A) General partner B) Director of a corporation C) Officer of a corporation D) Shareholder of a corporation. What amount of a brokers own personal funds may the broker place in the property management escrow account? The number of years during which the property will yield a worthwhile return on its investment. Principal of and interest on Which statement is true regarding the Secretary of the Department of Business and Professional Regulation? The office's monthly expenses are expected to be $19,000 for the next year, and the broker wants to make an $8,000 monthly profit. Sales associates must deliver escrow funds to the broker the latest of what business day? Her office has six employees and nine sales associates. A broker associate may hold which position in a real estate brokerage entity? The brokerage company handles residential transactions. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. 15 days C. 25 days D. 30 days. A) States that have a mutual recognition agreement with Florida provide reciprocity to Florida licensees to conduct real estate in other states. D) It is a court decision to place a defendant on probation. What principle did the appraiser use to give Hal a lesser value on his home? Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? 4. A developer purchased a tract of land and subdivided the property into Individual lots. d. Because the number was so short, she did not pay enough attention to it. Violators of Floridas Telemarketing Act may be fined $10,000 per call. What amount is he keeps a combined account? The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. C) must complete the real estate prelicense course and pass the Florida state license exam. He adds an inground pool, complete with a cement deck and outside lighting. D) is exempt from the real estate prelicense course; however, she must pass a written Florida-specific real estate law exam. What was the investor's rate of return for the property if she paid $195,000 for the property? Bigamy always produces a void marriage. Monday of the next week A) Any location that is used to meet and greet prospective buyers must be registered as a branch office. All monies or other compensation earned by sales associates as a result of any real estate services must be paid to the sales associates by their employers and not directly by a buyer or seller. Which individual is exempt from the continuing education requirement? Hal thought that he would add value to his home by adding a swimming pool. FREC fined a real estate licensee $5000 under what authority does this discipline fall? A broker took earnest money from a buyer. What should Susan do with this information? 8.9% C. 14.53% D. 22.05%. A broker is qualifying for several different real estate companies in this situation a broker should request a? REGISTER THE PARTNERSHIP IN THE NAME OF THE PARTNERSHIP WITH AT LEAST ONE PARTNER LICENSED AS AN ACTIVE BROKER. The Alabama licensee has requested a Florida real estate license based on mutual recognition. T or F. The statement is false. The answer is MEDIATION. Color brochures, floor plans, and blank sale contracts are stored at the model. Property management account; $5000Sales escrow account: $1000. Capri sales staff will temporarily work out of a model home in the subdivision. There is a multitude of factors brokers must consider when opening an office. There are eight real estate services that when performed for compensation require a real estate license: advertising real estate services, buying, appraising, providing rental lists for a fee, selling, auctioning, leasing, and exchanging real property. The amount of commission to be paid is negotiable. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. The answer is may request to receive a sales associate license, provided the licensee completes 14 hours of continuing education within six months following expiration of the broker license. A broker desires to keep an escrow account as an interest bearing account. Which of the following is an appraiser likely to find? A hurricane damaged a large number of homes along the beach. An Alabama real estate licensee moved to Tampa Bay, Florida, six months ago. The answer is C) THURSDAY. The broker's request to the title company (or to the attorney) must be in writing. The answer is 4. The DBPR will reject the broker's application to register the RV as a branch office. The licensee worked for a Texas broker but recently moved to Florida. Which of the following are disciplinary actions by the Commission for the lack of disclosure to a buyer or seller? Florida law requires that this money be delivered to the broker before the end of the next business day? A PSA cannot enter into contractual agreements with a customer or client in his or her own name; therefore, all agreements must be for and in the name of their sponsoring broker. It shows when properties are overpriced because of unnatural days on the market. What is the problem? He has been described as having a conservative judicial philosophy though is primarily an institutionalist. What was Bob doing that would warrant such a suspension? T or F, A broker can be fined or the license suspended or revoked for hiring a sales associate who is not the holder of a valid active license. Prior to the EDO being issued, the escrow dispute was settled between the parties. A broker made a request to the Commission that it issue an escrow disbursement order (EDO) regarding disputed escrowed funds. An individual who specializes in the sale of business opportunities is exempt from a real estate license. In the case of minor infractions of the rules by a broker, the Department can issue all of the following EXCEPT: The Department receives an unsigned complaint. Is there broker required to retain brokerage relationship Disclosure documents and if so for how long? Can the broker accept this boat as earnest money? D) Real estate applicants who apply for a Florida real estate license through mutual recognition are exempt from the post-license education requirement. $27,000 monthly requirement $980.00 = 27.55 sales required. A) "For the best customer service, list with Jones Realty" B) "Lovely three-bedroom home with pool close to beach" C) "Office for rent less than two blocks from the courthouse" D) "Office furniture for sale, including desk and conference table". If the broker's escrow account is an interest-bearing account, the broker, If the escrow deposit is to be held by a title company, the sale contract must indicate the name of the title company, address, and telephone number. The sales associate received an earnest money check from the buyer on Friday, January 3. The sales associate has until the end of the next business day to deliver the deposit to the broker. What should they do? Protection is provided under the Fair Housing Act based on A) age. All of the following are examples of the need for valuation of business EXCEPT: All of the following are steps in the sale of a business EXCEPT: The appraiser lists the property for sale. A)Commercial bank in Florida B)Stock brokerage house C)Attorneys trust account D)Florida savings association. