A)Friday B)Monday C)Wednesday D)Tuesday. Pass a 40 question real estate exam with a great 75% or higher. Which Statement is TRUE regarding the Save Our Home amendment? this method is called? A broker uses the houses most similar to do a CMA. Advertising rental property information that is materially inaccurate is which type of violation? In a social context, what is the term value used to describe? A) $23,067 B) $27,500 C) $57,666 D) $38,444. A real estate application expires after what period of time? Nursing Reflective Essay. The DBPR regulates the size of the lettering on entrance signs. The new location must be registered and the fee paid. 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. Financing services requires a mortgage broker license. A. 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? Assets and liabilities are missing from the financial statements. Mark Smith is opening a real estate office and the name of his company is fast salesHe has two sales associates working for him Betty Able and John Stone what information is not required on the sign? The broker wants to close her Bradenton office and open a new branch office in Sarasota, Florida. Estimates are necessary in financial statements. What action will be taken against a broker when a payment is paid from the recovery fund? A broker desires to keep an escrow account as an interest bearing account. Florida law requires that this money be delivered to the broker before the end of the next business day? The answer is false. What amount is he keeps a combined account? The answer is BLIND. The Manager. Ten units are rented monthly for $300, five for $325, and five for $350. 1. (a) Sales associates are not permitted to own stock in the . 8.9% C. 14.53% D. 22.05%. How many days does a purchaser of a new condominium have to cancel the sale? The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. Which requirement must be accomplished to register a real estate brokerage as a general partnership? Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? A salaried individual manages a condominium building and rents units 3month to 6month periods. 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 received an earnest money deposit on Monday. What best describes subpoena powers? The statement is true. A person other than the broker may sign checks on the escrow account, but the broker must also be a signatory. D) The real estate value must exceed $1 million. A real estate agent has been licensed in Texas for one year. and this is his first offense, what is the recommended period of time of probation he could receive under the Standards of Practice? Within 10 days, the broker must request written verification that the earnest money deposit was placed in Attorney White's trust account. An appraiser faces occasional problems with using business financial statements. His wife Susan Meyers works with Mike and is a licensed broker associate. Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. C) Any structure that is a place used to sell real property must be registered. The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? Which of the following is true? A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house. T or F. The statement is false. Correct: True. An appraiser must follow specific guidelines to do an appraisal, where a sales associate follows his broker's direction to do a CMA. The applicant has not fulfilled the experience requirement. When does a designated sales associate come into the transaction? 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? 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 applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. Business intangibles differ from personal intangibles in what way? Is Capri Realty required to register the model home as a branch office? Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? A. 7.6% B. Answers: A real estate sales associate may be registered under a trade name. The statement is FALSE. Being 10 digits long, the number is beyond Miller's "magic number." 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. Registration and licensure are synonymous. A Broker has been hired to manage an apartment complex how much the broker handle the security deposit? The seller decides to give the sales associate a shopping mall gift certificate. The sales associate gave the check to his broker on Tuesday. Carla had an inactive GA real estate license since 1980. 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. 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. The son quit his job to go to work for another developer, who paid a higher weekly salary. The agent wants to open his own brokerage in Florida so he recently completed the Florida broker pre-license course. 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. Which statement applies to this situation? Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. Real estate license law has no authority over title company escrow accounts or attorney escrow accounts. Property management account; $5000Sales escrow account: $1000. There is a multitude of factors brokers must consider when opening an office. A)Limited partnershipB)Limited liability companyC)Sole proprietorshipD)Cooperative association A The answer is COOPERATIVE ASSOCIATION. She finds three comparable properties. After paying sales commissions to the associates, the broker had $245,000 remaining. He has a monthly service charge of $12.00. However, A sales associate or broker associate may be shareholders of a real estate brokerage corporation. The answer is LIMITED PARTNERSHIP. Convenience store financial statements. 2017 Annual Report. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. In Florida, salaried employees of developers are exempt from licensure, so long as they are not paid commissions or other compensation on a transaction basis. Which of the following are disciplinary actions by the Commission for the lack of disclosure to a buyer or seller? 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? State law fine = $10,000FEDERAL law fine = $11,000. A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. Florida Real Estate Review Unit 4 and 5 Quiz - Quizizz The statement is false. Investigate the complaint if the Department wishes. Which individual is exempt from real estate licensure? 