A sales associate who is employed by an owner-developer is not registered with the DBPR. The Junk Fax Prevention Act applies to residential fax machines only. The Manager. An appraiser has an older home with four bedrooms, a screened-in porch and one bath. After paying sales commissions to the associates, the broker had $245,000 remaining. What type of rights are associated with moving water? What action must the licensee take regarding the Florida license? The licensee worked for a Texas broker but recently moved to Florida. 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. An appraiser must follow specific guidelines to do an appraisal, where a sales associate follows his broker's direction to do a CMA. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. There is a limited exception in Florida that DOES NOT apply on the Federal level. (c) The Secretary must be an attorney. The brokerage company handles residential transactions. 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? A CMA gives a range of value while an appraisal gives an opinion of value. Certain age-55-and-older communities are exempt from the familial status provisions of the Fair Housing Act if the communities offer amenities, specific programs, and activities designed for the mature adult and A) at least 80% of the households have at least one occupant who is 55 years old. B) It is a plea of no contest. What is the square footage of gross living space? A CMA is not used for lending or insurance purposes but an appraisal is. Real Estate Broker.. B)It is illegal for the broker to keep any interest earned on escrow funds. 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. Insurance is a fixed cost because it does not fluctuate proportionately with revenues. Real estate licensees on active duty with the U.S. Army are required to renew their licenses: within six months after discharge. 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. The sales associate should have deposited the earnest money check immediately and the broker had three business days. Which statement is TRUE regarding this situation? The seller decides to give the sales associate a shopping mall gift certificate. An individual who specializes in the sale of business opportunities is exempt from a real estate license. 2. 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. The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. A)Commercial bank in Florida B)Stock brokerage house C)Attorneys trust account D)Florida savings association. The number of days on the market is a major issue with sold comparables. 4. C) has only an oral agreement that the sales associate is an independent contractor. or her license must be placed on inactive status. 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? This. A. After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. 1. Accounts receivable C. Cash in checking account D. Plant and equipment. The statement is FALSE. The answer is B) STOCK BROKERAGE HOUSE. The plan includes the mission statement as well as the budget. The sales associate has until the end of the next business day to deliver the deposit to the broker. Which statement applies to this situation? FREC rules require the broker to be a signatory on all brokerage escrow accounts. The purposes of the Appraisal Foundation are all EXCEPT: The purpose is to create, lobby, and promote federal legislation for appraisers. Which statement applies to this arrangement? The broker paid the damages and requested reimbursement from the Real Estate Recovery Fund. When paid, the county will issue a Business Tax Receipt. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. What is the first step of the appraisal process? T or F. The statement is true. The DBPR regulates the size of the lettering on entrance signs. The cost approach is used most effectively on which type of properties? (b) All sales associates, broker associates, and brokers who are registered with the firm must be either officers or directors. (d) The Secretary answers to the state legislature in the performance of duties. TRUE OR FALSE: After discussion with the broker, a real estate licensee offers to share part of the commission with the buyer. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. Selected Answer : A sales associate may form a limited liability company for income tax purposes and register under the licensee 's name with the abbreviation LLC after the licensee 's name. 4. What statement is true regarding Florida's telemarketing law? An appraisal is different from a CMA in all of these ways EXCEPT: A CMA uses three approaches to value, where an appraisal uses only one approach to value. What must a broker do with his trust account? The answer is it is a plea of no contest. The ability to require that a broker and his staff appear before the FREC. There is no violation of FS 475. Broker Bob MUST notify FREC of the dispute within ____ days. An employee of a real estate developer sells homes in a new subdivision. Differences in accounting methods are permitted due to the instructions of the owner. C. be a Florida resident. When does the sales associate have to give the deposit to the broker? Is exempt from licensure under F.S. The agent must disclose to the buyer all material facts that will affect the value of the property. The Alabama licensee A) must complete the real estate prelicense course and pass a 40-question Florida-specific real estate law exam. In a social context, what is the term value used to describe? Because the salesperson receives a commission in addition to a salary, the salesperson must hold a real estate license. T or F. The statement is true. Which of the following is not allowed under Florida law? 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 person applying for a real estate broker license must: A. disclose personal financial information. State law fine = $10,000FEDERAL law fine = $11,000. B. B) a group license. A)#1Service Realty B)Mike Meyers C)Susan Meyers, Broker Associate D)Licensed real estate broker, The answer is SUSAN MEYERS, BROKER ASSOCIATE. B) Brokers may not abbreviate the firm name in an advertisement. T or F, The statement is false. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. Which information does NOT have to be disclosed on a real estate license application? He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. The sales associate for the firm lists and sells the property and is to receive 55 percent of the total sale commission. The broker's request to the title company (or to the attorney) must be in writing. C. The applicant must apply for a broker license under mutual recognition. Which document must a buyer received prior to purchasing a condominium? 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. Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? 3. Brokers are not required to place the names of the sales associates on the entrance sign. 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. 8.9% C. 14.53% D. 22.05%. which statement is true regarding a sales associate's registered name? Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? 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 broker will be entitled to receive repayment from the Recovery Fund, but the broker will be on probation for ten years. 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. 3. The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. Advertising rental property information or lists that are not current or are materially inaccurate is a first degree misdemeanor. 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. 4. c. She lacks photographic memory. Within how many days must the landlord notify the tenant of their intentions to claim the deposit? Using landmarks such as a reference to a mosque, church, or synagogue may indicate a religious preference. Ten units are rented monthly for $300, five for $325, and five for $350. 1. The broker has until the end of the third business day (Thursday) to deposit the funds. 4. D) It is a court decision to place a defendant on probation. T or F, A broker wants to register a recreation vehicle (RV) as a branch office. All the assets and liabilities are noted that belong to the business. C) must retake the broker prelicense course within one year. The Probable Cause Panel will determine the guilt or innocence of the party. The answer is business plan. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. The Commission is authorized to grant the broker an extension to complete the post-licensing education. the basement, garage and house added together, the finished basement and the main floor of the house. The case will be sent on to an administrative law judge to issue a recommended order. 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. A. No further action is warranted because no agreement could be reached. The developer hired his son, who was not licensed to sell the lots. D. Request a nonresident waiver of education requirements. If Joe violated a rule under Chapter 475 F.S. A stipulation is an agreement as to the penalty reached when a licensee has violated license law. Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? When a seller has assets of more than $1 million and has requested a designated sales associate. B) must requalify for licensure. B) marital status. Bob was spending all of the money in his trust accounts to finance his new boat. The answer is $106,000. 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). An unlicensed individual may NOT hold which position in a brokerage business entity? The applicant has not fulfilled the experience requirement. 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. B)Susan has formed a real estate brokerage business as a limited liability company (LLC). No. The ability to require a person to appear before the courts to give testimony. Yes the broker must retain documents for five years. A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. He hires his son but he is NOT license to sell lots.Father offers son a salary of $200 per week. A buyer requests in the sale contract that the earnest money deposit be held by Bob White, attorney, trust account. Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. What was the investor's rate of return for the property if she paid $195,000 for the property? The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. B) 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%. (a) The Secretary is a member of the Florida Real Estate Commission. A real estate licensee advertises a property for sale that is listed by the company, but fails to disclose in the ad that the property is being advertised by a real estate company. Mandatory suspension until the fund is paid back in full including interest. Which statement best describes the legal requirements? 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. Hal's home is a 1200-square-foot ranch with a basement and a garage. It's a projection of income in the future and should be labeled as such. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved. THE TENANT SHOULD DEMAND WITHIN 30 DAYS A REFUND OF $75. C)Florida license law requires the interest accrued on escrowed funds to be credited to the buyer because it is the buyers earnest money deposit. The answer is the employee must hold a real estate license because he receives compensation based on sales. Yes. Institutional advertising is designed to make the public aware of the firm and its services, management, and staff. 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. Students must pass the end-of-course exam with a grade of 75 or higher. A sales associate or broker associate may not be an officer or director of a real estate brokerage corporation. 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? B) requires each sales associate to take floor time at least twice monthly. C) religion. 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 SALES ASSOCIATE(OR BROKER ASSOCIATE) MAY NOT BE APPOINTED AS A DIRECTOR OF A REAL ESTATE BROKERAGE CORPORATION. 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. 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 test has between 75 and 265 questions and the student has six hours to complete it. What amount is he keeps a combined account? 4. T or F. The statement is false. the Commission may deny an application for licensure, registration, permit or renewal. Interacts with customers, offering assistance and responding to queries about products and purchases . A broker uses the houses most similar to do a CMA. 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?
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