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. As she goes to enter the number into her contacts list she finds that she cannot remember all the numbers in their right order. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles. Disclosure paperwork must be kept by a broker for five years. All the assets and liabilities are noted that belong to the business. How many days does a purchaser of a new condominium have to cancel the sale? There is a limited exception in Florida that DOES NOT apply on the Federal level. What information need not be disclosed when submitting applications? The broker's license is suspended. the Commission may deny an application for licensure, registration, permit or renewal. Divide the cash requirement by the company dollar for each associate: $175,000 $35,000 = 5. A limited partnership is composed of one or more general partners and one or more limited partners. What are the call times restricted to on the Do not call list, Advertisements that fail to disclose the license name of the brokerage firm. 7) A license sales associate decides to have personalized key rings made. The Probable Cause Panel will be made up of all of the FREC. When paid, the county will issue a Business Tax Receipt. The insurance expense can be considered a A) fixed cost. Active real estate brokers are required to have an office. The broker may compensate the FHA employee because the FHA pays his salary. Capri Realty is the exclusive representative of Verde Ridge subdivision. A business intangible is something readily seen by a buyer, where personal intangibles are not readily seen. The answer is MONDAY. Susan should find other comps that are more like the subject house. The broker may register a trade name for the commercial office and continue to use the corporate name for the principal office. The three real estate license categories do not include? A)Attorneys trust account B)The broker must report conflicting demands regardless of where the funds are escrowed C)Florida savings association D)Florida credit union. He has shown a willingness to work with the Supreme Court's liberal bloc, and, after the retirement of Anthony Kennedy in 2018, he . C) Yes, a broker can abbreviate the company name as long as it is clear that the ad was placed by a real estate agent. Financing services requires a mortgage broker license. When a current active or inactive license expires, the license reverts automatically to involuntary inactive status (except for the initial license period). A prospective tenant purchased rental information from a real estate brokerage company for $75. A person applying for a real estate broker license must: A. disclose personal financial information. A) If he is paying the full cost of the magnets, he can choose what information to print on the magnets. The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. A)Friday B)Monday C)Wednesday D)Tuesday. B) Real estate licensees are exempt from the telemarketing laws. Her sales associate license was issued as Susan Walters (LLC). A)Wednesday B)Monday C)Thursday D)Friday. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. Auctioning real property is one of the eight real estate activities that require a real estate license. Carla had an inactive GA real estate license since 1980. A) The employee is not required to hold a real estate license because he receives a salary. D)Brokers may make an office policy that all escrow funds must be placed in an interest-bearing account to help cover the costs of maintaining the account, and are not required to disclose this in each sale contract because it applies to all transactions. registered with the firm must be either officers or directors. A salesperson employed by a real estate developer who receives a salary plus commission for each lot the salesperson sells is exempt from real estate licensure. She was so excited that she could not type the numbers fast enough. A brokerage company had $840,000 in gross income last year. (a) Sales associates are not permitted to own stock in the . The answer is motivation. Uniform Standards of Professional Appraisal. Carla does not qualify for mutual recognition because she is a FL resident. Mark Smith is opening a real estate office and the name of his company is fast salesHe has two sales associates working for him Betty Able and John Stone what information is not required on the sign? Which statement is TRUE regarding the magnets? The vacancy rate is 5%. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. The answer is it is a plea of no contest. B) His license status must be printed on the magnets. It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved. Ticket for failing to stop at a red light six months ago. The administrative law judge has issued a Recommended Order. It's a statement of how the business profited last year. The estimated total life of an improvement. Divide the gross income required by the number of sales associates: $346,000 9 = $38,444. C. The applicant must apply for a broker license under mutual recognition. B) marital status. Brokers must place trust funds into their escrow account no later than the end of business of the third business day following receipt of the funds. An appraiser selecting the highest use a property can have to get value. A)Owner of a sole proprietorship real estate business B)General partner in a real estate brokerage partnership C)Limited partner in a real estate brokerage limited partnership D)President of a real estate brokerage corporation, The answer is C) LIMITED PARTNER IN A REAL ESTATE BROKERAGE LIMITED PARTNERSHIP. A salaried individual manages a condominium building and rents units 3month to 6month periods. TRUE OR FALSE: A licensee who violates the federal telephone solicitation law may be fined up to $10,000 per call. It paid the sales associates and average of 60% commission split. A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. The term of office for each Commission member is: A real estate broker does NOT have to report to the FREC conflicting demands regarding escrowed property if the escrowed funds are maintained by which method? In this case, the first day of the three-business-day period is Tuesday. and this is his first offense, what is the recommended period of time of probation he could receive under the Standards of Practice? 