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? the Commission may deny an application for licensure, registration, permit or renewal. The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. B) must requalify for licensure. Using landmarks such as a reference to a mosque, church, or synagogue may indicate a religious preference. Which item would most likely be classified as a fixture? D) reserve for replacements. A business intangible reflects integrity of a business where a personal intangible reflects the integrity of the current owner. A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. The exam consists of 40 questions worth 1 point each. Which BEST illustrates institutional advertising? Which item on the balance sheet BEST indicates a firm uses accrual basis accounting? An apartment building contains twenty units. The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. 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. A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. Would this be legal? A brokerage company had $840,000 in gross income last year. The name and address of the owner-developer is registered with the DBPR. 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. Failure to pay for the annual business tax is a A) felony. D) Because the sales associates are not permanently assigned to the model home and closings are not conducted at the site, the model home does not have to be registered as a branch office. A) Annual budget B) Business plan C) Sales program D) Mission statement. Which statement BEST describes Carla's qualifications for a FL broker license? An appraiser has an older home with four bedrooms, a screened-in porch and one bath. The licensee worked for a Texas broker but recently moved to Florida. The Department must investigate all complaints, signed or unsigned. The seller decides to give the sales associate a shopping mall gift certificate. The answer is finance real property. The sales associate should have deposited the earnest money check immediately and the broker had three business days. TRUE OR FALSE: The office sign at the entrance of the brokerage business must display the brokerage street address. T or F, A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. As discussed in Chapter 1, mortgage loan originators require . Because the definition of real property includes any interest in business enterprises or business opportunities, individuals who specialize in the sale of businesses, known as business brokers, must hold Florida real estate licenses. Capri Realty is the exclusive representative of Verde Ridge subdivision. If the subject house is worse than the comparable, subtract from the subject property. A broker follow the instruction of a EDO however he was sued by the other party and lost there was $8000 in a binder deposit $3500 in a court costs and $4500 in attorney fees how much can FREC disperse? If the comparable is better than the subject property, subtract from the comparable property. D) multiple licenses. A broker who seeks to be involved in business brokerage must have all of the following EXCEPT: Knowledge of personnel laws for business. When paid, the county will issue a Business Tax Receipt. C) religion. 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. A parcel of real estate has been left to Betty through a will for her use and enjoyment through her lifetime what type of estate does Betty have? Which of the following is the LEAST reliable in projecting value of a business? 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. Brokers must institute one of the four settlement procedures with _____ business days of receiving conflicting demands or of having a good-faith doubt. The answer is it is a plea of no contest. 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. Which statement applies to this situation? No. He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. Brokers must give their employees W-2 forms and give their associates Form 1099 for the previous year no later than A) April 15. T or F. The statement is false. The answer is $106,000. A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. B)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 buyer and seller were both upset and filed a complaint with the FREC. The Florida real estate commission does not have the authority to impose what penalty? c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. A real estate application expires after what period of time? A person applying for a real estate broker license must: A. disclose personal financial information. A) Auction real property B) Exchange real property C) Finance real property D) Appraise real property. The court awarded damages of $15,000 to the defendant against the broker. When both the buyer and seller have assets of $1 million or more and have requested designated sales associates. A broker purchased a hazard insurance policy for his office building last year when he had many vacancies. If the names of the sales associates are on the sign, the names must be placed below any brokers' names and include the associate's license status as sales associate. 2. Which statement is TRUE? The son quit his job to go to work for another developer, who paid a higher weekly salary. The limited partner must make an investment in cash or property, but not services. A developer purchased a tract of land and subdivided the property into Individual lots. C. be a Florida resident. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. a. A broker uses the houses most similar to do a CMA. The ability to require that a broker and his staff appear before the FREC. After paying sales commissions to the associates, the broker had $245,000 remaining. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. Ticket for failing to stop at a red light six months ago. It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. She finds three comparable properties. This is an example of: Buyer Barry and seller Sue are in a disagreement about an Escrow Deposit for a sale that fell through. Protection is provided under the Fair Housing Act based on A) age. T or F, The statement is false. The ability to audit all records of a broker and his staff. A broker comparing like properties and averaging the results to get a market value. 