C) The broker serves as an advisor to the buyer and the seller. A broker has been licensed for 10 years. Closings are held at the broker's main office or at a title company. B) Brokers may not abbreviate the firm name in an advertisement. The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? 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. Uniform Standards of Professional Appraisal. Limited partners are not liable to creditors of the partnership. The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles. The Department has the power to seek records and to seek witnesses. However, the Commission may choose not to issue an EDO, forcing the broker to choose from one of the other settlement procedures: mediation, arbitration, or litigation. What are the four settlment options in cases of conflicting demand/escrow dispute? d. Because the number was so short, she did not pay enough attention to it. Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. The answer is D) SUSAN HAS FORMED A LIMITED LIABILITY COMPANY (LLC) FOR INCOME TAX PURPOSES ONLY. What is the position of the Probable Cause Panel in this action? D) Because he is broker qualified, he need only print his name and phone number on the magnets. A) If he is paying the full cost of the magnets, he can choose what information to print on the magnets. A)Wednesday B)Monday C)Thursday D)Friday. $9,692 C. $16,154 D. $3,489, The answer is $6,462. Is exempt from licensure under F.S. The father promised his son that after every fifth lot was sold, he would give his son a lot free and clear. The DBPR will reject the broker's application to register the RV as a branch office. 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. 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. The answer is fixed cost. No later than 10 business days after each deposit is due under the terms of the sale contract, the licensee's broker must request a written verification of receipt of the deposit. Add $34,000 start-up costs to get the minimum cash required of $106,000. The applicant recently moved to Florida and has completed the Florida broker prelicense course. A person applying for a real estate broker license must: A. disclose personal financial information. The broker's license is suspended. 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 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. T or F. The statement is false. 1. Which of the following is NOT a true statement? 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". 2. If the firm has 52 transactions, what is the average company dollar per transaction? C) has only an oral agreement that the sales associate is an independent contractor. The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. The brokerage company handles residential transactions. 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. D. disclose any denials of a real estate license in another state. D) multiple licenses. B) requires each sales associate to take floor time at least twice monthly. Eight months following expiration of the broker's initial license, the licensee requested a post-license hardship extension. D. disclose any denials of a real estate license in another state. What amount is he keeps a combined account? Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? Auctioning real property is one of the eight real estate activities that require a real estate license. Carla can use her active NY broker license to meet the experience requirement. 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? The DBPR regulates the size of the lettering on entrance signs. 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. Using a cap rate of 10%, what should he pay for the property? He has a monthly service charge of $12.00. He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. The sales associate received an earnest money check from the buyer on Friday, January 3. Florida law requires that this money be delivered to the broker before the end of the next business day? A SALES ASSOCIATE(OR BROKER ASSOCIATE) MAY NOT BE APPOINTED AS A DIRECTOR OF A REAL ESTATE BROKERAGE CORPORATION. Susan should find other comps that are more like the subject house. 8.9% C. 14.53% D. 22.05%. Test Prep A Flashcards - Cram.com Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. A) Annual budget B) Business plan C) Sales program D) Mission statement. The escrow account may be either interest-bearing or non-interest-beearing. 4. 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. Once the owner-developer information is registered into the DBPR database, sales associates and broker associates are registered under the owner-developer. Which settlement procedure involves a negotiated settlement between the disputing parties? When paid, the county will issue a Business Tax Receipt. T or F. The statement is false. There is a limited exception in Florida that DOES NOT apply on the Federal level. D) pays for the sales associate's health insurance. The Probable Cause Panel will recommend a punishment to the Department. D) Real estate applicants who apply for a Florida real estate license through mutual recognition are exempt from the post-license education requirement. 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. 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? Monday of the next week The Probable Cause Panel will be made up of all of the FREC.