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58 Cards in this Set
- Front
- Back
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A broker is required to have a registered office with what administrative agency |
The DBPR |
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A broker office must consist of at least one enclosed room in a building of |
Stationary construction |
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A principal office registration is transferable to a new location |
In the current registration period |
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A broker must maintain books, records and files pertaining to transactions for |
5 years |
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A broker must __ each additional office with the DBPR |
register |
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If a branch office is closed and then reopened in the same lcoation during the same 2 year period a ___may be requested |
Reissue |
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A broker sign is required to be near the entrance and |
easily observed by persons entering the office |
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The broker sign must contain the trade name (If any), |
the name of the broker and the words Licensed Real Estate Broker |
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The names of other brokers and associates may appear on the office sign as long as they are |
Beneath the required text and the licensee's status is included |
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All real estate ads must include the registered |
Trade name of the brokerage |
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All legal ads must be in the name and under the |
supervison of the broker |
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If a sales associates name is in the ad it must include the last name |
exactly the way it is registered |
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advertising designed to create an image in teh market for the brand |
Institutional advertising |
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advertising designed to sell a particular product or service |
Specific advertising |
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In internet ads the brokers trade name must be placed adjacent of immediately above or below the |
point of contact info |
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Point of contact info inculdes |
broker's mailing address, phone #, fax or email |
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an illegal ad that does not contain the registered trade name of the broker |
Blind ad |
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A broker would be guilty of __ if names or insignia is used in a mnner that would lead people to believe the broker is a memeber of the organization when they are not |
False advertising |
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Licensees dealing in real property for personal use must disclose prior to |
entering int serious negotiations but not required in preliminary stages |
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Licensee's should ensure their status as a licensee is disclosed in the __ when dealing in personal benefit real estate sales |
Purchase and Sale Contract |
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A Corporation Sole is NOT required to file |
Documents with the state |
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A Cooperative Association may |
buy or sell real estate for it's own use |
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What should a sales associate do if a purchaser wishes to present a post dated check
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Obtain seller approval and turn the check over to the broker by close of business the next day |
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Escrow Litigation include |
Bill of Interpleader & Declatory Decree |
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Deposit forfeit due to default by the buyer is called |
Liqudated damages |
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A deposit may be in the form of money, personal proerty, real property of |
anything of value that can be converted to cash |
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Postdated checks are considered to be promissary notes and can be accepted with |
Seller approval |
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A broker will not be responsible if the check is insufficient funds as long as |
the broker deposits the funds immediately |
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What info of the title company or attorney should be on the sales contract |
The name address and telephone number |
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How many days does the broker have to request written verification of receipt of earnest deposit |
10 |
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An escrow account or trust account may be held in the following |
Commercial bank, title company with trust powers, credit union, savings & loan in FL |
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The comingling, misuse or failure to account for funds entrusted to a licensee is known as |
Conversion |
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A sales associate or broker associate must deliver The deposit to their broker no later than |
The end of the next business day following receipt |
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A broker must immediately place the earnest money deposit in escrow immediately defined as no later than |
The end of the 3rd business day following receipt |
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A broker's books and records must be preserved for a period of not less than |
5 years from the date escrow funds were received |
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If a dispute arises regarding the amount of commission due to a broker the broker may |
Retain the exact amount of the claimed commission in escrow until the dispute is settled by agreement arbitration or court order |
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Conflicting requests in which both the buyer and seller demand that the broker release escrowed funds is |
An escrow dispute |
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If there is doubt who should receive the escrow, the broker must give written communication to the Commission within how many days |
15 |
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A broker is required to institute an authorized settlement procedure for escrow funds in how many days from the last party's demand |
30 |
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The following escape procedures are available to settle an escro dispute |
MEAL, Mediation, Escrow Dispersement Order, Arbitration and Litigation |
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A sales associate must report change of employer to FREC in |
10 days |
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A business formed by an individual that does not require filing docs with the state |
Sole Proprietorship |
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Business formation where 2 or more people agree to share the profits or losses of a business and does not require filing docs with the state |
General partnership |
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A real estate brokerage partnership must have at leaset _ active broker |
1 |
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An active broker vacancy must be filled in |
14 calendar days |
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consists of at least 1 general partner and at least 1 limited partner |
Limited Partnership |
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Limited partners can lose their__ but are not personally liable beyond that |
Investment |
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A temporary business that involves a single or predetermined # of transactions |
Joint Venture |
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A joint venture does ____ have to file documents with the state |
NOT |
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A sales associate may own stock in |
A real estate brokerage corporation |
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A sales or broker associate may form a |
Professional Association (PA) or Limited Liability Corporation (LLC) |
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A Not for Profit Corporation may register with the sate and buy, sell and lease real estate in |
limited amounts for its own use |
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A Cooperative Corporation must be registered with the state but |
may not register as a real estate brokerage |
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A Corporation sole does NOT have to |
file with the state of register as a real estate brokerage |
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A business trust may not register as a real estate brokerage but anyone who performs real estate service must |
have an active license |
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A ____ is not a true partnership |
Ostensible partnership/ quasi partnership |
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A sole proprietor real estate broker may use a ____ that is exempt form registering with the state |
trade name |
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Organization formed for the purpose of real esate investment |
Real estate syndicate |
