which statement is true regarding a sales associate's registered name?

A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. What minimum amount of cash should she have available before starting up? A developer purchased a tract of land and subdivided the property into Individual lots. Each unit rented for $180 per month. Which statement is true regarding the Secretary of the Department of Business and Professional Regulation? After one more week, the son had sold only one more lot. A Broker has been hired to manage an apartment complex how much the broker handle the security deposit? (a) Sales associates are not permitted to own stock in the . The estimated total life of an improvement. D) pays for the sales associate's health insurance. d. Broker associates that wish to open and maintain an office must be licensed but only need to 4. It paid the sales associates and average of 60% commission split. 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. It's a statement of how the business profited last year. It is important because it shows how quickly the buyer found the property and wanted it. People who engage in a business, profession, or occupation in Florida must pay a business tax every year. The statement is false. 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. 7) A license sales associate decides to have personalized key rings made. Which of the following will have the most value to the buyer? In this case, the first day of the three-business-day period is Tuesday. Can the broker accept this boat as earnest money? The ratio which is determined by dividing the company's liabilities by its value and the higher the ratio, the greater the risk is? 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. The broker had received an Earnest Money Disbursement Order from the FREC. What were Piaget's four stages of cognitive development? Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas? The term of office for each Commission member is: A)Friday B)Monday C)Wednesday D)Tuesday. A) $23,067 B) $27,500 C) $57,666 D) $38,444. The Probable Cause panel is empowered when the investigation of the Department shows a probable license law violation. File an application of mutual recognition with Alabama B. 4. 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. An employee of a real estate developer sells homes in a new subdivision. A PSA cannot enter into contractual agreements with a customer or client in his or her own name; therefore, all agreements must be for and in the name of their sponsoring broker. The answer is finance real property. A developer advertises homes for $2000 down a qualified buyer offered to put down $2000 but is told all of these homes are sold is this a violation of the truth in lending act? A broker desires to keep an escrow account as an interest bearing account. He adds an inground pool, complete with a cement deck and outside lighting. Susan should add the cost of a screened-in porch to the sold price of the comparable to make it similar to the subject house. By end of business on which day must the check be deposited into the escrow account? A. Sales associates must deliver escrow funds to the broker the latest of what business day? Which statement applies to this situation? The number of days on the market is a major issue with sold comparables. C) misdemeanor. If the comparable is better than the subject property, subtract from the comparable property. A business intangible has no value for an appraisal, but a personal intangible does. A broker purchased a list of FHA foreclosure properties from an FHA employee. What best describes subpoena powers? 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. The purpose is to establish, improve and promote appraisal standards. 8.9% C. 14.53% D. 22.05%. C) Any structure that is a place used to sell real property must be registered. Which statement applies to this arrangement? B)It is illegal for the broker to keep any interest earned on escrow funds. Lori Sammis is a licensed real estate sales associate. C) frozen asset. Violators of Floridas Telemarketing Act may be fined $10,000 per call. 2. A) Type of relationship B) Behavorial C) Financial D) Motivation. A) "For the best customer service, list with Jones Realty" B) "Lovely three-bedroom home with pool close to beach" C) "Office for rent less than two blocks from the courthouse" D) "Office furniture for sale, including desk and conference table". (c) The Secretary must be an attorney. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. What action must the licensee take regarding the Florida license? He has been described as having a conservative judicial philosophy though is primarily an institutionalist. For what period of time must a broker maintain business records, including escrow account records, and make them available to audit by the DBPR? The answer is fixed cost. It shows when properties are underpriced because of unnatural days on the market. The insurance expense can be considered a A) fixed cost. t- ' . Which statement BEST describes Carla's qualifications for a FL broker license? A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. If the firm has 52 transactions, what is the average company dollar per transaction? The answer is 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. Pass a 40 question real estate exam with a great 75% or higher. In order to qualify for statutory independent contractor status, the sales associate need only have a real estate license. Which of the following statements is true? 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? Which statement is TRUE regarding the magnets? Mandatory suspension until the fund is paid back in full including interest. Capri sales staff will temporarily work out of a model home in the subdivision. Sales associates may be limited partners in a limited partnership. D) Because he is broker qualified, he need only print his name and phone number on the magnets. The DBPR has 90 days after receiving an application to check for errors and omissions and to send a notice of insufficiency concerning any additional information required. T or F. The statement is true. A broker has been licensed for 10 years. Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. Registration and licensure are synonymous. The Sherman Antitrust Law and Florida antitrust laws prohibit which activity? D) reserve for replacements. Real estate escrow funds may NOT be placed in which type of depository? The answer is A) LORI SAMMIS, PA. a. Financing services requires a mortgage broker license. What information need not be disclosed when submitting applications? Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. 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. Once the owner-developer information is registered into the DBPR database, sales associates and broker associates are registered under the owner-developer. The answer is 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 resident licensee who becomes a nonresident must notify the Commission of the change in residency within 15 days. Why is this so important? The plan includes the mission statement as well as the budget. Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? A broker associate may hold which position in a real estate brokerage entity? She also has had an active NY real estate broker since 1996. Which statement is TRUE regarding this situation? The purpose is to establish educational and experience qualification criteria for the licensing, certification and recertification of appraisers. 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. $9,692 C. $16,154 D. $3,489, The answer is $6,462. B) Brokers may not abbreviate the firm name in an advertisement. Bob was spending all of the money in his trust accounts to finance his new boat. The Department has subpoena powers. TRUE OR FALSE All active Florida real estate brokers are required to have an office. Monday of the next week What are the four settlment options in cases of conflicting demand/escrow dispute? B) a group license. The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. B) the residences do not have any occupants who are younger than 18. Greets customers and makes them feel comfortable. John Glover Roberts Jr. (born January 27, 1955) is an American lawyer and jurist who has served as the 17th chief justice of the United States since 2005. Yes, the broker can accept the sailboat so long as the seller is aware of the terms and conditions and the lack of liquidity of the boat. She was so excited that she could not type the numbers fast enough. 3. A) Salaried employee of a company selling real estate owned by the company as part of the employee's normal work-related duties B) Individual serving as a personal representative and acting within the statutory limits of that designated role C) Person conducting an auction of real property D) Person selling cemetery lots for compensation, The answer is person conducting an auction of real property. If the names of associates do appear on the entrance sign, the associates license status must appear next to the nam. (b) All sales associates, broker associates, and brokers who are . Which of the following is the best explanation for this failure? Bigamy always produces a void marriage. Carla relocated to Boca Raton six months ago and she wants a FL real estate broker's license. The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. A broker projects that her office expenses will be $346,000 this year. The ability to audit all records of a broker and his staff. In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. Which statement BEST describes the legal term nolo contendere? 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. The Alabama licensee must satisfactorily complete the Florida prelicense course and pass the state license exam. FCC rules under the Junk Fax Prevention Act mandate that it is unlawful to send unsolicited advertisements to a residential or business fax machine without the recipient's prior express invitation or permission. Ignore the complaint since it is unsigned. The answer is A) ATTORNEYS TRUST ACCOUNT. D) It is a court decision to place a defendant on probation. Eight months following expiration of the broker's initial license, the licensee requested a post-license hardship extension. B) marital status. Data includes general appearance of properties. True False. Which of the following is an appraiser likely to find? The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. Broker Bob MUST notify FREC of the dispute within ____ days. the Commission may impose an administrative find not to exceed $1,000 for each count. A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. Estimates are necessary in financial statements. 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. Mediation, Arbitration, Litigation, Escrow disbursement order (EDO). A business intangible is the value of the inventory, where a personal intangible is the value of the owner's shares. C. If failing the end-of-course exam, the student must repeat the entire course before retesting. 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. Paul's ad discloses his license status and his brokerage firm's name. 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? What should Susan do with this information? B. The name and address of the owner-developer is registered with the DBPR. The Junk Fax Prevention Act applies to residential fax machines only. 10 days B. C) religion. A person other than the broker may sign checks on the escrow account, but the broker must also be a signatory. 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. T or F. The statement is true. A) 1.94 B) 3.89 C) 7 D) 5. C) The broker serves as an advisor to the buyer and the seller. Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. An involuntary inactive license will expire and become null and void after one year. 3. 1. 4. T or F. The statement is false. All the assets and liabilities are noted that belong to the business. The court awarded damages of $15,000 to the defendant against the broker. The broker will be suspended until the case is solved by the FREC. 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 broker's trust liability is $2,300,000.00. 475. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. This is known as what type of advertising? B) variable cost. If a broker maintains a brokerage office in the broker's residence, the broker is exempted from ADA accessibility requirements in all parts of the residence except the room where brokerage business is conducted. 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. Closings are held at the broker's main office or at a title company. The answer is BLIND. 4. The answer is pays a higher commission to a sales associate than is customary. 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. A sales associate may hold which position? The board member must be a licensed real estate sale associate. What is the position of the Probable Cause Panel in this action? A. The real estate licensee who prepared or presented the sale contract must indicate on the purchase and sale agreement the title company's name (or attorney's name, if applicable), address, and telephone number. The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? A developer purchased a tract of land and subdivided the property into individual lots. What does he need to do? The answer is 4. The board member must be a licensed real estate broker. A) Limited partnership B) Joint adventure C) Quasi business dealing D) Ostensible partnership. (a) Sales associates are not permitted to own stock in the entity. This year he rented nearly all the space and got much more rental income, but the insurance premium did NOT increase. The agent must disclose to the buyer all material facts that will affect the value of the property. Which statement is TRUE regarding interest-bearing escrow accounts? The answer is false. The landlord was returning the security deposit to Sue and George for the apartment they had vacated. If the son had been paid salary only, this would have been a legal arrangement. The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. All of the following detract from consumer "curb appeal" EXCEPT: A basement crack on the inside basement wall. T or F, A real estate broker who legally operates as the broker for more than one real estate brokerage holds multiple licenses. D) sexual orientation. The appearance and conditions of the comparable properties. 