3. A broker has been licensed for 10 years. Operating expenses are expected to be $31,950. T or F, The statement is false. The arrangement is disclosed to all interested parties. The sales associate must first check the phone numbers against the National Do Not Call Registry. C. Notify the DBPR within 60 days of the change of residency. The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. D) multiple licenses. Which BEST illustrates institutional advertising? A broker may choose to have an attorney or a Florida title company maintain the escrow account. She finds comparables in the same subdivision that include a two-story with a three-car garage, 4 bedrooms, 3 baths, a pool, but no screened-in porch. C. If failing the end-of-course exam, the student must repeat the entire course before retesting. 1. C) has only an oral agreement that the sales associate is an independent contractor. The appearance and conditions of the comparable properties. Only brokers can pay commissions to the licensed assistant. B) The designated sales associate must give the customer a transaction broker notice. Is exempt from licensure under F.S. The Sherman Antitrust Law and Florida antitrust laws prohibit which activity? t- ' . The answer is STIPULATION. The answer is 27.55. Greets customers and makes them feel comfortable. Differences in accounting methods are permitted due to the instructions of the owner. The broker must notify the DBPR of the change in business address before business can be conducted. After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. How long does the broker have to notify the FREC that the matter has been resolved? Certain age-55-and-older communities are exempt from the familial status provisions of the Fair Housing Act if the communities offer amenities, specific programs, and activities designed for the mature adult and A) at least 80% of the households have at least one occupant who is 55 years old. B) It is a plea of no contest. An investor wants to purchase a 20-unit apartment complex. This is an example of: Buyer Barry and seller Sue are in a disagreement about an Escrow Deposit for a sale that fell through. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. The father agreed to pay his son a salary of $200 per week. D) is allowed 30 days to make up the post-license course but is charged a late fee. A developer purchased a tract of land and subdivided the property into individual lots. The DBPR does not regulate the size of the actual letters on a real estate office's entrance sign. The purpose is to sponsor appropriate activities relating to standards, qualification and issues of importance to appraisers. Which qualification is required for licensure as a Florida broker? The ratio which is determined by dividing the company's liabilities by its value and the higher the ratio, the greater the risk is? When does the sales associate have to give the deposit to the broker? In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. Sharing a portion of the commission with a party to the transaction is an example of a legal kickback or rebate, Explain the FSBO exception related to the Do not call registry related to Florida and Federal law. B)It is illegal for the broker to keep any interest earned on escrow funds. In the event of disputed funds, a broker may request that the Florida Real Estate Commission issue an escrow disbursement order (EDO). Which would not be important in the data using the sales comparison method for establishing the market value of a home? The statement is true. A corporation sole is an ecclesiastical or church organization, usually headed by a bishop or other clerical official who has been empowered by a church to hold title to church property. The probable Cause Panel will act as a grand jury to determine if there has been a license law violation. If the information provided to a prospective tenant is not current or is inaccurate in any material respect, the broker must repay the full fee to the prospective tenant on demand if the claim is made within 30 days from the contract date. The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. For what period of time must a broker maintain business records, including escrow account records, and make them available to audit by the DBPR? Which statement applies to this situation? 4. Using landmarks such as a reference to a mosque, church, or synagogue may indicate a religious preference. And owner at an apartment complex pays $100 to each tenant that refers a renter this arrangement is illegal because? The statement is TRUE. The escrow account may be either interest-bearing or non-interest-beearing. A sales associate receives an earnest money deposit on Saturday. T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. (c) The Secretary must be an attorney. By end of business on which day must the check be deposited into the escrow account? The DBPR regulates the size of the lettering on entrance signs. The board member receives an annual salary and an end-of-the-year bonus. There is no violation of FS 475. Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? FCC rules under the Junk Fax Prevention Act mandate that it is unlawful to send unsolicited advertisements to a residential or business fax machine without the recipient's prior express invitation or permission.
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