A sales associate may hold which position? T or F, The statement is false. What does he need to do? The answer is A) THE BROKER MUST GET WRITTEN PERMISSION FROM ALL PARTIES TO THE TRANSACTION BEFORE PLACING THE FUNDS INTO AN INTEREST-BEARING ACCOUNT. A sales associate received an earnest money deposit on Monday. 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. Which qualification is required for licensure as a Florida broker? 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). Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. What was the investor's rate of return for the property if she paid $195,000 for the property? The son quit his job to go to work for another developer, who paid a higher weekly salary. Being 10 digits long, the number is beyond Miller's "magic number." 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. The Secretary of the DBPR has issued a summary suspension against Broker Bob. What were Piaget's four stages of cognitive development? Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. The seller decides to give the sales associate a shopping mall gift certificate. When does a designated sales associate come into the transaction? The answer is C) THURSDAY. If the comparable is worse than the subject house, add to the sale price of the subject house. The statement is false. The court awarded damages of $15,000 to the defendant against the broker. A broker comparing like properties and averaging the results to get a market value. A broker projects that her office expenses will be $346,000 this year. 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. 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 broker may compensate the FHA employee because the FHA pays his salary. 475. 2. The fee paid to the FHA employee is a referral fee, which is legal under FL RE law. 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. (b) All sales associates, broker associates, and brokers who are registered with the firm must be either officers or directors. 4. 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. Some brokers instead choose to have a Florida-based title company that has trust powers maintain the escrow funds, or alternatively, if designated in the sale contract, a Florida attorney may escrow the funds. The answer is commissions paid to sales associates. What information need not be disclosed when submitting applications? It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission. The Probable Cause Panel will be made up of all of the FREC. 3. Carla must apply for mutual recognition. A buyer requests in the sale contract that the earnest money deposit be held by Bob White, attorney, trust account. Provisional Sales Associate A provisional sales associate (PSA) is an entry level licensee, which is under the supervision of a real estate broker. The Department has the power to seek records and to seek witnesses. A broker who holds multiple licenses legally acts as the broker for more than one brokerage firm. C. If failing the end-of-course exam, the student must repeat the entire course before retesting. The statement is FALSE. Is exempt from licensure under F.S. A) It is the process of expunging the criminal record. True or false,With real estate brokerage general partnerships: the partnership must be registered with the DBPR; there must be at least one partner as an active broker; partners who deal with public and perform real estate services must be active brokers; and sales associates may not be general partners. 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. 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. The sales associate gave the check to his broker on Tuesday. 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. The reasons for selling businesses are varied and the appraiser must establish the value of the business before it can be sold. The answer is false. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. 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. The Probable Cause Panel will recommend a punishment to the Department. Real estate license law has no authority over title company escrow accounts or attorney escrow accounts. Disclosure rules do not apply to auctions. B) Brokers may not abbreviate the firm name in an advertisement. The answer is fixed cost. Which of the following is true? The sales associate should have deposited the earnest money check immediately and the broker had three business days. (d) The Secretary answers to the state legislature in the performance of duties. 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? C) frozen asset. A sales associate or broker associate may not be an officer or director of a real estate brokerage corporation. e. Her iconic memory disrupted her encoding of the number. C) It is an order by a court of law to stay the sentence. Which statement applies to this situation? Can the broker accept this boat as earnest money? What should Susan do with this information? 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. 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. Disclosure paperwork must be kept by a broker for five years. The broker would like to set up a second (branch) office to run the commercial side of the business. Ticket for failing to stop at a red light six months ago. What minimum amount of cash should she have available before starting up? The board member must be a licensed 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. Lori Sammis is a licensed real estate sales associate. The answer is 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. The broker may designate another person, such as a bookkeeper, to sign checks on the account in the ordinary course of business. D. disclose any denials of a real estate license in another state. Violators of Florida is telemarketing law may be fined $10,000 per car. The Commission is authorized to grant the broker an extension to complete the post-licensing education. D) violation of Chapter 475. A Broker has been hired to manage an apartment complex how much the broker handle the security deposit? 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. How many days will a party to the hearing have to file an exception to the Recommended Order? Ignore the complaint since it is unsigned. Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. The answer is A) LORI SAMMIS, PA. The applicant has not fulfilled the experience requirement. True False. F.S. Which statement best describes the legal requirements? An appraiser faces occasional problems with using business financial statements. 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 FHA foreclosure properties are not covered under FS 475. A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. When both the buyer and seller have assets of $1 million or more and have requested designated sales associates. Failure to pay for the annual business tax is a A) felony. 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. Uniform Standards of Professional Appraisal. A developer purchased a tract of land and subdivided the property into Individual lots. Which statement is TRUE regarding the federal telemarketing law? 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. What type of rights are associated with moving water? The appraiser would probably reduce the value of the property because of: External obsolescence in a property is generally: Caused by outside forces that are beyond the seller's control. Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. 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. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. A stipulation is an agreement as to the penalty reached when a licensee has violated license law. After paying sales commissions to the associates, the broker had $245,000 remaining. The Alabama licensee A) must complete the real estate prelicense course and pass a 40-question Florida-specific real estate law exam. The answer is MONDAY. How many days does a purchaser of a new condominium have to cancel the sale? Which statement is TRUE regarding the prelicense end-of-course exam? The license of a broker who does not complete the post-license requirement becomes null and void. April 15 is the filing date for an individual's income tax forms. D) is allowed 30 days to make up the post-license course but is charged a late fee. Capri sales staff will temporarily work out of a model home in the subdivision. The Junk Fax Prevention Act applies to residential fax machines only. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. entity. The sales associate may pay the salary to the unlicensed assistant. B) The designated sales associate must give the customer a transaction broker notice. A broker who has a good faith doubt regarding who is entitled to escrow funds should take which action? The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. The agent must promptly tender to the seller any offers that have been written. Real estate licensees on active duty with the U.S. Army are required to renew their licenses: within six months after discharge. The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. 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. Violators of the federal Telephone Consumer Protection Act may be fined up to $11,000 for each illegal call. The answer is $38,444. C) Any structure that is a place used to sell real property must be registered. D) is exempt from the real estate prelicense course; however, she must pass a written Florida-specific real estate law exam. 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. $27,000 monthly requirement $980.00 = 27.55 sales required. When a seller has assets of more than $1 million and has requested a designated sales associate. Contacting buyers once they've moved into their homes. C) Real estate brokers may advertise residential listings by faxing promotional flyers to a list of local businesses. b. Owner-employers and brokers are registered and licensed. 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. Carla relocated to Boca Raton six months ago and she wants a FL real estate broker's license. Which type of business brokerage entity is NOT required to file with the Florida Department of State? The purpose is to establish, improve and promote appraisal standards. A)15 business days B)30 calendar days C)24 hours D)10 business days, The answer is D) 10 BUSINESS DAYS. Assets and liabilities are missing from the financial statements. What was the investor's rate of return for the property if she paid $195,000 for the property? The broker will be suspended until the case is solved by the FREC. 15 days C. 20 days D. 30 days. A broker made a request to the Commission that it issue an escrow disbursement order (EDO) regarding disputed escrowed funds. An employee of a real estate developer sells homes in a new subdivision. Is there broker required to retain brokerage relationship Disclosure documents and if so for how long? A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. who owns mountain mike's pizza, disreputable fellow crossword clue, income based apartments in birmingham, alabama,
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