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 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 questions on my assessment will include true true/false questions, false true/false questions, fill-in-the-blank, multiple choice, and . Convenience store financial statements. 2017 Annual Report. She was so excited that she could not type the numbers fast enough. THE BROKER MUST REGISTER THE NEW BRANCH LOCATION AND PAY THE BRANCH OFFICE LICENSE FEE. d. Broker associates that wish to open and maintain an office must be licensed but only need to What is the position of the Probable Cause Panel in this action? C) frozen asset. 4. (c) The Secretary must be an attorney. Can the broker accept this boat as earnest money? A. Which of the following are disciplinary actions by the Commission for the lack of disclosure to a buyer or seller? a) The name on the real estate brokerage firm for which the associate works must be printed on the key rings; b) As long as the sales associate is paying the entire cost of the rings, he can put any wording on them he chooses. (a) Sales associates are not permitted to own stock in the entity. However, no sales associate or broker associate may be registered as that brokerage's officer, director or general partner. The applicant has not fulfilled the experience requirement. t- ' . An employee of a real estate developer sells homes in a new subdivision. C) It is an order by a court of law to stay the sentence. Her office has six employees and nine sales associates. Florida Real Estate Brokers and Brokerages Laws and Requirements The insurance expense can be considered a A) fixed cost. 1. A member of the board of directors is responsible for negotiating the company's leases. The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house. The statement is TRUE. What amount of a brokers own personal funds may the broker place in the property management escrow account? 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. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. What is the fine per telephone call for a violation of Floridas Telemarketing Act? 10 days B. The case will be sent on to an administrative law judge to issue a recommended order. 2 Q A business intangible is something readily seen by a buyer, where personal intangibles are not readily seen. Which statement is TRUE regarding designated sales associates? The sales associates are likely to bring in $300,000 ($50,000 x 6 associates), so the broker achieves her goal. 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. A) Type of relationship B) Behavorial C) Financial D) Motivation. Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? Prior to having a conversation of any kind, A Notice of No Brokerage Relationship is not necessary. When a broker opens a new brokerage office, no new brokerage business may be conducted (the license ceases to be in force) until the DBPR is notified of the new business location and it is properly registered. The bird house was affixed with a permanent method of annexation; so it should stay. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. Failure to pay the tax is a misdemeanor. Yes because it's an example of bait and switch. 4. Which statement is TRUE regarding obtaining a real estate license through mutual recognition? Which statement is TRUE regarding the magnets? 7.6% B. A. 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. The brokerage company handles residential transactions. A)Wednesday B)Monday C)Thursday D)Friday. Which duty may an unlicensed personal assistant NOT perform? He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. What should they do? Correct: True. Bob was recruiting licensed sales associates from other firms and the Board of Realtors did not like this. Which of the following is true? In the government survey system the 6 mile vertical strip of land located immediately west of the principle meridian is called? A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. The appearance and conditions of the comparable properties. What statement best describes the term follow up? D) sexual orientation. If Joe violated a rule under Chapter 475 F.S. A) $52,000 B) $178,000 C) $106,000 D) $70,000. C. If failing the end-of-course exam, the student must repeat the entire course before retesting. The answer is fixed cost. the Commission may impose an administrative find not to exceed $1,000 for each count. All of the following are true about Florida real estate disclosure laws EXCEPT: Disclosure rules do not apply to the rental or leasing of real property unless an option is given. An involuntary inactive license will expire and become null and void after one year. What law prohibits racial discrimination in the United States? T or F. The statement is true. Carla had an inactive GA real estate license since 1980. This. Florida Broker's Office Requirements - MLS Campus The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. Archive 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 Solved Which statement is TRUE regarding designated sales - Chegg The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. T or F, A real estate broker who legally operates as the broker for more than one real estate brokerage holds multiple licenses. Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? The annual rent is $14,500 plus you also have to pay 3% of any sales in excess of $350,000 his gross sales are $450,000 what is the guys total annual rent? Yes. B) cause for requiring a business to cease operations. The number of years since improvements were made. A person who is empowered to act on behalf of another is called: The obligations of a transaction broker include all EXCEPT: Disclosing that the buyer will pay a higher price than offered. What is the time limit the Department has to file a complaint against a broker? Within 10 days, the broker must request written verification that the earnest money deposit was placed in Attorney White's trust account. B)It is illegal for the broker to keep any interest earned on escrow funds. Which business entity may NOT register as a real estate brokerage entity? The answer is A) LORI SAMMIS, PA. The answer is D) SUSAN HAS FORMED A LIMITED LIABILITY COMPANY (LLC) FOR INCOME TAX PURPOSES ONLY. The broker's request to the title company (or to the attorney) must be in writing. He adds an inground pool, complete with a cement deck and outside lighting. Or the sales escrow account? C) a single broker license and require the broker to appoint an office manager at each location. 