475. B) the residences do not have any occupants who are younger than 18. Which statement is TRUE regarding this situation? A buyer requests in the sale contract that the earnest money deposit be held by Bob White, attorney, trust account. entity. The written authorization must specify who is entitled to the interest earned. John Roberts - Wikipedia The Sherman Antitrust Law and Florida antitrust laws prohibit which activity? Which statement is TRUE regarding designated sales associates? A CMA is not used for lending or insurance purposes but an appraisal is. A)Escrow disbursement order B)Mediation C)Arbitration D)Litigation. THE BROKER MUST REGISTER THE NEW BRANCH LOCATION AND PAY THE BRANCH OFFICE LICENSE FEE. 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). A)Litigation B)Escrow disbursement order C)Mediation D)Stipulation. t- ' . The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. 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. It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. C) at least 90% of the households have at least one occupant who is 55 years old. This is known as what type of advertising? 10 days B. The value of a property which is used by local taxing authorities for real estate taxes is. A broker made a request to the Commission that it issue an escrow disbursement order (EDO) regarding disputed escrowed funds. Real Estate Broker.. which statement is true regarding a sales associate's registered name? The answer is motivation. T or F, The statement is false. A broker may pay any split that the parties agree to. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. The buyer and seller were both upset and filed a complaint with the FREC. T or F. The DBPR may refuse to approve a broker application because the applicant did not possess a Social Security number. Sales Associate Job Description - Forbes Advisor $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. A)15 business days B)30 calendar days C)24 hours D)10 business days, The answer is D) 10 BUSINESS DAYS. The broker's license is suspended. If she has six sales associates who are likely to contribute company dollars of $50,000 each, the broker is likely to reach her goal. The board member must be a licensed real estate broker. nonresidential transaction that utilized designated sales agents fails Add $34,000 start-up costs to get the minimum cash required of $106,000. Disclosure rules do not apply to nonresidential transactions. The answer is 27.55. C) must complete the real estate prelicense course and pass the Florida state license exam. A stipulation is an agreement as to the penalty reached when a licensee has violated license law. T or F. The statement is false. 3. The broker's trust liability is $2,300,000.00. A limited partnership is composed of one or more general partners and one or more limited partners. Which information does NOT have to be disclosed on a real estate license application? Blind advertising is advertising that fails to disclose the license name of the brokerage firm. C) frozen asset. 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. The ability to require that a broker and his staff appear before the FREC. D) violation of Chapter 475. D) all the occupants of the residences within the community are at least 55 years old. 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 escrow account may be either interest-bearing or non-interest-beearing. A) If he is paying the full cost of the magnets, he can choose what information to print on the magnets. The sales associate for the firm lists and sells the property and is to receive 55 percent of the total sale commission. 2003-2023 Chegg Inc. All rights reserved. C) has only an oral agreement that the sales associate is an independent contractor. Chapter 5-8 Day 2 Flashcards | Chegg.com The father agreed to pay his son a salary of $200 per week. Which statement BEST describes the legal term nolo contendere? What amount of a brokers own personal funds may the broker place in the property management escrow account? If the subject house is better, add to the subject property's sale price. A broker has been licensed for 10 years. D. Request a nonresident waiver of education requirements. Susan should subtract the cost of the screened-in porch from the subject house to make it similar. The licensee worked for a Texas broker but recently moved to Florida. He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. T or F. The statement is true. Principal of and interest on d. Because the number was so short, she did not pay enough attention to it. 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. Which statement is TRUE of this situation? 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. The statement is FALSE. This. Sales associates must have their license issued in their legal name. Prior to having a conversation of any kind, A Notice of No Brokerage Relationship is not necessary. B) Brokers may not abbreviate the firm name in an advertisement. A) Limited partnership B) Joint adventure C) Quasi business dealing D) Ostensible partnership. An apartment building contains twenty units. What are the four settlment options in cases of conflicting demand/escrow dispute? 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. An appraiser analyzing results obtained from data to arrive at a market value. 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. The sales associate may pay both assistants. Is a broker allowed to abbreviate the brokerage company's name in newspaper advertisements of homes for sale? Carla must enroll in the sale associate pre-license course. 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. Florida law requires that this money be delivered to the broker before the end of the next business day? 3. A) The federal telemarketing law exempts telephone surveyors. Accounts receivable C. Cash in checking account D. Plant and equipment. The developer hired his son, who was not licensed to sell the lots. Which type of business brokerage entity is NOT required to file with the Florida Department of State? The DBPR does not regulate the size of the actual letters on a real estate office's entrance sign. 4. Which item on the balance sheet BEST indicates a firm uses accrual basis accounting?
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