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

475. The appearance and conditions of the comparable properties. Sales associates must deliver escrow funds to the broker the latest of what business day? Which statement is TRUE regarding this situation? The sales associate may pay both assistants. 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. The broker maintains $1000 in the account of his own money. A CMA gives a range of value while an appraisal gives an opinion of value. Which information is NOT required to appear on the official entrance sign to a real estate office? The broker paid the damages and requested reimbursement from the Real Estate Recovery Fund. People who engage in a business, profession, or occupation in Florida must pay a business tax every year. What type of rights are associated with moving water? The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. Violators of Floridas Telemarketing Act may be fined $10,000 per call. T or F. The statement is false. A)Friday B)Monday C)Wednesday D)Tuesday. this method is called? A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. T or F. The statement is true. Which statement is TRUE of this situation? A broker associate may be issued multiple licenses. Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? which statement is true regarding a sales associate's registered name? The sales associate gave the check to his broker on Tuesday. The sales associate should have deposited the earnest money check immediately and the broker had three business days. A sales associate or broker associate may not be an officer or director of a real estate brokerage corporation. Real estate escrow funds may NOT be placed in which type of depository? She expects monthly revenue for the first year will be $15,000 and that her monthly expenses will be $12,000. What statement is true regarding Florida's telemarketing law? The reasons for selling businesses are varied and the appraiser must establish the value of the business before it can be sold. Chapter 3 Flashcards | Quizlet 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. The sales associate may pay the salary to the unlicensed assistant. 1. If the broker does NOT renew the license by the end of the license period, the license will automatically 1. expire 2. revert to voluntary inactive status 3. revert to involuntary inactive status 4. be canceled. The appraiser made note of the loss of land caused by the hurricane. Differences in accounting methods are permitted due to the instructions of the owner. Provisional Sales Associate A provisional sales associate (PSA) is an entry level licensee, which is under the supervision of a real estate broker. 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. The ability to require a person to appear before the courts to give testimony. True False. Florida's real estate law prohibits real estate salespeople, or licensed sales associates, from office ownership. D) It is a court decision to place a defendant on probation. (c) The Secretary must be an attorney. D. Students who fail the end-of-course exam may retake the exam until they receive a passing score. A CMA is not used for lending or insurance purposes but an appraisal is. A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. Or the sales escrow account? D) sexual orientation. Data includes general appearance of properties. The value of a property which is used by local taxing authorities for real estate taxes is. The applicant recently moved to Florida and has completed the Florida broker prelicense course. D. disclose any denials of a real estate license in another state. Which document must a buyer received prior to purchasing a condominium? 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. 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. A corporation sole cannot be registered as a real estate broker. Divide the gross income required by the number of sales associates: $346,000 9 = $38,444. The fee paid to the FHA employee is a referral fee, which is legal under FL RE 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. Accounts receivable C. Cash in checking account D. Plant and equipment. It is important because it shows how quickly the buyer found the property and wanted it. What information need not be disclosed when submitting applications? The statement is TRUE. The ability to sue the FREC if necessary. Ignore the complaint since it is unsigned. What should they do? A prospective tenant purchased rental information from a real estate brokerage company for $75. I think I know Flashcards | Quizlet The statement is FALSE. If the names of associates do appear on the entrance sign, the associates license status must appear next to the nam. How many days does a purchaser of a new condominium have to cancel the sale? 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. A. A)Litigation B)Escrow disbursement order C)Mediation D)Stipulation. Chapter 5 Flashcards - Cram.com The broker must notify the DBPR of the change in business address before business can be conducted. The Probable Cause Panel will recommend a punishment to the Department. It's a projection of income in the future and should be labeled as such. The answer is pays a higher commission to a sales associate than is customary. Name the Business entities that CAN register as a brokerage entity, Sole Proprietorship, general partnership, limited partnership, limited liability partnership, corporation, and limited liability company. FREC fined a real estate licensee $5000 under what authority does this discipline fall? 