Florida Real Estate Licensing and Regulations Quiz

Minimum age requirement for a Florida real estate license is 18 years old.

The Florida Department of Business and Professional Regulation oversees real estate license regulation in Florida.

Real estate licenses in Florida must be renewed every two years.

The primary purpose of the Florida Real Estate Commission is to oversee real estate licensing and uphold professional standards.

In real estate, 'fiduciary duty' refers to a duty to act in the best interest of the client.

In real estate, MLS stands for Multiple Listing Service.

To obtain a Florida real estate sales associate license, 72 hours of pre-licensing education are required.

Seller's personal financial information is not required to be disclosed in a Florida real estate transaction.

Dual agency refers to a situation where a real estate agent represents both the buyer and the seller in the same transaction.

Being at least 18 years of age is not a requirement to obtain a Florida real estate broker license.

An exclusive right-to-sell listing agreement gives the listing agent the most incentive to sell the property.

The Florida Real Estate Recovery Fund is a fund for reimbursing consumers financially harmed by a real estate licensee.

The maximum fine for the unlicensed practice of real estate in Florida is $10,000.

Ownership of land by unit owners is not a characteristic of a condominium.

The purpose of the Florida Real Estate Appraisal Board is to set standards for real estate appraisal practice and education.

'Escrow' in a real estate transaction is an account where funds are held until all conditions of the sale are met.

In real estate, 'right of first refusal' is the right of a buyer to match or exceed an offer before a property is sold to someone else.