In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. A real estate application expires after what period of time? Browse over 1 million classes created by top students, professors, publishers, and experts. Nursing Reflective Essay. All of the following detract from consumer "curb appeal" EXCEPT: A basement crack on the inside basement wall. B) a group license. D) Both the employee and his employer must be licensed real estate brokers. the basement, garage and house added together, the finished basement and the main floor of the house. A license is placed in involuntary inactive status for no more than two years. A sales associate may not be licensed or registered under a trade name. Real estate license law governs only brokers escrow accounts held in Florida commercial banks, credit unions, or savings associations. 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). Reconcile a monthly statement and record all discrepancies. Carla can use her active NY broker license to meet the experience requirement. T or F. The DBPR may refuse to approve a broker application because the applicant did not possess a Social Security number. The answer is BLIND. Ten units are rented monthly for $300, five for $325, and five for $350. 4. Is a broker allowed to abbreviate the brokerage company's name in newspaper advertisements of homes for sale? D. Request a nonresident waiver of education requirements. How long does the broker have to notify the FREC that the matter has been resolved? 15 days C. 25 days D. 30 days. The broker's license is suspended. 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? Mandatory suspension until the fund is paid back in full including interest. the Commission may deny an application for licensure, registration, permit or renewal. A. What is the Department empowered to do? 3. A broker who has a good faith doubt regarding who is entitled to escrow funds should take which action? A)#1Service Realty B)Mike Meyers C)Susan Meyers, Broker Associate D)Licensed real estate broker, The answer is SUSAN MEYERS, BROKER ASSOCIATE. $9,692 C. $16,154 D. $3,489, The answer is $6,462. 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 broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. Blind advertising is advertising that fails to disclose the license name of the brokerage firm. For what period of time must a broker maintain business records, including escrow account records, and make them available to audit by the DBPR? Which statement is TRUE of this situation? The Probable Cause Panel will recommend a punishment to the Department. A sales associate receives an earnest money deposit on Saturday. 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. 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 listing agent who shows property for a seller to a ready, willing and able buyer has certain obligation to the buyer. 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. As she goes to enter the number into her contacts list she finds that she cannot remember all the numbers in their right order. Which individual is exempt from real estate licensure? Two men enter into a business arrangement. The broker may compensate the FHA employee because the FHA pays his salary. (Section 61J2-5.016, Florida Administrative Code) A sales associate or a broker associate may own a brokerage. 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. True or False? If the comparable is worse than the subject house, add to the sale price of the subject house. And owner at an apartment complex pays $100 to each tenant that refers a renter this arrangement is illegal because? Data includes general appearance of properties. 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. A sales associate is employed by a broker. The statement is TRUE. Is there broker required to retain brokerage relationship Disclosure documents and if so for how long? A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. entity. He has been described as having a conservative judicial philosophy though is primarily an institutionalist. The cost approach is used most effectively on which type of properties? Which statement is TRUE regarding the federal telemarketing law? It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved. Answers: A real estate sales associate may be registered under a trade name. Hal's home is a 1200-square-foot ranch with a basement and a garage. In a social context, what is the term value used to describe? What is the intangible tax on a new mortgage of $10,000? The statement is true. The broker may designate another person, such as a bookkeeper, to sign checks on the account in the ordinary course of business. The answer is name of the sales associates. C. Notify the DBPR within 60 days of the change of residency. True False. 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. A)15 business days B)30 calendar days C)24 hours D)10 business days, The answer is D) 10 BUSINESS DAYS. Real estate license law has no authority over title company escrow accounts or attorney escrow accounts. The answer is false. A)Wednesday B)Monday C)Thursday D)Friday. A sales associate may hold which position? Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? If a brokerage firm projects that next year it needs cash of $175,000, including the broker's salary and profit, and if each sales associate typically brings in $35,000 in company dollar per year, how many associates will be needed? The appraiser would probably reduce the value of the property because of: External obsolescence in a property is generally: Caused by outside forces that are beyond the seller's control. C) March 15. 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. A) The federal telemarketing law exempts telephone surveyors. The applicant recently moved to Florida and has completed the Florida broker prelicense course. The amount of commission to be paid is negotiable. Principal of and interest on D. disclose any denials of a real estate license in another state. (b) All sales associates, broker associates, and brokers who are registered with the firm must be either officers or directors. 7.6% B. The buyer and seller were both upset and filed a complaint with the FREC. