Nursing Reflective Essay. Which is NOT one of the three areas that are reviewed by the IRS to indicate that the broker is controlling sales associates? He adds an inground pool, complete with a cement deck and outside lighting. B) It is a plea of no contest. By end of business on which day must the check be deposited into the escrow account? Assets and liabilities are missing from the financial statements. B. be a citizen of the United States. C)Susan is in violation of Florida license law. The statement is TRUE. The other expenses in the question are fixed expenses. Florida Real Estate Brokers and Brokerages Laws and Requirements A broker may NOT place funds into an interest-bearing account unless all parties agree who is entitled to the interest. Greets customers and makes them feel comfortable. The number of years since improvements were made. When a current active or inactive license expires, the license reverts automatically to involuntary inactive status (except for the initial license period). Accounting for all funds entrusted to the broker. 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 broker associate may be issued multiple licenses. C) March 15. The ability to require a person to appear before the courts to give testimony. The applicant has not fulfilled the experience requirement. C) The broker serves as an advisor to the buyer and the seller. 15 days C. 20 days D. 30 days. The right of survivorship is contained in which tenancy? True False. 2. A)Owner of a sole proprietorship real estate business B)General partner in a real estate brokerage partnership C)Limited partner in a real estate brokerage limited partnership D)President of a real estate brokerage corporation, The answer is C) LIMITED PARTNER IN A REAL ESTATE BROKERAGE LIMITED PARTNERSHIP. The broker paid the damages and requested reimbursement from the Real Estate Recovery Fund. A brokerage company had $840,000 in gross income last year. The statement is true. entity. Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker? Which statement applies to this situation? He has a monthly service charge of $12.00. c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. Which statement is TRUE regarding designated sales associates? Oklahoma Real Estate Commission The board member must be a licensed real estate broker. The broker's trust liability is $2,300,000.00. c. She lacks photographic memory. The answer is "For the best customer service, list with Jones Realty." 4. A) States that have a mutual recognition agreement with Florida provide reciprocity to Florida licensees to conduct real estate in other states. 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. How much will the sales associate earn if she sells the property for $369,000? A) Yes, provided the words "Licensed Real Estate Broker" appear in the ad. Business intangibles differ from personal intangibles in what way? A) Limited partnership B) Sole proprietorship C) Limited liability D) Corporation, A sales associate employs an unlicensed personal assistant paid by salary, and a licensed personal assistant paid by commission. Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. Which statement is TRUE regarding the prelicense end-of-course exam? The seller decides to give the sales associate a shopping mall gift certificate. 2003-2023 Chegg Inc. All rights reserved. People who engage in a business, profession, or occupation in Florida must pay a business tax every year. Estimates are necessary in financial statements. FL REAL ESTATE CHAPTER 2 Flashcards | Quizlet In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. 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. A sales associate received an earnest money deposit on Monday. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. The case will be sent on to an administrative law judge to issue a recommended order. When must the Notice of No Brokerage Relationship be given? Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. The father promised his son that after every fifth lot was sold, he would give his son a lot free and clear. Registration and licensure are synonymous. D. disclose any denials of a real estate license in another state. The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. Disclosure paperwork must be kept by a broker for five years. (c) The Secretary must be an attorney. 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. Only the father has violated FS 475. Color brochures, floor plans, and blank sale contracts are stored at the model. A broker took earnest money from a buyer. Bob was placing his for sale signs on individual's properties without their written consent. $9,692 C. $16,154 D. $3,489, The answer is $6,462. The statement is false. A)The seller can give the sales associate a gift certificate because it is not cash. A)Wednesday B)Monday C)Thursday D)Friday. A) If he is paying the full cost of the magnets, he can choose what information to print on the magnets. A. A. The statement is true. In the government survey system the 6 mile vertical strip of land located immediately west of the principle meridian is called? The answer is multiple licenses. Archive The Department cannot investigate unsigned complaints. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. Yes. What was the investor's rate of return for the property if she paid $195,000 for the property? A)Limited partnership B)Limited liability company C)Sole proprietorship D)Cooperative association. The answer is the employee must hold a real estate license because he receives compensation based on sales. An appraiser has an older home with four bedrooms, a screened-in porch and one bath. In the event of disputed funds, a broker may request that the Florida Real Estate Commission issue an escrow disbursement order (EDO). The probable Cause Panel will act as a grand jury to determine if there has been a license law violation. (Section 61J2-5.016, Florida Administrative Code) A sales associate or a broker associate may own a brokerage. A sale associate got a earnest money deposit on Friday. The agent must disclose to the buyer at the time of showing the property whom he represents in the transaction. T or F, A broker wants to register a recreation vehicle (RV) as a branch office. A broker who holds multiple licenses legally acts as the broker for more than one brokerage firm. Assume a broker's annual expenses, including her salary, are $245,000 and she wants to make $50,000 profit. 