A) Manager-managed general partnership B) Member-managed limited liability company C) Member-managed corporation sole D) Manager-managed limited liability company, What is the legal term that applies when two real estate brokers share office space in such a manner that the public is deceived into believing that a partnership exists? (b) All sales associates, broker associates, and brokers who are . The answer is finance real property. D) sexual orientation. What amount is he keeps a combined account? 1. Brokers may maintain an escrow account in a Florida commercial bank, credit union, or savings association. The statement is true. T or F, The statement is false. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. Which individual is exempt from real estate licensure? The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. a. Owner-employers are registered, while brokers are registered and licensed. Determine what a broker's trust liability is when the bank statement on June 3 reported a balance of 923,000. The answer is commissions paid to sales associates. She expects monthly revenue for the first year will be $15,000 and that her monthly expenses will be $12,000. Section 5 Real Estate Brokerage Activities And Procedures - Brainscape Accounting for all funds entrusted to the broker. When does a designated sales associate come into the transaction? Hal thought that he would add value to his home by adding a swimming pool. Florida Real Estate Test | Flashcards The number of years since improvements were made. B) requires each sales associate to take floor time at least twice monthly. The other expenses in the question are fixed expenses. D) all the occupants of the residences within the community are at least 55 years old. However, no sales associate or broker associate may be registered as that brokerage's officer, director or general partner. Which statement is TRUE regarding interest-bearing escrow accounts? Failure to pay for the annual business tax is a A) felony. The broker had received an Earnest Money Disbursement Order from the FREC. The answer is January 31. The answer is motivation. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. Free Flashcards about Real Estate - StudyStack Which individual is exempt from the continuing education requirement? Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. 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. entity. 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. Which statement best describes the legal requirements? The Alabama licensee must satisfactorily complete the Florida prelicense course and pass the state license exam. There is a multitude of factors brokers must consider when opening an office. Within 10 days, the broker must request written verification that the earnest money deposit was placed in Attorney White's trust account. Write the landlord at the address listed on the notice within 15 days to tell the landlord of the problem and that they expected to receive their security deposit back. A. The answer is false. What minimum amount of cash should she have available before starting up? The answer is pays a higher commission to a sales associate than is customary. B) marital status. The test has between 75 and 265 questions and the student has six hours to complete it. C. The applicant must apply for a broker license under mutual recognition. What action must the licensee take regarding the Florida license? B) The designated sales associate must give the customer a transaction broker notice. Brokers must deposit escrow funds no later than the _____ business day. Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? The broker cannot receive money from the Recovery Fund because he gave the earnest money to the wrong person. A licensed real estate broker has a successful real estate business. A) The federal telemarketing law exempts telephone surveyors. Which statement is TRUE? 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. The seller is busy tearing out the Martin birdhouse that has been cemented in place when the buyer comes by to do his final inspection. The two parties agree that one party will be solely liable for the debts of the business and that the other party will be liable only for the amount of his cash investment in the business. The answer is B) STOCK BROKERAGE HOUSE. D) Real estate applicants who apply for a Florida real estate license through mutual recognition are exempt from the post-license education requirement. A) Limited partnership B) Sole proprietorship C) Limited liability D) Corporation, A sales associate employs an unlicensed personal assistant paid by salary, and a licensed personal assistant paid by commission. A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. 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. File an application of mutual recognition with Alabama B. 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. This is known as what type of advertising? Because the father promised to pay, and the son expected to receive a lot free and clear as additional compensation, both the father and son have violated FS 475. An individual who specializes in the sale of business opportunities is exempt from a real estate license. A sale associate got a earnest money deposit on Friday. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. What type of rights are associated with moving water? Other assets B. FL REAL ESTATE CHAPTER 2 Flashcards | Quizlet A business intangible is the value of the inventory, where a personal intangible is the value of the owner's shares. The board member must be a licensed real estate broker. A broker made a request to the Commission that it issue an escrow disbursement order (EDO) regarding disputed escrowed funds. What statement best describes the term follow up? TRUE OR FALSE: A licensee who violates the federal telephone solicitation law may be fined up to $10,000 per call. Her subject house is a two-story home with a three-car garage, 4 bedrooms, 3 baths, a swimming pool and a screened-in porch in the Avondale subdivision. Eight months following expiration of the broker's initial license, the licensee requested a post-license hardship extension. Yes. A) Excel Real Estate Services B) Janet Stoufer, Independent Consultant C) Robert Lynn Real Estate Services D) Robert Smith, PA. To help prospect for listings, a licensed broker associate decides to have personalized refrigerator magnets made. 