NOT
correct?
(a) It requires that borrowers in a federally-related loan transaction receive disclosures to help educate them
on the amount and type of charges associated with the loan.
(b) It prohibits a person from accepting anything of value for referrals of settlement service business that are
related to a federally-related mortgage loan.
(c) It prohibits home sellers from requiring home buyers to purchase title insurance from a particular
company.
(d) RESPA applies to all types of loans.

25. Which of the following statements regarding the Equal Credit Opportunity Act (ECOA) is NOT correct?
(a) It prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status,
age, or receipt of public assistance.
(b) It ensures that everyone who applies for credit gets the same terms, regardless of income and credit
history.
(c) It requires loan originators to categorize and question borrowers relative to gender, race, and ethnicity.
(d) It is implemented by Regulation B (Consumer Finance Protection Bureau).

26. Condos with a corridor that provides an exterior means of egress are exempt from installing a manual fire
alarm system under which of the following circumstances?
(a) The condo is not designated as 55 and older housing.
(b) All units in the condo are equipped with properly-functioning smoke detectors.
(c) The condo has less than four stories.
(d) The condo board of directors determines that the manual fire alarm system is not necessary.

27. A lender refused to loan money to a single woman with a very low credit score and no income. Which of
the following statements about this situation is CORRECT?
(a) This is a violation of the Equal Credit Opportunity Act (ECOA).
(b) This is a violation of the Fair Housing Act.

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(c) This is a violation of the Truth in Lending Act.

(d) This is not a violation.

28. Which scenario below is an exception under the Statute of Frauds?

(a) The buyer and the seller agreed to perform.
(b) The seller paid an attorney to file an exception.
(c) The buyer gave the seller a deposit and moved into the property.
(d) The real estate associate prepared an addendum extending the closing date.

29. Which regulation requires lenders to keep records of applications, adverse action notices, documents used
to evaluate borrowers credit worthiness and communications alleging ECOA violations for 25 months?
(a) Regulation Z
(b) Regulation C
(c) Regulation E
(d) Regulation B

30. Which of the following statements regarding appraisers is CORRECT?

(a) An appraiser is expected to perform valuation services in a manner that is independent, impartial, and
objective.
(b) An appraiser can have a personal interest in the property they appraise as long as they are not listing the
property.
(c) Complying with USPAP is only necessary for commercial real estate.
(d) Only certified general appraisers must comply with USPAP.
Please answer the above questions and then click the "Submit" button. To save your answers and
return later to your exam, click the "Save My Place" button instead.

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