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. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. C. The applicant must apply for a broker license under mutual recognition. The fee paid to the FHA employee is a referral fee, which is legal under FL RE law. B) January 31. 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. The reasons for selling businesses are varied and the appraiser must establish the value of the business before it can be sold. 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 Manager. $245,000 company dollar 250 sales = $980.00 company dollars per sale. The answer is the employee must hold a real estate license because he receives compensation based on sales. Nursing Reflective Essay. Ignore the complaint since it is unsigned. The answer is active member of The Florida Bar. Because the FREC issued the Earnest Money Disbursement order, the broker is entitled to repayment up to $50,000. Which qualification is required for licensure as a Florida broker? The three business-day time period for the broker to deposit the funds begins on the day the sales associate is required to deliver the funds to the broker. True False. The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved. His wife Susan Meyers works with Mike and is a licensed broker associate. 2. What recourse is available to the prospective tenant who purchased the information and found that much of the rental information was out-of-date? Disclosure paperwork must be kept by a broker for five years. A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. 3. D) all the occupants of the residences within the community are at least 55 years old. 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. 1. It is important because it shows how quickly the buyer found the property and wanted it. 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? The arrangement is disclosed to all interested parties. F.S. b. Owner-employers and brokers are registered and licensed. The seller refuses to fix a broken window. The ratio which is determined by dividing the company's liabilities by its value and the higher the ratio, the greater the risk is? The broker wants to close her Bradenton office and open a new branch office in Sarasota, Florida. What action does not terminate a brokerage relationship? Sales Associate Job Description - Forbes Advisor 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. The number of years during which the property will yield a worthwhile return on its investment. The number of days on the market is a major issue with sold comparables. Chapter 5 Flashcards - Cram.com A) 30.7 B) 27.55 C) 41.2 D) 19.38. 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. What statement is true regarding Florida's telemarketing law? Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? The purpose is to sponsor appropriate activities relating to standards, qualification and issues of importance to appraisers. The Alabama licensee has requested a Florida real estate license based on mutual recognition. The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. This is an example of a legal kickback or rebate. 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 written authorization must specify who is entitled to the interest earned. He has been described as having a conservative judicial philosophy though is primarily an institutionalist. The answer is LIMITED PARTNERSHIP. 10 days B. The test has between 75 and 265 questions and the student has six hours to complete it. The sales associate for the firm lists and sells the property and is to receive 55 percent of the total sale commission. C) must retake the broker prelicense course within one year. A. A stipulation is an agreement as to the penalty reached when a licensee has violated license law. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. Students must pass the end-of-course exam with a grade of 75 or higher. A license is placed in involuntary inactive status for no more than two years. A) Any location that is used to meet and greet prospective buyers must be registered as a branch office. A) Limited partnership B) Joint adventure C) Quasi business dealing D) Ostensible partnership. B) variable cost. The statement is false. 475. A broker is qualifying for several different real estate companies in this situation a broker should request a? TRUE OR FALSE: A licensee who violates the federal telephone solicitation law may be fined up to $10,000 per call. Susan Walters is a licensed real estate sales associate. Prior to the EDO being issued, the escrow dispute was settled between the parties. She expects monthly revenue for the first year will be $15,000 and that her monthly expenses will be $12,000. 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. B) a group license. What are the 3 exceptions related to the notice and settlement procedures for sales escrow accounts: 1) If a HUD sale, the broker would follow their guidelines2) If a buyer of a condo unit timely delivers to a licensee written notice of their intent to cancel the contract as authorized by the Condominium Act, the licensee may return the funds3) Buyer cant get financed. 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. 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. Both the father and son have violated FS 475. 8. Yes the broker must retain documents for five years. Quiz #1 Flashcards Determine what a broker's trust liability is when the bank statement on June 3 reported a balance of 923,000. 2. The new location must be registered and the fee paid. The three real estate license categories do not include? Which individual is exempt from the continuing education requirement? No. The vacancy rate is 5%. A grade of 30 points (75%) or higher is required to pass the exam. A listing agent who shows property for a seller to a ready, willing and able buyer has certain obligation to the buyer. Only the father has violated FS 475. True or False? Yes. After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action.
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