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. The Department has the power to seek records and to seek witnesses. The answer is A) LORI SAMMIS, PA. B)Susan has formed a real estate brokerage business as a limited liability company (LLC). the Commission may deny an application for licensure, registration, permit or renewal. The answer is A) ATTORNEYS TRUST ACCOUNT. The answer is 27.55. A BAR SALE, Which activity does NOT require a real estate broker license? Students must pass the end-of-course exam with a grade of 75 or higher. If the comparable is worse than the subject house, add to the sale price of the subject house. Archive 3. The broker deposited the money into the trust account, but when the broker's electric bill was due, he deposited the buyer's money into the broker's business account to pay the bill. 1. Two men enter into a business arrangement. A) $52,000 B) $178,000 C) $106,000 D) $70,000. In order to qualify for statutory independent contractor status, the sales associate need only have a real estate license. 15 days C. 20 days D. 30 days. D) all the occupants of the residences within the community are at least 55 years old. A broker desires to keep an escrow account as an interest bearing account. The other expenses in the question are fixed expenses. Which duty may an unlicensed personal assistant NOT perform? No. The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. C) must retake the broker prelicense course within one year. $27,000 monthly requirement $980.00 = 27.55 sales required. Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. Mandatory suspension until the fund is paid back in full including interest. True False. A business intangible is the value of the inventory, where a personal intangible is the value of the owner's shares. 8.9% C. 14.53% D. 22.05%. c. She lacks photographic memory. There is a multitude of factors brokers must consider when opening an office. Which of the following is the LEAST reliable in projecting value of a business? A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. A. Her office has six employees and nine sales associates. 2003-2023 Chegg Inc. All rights reserved. Limited partners are not liable to creditors of the partnership. The answer is 3, revert to involuntary inactive status. The right of survivorship is contained in which tenancy? C)Susan is in violation of Florida license law. His wife Susan Meyers works with Mike and is a licensed broker associate. 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 Department has the authority to investigate complaints from others and investigate its own complaints. State law fine = $10,000FEDERAL law fine = $11,000. Flashcards - Real Estate - FreezingBlue The buyer is angry and threatens not to close if the bird house is not returned, since the buyer considers the bird house a fixture on the property. (Section 61J2-5.016, Florida Administrative Code) Office locations T or F. The statement is false. the basement, garage and house added together, the finished basement and the main floor of the house. Failure to pay for the annual business tax is a A) felony. Carla must enroll in the sale associate pre-license course. The answer is false. Ten units are rented monthly for $300, five for $325, and five for $350. The licensee worked for a Texas broker but recently moved to Florida. T or F, A real estate licensee who has attained a four-year degree or higher in real estate from an institution of higher education is exempt from the post-license education requirements. The son was employed by his father, the owner-developer. 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. C) frozen asset. C. If failing the end-of-course exam, the student must repeat the entire course before retesting. The license of a broker who does not complete the post-license requirement becomes null and void. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. Registration and licensure are synonymous. A)First degree misdemeanor B)Third degree misdemeanor C)Third degree felony D)Second degree misdemeanor, The answer is A) FIRST DEGREE MISDEMEANOR. Mediation is an informal, non-adversarial process intended to reach a negotiated settlement. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. 4. Subtract the liabilities short and long term from the value of the business. D) Real estate applicants who apply for a Florida real estate license through mutual recognition are exempt from the post-license education requirement. D) violation of Chapter 475. Which of the following statements is true? Color brochures, floor plans, and blank sale contracts are stored at the model. Driving under the influence (DUI) conviction that occurred 15 years ago B. Which statement applies to this arrangement? The answer is $106,000. He hires his son but he is NOT license to sell lots.Father offers son a salary of $200 per week. An unlicensed individual may NOT hold which position in a brokerage business entity? He has a monthly service charge of $12.00. Bob was recruiting licensed sales associates from other firms and the Board of Realtors did not like this. A real estate agent has been licensed in Texas for one year. Three brokers decide to lower their commission rates to 3% in hopes of driving a discount broker out of business this is defined to as? A)Lori Sammis, PA B)Lori Sammis and Company C)Lori Sammis and Excel Realty D)Excellent Service Realty. Determine what a broker's trust liability is when the bank statement on June 3 reported a balance of 923,000. Additionally, the office must be registered with the Department of Business and Professional Regulation. 