Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
33 Cards in this Set
- Front
- Back
A sales associate licensed with a real estate brokerage corporation can be which of the following?
|
A stockholder
|
|
Six individuals decide to form a real estate brokerage partnership. All six individuals are planning to be active in real estate sales. Which statement best applies?
and all six partners must be active real estate brokers. |
The partnership must be registered with the Commission, and all six partners must be active real estate brokers. |
|
Which of the following statements is correct regarding a licensed broker associate who is with a real estate brokerage partnership?
|
The broker associate may make earnest money deposits with the broker's permission. |
|
All of the following business formations can register to conduct real estate transactions, EXCEPT:
|
Corporation sole
|
|
If a broker has conflicting demands on money held in escrow, what is the first thing the broker should do?
handling escrow problems. |
Notify the Florida Real Estate Commission in writing. |
|
If a sales associate receives a post-dated check, which of the following actions is the most appropriate?
employing broker by the end of then next business day. without a cashier's check. check to her employing broker when it becomes valid. funds into her broker's escrow account. |
The sales associate should deliver the check to her employing broker by the end of then next business day. |
|
Which of the following statements regarding an ostensible partnership is correct?
with the Secretary of State. brokers. participants were partners. |
An ostensible partnership is not a true partnership.
|
|
Who has the right to inspect a broker's escrow account records?
Professional Regulation or its authorized representatives |
The Department of Business and Professional Regulation or its authorized representatives |
|
All of the following businesses are required to file documents with the state, EXCEPT:
|
Corporation sole
|
|
Which condition would require a location to be registered as a brokerage branch office?
customers. or rain. handed out. |
Sales associates are permanently assigned to the location. |
|
Which statement best describes the office sign requirements for a brokerage office?
of offices. separate sign. office or branch office. |
Every active broker must maintain a sign at each brokerage office or branch office. |
|
All of the following are authorized alternatives for a broker to use in order to resolve an escrow dispute, EXCEPT:
from the Commission. or arbitration. escrow dispute. |
Obtain an attorney's opinion |
|
A real estate brokerage firm advertises a listed property. Which requirement is correct?
included in the ad. associate. not be included in the ad. |
The name of the brokerage must be included in the ad. |
|
Which of the following is an approved depository for earnest money?
|
A bank within the state of Florida |
|
What must a real estate sales associate do upon receiving an earnest money deposit?
account. or owner-developer. account. Estate Commission. |
Deliver the funds to his or her broker or owner-developer. |
|
What action should a broker take if a commission dispute arises prior to closing?
(a) Return the deposit to the buyer or seller based on which party asks for it first. (b) Withdraw the amount of the commission from the escrow account. (c) Retain the exact amount of the disputed commission in the escrow account until the dispute is settled. (d) Distribute the escrow funds according to the directions of the company attorney. |
Retain the exact amount of the disputed commission in the escrow account until the dispute is settled. |
|
A prospective tenant pays a licensee to find a rental. What percentage of the fee paid may the prospective tenant receive if the licensee provides inaccurate information?
|
100%
|
|
Three individuals decide to open a real estate brokerage office. Which statement best describes the legal requirements?
entity. registered with the firm must be either officers or directors. or her license must be placed on inactive status. |
At least one officer must be an active broker. |
|
A buyer drops off an escrow check on Tuesday. To avoid any trouble with FREC, the broker must deposit the check by close of business on which day?
|
Friday.
|
|
When two or more parties participate together in one transaction where no formal paperwork or registration is completed, which type of business relationship has typically been formed?
|
Joint venture
|
|
Which statement regarding the registration of real estate branch offices is true?
unregistered office as long as the principal office is registered with the DBPR. at the same location during the same license period by requesting a reissue. be paid, but a new application for registration is not required. office. |
A brokerage branch office may be closed and reopened at the same location during the same license period by requesting a reissue. |
|
Where may a real estate brokerage office be located?
prohibits commercial properties retained and negotiations may be conducted |
In at least one room in a fixed location wherein books and records may be retained and negotiations may be conducted |
|
In which of the following institutions may a broker place escrow deposits?
and credit unions finance companies, and credit unions credit unions, and title companies loan associations, and mortgage companies |
Title companies, banks, savings and loan associations, and credit unions |
|
Four individuals wish to form a real estate brokerage partnership. All partners will work with buyers and sellers, showing properties and taking listings. Which statement best describes the necessary legal requirements?
but the profits must be distributed equally amongst all four partners. of Business & Professional Regulation and at least one partner must be licensed as an active broker. broker and the others may be licensed as sales associates, or brokers. |
All partners must be licensed as active brokers. |
|
A business legally formed and registered as Rich Real Estate, Inc. is considered to be what type of organization?
|
Corporation
|
|
Which business structure may be registered to broker real estate?
|
Limited partnership
|
|
What should a sales associate do if a purchaser wishes to present a post dated check?
over to the broker by close of business on the next business day. with the payment. he next business day. new one with the correct date. |
Obtain approval from the seller and then turn the check over to the broker by close of business on the next business day. |
|
What should a sales associate do if a purchaser wishes to present a post dated check?
over to the broker by close of business on the next business day. with the payment. the next business day. new one with the correct date. |
Litigation
|
|
A sales contract contains a contingency which states "this contract is contingent upon the buyer receiving 80% financing with an interest rate not to exceed 6% and a 30 year term." The buyer applied for financing and was turned down by three different lenders, resulting in his/her inability to close on the transaction. The seller is claiming breach of contract. Which statement is correct concerning the escrow deposit?
notifying the FREC since the contract was subject to financing. money. rescission period also documented in the Sales Contract. |
The broker may return the escrow money without notifying the FREC since the contract was subject to financing. |
|
Which business organization can legally register as a real estate brokerage?
|
General Partnership
|
|
There is a dispute over an escrow deposit. The parties agree to have a 3rd party hear both sides and make the final decision. What settlement (escape) procedure is being used to settle the dispute?
|
Arbitration
|
|
If a real estate licensee is involved in a personal real estate transaction, which of the following would be correct?
any advertising. sign using terminology such as "owner agent." status in a personal transaction. to entering into any serious negotiations. |
The licensee must disclose his or her license status prior to entering into any serious negotiations |
|
Bob is a licensed sales associate, employed by broker Jerry. Jerry fails to pay Bob a commission, so Bob resigns and is hired by broker Sam. Bob decides to sue for his lost commission. Which of the following is accurate regarding this scenario? against anyone other than broker Jerry. to Bob, since Bob is now employed by Sam. when he employed Bob. for the commission due him. |
Bob cannot bring a legal action for the claimed commission against anyone other than broker Jerry. |