US Social Security B. Florida resident C. 2-year college degree D. US citizenship, Which individual is NOT exempt from licensure under real estate license law? 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. There was some confusion on the purchase of the property on 123 Mulberry Lane. 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 ability to audit all records of a broker and his staff. The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? THE BROKER MUST REGISTER THE NEW BRANCH LOCATION AND PAY THE BRANCH OFFICE LICENSE FEE. Because an RV is not a building of stationary construction, it does not meet the minimum office requirements and may not be registered as a real estate branch office. What is the first step of the appraisal process? 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. What statement is true regarding Florida's telemarketing law? Brokers may maintain an escrow account in a Florida commercial bank, credit union, or savings association. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. When a seller has assets of more than $1 million and has requested a designated sales associate. If the post-licensing requirement is NOT fulfilled before the first renewal and a broker associate licensee wishes to continue in the real estate business, the licensee A) may request to receive a sales associate license, provided the licensee completes 14 hours of continuing education within six months following expiration of the broker license. 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. The broker would like to set up a second (branch) office to run the commercial side of the business. 8. 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? 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. 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. 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. 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. Contacting buyers once they've moved into their homes. B. A listing agent who shows property for a seller to a ready, willing and able buyer has certain obligation to the buyer. Only buyers, sellers and tenants can receive money from the Real Estate Recovery Fund. The broker's license is suspended. Would this be legal? 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. The statement is true. By end of business on which day must the check be deposited into the escrow account? What best describes subpoena powers? Limited partners are not liable to creditors of the partnership. The amount of commission to be paid is negotiable. The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. The term of office for each Commission member is: The answer is B) STOCK BROKERAGE HOUSE. B) Real estate licensees are exempt from the telemarketing laws. The applicant earned a score of 76 on the end-of-course exam and has submitted the license application to the Department of Business and Professional Regulation (DBPR). Which statement best describes the legal requirements? The answer is A) ATTORNEYS TRUST ACCOUNT. Carla does not qualify for mutual recognition because she is a FL resident. The number of days on the market is a major issue with sold comparables. Carla must apply for mutual recognition. Brokers must notify the FREC in writing of conflicting demands or of a good-faith doubt within ___ days. Which duty may an unlicensed personal assistant NOT perform? The answer is it is a plea of no contest. A) The federal telemarketing law exempts telephone surveyors. 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. A CMA gives a range of value while an appraisal gives an opinion of value. When an informal hearing is held and the parties, including the FREC, do not come to an agreement, what is the next step in the process? The ability to require a person to appear before the courts to give testimony. ($840,000 *.6 = $336,000 / 52 = $6,462), Which is the BEST example of a variable expense? Which information does NOT have to be disclosed on a real estate license application? As she goes to enter the number into her contacts list she finds that she cannot remember all the numbers in their right order. Other assets B. C) a single broker license and require the broker to appoint an office manager at each location. Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. 2. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. The buyer and seller were both upset and filed a complaint with the FREC. There is no requirement to include the brokerage office street address on the entrance sign. Bigamy always produces a void marriage. A corporation sole cannot be registered as a real estate broker. In this case, the first day of the three-business-day period is Tuesday. 19 - Just Test Questions Flashcards | Chegg.com 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. What action does not terminate a brokerage relationship? C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. The broker may compensate the FHA employee because the FHA pays his salary. REGISTER THE PARTNERSHIP IN THE NAME OF THE PARTNERSHIP WITH AT LEAST ONE PARTNER LICENSED AS AN ACTIVE BROKER. Which statement is TRUE regarding designated sales associates? The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. If the broker does NOT renew the license by the end of the license period, the license will automatically 1. expire 2. revert to voluntary inactive status 3. revert to involuntary inactive status 4. be canceled. 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. Or the sales escrow account? People who engage in a business, profession, or occupation in Florida must pay a business tax every year. A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. 