Quiz #1 Flashcards The ability to require that a broker and his staff appear before the FREC. This action causes the sales associate's license to be: Placed in involuntary inactive status: When an active broker changes a business address and the broker notifies the FREC within the required 10 days, the licenses of the sales associates: Remain in force NOTIFY THE FREC IN WRITING OF THE GOOD FAITH DOUBT WITHIN 15 BUSINESS DAYS. In the event of disputed funds, a broker may request that the Florida Real Estate Commission issue an escrow disbursement order (EDO). T or F. The statement is true. Of the following pieces of information that appear on the brokers entrance sign, which is optional under Florida license law? 2 Q $245,000 company dollar 250 sales = $980.00 company dollars per sale. 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. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles. A real estate application expires after what period of time? The statement is true. The answer is active member of The Florida Bar. The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. However, if a broker pays for insurance or pensions, has behavioral control about how or when the associates work, or fails to have a written employment agreement stating that the associate is an independent contractor, the IRS may deny the status. Which of the following are disciplinary actions by the Commission for the lack of disclosure to a buyer or seller? The Florida real estate commission does not have the authority to impose what penalty? Auctioning real property is one of the eight real estate activities that require a real estate license. The board member does not need a real estate license as long as the salary and bonuses are not associated with any particular real estate transaction. As discussed in Chapter 1, mortgage loan originators require . c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. Brokers must deposit escrow funds no later than the _____ business day. A)Susan must partner with a real estate broker in order for her license to be issued this way. The bird house was affixed with a permanent method of annexation; so it should stay. The administrative law judge has issued a Recommended Order. Browse over 1 million classes created by top students, professors, publishers, and experts. T or F, The statement is false. 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. A) 30.7 B) 27.55 C) 41.2 D) 19.38. Disclosure paperwork must be kept by a broker for five years. T or F, The statement is false. Mandatory suspension until the fund is paid back in full including interest. File an application of mutual recognition with Alabama B. 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. The insurance expense can be considered a A) fixed cost. The broker paid the damages and requested reimbursement from the Real Estate Recovery Fund. The statement is FALSE. It shows when properties are underpriced because of unnatural days on the market. The plan includes the mission statement as well as the budget. What information need not be disclosed when submitting applications? d. Broker associates that wish to open and maintain an office must be licensed but only need to A property management firm or an owner of an apartment complex may pay a finders fee (or referral fee) of up to $50 to an unlicensed person who is a tenant of the apartment complex. A CMA is not used for lending or insurance purposes but an appraisal is. (Section 61J2-5.016, Florida Administrative Code) Office locations Persuasive Multiple Choice Questions. The Department has the power to seek records and to seek witnesses. Which statement BEST describes Carla's qualifications for a FL broker license? Last year, a brokerage office had 250 sales. A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. Active real estate brokers are required to have an office. Principal of and interest on C) The broker serves as an advisor to the buyer and the seller. An appraiser uses the cost of a building's replacement cost by estimating the cost of the raw materials used to build the building plus the additional cost of labor, materials etc. A)Wednesday B)Monday C)Thursday D)Friday. If an escrow account is an interest-bearing account, the broker must get written permission from all parties before placing the funds into the account. Which statement applies to this arrangement? A)Lori Sammis, PA B)Lori Sammis and Company C)Lori Sammis and Excel Realty D)Excellent Service Realty. a) The name on the real estate brokerage firm for which the associate works must be printed on the key rings; b) As long as the sales associate is paying the entire cost of the rings, he can put any wording on them he chooses. Sales Associate Duties & Responsibilities. He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. What amount is he keeps a combined account? 4. D) There is a requirement to include the broker's name but not the name of the company in the ad. Real estate escrow funds may NOT be placed in which type of depository? (a) Sales associates are not permitted to own stock in the . Because the FREC issued the Earnest Money Disbursement order, the broker is entitled to repayment up to $50,000. Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. Her sales associate license was issued as Susan Walters (LLC). A broker uses the houses most similar to do a CMA. What action must the licensee take regarding the Florida license? Hal thought that he would add value to his home by adding a swimming pool. When both the buyer and seller have assets of $1 million or more and have requested designated sales associates. The sales associate must first check the phone numbers against the National Do Not Call Registry. Which statement BEST describes the legal term nolo contendere? a. (c) If a sales associate wishes to be an officer or director, his . What is the intangible tax on a new mortgage of $10,000? The statement is false. A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. The Alabama licensee A) must complete the real estate prelicense course and pass a 40-question Florida-specific real estate law exam. A broker who seeks to be involved in business brokerage must have all of the following EXCEPT: Knowledge of personnel laws for business. Ticket for failing to stop at a red light six months ago C. Denied licensure as an appraiser in MA D. A plea of nolo contendere for domestic violence. A broker may pay any split that the parties agree to. A person other than the broker may sign checks on the escrow account, but the broker must also be a signatory. Sales associates may be limited partners in a limited partnership. C)Florida license law requires the interest accrued on escrowed funds to be credited to the buyer because it is the buyers earnest money deposit. The ratio which is determined by dividing the company's liabilities by its value and the higher the ratio, the greater the risk is? The answer is D) TUESDAY. B)The seller cannot give the gift certificate to the sales associate directly, but may give it to the sales associates broker with a note requesting that the gift certificate be given to the sales associate for fine service. Accounts receivable C. Cash in checking account D. Plant and equipment. An investor wants to purchase a 20-unit apartment complex. If Joe violated a rule under Chapter 475 F.S. Chapter 5-8 Day 2 Flashcards | Chegg.com T or F, A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. An appraiser faces occasional problems with using business financial statements. A grade of 30 points (75%) or higher is required to pass the exam. The answer is MEDIATION. T or F. The statement is false. A CMA gives a range of value while an appraisal gives an opinion of value. Bob was spending all of the money in his trust accounts to finance his new boat. Financing services requires a mortgage broker license. Closings are held at the broker's main office or at a title company. A sales associate receives an earnest money deposit on Saturday. Which statement is TRUE regarding obtaining a real estate license through mutual recognition? By end of business on which day must the funds be deposited into the escrow (trust) account? Yes. 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. Only the father has violated FS 475. C) at least 90% of the households have at least one occupant who is 55 years old. State law fine = $10,000FEDERAL law fine = $11,000. The buyer is angry and threatens not to close if the bird house is not returned, since the buyer considers the bird house a fixture on the property. 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? A person applying for a real estate broker license must: A. disclose personal financial information. When a seller has assets of more than $1 million and has requested a designated sales associate. The answer is BLIND. It's a projection of income in the future and should be labeled as such. Florida law requires that this money be delivered to the broker before the end of the next business day? The applicant has not fulfilled the experience requirement. The broker maintains $1000 in the account of his own money. A)First degree misdemeanor B)Third degree misdemeanor C)Third degree felony D)Second degree misdemeanor, The answer is A) FIRST DEGREE MISDEMEANOR. A)#1Service Realty B)Mike Meyers C)Susan Meyers, Broker Associate D)Licensed real estate broker, The answer is SUSAN MEYERS, BROKER ASSOCIATE. Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. Sales Associate Job Description - Forbes Advisor Or the sales escrow account? The answer is $10,000. Hal's home is a 1200-square-foot ranch with a basement and a garage. A license is placed in involuntary inactive status for no more than two years. A. A) Any location that is used to meet and greet prospective buyers must be registered as a branch office. The Junk Fax Prevention Act applies to residential fax machines only. The seller refuses to fix a broken window. The answer is January 31. The number of years during which the property will yield a worthwhile return on its investment. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. Which of the following is the LEAST reliable in projecting value of a business? The broker will automatically lose his license since the FREC did not agree with the broker. A) Inactive real estate licensee B) Active member of The Florida Bar C) Individual who has received a four-year degree in real estate D) Nonresident licenseeTerm. Under which name may she register and be licensed? 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. Students who fail the end-of-course exam may retest one time with a different set of exam questions within one year of the original exam. Free Flashcards about Real Estate - StudyStack Divide the gross income required by the number of sales associates: $346,000 9 = $38,444. B) January 31. A parcel of real estate has been left to Betty through a will for her use and enjoyment through her lifetime what type of estate does Betty have? Registrations issued to branch offices are not transferable. The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. Which statement is TRUE? Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. John Roberts - Wikipedia A)Litigation B)Escrow disbursement order C)Mediation D)Stipulation. What does he need to do? D. The applicant must successfully complete the sales associate prelicense course before becoming a Florida real estate broker. B) cause for requiring a business to cease operations. A Broker has been hired to manage an apartment complex how much the broker handle the security deposit? There was some confusion on the purchase of the property on 123 Mulberry Lane. In general, except for real estate licensees who meet the requirements, a worker who provides services for a broker is an employee if the broker can control what will be done and how it will be done in the following three areas: behavioral control, financial control, and type of relationship.
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