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. True False. A) General partner B) Director of the corporation C) Sole proprietor D) Treasurer of the corporation, A sales associate license may be issued under which name? There is no violation of FS 475. 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. 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. However, if a broker pays for insurance or pensions, has behavioral control about how or when the associates work, or fails to have a written employment agreement stating that the associate is an independent contractor, the IRS may deny the status. TRUE OR FALSE: A Corporation sole is permitted to register as a real estate broker. The son quit his job to go to work for another developer, who paid a higher weekly salary. D)Susan has formed a limited liability company (LLC) for income tax purposes only, and is employed by and registered under either a licensed real estate broker or an owner-developer. Susan should subtract the cost of the screened-in porch from the subject house to make it similar. The broker must notify the DBPR of the change in business address before business can be conducted. $6,462 B. The bird house is personal property and belongs to the seller. Susan Walters is a licensed real estate sales associate. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. A) $52,000 B) $178,000 C) $106,000 D) $70,000. 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. The answer is D) SUSAN HAS FORMED A LIMITED LIABILITY COMPANY (LLC) FOR INCOME TAX PURPOSES ONLY. A broker will be opening a new brokerage firm and is working on her business plan. 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 broker cannot receive money from the Recovery Fund because he gave the earnest money to the wrong person. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. The broker will be entitled to receive repayment from the Recovery Fund, but the broker will be on probation for ten years. D) January 15. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. D) The real estate value must exceed $1 million. C) must retake the broker prelicense course within one year. Disclosure rules do not apply to auctions. C) must complete the real estate prelicense course and pass the Florida state license exam. An Alabama real estate licensee moved to Tampa Bay, Florida, six months ago. What statement is true regarding Florida's telemarketing law? The limited partner must make an investment in cash or property, but not services. True or False? A. 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? 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. A real estate agent has been licensed in Texas for one year. A broker who seeks to be involved in business brokerage must have all of the following EXCEPT: Knowledge of personnel laws for business. A) The buyer and the seller must each have assets of at least $1 million. The seller refuses to fix a broken window. C. be a Florida resident. 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. b. Owner-employers and brokers are registered and licensed. The answer is LIMITED PARTNERSHIP. Institutional advertising is designed to make the public aware of the firm and its services, management, and staff. A)Litigation B)Escrow disbursement order C)Mediation D)Stipulation. The number of years during which the property will yield a worthwhile return on its investment. A property management firm or an owner of an apartment complex may pay a finders fee (or referral fee) of up to $50 to an unlicensed person who is a tenant of the apartment complex. The amount of commission to be paid is negotiable. Two men enter into a business arrangement. Bob was recruiting licensed sales associates from other firms and the Board of Realtors did not like this. Which business entity may NOT register as a real estate brokerage entity? The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. 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. The fee paid to the FHA employee is a referral fee, which is legal under FL RE law. This is an example of: Buyer Barry and seller Sue are in a disagreement about an Escrow Deposit for a sale that fell through. What was the investor's rate of return for the property if she paid $195,000 for the property? THE BROKER MUST REGISTER THE NEW BRANCH LOCATION AND PAY THE BRANCH OFFICE LICENSE FEE. D. disclose any denials of a real estate license in another state. Which qualification is required for licensure as a Florida broker? Which Statement is TRUE regarding the Save Our Home amendment? The appraiser made note of the loss of land caused by the hurricane. The reasons for selling businesses are varied and the appraiser must establish the value of the business before it can be sold. What action will be taken against a broker when a payment is paid from the recovery fund? Within 10 days, the broker must request written verification that the earnest money deposit was placed in Attorney White's trust account. Within how many days must the landlord notify the tenant of their intentions to claim the deposit? The answer is B) STOCK BROKERAGE HOUSE. FREC rules require the broker to be a signatory on all brokerage escrow accounts. The answer is motivation. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. C) a single broker license and require the broker to appoint an office manager at each location. TRUE OR FALSE: After discussion with the broker, a real estate licensee offers to share part of the commission with the buyer. The sales associate may pay the salary to the unlicensed assistant. T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. The total sales from the US convenience store industry generated in 2015 amounted to more than $603 billion while the sales exceeded $680 billion by the end of 2016. D) is allowed 30 days to make up the post-license course but is charged a late fee. What must a broker do with his trust account? A broker applicant who received a master's degree in real estate from an accredited institution is exempt from the broker pre-license education course. 15 days C. 20 days D. 30 days. A) States that have a mutual recognition agreement with Florida provide reciprocity to Florida licensees to conduct real estate in other states. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? Both the father and son have violated FS 475. Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? D) Both the employee and his employer must be licensed real estate brokers.

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