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 purpose is to establish, improve and promote appraisal standards. The bird house was affixed with a permanent method of annexation; so it should stay. Broker Bob MUST notify FREC of the dispute within ____ days. 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. Which of the following is an appraiser likely to find? What action will be taken against a broker when a payment is paid from the recovery fund? The sales associate has until the end of the next business day to deliver the deposit to the broker. Susan Walters is a licensed real estate sales associate. 19 - Just Test Questions Flashcards | Chegg.com A. The answer is fixed cost. True or False? A sales associate who is employed by an owner-developer is not registered with the DBPR. Yes because it's an example of bait and switch. It's a projection of income in the future and should be labeled as such. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. The exam consists of 40 questions worth 1 point each. 10 days B. What information need not be disclosed when submitting applications? 475. The DBPR regulates the size of the lettering on entrance signs. Auctioning real property is one of the eight real estate activities that require a real estate license. A) Limited liability company B) Corporation C) Limited partnership D) General partnership, A broker associate can be a member of which real estate brokerage entity? D) Real estate licensees may call a for-sale-by-owner seller to solicit a listing without regard to the do-not-call registry. A)The seller can give the sales associate a gift certificate because it is not cash. B) It is a plea of no contest. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. 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. D) reserve for replacements. There are three requirements: The sales associate must hold a real estate license, have a gross income based on production rather than on the number of hours worked, and work based on a written contract that states, among other things, that the sales associate is not considered an employee for federal tax purposes. 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. After two weeks, the son has sold only two lots, so the father decided to add an incentive. A)Friday B)Monday C)Wednesday D)Tuesday. 15 days C. 25 days D. 30 days. Ten units are rented monthly for $300, five for $325, and five for $350. T or F. The statement is false. Because the FREC issued the Earnest Money Disbursement order, the broker is entitled to repayment up to $50,000. The vacancy rate is 5%. Mandatory suspension until the fund is paid back in full including interest. T or F, A real estate broker who legally operates as the broker for more than one real estate brokerage holds multiple licenses. 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. Which BEST illustrates institutional advertising? Violators of Florida is telemarketing law may be fined $10,000 per car. 4. He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. The answer is 4, both the father and son have violated FS 475. However, A sales associate or broker associate may be shareholders of a real estate brokerage corporation. Carla does not qualify for mutual recognition because she is a FL resident. When a broker opens a new brokerage office, no new brokerage business may be conducted (the license ceases to be in force) until the DBPR is notified of the new business location and it is properly registered. A salaried individual manages a condominium building and rents units 3month to 6month periods. The father agreed to pay his son a salary of $200 per week. Operating expenses are expected to be $31,950. A broker may NOT place funds into an interest-bearing account unless all parties agree who is entitled to the interest. C)Susan is in violation of Florida license law. After paying sales commissions to the associates, the broker had $245,000 remaining. Protection is provided under the Fair Housing Act based on A) age. Which of the following is not allowed under Florida law? 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. After one more week, the son had sold only one more lot. T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. He adds an inground pool, complete with a cement deck and outside lighting. B) His license status must be printed on the magnets. Which item on the balance sheet BEST indicates a firm uses accrual basis accounting? In a social context, what is the term value used to describe? Carla must apply for mutual recognition. which statement is true regarding a sales associate's registered name? A sales associate may not be licensed or registered under a trade name. Yes, if all parties agree in writing that the funds will go into an interest-bearing account and specify who is to receive the interest. Which statement is TRUE of this situation? The broker may register a trade name for the commercial office and continue to use the corporate name for the principal office. Bob was recruiting licensed sales associates from other firms and the Board of Realtors did not like this. The answer is applicants applying for a Florida real estate license through mutual recognition must pass a Florida-specific real estate law license exam with a grade of at least 75%. Which would not be important in the data using the sales comparison method for establishing the market value of a home? What best describes subpoena powers? A broker associate may be issued multiple licenses. The broker has branch offices in Fort Myers, Naples, and Bradenton, Florida.
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