Real estate license law governs only brokers escrow accounts held in Florida commercial banks, credit unions, or savings associations. As she goes to enter the number into her contacts list she finds that she cannot remember all the numbers in their right order. An unlicensed individual may NOT hold which position in a brokerage business entity? A CMA is not used for lending or insurance purposes but an appraisal is. Disclosure rules do not apply to nonresidential transactions. What statement best describes the term follow up? However, the broker may request and receive a sales associate license by completing 14 hours of continuing education within six months following expiration of the broker license. Carla does not qualify for mutual recognition because she is a FL resident. If the comparable is better than the subject property, subtract from the comparable property. B) cause for requiring a business to cease operations. 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. TRUE OR FALSE: After discussion with the broker, a real estate licensee offers to share part of the commission with the buyer. 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. the basement, garage and house added together, the finished basement and the main floor of the house. Financing services requires a mortgage broker license. A broker who seeks to be involved in business brokerage must have all of the following EXCEPT: Knowledge of personnel laws for business. April 15 is the filing date for an individual's income tax forms. The Department has subpoena powers. The broker should have a minimum of six months' operating expenses plus her start-up costs. 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. Yes. c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. The bird house was affixed with a permanent method of annexation; so it should stay. The three real estate license categories do not include? 1. The answer is D) SUSAN HAS FORMED A LIMITED LIABILITY COMPANY (LLC) FOR INCOME TAX PURPOSES ONLY. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. A) 30.7 B) 27.55 C) 41.2 D) 19.38. 4. There is a limited exception in Florida that DOES NOT apply on the Federal level. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. There was some confusion on the purchase of the property on 123 Mulberry Lane. A) Type of relationship B) Behavorial C) Financial D) Motivation. TRUE OR FALSE: A Corporation sole is permitted to register as a real estate broker. A real estate brokerage office receives an earnest money deposit check on Thursday. After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. The Probable Cause panel is empowered when the investigation of the Department shows a probable license law violation. 7.6% B. Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? Carla relocated to Boca Raton six months ago and she wants a FL real estate broker's license. 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? Or the sales escrow account? D) reserve for replacements. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. The answer is MONDAY. The answer is commissions paid to sales associates. 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. A)First degree misdemeanor B)Third degree misdemeanor C)Third degree felony D)Second degree misdemeanor, The answer is A) FIRST DEGREE MISDEMEANOR. 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 sales associate may pay the salary to the unlicensed assistant. 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. 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. $6,462 B. Last year, a brokerage office had 250 sales. A) The federal telemarketing law exempts telephone surveyors. If two parties are not partners but give the public the impression that they are, and a reasonable person could assume they were partners, the parties will be considered limited partners. An appraiser has an older home with four bedrooms, a screened-in porch and one bath. The broker's license is suspended. Active real estate brokers are required to have an office. File an application of mutual recognition with Alabama B. 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. What should they do? Which statement is TRUE of this situation? She also has had an active NY real estate broker since 1996. The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. What information need not be disclosed when submitting applications? Which would not be important in the data using the sales comparison method for establishing the market value of a home? The answer is 4. The broker cannot receive money from the Recovery Fund because he gave the earnest money to the wrong person. 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 Because the FREC issued the Earnest Money Disbursement order, the broker is entitled to repayment up to $50,000. A. The answer is A) ATTORNEYS TRUST ACCOUNT. $228,000 divided by $285,000 equals 0.80%. Additionally, the office must be registered with the Department of Business and Professional Regulation. D) violation of Chapter 475. If a broker maintains a brokerage office in the broker's residence, the broker is exempted from ADA accessibility requirements in all parts of the residence except the room where brokerage business is conducted. The agent must promptly tender to the seller any offers that have been written. A) Auction real property B) Exchange real property C) Finance real property D) Appraise real property. Her sales associate license was issued as Susan Walters (LLC). What is the first step of the appraisal process? Which requirement must be accomplished to register a real estate brokerage as a general partnership? In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. which statement is true regarding a sales associate's registered name? e. Her iconic memory disrupted her encoding of the number. A) $52,000 B) $178,000 C) $106,000 D) $70,000. A business intangible has no value for an appraisal, but a personal intangible does. Institutional advertising is designed to make the public aware of the firm and its services, management, and staff. 