The appearance and conditions of the comparable properties. Both the father and son have violated FS 475. Which qualification is required for licensure as a Florida broker? Vacancy and collection losses are estimated to be 5% of the potential gross income. C) March 15. A)Commercial bank in Florida B)Stock brokerage house C)Attorneys trust account D)Florida savings association. What is the square footage of gross living space? He has been described as having a conservative judicial philosophy though is primarily an institutionalist. Because the definition of real property includes any interest in business enterprises or business opportunities, individuals who specialize in the sale of businesses, known as business brokers, must hold Florida real estate licenses. C. be a Florida resident. The landlord gave them written notice within 30 days that he intended to keep $300 of the $600 security deposit because of damage caused by their cat. D) reserve for replacements. The statement is FALSE. She projects that her start-up costs will be about $34,000. 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 method is NOT one of the four settlement procedures available to the parties when there is an escrow dispute? (a) Sales associates are not permitted to own stock in the . D. The applicant must successfully complete the sales associate prelicense course before becoming a Florida real estate broker. FREC fined a real estate licensee $5000 under what authority does this discipline fall? The applicant has not fulfilled the experience requirement. What should Susan do with this information? Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. A brokerage company had $840,000 in gross income last year. The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. The three business-day time period for the broker to deposit the funds begins on the day the sales associate is required to deliver the funds to the broker. Neither of these was done. 2. B) cause for requiring a business to cease operations. However, A sales associate or broker associate may be shareholders of a real estate brokerage corporation. B. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. 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. Which of the following is NOT a true statement? End of Pre-License Course Exam Questions - RealEstateExamAnswers.com 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. When does the sales associate have to give the deposit to the broker? Florida law allows a real estate licensee to share part of the commission with the buyer or seller in a real estate transaction, provided the rebate is disclosed to all interested parties. The son was employed by his father, the owner-developer. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. The statement is false. D) pays for the sales associate's health insurance. The answer is motivation. Sales associates must have their license issued in their legal name. A. 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. If the conduct of two or more persons creates the "appearance" that a partnership exists, the courts may determine that the partners are, A licensed real estate broker is the sole broker and owner of a real estate brokerage corporation. A)First degree misdemeanor B)Third degree misdemeanor C)Third degree felony D)Second degree misdemeanor, The answer is A) FIRST DEGREE MISDEMEANOR. Which type of business brokerage entity is NOT required to file with the Florida Department of State? Financing services requires a mortgage broker license. Carla must apply for mutual recognition. A person applying for a real estate broker license must: A. disclose personal financial information. C. If failing the end-of-course exam, the student must repeat the entire course before retesting. Hal thought that he would add value to his home by adding a swimming pool. the Commission may impose an administrative find not to exceed $1,000 for each count. 2 Q The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. 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 license is placed in involuntary inactive status for no more than two years. What does he need to do? A sale associate got a earnest money deposit on Friday. What recourse is available to the prospective tenant who purchased the information and found that much of the rental information was out-of-date? The father agreed to pay his son a salary of $200 per week. 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 Real estate escrow funds may NOT be placed in which type of depository? A limited partnership is composed of one or more general partners and one or more limited partners. 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. T or F. The statement is true. The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house. 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. Which individual is exempt from the continuing education requirement? The answer is multiple licenses. The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. No later than 10 business days after each deposit is due under the terms of the sale contract, the licensee's broker must request a written verification of receipt of the deposit. The answer is must complete the real estate prelicense course and pass the Florida state license exam. A) Place routine telephone calls on late rent payments B) Show a home to a buyer, provided the licensed sales associate will complete the contract form C) Schedule appointments for licensees to show listed property D) Place signs on property, The answer is show a home to a buyer, provided the licensed sales associate will complete the contract form. The answer is fixed cost. 8.9% C. 14.53% D. 22.05%. An ostensible (or quasi partnership) is not a real partnership, furthermore, it is considered to be fraudulent and deceitful if the public is deceived into believing that a partnership exists. (c) The Secretary must be an attorney. A developer purchased a tract of land and subdivided the property into individual lots. The sales associate must first check the phone numbers against the National Do Not Call Registry. A broker who has a good faith doubt regarding who is entitled to escrow funds should take which action? D. Request a nonresident waiver of education requirements. D. Students who fail the end-of-course exam may retake the exam until they receive a passing score. 