1. In a social context, what is the term value used to describe? Brokers must deposit escrow funds no later than the _____ business day. The sales associate may pay both assistants. The Department cannot investigate unsigned complaints. Real estate sales associates work from the broker's office, where they are registered, under the employ and guidance of the managing broker. Students must pass the end-of-course exam with a grade of 75 or higher. The annual rent is $14,500 plus you also have to pay 3% of any sales in excess of $350,000 his gross sales are $450,000 what is the guys total annual rent? T or F. The statement is false. The new location must be registered and the fee paid. Failure to pay for the annual business tax is a A) felony. B)It is illegal for the broker to keep any interest earned on escrow funds. The sales associate received an earnest money check from the buyer on Friday, January 3. Making statements to neighbors about minority groups moving into the neighborhood in order to get listings is? FIVE YEARS REGARDLESS OF WHETHER TRUST (ESCROW) FUNDS WERE COLLECTED. A corporation sole is an ecclesiastical or church organization, usually headed by a bishop or other clerical official who has been empowered by a church to hold title to church property. The applicant recently moved to Florida and has completed the Florida broker prelicense course. She projects that her start-up costs will be about $34,000. NOTIFY THE FREC IN WRITING OF THE GOOD FAITH DOUBT WITHIN 15 BUSINESS DAYS. A) $23,067 B) $27,500 C) $57,666 D) $38,444. File an application of mutual recognition with Alabama B. The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. 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? All of the following are examples of the need for valuation of business EXCEPT: All of the following are steps in the sale of a business EXCEPT: The appraiser lists the property for sale. What principle did the appraiser use to give Hal a lesser value on his home? An individual who specializes in the sale of business opportunities is exempt from a real estate license. No. The court awarded damages of $15,000 to the defendant against the broker. Which type of business brokerage entity is NOT required to file with the Florida Department of State? A developer purchased a tract of land and subdivided the property into individual lots. T or F. The statement is true. 1. Using landmarks such as a reference to a mosque, church, or synagogue may indicate a religious preference. b. Owner-employers and brokers are registered and licensed. The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. Both the father and son have violated FS 475. The answer is C) THURSDAY. A broker made a request to the Commission that it issue an escrow disbursement order (EDO) regarding disputed escrowed funds. 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. If Joe violated a rule under Chapter 475 F.S. In the government survey system the 6 mile vertical strip of land located immediately west of the principle meridian is called? The answer is "For the best customer service, list with Jones Realty." C. be a Florida resident. A. The broker may designate another person, such as a bookkeeper, to sign checks on the account in the ordinary course of business. Which of the following is NOT a true statement? The statement is true. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. 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. T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles. What must a broker do with his trust account? 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? B) The location is being staffed by licensees; therefore, it must be registered as a branch office. T or F, The statement is false. Provisional Sales Associate A provisional sales associate (PSA) is an entry level licensee, which is under the supervision of a real estate broker. 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. 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. A sales associate who is employed by an owner-developer is not registered with the DBPR. The arrangement is disclosed to all interested parties. What amount of a brokers own personal funds may the broker place in the property management escrow account? Which statement is TRUE regarding this situation? The answer is 5. 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. 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. She finds three comparable properties. 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? When does a designated sales associate come into the transaction? Vacancy and collection losses are estimated to be 5% of the potential gross income. The right of survivorship is contained in which tenancy? A Florida real estate licensee who moves out of state and becomes a nonresident of Florida is required by law to notify the Commission within, A broker relocates her brokerage office across town. Disclosure paperwork must be kept by a broker for five years. The seller refuses to fix a broken window. An involuntary inactive license will expire and become null and void after one year. The bird house is personal property and belongs to the seller. State law fine = $10,000FEDERAL law fine = $11,000. The answer is MEDIATION. Broker Bob MUST notify FREC of the dispute within ____ days. A)15 business days B)30 calendar days C)24 hours D)10 business days, The answer is D) 10 BUSINESS DAYS. c. She lacks photographic memory. Operating expenses are expected to be $31,950. Which requirement must be accomplished to register a real estate brokerage as a general partnership? The Sherman Antitrust Law and Florida antitrust laws prohibit which activity? The ability to require that a broker and his staff appear before the FREC. 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 All of the following are examples of the principle of change EXCEPT: The federal law which requires the use of certified appraisers to obtain a loan is called: What is the principle of value which states that the more the properties are alike, the more they will hold their value? When must the Notice of No Brokerage Relationship be given? (b) The Secretary is appointed by the Governor. The purpose is to establish educational and experience qualification criteria for the licensing, certification and recertification of appraisers. 