15 days C. 20 days D. 30 days. The purpose is to establish, improve and promote appraisal standards. Hal thought that he would add value to his home by adding a swimming pool. A broker desires to keep an escrow account as an interest bearing account. The other expenses in the question are fixed expenses. There is a multitude of factors brokers must consider when opening an office. The principle of value, which states that two parcels combined will be of greater value than each single parcel by itself is called: The characteristic of value which provides that the harder it is to find property, the more value it has is: A neighborhood analysis involves all of the following in data gathering EXCEPT: Data includes the principle of neighborhood change. This is an example of: Buyer Barry and seller Sue are in a disagreement about an Escrow Deposit for a sale that fell through. The sales associate has until the end of the next business day to deliver the deposit to the broker. 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. Her office has six employees and nine sales associates. The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. The term of office for each Commission member is: Which statement is TRUE regarding interest-bearing escrow accounts? Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. The answer is fixed cost. D) Because the sales associates are not permanently assigned to the model home and closings are not conducted at the site, the model home does not have to be registered as a branch office. T or F, A real estate licensee who has attained a four-year degree or higher in real estate from an institution of higher education is exempt from the post-license education requirements. Jackie has a subject home that has 3 bedrooms, 2 baths, and a 2-car garage. The statement is TRUE. Your answer: B The most common services of real estate requiring a real estate license are appraising (in a non-federally related transaction), buying, auctioning, renting, selling, advertising real estate services, leasing, and exchanging. Bob was placing his for sale signs on individual's properties without their written consent. The Manager. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. 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. D. Students who fail the end-of-course exam may retake the exam until they receive a passing score. The penalty for a first-time offense of a broker employing a sales associate who is not the holder of a valid and current license is an administrative fine of $250 to $1,000 and license suspension to revocation. F.S. Which document must a buyer received prior to purchasing a condominium? 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? 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. The agent wants to open his own brokerage in Florida so he recently completed the Florida broker pre-license course. It's a statement of how the business profited last year. The case will be sent on to an administrative law judge to issue a recommended order. Susan Walters is a licensed real estate sales associate. Assets and liabilities are missing from the financial statements. c. She lacks photographic memory. D. disclose any denials of a real estate license in another state. 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. People who engage in a business, profession, or occupation in Florida must pay a business tax every year. I am an audit senior associate that has worked with a variety of clients, including oil & gas convenience stores , healthcare facilities, and 401(k) plans. The answer is COOPERATIVE ASSOCIATION. Which statement BEST describes the legal term nolo contendere? A broker may choose to have an attorney or a Florida title company maintain the escrow account. This year he rented nearly all the space and got much more rental income, but the insurance premium did NOT increase. Which BEST illustrates institutional advertising? A broker who holds multiple licenses legally acts as the broker for more than one brokerage firm. When a seller has assets of more than $1 million and has requested a designated sales associate. Because sales associates and broker associates may have only one registered employer at a time, sales associates and broker associates may not hold multiple licenses. The answer is D) TUESDAY. 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. The statement is true. In this situation, the Department of Business and Professional Regulation (DBPR) will issue the broker A) one broker license and register the various companies as affiliated businesses. A broker's listing agreement specifies that 5 percent commission is to be paid on the sale price. C) must complete the real estate prelicense course and pass the Florida state license exam. A sales associate may not be licensed or registered under a trade name. If the subject house is better, add to the subject property's sale price. 2. She finds comparables in the same subdivision that include a two-story with a three-car garage, 4 bedrooms, 3 baths, a pool, but no screened-in porch. If a brokerage firm projects that next year it needs cash of $175,000, including the broker's salary and profit, and if each sales associate typically brings in $35,000 in company dollar per year, how many associates will be needed? The number of years during which the property will yield a worthwhile return on its investment. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission. 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. The board member receives an annual salary and an end-of-the-year bonus. Would this be legal? A salaried individual manages a condominium building and rents units 3month to 6month periods. Registrations issued to branch offices are not transferable. The answer is finance real property. Color brochures, floor plans, and blank sale contracts are stored at the model. A)15 business days B)30 calendar days C)24 hours D)10 business days, The answer is D) 10 BUSINESS DAYS. T or F. The statement is false. Which information does NOT have to be disclosed on a real estate license application? The ability to require that a broker and his staff appear before the FREC. B)It is illegal for the broker to keep any interest earned on escrow funds. Driving under the influence (DUI) conviction that occurred 15 years ago B. 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. T or F. The statement is true. THE BROKER MUST REGISTER THE NEW BRANCH LOCATION AND PAY THE BRANCH OFFICE LICENSE FEE. An Alabama real estate licensee moved to Tampa Bay, Florida, six months ago. The board member must be a licensed real estate sale associate. C) March 15. State law fine = $10,000FEDERAL law fine = $11,000. If the bird house was negotiable, the seller should have said so in the contract. The buyer asked that the broker hold the sailboat for five days and that he, the buyer, would return with cash and retrieve his boat. A. A sales associate receives an earnest money deposit on Saturday. What does he need to do? B) The designated sales associate must give the customer a transaction broker notice. The sales associate for the firm lists and sells the property and is to receive 55 percent of the total sale commission. 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. The broker would like to set up a second (branch) office to run the commercial side of the business. What amount of a brokers own personal funds may the broker place in the property management escrow account? If the broker's escrow account is an interest-bearing account, the broker, If the escrow deposit is to be held by a title company, the sale contract must indicate the name of the title company, address, and telephone number. 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. The answer is business plan. 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. 3. However, A sales associate or broker associate may be shareholders of a real estate brokerage corporation. T or F. The statement is false. This is an example of a legal kickback or rebate. A person other than the broker may sign checks on the escrow account, but the broker must also be a signatory. Ticket for failing to stop at a red light six months ago. What is the loan to value ratio for a home purchase for $285,000 with a down payment of $57,000? Data includes general appearance of properties. (c) If a sales associate wishes to be an officer or director, his . 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. D) It is a court decision to place a defendant on probation. T or F, The statement is false. It paid the sales associates and average of 60% commission split. A limited partnership is composed of one or more general partners and one or more limited partners. T or F. The statement is false. The Probable Cause Panel will recommend a punishment to the Department. Annual expenses are $3,500 for maintenance, $1,200 insurance, $1,500 taxes, $900 utilities, $1,500 special assessments ad 10% of the gross effective income for the management fee. The answer is motivation. Prior to having a conversation of any kind, A Notice of No Brokerage Relationship is not necessary. Add $34,000 start-up costs to get the minimum cash required of $106,000. A SALES ASSOCIATE(OR BROKER ASSOCIATE) MAY NOT BE APPOINTED AS A DIRECTOR OF A REAL ESTATE BROKERAGE CORPORATION. Violators of Florida is telemarketing law may be fined $10,000 per car. The answer is false. TRUE OR FALSE: The office sign at the entrance of the brokerage business must display the brokerage street address. C) religion. 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. Principal of and interest on The answer is "For the best customer service, list with Jones Realty." Violators of Floridas Telemarketing Act may be fined $10,000 per call. Monthly expenses of $12,000 6 months = $72,000. Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. or her license must be placed on inactive status. Bigamy always produces a void marriage. 4. In order for her to break even this year, how much must each sales associate bring in gross receipts? Each unit rented for $180 per month. A)Susan must partner with a real estate broker in order for her license to be issued this way. What is the problem? Interacts with customers, offering assistance and responding to queries about products and purchases . Zoe's ad shows a different brokerage name than the one on her broker's registered business license. C) Real estate brokers may advertise residential listings by faxing promotional flyers to a list of local businesses. What type of rights are associated with moving water? A) Any location that is used to meet and greet prospective buyers must be registered as a branch office. Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. A) 1.94 B) 3.89 C) 7 D) 5. A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. 