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. FREC rules require the broker to be a signatory on all brokerage escrow accounts. This is known as what type of advertising? Color brochures, floor plans, and blank sale contracts are stored at the model. Which would not be important in the data using the sales comparison method for establishing the market value of a home? The sales price is $413,000 of commission is 5.5% of the sales associate get 55% of the commission what is the sales associates commission? 475. The answer is A) ATTORNEYS TRUST ACCOUNT. A sales associate wants to call prospects for the purpose of soliciting new listings. An employee of a real estate developer sells homes in a new subdivision. telemundo deportes reporteros 8 de junho de 2022; thomas kinkade houses vallejo 25 de junho de 2020; trans friendly doctors vancouver 14 de maro de 2015; jim shockey father in law 13 de maro de 2015; lisa harvey gondrezick louisiana tech 13 de maro de 2015 Which statement BEST describes the legal term nolo contendere? 475.01 specifies the services that require a valid active real estate license to perform. 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. The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? John Glover Roberts Jr. (born January 27, 1955) is an American lawyer and jurist who has served as the 17th chief justice of the United States since 2005. People who engage in a business, profession, or occupation in Florida must pay a business tax every year. Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? Is a broker allowed to abbreviate the brokerage company's name in newspaper advertisements of homes for sale? True False. A)Lori Sammis, PA B)Lori Sammis and Company C)Lori Sammis and Excel Realty D)Excellent Service Realty. Which statement is TRUE regarding the federal telemarketing law? The Department has the power to seek records and to seek witnesses. No further action is warranted because no agreement could be reached. FIVE YEARS REGARDLESS OF WHETHER TRUST (ESCROW) FUNDS WERE COLLECTED. A sales associate may hold which position? The exam consists of 40 questions worth 1 point each. A. Uniform Standards of Professional Appraisal. Which of the following is not allowed under Florida law? Protection is provided under the Fair Housing Act based on A) age. FCC rules require solicitors to maintain a company-specific do-not-call list of consumers who have asked not to be called and to honor the National Do No Call Registry. Would this be legal? Which information does NOT have to be disclosed on a real estate license application? The broker's request to the title company (or to the attorney) must be in writing. 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. 2. It's a statement of liabilities of the company. (a) Sales associates are not permitted to own stock in the entity. Susan should find other comps that are more like the subject house. Failure to pay for the annual business tax is a A) felony. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. The DBPR will reject the broker's application to register the RV as a branch office. The answer is D) TUESDAY. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. Registrations issued to branch offices are not transferable. The broker had received an Earnest Money Disbursement Order from the FREC. The statement is TRUE. The additions made by the seller, including a new garage. Which statement is true regarding the Secretary of the Department of Business and Professional Regulation? The new location must be registered and the fee paid. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. Which statement is TRUE regarding the prelicense end-of-course exam? Which of the following is true? Florida law requires that this money be delivered to the broker before the end of the next business day? A sales associate received an earnest money deposit on Monday. The arrangement is disclosed to all interested parties. 4. He has a monthly service charge of $12.00. What action must the licensee take regarding the Florida license? Correct: True. D) all the occupants of the residences within the community are at least 55 years old. The only problem was that Sue and George did not have a cat. B) must simply register her license information with the Florida Department of Business and Professional Regulation (DBPR) because she moved from a mutual recognition state. C. Notify the DBPR within 60 days of the change of residency. What minimum amount of cash should she have available before starting up? What amount is he keeps a combined account? What best describes subpoena powers? A)Wednesday B)Monday C)Thursday D)Friday. B) It is a plea of no contest. 1. c. She lacks photographic memory. A)Limited partnershipB)Limited liability companyC)Sole proprietorshipD)Cooperative association A The answer is COOPERATIVE ASSOCIATION. A licensed real estate broker has a successful real estate business. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. A sales associate is employed by a broker. 7) A license sales associate decides to have personalized key rings made. No. After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. Greets customers and makes them feel comfortable. A SALES ASSOCIATE(OR BROKER ASSOCIATE) MAY NOT BE APPOINTED AS A DIRECTOR OF A REAL ESTATE BROKERAGE CORPORATION. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? a ANNUAL REPORT OF THE RECEIPTS AND EXPENDITURES OF THE TOWN OF WENHAM INCLUDING THE REPORTS OF THE SCHOOL COMMITTEE AND THE TRUSTEES OF THE PUBLIC LIBRARY FOR THE YEAR 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? which statement is true regarding a sales associate's registered name? The agent must disclose to the buyer all material facts that will affect the value of the property. The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. The answer is name of the sales associates. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. Which type of business arrangement have they formed? A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. What is the intangible tax on a new mortgage of $10,000? A) The employee is not required to hold a real estate license because he receives a salary. a. Owner-employers are registered, while brokers are registered and licensed. A. The three real estate license categories do not include? There was some confusion on the purchase of the property on 123 Mulberry Lane. When the broker determines that there is a danger of undisclosed dual agency. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles. The seller decides to give the sales associate a shopping mall gift certificate. When a seller has assets of more than $1 million and has requested a designated sales associate. D) Both the employee and his employer must be licensed real estate brokers. The answer is COOPERATIVE ASSOCIATION. When must the Notice of No Brokerage Relationship be given? John Roberts - Wikipedia Browse over 1 million classes created by top students, professors, publishers, and experts. Nursing Reflective Essay. Yes the broker must retain documents for five years. 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. If a broker requests an EDO and the escrow dispute is either settled or goes to court before the EDO is issued, the broker must notify the FREC within 10 business days. T or F, A broker wants to register a recreation vehicle (RV) as a branch office. Violators of Florida is telemarketing law may be fined $10,000 per car. T or F. The statement is true. Name the Business entities that CAN register as a brokerage entity, Sole Proprietorship, general partnership, limited partnership, limited liability partnership, corporation, and limited liability company. Closings are held at the broker's main office or at a title company. The answer is misdemeanor. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? A broker applicant who received a master's degree in real estate from an accredited institution is exempt from the broker pre-license education course. A)Limited partnership B)Limited liability company C)Sole proprietorship D)Cooperative association. A sales associate receives an earnest money deposit on Saturday. The sales associate may pay both assistants. 4. (a) The Secretary is a member of the Florida Real Estate Commission. The answer is finance real property. Mandatory suspension until the fund is paid back in full including interest. Subtract the liabilities short and long term from the value of the business. The developer hired his son, who was not licensed to sell the lots. $228,000 divided by $285,000 equals 0.80%. Of the following pieces of information that appear on the brokers entrance sign, which is optional under Florida license law? When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. The 2012A Sales Tax Bonds are fully-registered bonds in book-entry only form, registered in the name of Cede & Co., as nominee for DTC and DTC is acting as securities depository for the 2012A Sales Tax Bonds. A broker follow the instruction of a EDO however he was sued by the other party and lost there was $8000 in a binder deposit $3500 in a court costs and $4500 in attorney fees how much can FREC disperse? Brokers must deposit escrow funds no later than the _____ business day. By end of business on which day must the check be deposited into the escrow account? A broker who holds multiple licenses legally acts as the broker for more than one brokerage firm. The broker's license is suspended. The sales associate received an earnest money check from the buyer on Friday, January 3. In the event of disputed funds, a broker may request that the Florida Real Estate Commission issue an escrow disbursement order (EDO). FHA foreclosure properties are not covered under FS 475. 2. Add $34,000 start-up costs to get the minimum cash required of $106,000. 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) "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". It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. What was the investor's rate of return for the property if she paid $195,000 for the property? A hurricane damaged a large number of homes along the beach. A. The name and address of the owner-developer is registered with the DBPR. A cooperative association IS ALLOWED to conduct commercial business and to convey, sell, or buy its own property, but it cannot be registered as a real estate broker. After one more week, the son had sold only one more lot. Sales Associate Duties & Responsibilities. If the subject house is better, add to the subject property's sale price. The Florida real estate commission does not have the authority to impose what penalty? Capri Realty is the exclusive representative of Verde Ridge subdivision. A sales associate or broker associate may not be an officer or director of a real estate brokerage corporation. The licensee worked for a Texas broker but recently moved to Florida. A real estate agent has been licensed in Texas for one year. The broker deposited the money into the trust account, but when the broker's electric bill was due, he deposited the buyer's money into the broker's business account to pay the bill. C) frozen asset. What statement is true regarding Florida's telemarketing law? 2003-2023 Chegg Inc. All rights reserved. A real estate brokerage office receives an earnest money deposit check on Thursday. What is the time limit the Department has to file a complaint against a broker? 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. T or F, The statement is false. The answer is the employee must hold a real estate license because he receives compensation based on sales. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. The plan includes the mission statement as well as the budget. She also has had an active NY real estate broker since 1996. If the comparable is better than the subject property, subtract from the comparable property. A sales associate who is employed by an owner-developer is not registered with the DBPR.
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