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20 Cards in this Set
- Front
- Back
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1. John Anderson is a licensed real estate associate. Under which name may he register and be licensed?
a. Complete Real Estate Sales Services b. John Anderson Brokerage c. John Anderson, LLC d. John Anderson and Partners |
c. John Anderson, LLC
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2. A sales associate receives a binder deposit from a prospective buyer on Thursday morning. Later that same day, the associate gives the binder deposit to his broker. By the end of business on what day of the week must the broker deposit the funds into her escrow account?
a. Friday b. Monday c. Tuesday d. Wednesday |
c. Tuesday
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3. Real estate sales associates receive checks payable to them as deposits on the purchase of real property must
a. Endorse the checks, deposit them in their employers’ accounts, and maintain good records b. Endorse the checks and immediately turn them over to their employers c. Deposit the checks immediately in their own accounts and notify their employers of the transactions d. Deposit the checks immediately and give their employers the equivalent amounts in the form of checks or cash. |
b. Endorse the checks and immediately turn them over to their employers
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4. Which statement is FALSE regarding escrow accounts?
a. The escrow account may be either interest‐bearing or non‐interest‐bearing b. A broker may choose to have an attorney or a Florida title company maintain the escrow account c. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission d. A broker must get written authorization from the buyer and the seller before placing escrow funds in an interest‐bearing escrow account |
c. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission
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5. A dispute arises between the buyer and the seller as to which one is entitled to escrowed property. The broker should first
a. Mediate the matter b. Arbitrate the matter with the consent of both parties c. Notify the FREC in writing, unless exempted from the notice requirements d. Submit the matter to a court of law for adjudication |
c. Notify the FREC in writing, unless exempted from the notice requirements
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6. An individual who paid for rental information but did not obtain a rental is entitled to repayment of
a. The fee b. The fee if requested within 10 days of the contract/receipt date c. 75% of the fee if requested within 10 days of the contract/receipt date d. 75% of the fee if requested within 30 days of the contract/receipt date |
d. 75% of the fee if requested within 30 days of the contract/receipt date
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7. A woman purchased a rental list one week ago from a real estate agent broker. She inspected an apartment described in the list. The apartment manager told her that cats were not allowed. She had specifically looked at the apartment because the rental list indicated that pets were allowed. Immediately, the woman orally demanded and should legally receive from the broker
a. Nothing, because the demand is not in writing b. 75% of the fee paid c. 100% of the fee paid d. Nothing, because the broker may not be held accountable for the actions of the property manager |
c. 100% of the fee paid
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8. If the license issued to the only active broker of a real estate corporation becomes void for any reason, another active broker must be appointed within 14 calendar days. Failure to appoint another active broker will result in what action against the corporation’s registration?
a. Automatic cancellation b. Denial c. Automatic suspension d. Revocation |
a. Automatic cancellation
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9. A sales associate employs an unlicensed personal assistant to help with real estate property management. The unlicensed assistant may NOT
a. Collect rent payments from tenants b. Deposit rent payments in the bank c. Place For Rent signs on properties d. Show a rental property to a potential tenant |
d. Show a rental property to a potential tenant
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10. Which statement is TRUE regarding a lien filed by a broker under the Commercial Real Estate Sales Commission Lien Act?
a. The lien applies to commission only and does not include other fees the owner agrees to pay in the brokerage agreement b. The lien filed against the real property covered in the brokerage agreement c. The lien takes priority as of the date of the brokerage agreement d. The broker must disclose to the owner at the time of signing, or before the owner signs the brokerage agreement, that Chapter 475, Part III, creates lien rights for commission earned by the broker |
d. The broker must disclose to the owner at the time of signing, or before the owner signs the brokerage agreement, that Chapter 475, Part III, creates lien rights for commission earned by the broker
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11. One difference between a general partnership and a limited partnership is that
a. Only a general partnership may be registered as a real estate broker b. Limited partners must make a cash or property investment c. While both have general partners, there must be two or more general partners in limited partnership d. Limited partners must be licensed as either active or inactive sales associates |
b. Limited partners must make a cash or property investment
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12. Which business entity may be registered as a real estate broker?
a. Corporation sole b. Cooperative association c. Limited partnership d. Business trust |
c. Limited partnership
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13. A broker is preparing to open Sunnyside Realty as a sole proprietorship and is placing an order to have an entrance sign made. Which wording does NOT need to be included on the sign?
a. Sunnyside Realty b. The broker’s legal name c. Licensed real estate broker d. 1000 Sunset Blvd. |
d. 1000 Sunset Blvd.
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14. A licensed real estate broker and an attorney who specializes in contract law form a joint venture for the purpose of locating and selling to investors raw land that is suitable for commercial development. Which statement is TRUE regarding this arrangement?
a. The attorney is exempt from the requirement to hold a broker’s license because she is an attorney b. They have formed an illegal ostensible partnership c. Because they are performing real estate services for compensation, they both must be licensed real estate brokers d. A joint venture is not required to register with the DBPR; therefore, there is no need for both parties to hold real estate licenses |
c. Because they are performing real estate services for compensation, they both must be licensed real estate brokers
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15. A broker receives conflicting demands concerning a roof inspection report. Both the buyer and the seller claim the earnest money deposit. The broker must
a. Provide written notification to the FREC within 10 business days b. Follow the written instructions of the broker’s buyer or seller c. Institute one of the statutory settlement procedures within 30 business days from the time the broker received conflicting demands. d. Request an escrow disbursement order form the DBPR |
c. Institute one of the statutory settlement procedures within 30 business days from the time the broker received conflicting demands.
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16. The sales commission rates applicable to the various types of property sold in Florida are determined by
a. FREC rules and regulations b. Agreement between each broker and buyer or seller c. The local board of REALTORS® d. Agreement between each seller and buyer |
b. Agreement between each broker and buyer or seller
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17. When a sales associate decides to leave the employ of her broker to work for another broker, she
a. May take copies of all listings she personally obtained while employed by her former broker b. Must notify the DBPR within 10 days of her change in broker‐employer c. May telephone sellers of her former to encourage them to cancel their listing agreements with the former employer and then list with her new broker d. Must apply for a new real estate license under the name of her new broker |
b. Must notify the DBPR within 10 days of her change in broker‐employer
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18. In Florida, listings obtained and any commissions paid by the buyer or the seller are
a. Legally the sales associate’s property b. Jointly owned by the sales associate and the sales associate’s employer c. Legally classified as the property of the employing property owner d. Legally the property of the sales associate’s employer |
d. Legally the property of the sales associate’s employer
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19. Which statement is FALSE concerning the payment of an unearned fee of kickback?
a. A real estate licensee may be paid a fee for referring buyers to a title company, provided the buyer is informed in advance of the facts concerning the fee b. A real estate licensee may share part of the commission with the buyer of the seller in a real estate transaction c. A real estate licensee must also be licensed as a mortgage broker to be legally paid a fee for referring buyers to a mortgage lender d. The payment of a kickback must not violate RESPA |
a. A real estate licensee may be paid a fee for referring buyers to a title company, provided the buyer is informed in advance of the facts concerning the fee
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20. Two brokers from different brokerages agree to work with one another to market a prestigious marina in Naples, Florida. One broker is particularly knowledgeable regarding marinas and the other is an expert on the Naples real estate market, so they decide to combine their expertise on this particular listing. This business arrangement is called
a. An ostensible partnership b. A general partnership c. A joint venture d. A limited partnership |
c. A joint venture
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