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 Department must investigate all complaints, signed or unsigned. He has been described as having a conservative judicial philosophy though is primarily an institutionalist. The court awarded damages of $15,000 to the defendant against the broker. Is exempt from licensure under F.S. The license of a broker who does not complete the post-license requirement becomes null and void. The broker needs to make $295,000 in company dollars ($245,000 + $50,000). Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? The additions made by the seller, including a new garage. Because the salesperson receives a commission in addition to a salary, the salesperson must hold a real estate license. A. The escrow account may be either interest-bearing or non-interest-beearing. 10 days B. All of the following are true about Florida real estate disclosure laws EXCEPT: Disclosure rules do not apply to the rental or leasing of real property unless an option is given. D) pays for the sales associate's health insurance. The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. If the information provided to a prospective tenant is not current or is inaccurate in any material respect, the broker must repay the full fee to the prospective tenant on demand if the claim is made within 30 days from the contract date. An appraiser selecting the highest use a property can have to get value. The broker will be suspended until the case is solved by the FREC. A sales associate is employed by a broker. A broker is qualifying for several different real estate companies in this situation a broker should request a? A licensed real estate broker has a successful real estate business. There is no violation of FS 475. Assume a broker's annual expenses, including her salary, are $245,000 and she wants to make $50,000 profit. Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas? The landlord was returning the security deposit to Sue and George for the apartment they had vacated. There is no requirement to include the brokerage office street address on the entrance sign. The DBPR will reject the broker's application to register the RV as a branch office. The sales price is $67,550 The assumed mortgage is $27,800 the new mortgage is $14,700 what is the total of all these three's taxes? The appearance and conditions of the comparable properties. The Department has the authority to investigate complaints from others and investigate its own complaints. He has a monthly service charge of $12.00. Eight months following expiration of the broker's initial license, the licensee requested a post-license hardship extension. The only problem was that Sue and George did not have a cat. A person applying for a real estate broker license must: A. disclose personal financial information. The son alone has violated FS 475. Which of the following will have the most value to the buyer? How long does the broker have to notify the FREC that the matter has been resolved? A broker will be opening a new brokerage firm and is working on her business plan. By end of business on which day must the check be deposited into the escrow account? The DBPR does not regulate the size of the actual letters on a real estate office's entrance sign. She was so excited that she could not type the numbers fast enough. T or F, The statement is false. T or F, Before the first renewal of a broker license, brokers must complete 60 hours of a Florida Real Estate Commission (FREC)-approved broker post-license course. The limited partner must make an investment in cash or property, but not services. A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. The broker had received an Earnest Money Disbursement Order from the FREC. T or F. The DBPR may refuse to approve a broker application because the applicant did not possess a Social Security number. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. C) The name of the brokerage company for which he works must be printed on the magnets. Which statement is TRUE regarding the key rings? 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. A. Which individual is exempt from real estate licensure? A business intangible is something readily seen by a buyer, where personal intangibles are not readily seen. A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. D) Real estate licensees may call a for-sale-by-owner seller to solicit a listing without regard to the do-not-call registry. When paid, the county will issue a Business Tax Receipt. The answer is misdemeanor. What is the time limit the Department has to file a complaint against a broker? The answer is A) LORI SAMMIS, PA. What principle did the appraiser use to give Hal a lesser value on his home? 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? Which type of business brokerage entity is NOT required to file with the Florida Department of State? This. An individual who specializes in the sale of business opportunities is exempt from a real estate license. B) It is a plea of no contest. The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. A)Limited partnership B)Limited liability company C)Sole proprietorship D)Cooperative association. Only brokers can pay commissions to the licensed assistant. 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. A business intangible reflects integrity of a business where a personal intangible reflects the integrity of the current owner. Within how many days must the landlord notify the tenant of their intentions to claim the deposit? His wife Susan Meyers works with Mike and is a licensed broker associate. A)Friday B)Monday C)Wednesday D)Tuesday. 2.
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