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. He has shown a willingness to work with the Supreme Court's liberal bloc, and, after the retirement of Anthony Kennedy in 2018, he . 2 Q A person applying for a real estate broker license must: A. disclose personal financial information. Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? Making statements to neighbors about minority groups moving into the neighborhood in order to get listings is? the Commission may impose an administrative find not to exceed $1,000 for each count. Because the FREC issued the Earnest Money Disbursement order, the broker is entitled to repayment up to $50,000. A) Inactive real estate licensee B) Active member of The Florida Bar C) Individual who has received a four-year degree in real estate D) Nonresident licenseeTerm. What is the loan to value ratio for a home purchase for $285,000 with a down payment of $57,000? 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%. 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. Which individual is exempt from the continuing education requirement? Quiz #1 Flashcards The answer is active member of The Florida Bar. 2. A broker associate may hold which position in a real estate brokerage entity? D) reserve for replacements. A) Limited partnership B) Joint adventure C) Quasi business dealing D) Ostensible partnership. All of the following are examples of the need for valuation of business EXCEPT: All of the following are steps in the sale of a business EXCEPT: The appraiser lists the property for sale. Contacting buyers once they've moved into their homes. Brokers are not required to place the names of the sales associates on the entrance sign. The answer is commissions paid to sales associates. 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? However, for tax purposes, a sales associate is allowed by law to form a professional corporation (PA), and in this case, the DBPR will issue the license in the licensees actual (legal) name and include the entity designation (PA) after the licensees legal name. Which of the following are disciplinary actions by the Commission for the lack of disclosure to a buyer or seller? Because sales associates and broker associates may have only one registered employer at a time, sales associates and broker associates may not hold multiple licenses. 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? The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. A) Yes, provided the words "Licensed Real Estate Broker" appear in the ad. D) is exempt from the real estate prelicense course; however, she must pass a written Florida-specific real estate law exam. Brokers must give their employees W-2 forms and give their associates Form 1099 for the previous year no later than A) April 15. C. be a Florida resident. Which statement is TRUE regarding the key rings? 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 D. The applicant must successfully complete the sales associate prelicense course before becoming a Florida real estate broker. T or F. The statement is false. The seller decides to give the sales associate a shopping mall gift certificate. 4. Which statement is TRUE regarding the magnets? The answer is motivation. This year he rented nearly all the space and got much more rental income, but the insurance premium did NOT increase. 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. All of the following detract from consumer "curb appeal" EXCEPT: A basement crack on the inside basement wall. T or F, The statement is false. The broker wants to close her Bradenton office and open a new branch office in Sarasota, Florida. A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. What action does not terminate a brokerage relationship? The case will be sent on to an administrative law judge to issue a recommended order. Which statement is TRUE regarding obtaining a real estate license through mutual recognition? The statement is false. Which method is NOT one of the four settlement procedures available to the parties when there is an escrow dispute? 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. Because an RV is not a building of stationary construction, it does not meet the minimum office requirements and may not be registered as a real estate branch office. The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. or her license must be placed on inactive status. A broker who has a good faith doubt regarding who is entitled to escrow funds should take which action? 3. Both the father and son have violated FS 475. When must the Notice of No Brokerage Relationship be given? 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 broker pays the business tax; licensees who work for the broker are exempt from paying the tax. B) January 31. In the government survey system the 6 mile vertical strip of land located immediately west of the principle meridian is called? When does the sales associate have to give the deposit to the broker? 