B) January 31. Principal of and interest on He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. If the comparable is worse than the subject house, add to the sale price of the subject house. Two men enter into a business arrangement. In this case, the first day of the three-business-day period is Tuesday. 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. Which statement applies to this situation? A)15 business days B)30 calendar days C)24 hours D)10 business days, The answer is D) 10 BUSINESS DAYS. (b) All sales associates, broker associates, and brokers who are . Using landmarks such as a reference to a mosque, church, or synagogue may indicate a religious preference. A. The broker has until the end of the third business day (Thursday) to deposit the funds. 3. The broker wants to close her Bradenton office and open a new branch office in Sarasota, Florida. Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. A)Susan must partner with a real estate broker in order for her license to be issued this way. The seller refuses to fix a broken window. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. A broker may NOT place funds into an interest-bearing account unless all parties agree who is entitled to the interest. Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? 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? Sales associates must have their license issued in their legal name. Capri sales staff will temporarily work out of a model home in the subdivision. The statement is false. 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. B. be a citizen of the United States. Solved Which statement is TRUE regarding designated sales - Chegg Which of the following is NOT a true statement? 1. Closings are held at the broker's main office or at a title company. What action does not terminate a brokerage relationship? The name and address of the owner-developer is registered with the DBPR. 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. The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. A. Quiz #1 Flashcards The three real estate license categories do not include? Institutional advertising is designed to make the public aware of the firm and its services, management, and staff. 15 days C. 20 days D. 30 days. A) The buyer and the seller must each have assets of at least $1 million. C. Notify the DBPR within 60 days of the change of residency. The number of years since improvements were made. Real Estate Course Chapter 5 Flashcards Preview - Brainscape Which statement is true regarding the Secretary of the Department of Business and Professional Regulation? A) The federal telemarketing law exempts telephone surveyors. Which document must a buyer received prior to purchasing a condominium? Yes because it's an example of bait and switch. A developer purchased a tract of land and subdivided the property into Individual lots. A CMA gives a range of value while an appraisal gives an opinion of value. A) $23,067 B) $27,500 C) $57,666 D) $38,444. (Section 61J2-5.016, Florida Administrative Code) A sales associate or a broker associate may own a brokerage. An Alabama real estate licensee moved to Tampa Bay, Florida, six months ago. A) States that have a mutual recognition agreement with Florida provide reciprocity to Florida licensees to conduct real estate in other states. Only brokers can pay commissions to the licensed assistant. ($840,000 *.6 = $336,000 / 52 = $6,462), Which is the BEST example of a variable expense? Susan should subtract the cost of the screened-in porch from the subject house to make it similar. What is the intangible tax on a new mortgage of $10,000? FREC rules require the broker to be a signatory on all brokerage escrow accounts. Property management account; $5000Sales escrow account: $1000. It shows when properties are underpriced because of unnatural days on the market. Failure to pay the tax is a misdemeanor. The son quit his job to go to work for another developer, who paid a higher weekly salary. End of Pre-License Course Exam Questions - RealEstateExamAnswers.com Answers: A real estate sales associate may be registered under a trade name. Registrations issued to branch offices are not transferable. He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. Hal's home is a 1200-square-foot ranch with a basement and a garage. What was Bob doing that would warrant such a suspension? The agent must disclose to the buyer at the time of showing the property whom he represents in the transaction. The answer is multiple licenses. Which individual is exempt from real estate licensure? (a) The Secretary is a member of the Florida Real Estate Commission. 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. The answer is the employee must hold a real estate license because he receives compensation based on sales. 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. She finds comparables in the same subdivision that include a two-story with a three-car garage, 4 bedrooms, 3 baths, a pool, but no screened-in porch. This action causes the sales associate's license to be: Placed in involuntary inactive status: When an active broker changes a business address and the broker notifies the FREC within the required 10 days, the licenses of the sales associates: Remain in force 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. The applicant has not fulfilled the experience requirement. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. A) Name of the sales associates B) Trade name, if one is used C) Licensed Real Estate Broker D) Name of the broker, Which statement can be included in a classified advertisement? What is the Department empowered to do? The answer is name of the sales associates. A sales associate wants to call prospects for the purpose of soliciting new listings. In a social context, what is the term value used to describe? D. disclose any denials of a real estate license in another state. F.S. I think I know Flashcards | Quizlet What is the square footage of gross living space? The statement is TRUE. The answer is January 31. The agent wants to open his own brokerage in Florida so he recently completed the Florida broker pre-license course. A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. THE TENANT SHOULD DEMAND WITHIN 30 DAYS A REFUND OF $75. If two parties are not partners but give the public the impression that they are, and a reasonable person could assume they were partners, the parties will be considered limited partners. $27,000 monthly requirement $980.00 = 27.55 sales required. Which is NOT one of the three areas that are reviewed by the IRS to indicate that the broker is controlling sales associates? 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. What law prohibits racial discrimination in the United States? True False. A real estate application expires after what period of time? Susan should reject the information since it does not have a screened-in porch. 