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. In order to qualify for statutory independent contractor status, the sales associate need only have a real estate license. Disclosure rules do not apply to nonresidential transactions. True False. C) It is an order by a court of law to stay the sentence. 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 sales associate who is employed by an owner-developer is not registered with the DBPR. The Probable Cause Panel will be made up of all of the FREC. 2. The Sherman Antitrust Law and Florida antitrust laws prohibit which activity? 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. No one else in his subdivision has a pool. D)Brokers may make an office policy that all escrow funds must be placed in an interest-bearing account to help cover the costs of maintaining the account, and are not required to disclose this in each sale contract because it applies to all transactions. Write the landlord at the address listed on the notice within 15 days to tell the landlord of the problem and that they expected to receive their security deposit back. What amount is he keeps a combined account? Monday of the next week 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. A business intangible has no value for an appraisal, but a personal intangible does. Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. 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. 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. Disclosure paperwork must be kept by a broker for five years. Which item on the balance sheet BEST indicates a firm uses accrual basis accounting? This. A broker projects that her office expenses will be $346,000 this year. Which would not be important in the data using the sales comparison method for establishing the market value of a home? What action will be taken against a broker when a payment is paid from the recovery fund? B. Real estate licensees on active duty with the U.S. Army are required to renew their licenses: within six months after discharge. Only buyers, sellers and tenants can receive money from the Real Estate Recovery Fund. If the comparable is better than the subject property, subtract from the comparable property. The son was employed by his father, the owner-developer. What is the fine per telephone call for a violation of Floridas Telemarketing Act? A person applying for a real estate broker license must: A. disclose personal financial information. The answer is January 31. 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 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 DBPR regulates the size of the lettering on entrance signs. The fee paid to the FHA employee is a referral fee, which is legal under FL RE law. Driving under the influence (DUI) conviction that occurred 15 years ago B. An investor wants to purchase a 20-unit apartment complex. which statement is true regarding a sales associate's registered name? Ticket for failing to stop at a red light six months ago. 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. There is a limited exception in Florida that DOES NOT apply on the Federal level. It paid the sales associates and average of 60% commission split. 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. 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. A) Auction real property B) Exchange real property C) Finance real property D) Appraise real property. A) The employee is not required to hold a real estate license because he receives a salary. What action does not terminate a brokerage relationship? Capri sales staff will temporarily work out of a model home in the subdivision. 1. A)Commercial bank in Florida B)Stock brokerage house C)Attorneys trust account D)Florida savings association. 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. The Department must investigate all complaints, signed or unsigned. Brokers must institute one of the four settlement procedures with _____ business days of receiving conflicting demands or of having a good-faith doubt. The administrative law judge has issued a Recommended Order. After two weeks, the son has sold only two lots, so the father decided to add an incentive. Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? Which settlement procedure involves a negotiated settlement between the disputing parties? In this case, the first day of the three-business-day period is Tuesday. 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. Florida law requires that this money be delivered to the broker before the end of the next business day? 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? T or F, A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. The purpose is to sponsor appropriate activities relating to standards, qualification and issues of importance to appraisers. What must a broker do with his trust account? The broker should have a minimum of six months' operating expenses plus her start-up costs. Carla had an inactive GA real estate license since 1980. The sales associate may pay the salary to the unlicensed assistant. It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. Registrations issued to branch offices are not transferable. THE TENANT SHOULD DEMAND WITHIN 30 DAYS A REFUND OF $75. 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". Sales associates must deliver escrow funds to the broker the latest of what business day? The reasons for selling businesses are varied and the appraiser must establish the value of the business before it can be sold. Brokers must place trust funds into their escrow account no later than the end of business of the third business day following receipt of the funds. Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? D) sexual orientation. a. Owner-employers are registered, while brokers are registered and licensed. The insurance expense can be considered a A) fixed cost. Mediation, Arbitration, Litigation, Escrow disbursement order (EDO). The board member must be a licensed real estate sale associate. B)It is illegal for the broker to keep any interest earned on escrow funds.
which statement is true regarding a sales associate's registered name?
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