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. The son was employed by his father, the owner-developer. The broker will be suspended until the case is solved by the FREC. He has a monthly service charge of $12.00. c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. The answer is fixed cost. What are the four settlment options in cases of conflicting demand/escrow dispute? Answers: A real estate sales associate may be registered under a trade name. TRUE OR FALSE All active Florida real estate brokers are required to have an office. 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. It's a statement of how the business profited last year. Which individual is exempt from the continuing education requirement? Last year, a brokerage office had 250 sales. (b) All sales associates, broker associates, and brokers who are registered with the firm must be either officers or directors. B. (c) If a sales associate wishes to be an officer or director, his . Eight months following expiration of the broker's initial license, the licensee requested a post-license hardship extension. An appraiser has an older home with four bedrooms, a screened-in porch and one bath. Reconcile a monthly statement and record all discrepancies. 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 The plan includes the mission statement as well as the budget. Brokers must give their employees W-2 forms and give their associates Form 1099 for the previous year no later than A) April 15. D) pays for the sales associate's health insurance. The answer is $10,000. FHA foreclosure properties are not covered under FS 475. Color brochures, floor plans, and blank sale contracts are stored at the model. The purposes of the Appraisal Foundation are all EXCEPT: The purpose is to create, lobby, and promote federal legislation for appraisers. The office's monthly expenses are expected to be $19,000 for the next year, and the broker wants to make an $8,000 monthly profit. 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 statement is true. 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. B) requires each sales associate to take floor time at least twice monthly. What should they do? 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. The statement is TRUE. What statement best describes the term follow up? The board member receives an annual salary and an end-of-the-year bonus. The broker must notify the DBPR of the change in business address before business can be conducted. The seller decides to give the sales associate a shopping mall gift certificate. Failure to pay the tax is a misdemeanor. Which statement BEST describes the legal term nolo contendere? Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? Chapter 5-8 Day 2 Flashcards | Chegg.com Persons to have power of attorney for the purpose of executing a contract. There are eight real estate services that when performed for compensation require a real estate license: advertising real estate services, buying, appraising, providing rental lists for a fee, selling, auctioning, leasing, and exchanging real property. 1. A)Escrow disbursement order B)Mediation C)Arbitration D)Litigation. 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. Two men enter into a business arrangement. Which of the following is not allowed under Florida law? T or F. The statement is false. Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. True False. A) States that have a mutual recognition agreement with Florida provide reciprocity to Florida licensees to conduct real estate in other states. 4. The Commission is authorized to grant the broker an extension to complete the post-licensing education. Florida law requires that this money be delivered to the broker before the end of the next business day? It shows when properties are underpriced because of unnatural days on the market. registered with the firm must be either officers or directors. The statement is false. Uniform Standards of Professional Appraisal. The number of years during which the property will yield a worthwhile return on its investment. A salaried individual manages a condominium building and rents units 3month to 6month periods. A license is placed in involuntary inactive status for no more than two years. Which statement applies to this situation? Of the following pieces of information that appear on the brokers entrance sign, which is optional under Florida license law? (a) Sales associates are not permitted to own stock in the entity. 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. A sale associate got a earnest money deposit on Friday. When the broker determines that there is a danger of undisclosed dual agency. A broker purchased a list of FHA foreclosure properties from an FHA employee. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. D) violation of Chapter 475. D) Because he is broker qualified, he need only print his name and phone number on the magnets. Which settlement procedure involves a negotiated settlement between the disputing parties? After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. The answer is $38,444. 10 days B. A stipulation is an agreement as to the penalty reached when a licensee has violated license law. The landlord was returning the security deposit to Sue and George for the apartment they had vacated. Which statement is TRUE regarding the federal telemarketing law? Estimates are necessary in financial statements. A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. Bob was placing his for sale signs on individual's properties without their written consent. Greets customers and makes them feel comfortable. A) The employee is not required to hold a real estate license because he receives a salary. PDF 5 Practice Tests for the State Exam - Magnolia School Of Real Estate 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. A) 30.7 B) 27.55 C) 41.2 D) 19.38. Which statement is TRUE? 7.6% B. What does he need to do? A. Correct: True. 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. A Broker has been hired to manage an apartment complex how much the broker handle the security deposit? A hurricane damaged a large number of homes along the beach. 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.
Swarcliffe, Leeds Crime, Briggs And Stratton Oil Filter Cross Reference Supertech, Articles W