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 agent must disclose to the buyer all material facts that will affect the value of the property. A business intangible is something readily seen by a buyer, where personal intangibles are not readily seen. T or F. The statement is true. $245,000 company dollar 250 sales = $980.00 company dollars per sale. D) Real estate licensees may call a for-sale-by-owner seller to solicit a listing without regard to the do-not-call registry. A broker took earnest money from a buyer. Yes, if all parties agree in writing that the funds will go into an interest-bearing account and specify who is to receive the interest. Chapter 5-8 Day 2 Flashcards | Chegg.com T or F, The statement is false. A broker works for more than one real estate company. Is there broker required to retain brokerage relationship Disclosure documents and if so for how long? B) Real estate licensees are exempt from the telemarketing laws. What should Susan do with this information? A)Escrow disbursement order B)Mediation C)Arbitration D)Litigation. The exam consists of 40 questions worth 1 point each. True or False? The purpose is to establish educational and experience qualification criteria for the licensing, certification and recertification of appraisers. No one else in his subdivision has a pool. TRUE OR FALSE All active Florida real estate brokers are required to have an office. Additionally, the office must be registered with the Department of Business and Professional Regulation. A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. 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. 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. Is exempt from licensure under F.S. Limited partners are not liable to creditors of the partnership. A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. The sales associates are likely to bring in $300,000 ($50,000 x 6 associates), so the broker achieves her goal. A sales associate may hold which position? The landlord was returning the security deposit to Sue and George for the apartment they had vacated. Once the owner-developer information is registered into the DBPR database, sales associates and broker associates are registered under the owner-developer. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? PDF 5 Practice Tests for the State Exam - Magnolia School Of Real Estate Which of the following will have the most value to the buyer? Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. Driving under the influence (DUI) conviction that occurred 15 years ago B. TRUE OR FALSE: A licensee who violates the federal telephone solicitation law may be fined up to $10,000 per call. 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. 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). Nursing Reflective Essay. (a) Sales associates are not permitted to own stock in the . The son was employed by his father, the owner-developer. The developer hired his son, who was not licensed to sell the lots. B. As she goes to enter the number into her contacts list she finds that she cannot remember all the numbers in their right order. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. 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. A real estate developer's sales staff must hold active real estate licenses if they are paid a commission or a bonus based on actual sales (on a transactional basis). Divide the cash requirement by the company dollar for each associate: $175,000 $35,000 = 5. There are eight real estate services that when performed for compensation require a real estate license: advertising real estate services, buying, appraising, providing rental lists for a fee, selling, auctioning, leasing, and exchanging real property. The answer is finance real property. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. When the broker determines that there is a danger of undisclosed dual agency. 19 - Just Test Questions Flashcards | Chegg.com 8. B) must requalify for licensure. T or F. The statement is false. T or F, A broker can be fined or the license suspended or revoked for hiring a sales associate who is not the holder of a valid active license. D) The real estate value must exceed $1 million. It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved. 15 days C. 25 days D. 30 days. 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. Lori Sammis is a licensed real estate sales associate. T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. B) His license status must be printed on the magnets. The answer is pays a higher commission to a sales associate than is customary. 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. 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. The broker will be suspended until the case is solved by the FREC. Protection is provided under the Fair Housing Act based on A) age. The statement is TRUE. Investigate the complaint if the Department wishes. 475.01 specifies the services that require a valid active real estate license to perform. The seller decides to give the sales associate a shopping mall gift certificate. Subtract the liabilities short and long term from the value of the business. A. Which statement is TRUE regarding the magnets? A broker purchased a list of FHA foreclosure properties from an FHA employee. The plan includes the mission statement as well as the budget. It shows when properties are overpriced because of unnatural days on the market. A)Friday B)Monday C)Wednesday D)Tuesday. No. The right of survivorship is contained in which tenancy? There are four categories of questions found, which. A salesperson employed by a real estate developer who receives a salary plus commission for each lot the salesperson sells is exempt from real estate licensure. The Alabama licensee has requested a Florida real estate license based on mutual recognition. The court awarded damages of $15,000 to the defendant against the broker. The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. If the subject house is worse than the comparable, subtract from the subject property. 1. A)Commercial bank in Florida B)Stock brokerage house C)Attorneys trust account D)Florida savings association. The escrow account may be either interest-bearing or non-interest-beearing. Which statement BEST describes Carla's qualifications for a FL broker license? Which item on the balance sheet BEST indicates a firm uses accrual basis accounting? B) It is a plea of no contest. How much will the sales associate earn if she sells the property for $369,000? A business intangible reflects integrity of a business where a personal intangible reflects the integrity of the current owner. Why is this so important? Differences in accounting methods are permitted due to the instructions of the owner. 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%. The board member must be a licensed real estate sale associate. Mediation is an informal, non-adversarial process intended to reach a negotiated settlement. A broker who holds multiple licenses legally acts as the broker for more than one brokerage firm. All the assets and liabilities are noted that belong to the business.
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