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. What statement best describes the term follow up? Real estate licensees on active duty with the U.S. Army are required to renew their licenses: within six months after discharge. A)#1Service Realty B)Mike Meyers C)Susan Meyers, Broker Associate D)Licensed real estate broker, The answer is SUSAN MEYERS, BROKER ASSOCIATE. The board member must be a licensed real estate broker. Principal of and interest on F.S. If an escrow account is an interest-bearing account, the broker must get written permission from all parties before placing the funds into the account. B) Brokers may not abbreviate the firm name in an advertisement. THE BROKER MUST REGISTER THE NEW BRANCH LOCATION AND PAY THE BRANCH OFFICE LICENSE FEE. When both the buyer and seller have assets of $1 million or more and have requested designated sales associates. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? The broker has until the end of the third business day (Thursday) to deposit the funds. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission. Pass a 40 question real estate exam with a great 75% or higher. He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. When paid, the county will issue a Business Tax Receipt. Prior to the EDO being issued, the escrow dispute was settled between the parties. The landlord was reviewing his property management agreement with the broker. 4. Which statement best describes the legal requirements? An appraiser analyzing results obtained from data to arrive at a market value. 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. Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. 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? 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. If a broker requests an EDO and the escrow dispute is either settled or goes to court before the EDO is issued, the broker must notify the FREC within ____ business days. A broker will be opening a new brokerage firm and is working on her business plan. The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. Florida Broker's Office Requirements - MLS Campus A real estate broker does NOT have to report to the FREC conflicting demands regarding escrowed property if the escrowed funds are maintained by which method? The developer hired his son, who was not licensed to sell the lots. The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? 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. The sales associate must first check the phone numbers against the National Do Not Call Registry. 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? 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. A broker made a request to the Commission that it issue an escrow disbursement order (EDO) regarding disputed escrowed funds. The statement is TRUE. 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 answer is STIPULATION. The statement is true. Bob was placing his for sale signs on individual's properties without their written consent. Sales associates may be limited partners in a limited partnership. A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. Which statement is TRUE regarding interest-bearing escrow accounts? A broker comparing like properties and averaging the results to get a market value. The applicant has not fulfilled the experience requirement. C) a single broker license and require the broker to appoint an office manager at each location. and this is his first offense, what is the recommended period of time of probation he could receive under the Standards of Practice? B) marital status. Disclosure rules do not apply to nonresidential transactions. Vacancy and collection losses are estimated to be 5% of the potential gross income. The Internal Revenue Service (IRS) is NOT likely to disqualify an independent contractor status if a broker A) pays a higher commission to a sales associate than is customary. An appraiser must follow specific guidelines to do an appraisal, where a sales associate follows his broker's direction to do a CMA. Browse over 1 million classes created by top students, professors, publishers, and experts. The Department has subpoena powers. Only buyers, sellers and tenants can receive money from the Real Estate Recovery Fund. If Joe violated a rule under Chapter 475 F.S. The Probable Cause Panel will determine the guilt or innocence of the party. Hal's home is a 1200-square-foot ranch with a basement and a garage. Monday of the next week Failure to pay the tax is a misdemeanor. C) The name of the brokerage company for which he works must be printed on the magnets. There is no requirement to include the brokerage office street address on the entrance sign. The son alone has violated FS 475. Which statement is TRUE regarding designated sales associates? C) The employee must hold a real estate license because he receives compensation based on sales. If the firm has 52 transactions, what is the average company dollar per transaction? A license is placed in involuntary inactive status for no more than two years. A. An appraiser has an older home with four bedrooms, a screened-in porch and one bath. The additions made by the seller, including a new garage. 4. The estimated total life of an improvement. B) Real estate licensees are exempt from the telemarketing laws. B) cause for requiring a business to cease operations. The Manager. When a current active or inactive license expires, the license reverts automatically to involuntary inactive status (except for the initial license period).