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. All of the following detract from consumer "curb appeal" EXCEPT: A basement crack on the inside basement wall. The answer is STIPULATION. Which business entity may NOT register as a real estate brokerage entity? (a) Sales associates are not permitted to own stock in the . The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? The broker needs to make $295,000 in company dollars ($245,000 + $50,000). A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. 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? State law fine = $10,000FEDERAL law fine = $11,000. The sales price is $67,550 The assumed mortgage is $27,800 the new mortgage is $14,700 what is the total of all these three's taxes? Which BEST illustrates institutional advertising? A) Place routine telephone calls on late rent payments B) Show a home to a buyer, provided the licensed sales associate will complete the contract form C) Schedule appointments for licensees to show listed property D) Place signs on property, The answer is show a home to a buyer, provided the licensed sales associate will complete the contract form. Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? 1. 2. 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. Which of the following is an appraiser likely to find? The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. Failure to pay for the annual business tax is a A) felony. What is the position of the Probable Cause Panel in this action? C) a single broker license and require the broker to appoint an office manager at each location. The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. Her office has six employees and nine sales associates. T or F. The statement is false. The principle of value, which states that two parcels combined will be of greater value than each single parcel by itself is called: The characteristic of value which provides that the harder it is to find property, the more value it has is: A neighborhood analysis involves all of the following in data gathering EXCEPT: Data includes the principle of neighborhood change. The answer is LIMITED PARTNERSHIP. The broker wants to close her Bradenton office and open a new branch office in Sarasota, Florida. It's a projection of income in the future and should be labeled as such. Two men enter into a business arrangement. What is the problem? Blind advertising is advertising that fails to disclose the license name of the brokerage firm. Susan should reject the information since it does not have a screened-in porch. She expects monthly revenue for the first year will be $15,000 and that her monthly expenses will be $12,000. Which statement is TRUE regarding obtaining a real estate license through mutual recognition? The applicant recently moved to Florida and has completed the Florida broker prelicense course. Is Capri Realty required to register the model home as a branch office? B. A broker projects that her office expenses will be $346,000 this year. The Department has the authority to investigate complaints from others and investigate its own complaints. the Commission may deny an application for licensure, registration, permit or renewal. D) is allowed 30 days to make up the post-license course but is charged a late fee. $6,462 B. Institutional advertising is designed to make the public aware of the firm and its services, management, and staff. Differences in accounting methods are permitted due to the instructions of the owner. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. A) The federal telemarketing law exempts telephone surveyors. What is the Department empowered to do? 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 answer is name of the sales associates. Which statement BEST describes the legal term nolo contendere? 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. What statement is true regarding Florida's telemarketing law? The answer is D) TUESDAY. The father agreed to pay his son a salary of $200 per week. 1. B) variable cost. PDF 5 Practice Tests for the State Exam - Magnolia School Of Real Estate What was the investor's rate of return for the property if she paid $195,000 for the property? The sales associate may pay both assistants. C) It is an order by a court of law to stay the sentence. Which statement applies to this situation? The answer is 27.55. Brokers must notify the FREC in writing of conflicting demands or of a good-faith doubt within ___ days. TRUE OR FALSE: After discussion with the broker, a real estate licensee offers to share part of the commission with the buyer. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission. An apartment building contains twenty units. The answer is it is a plea of no contest. Disclosure rules do not apply to auctions. The appearance and conditions of the comparable properties. Hal's home is a 1200-square-foot ranch with a basement and a garage. Meloni's new friend from another state just gave her his phone number. Which type of business brokerage entity is NOT required to file with the Florida Department of State? 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. TRUE OR FALSE: A Corporation sole is permitted to register as a real estate broker. 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. Determine what a broker's trust liability is when the bank statement on June 3 reported a balance of 923,000. Which of the following is the LEAST reliable in projecting value of a business? FCC rules require solicitors to maintain a company-specific do-not-call list of consumers who have asked not to be called and to honor the National Do No Call Registry. 475.01 specifies the services that require a valid active real estate license to perform. The sales associates are likely to bring in $300,000 ($50,000 x 6 associates), so the broker achieves her goal. 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. A. For what period of time must a broker maintain business records, including escrow account records, and make them available to audit by the DBPR? 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? There was some confusion on the purchase of the property on 123 Mulberry Lane. 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. He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. The answer is A) ATTORNEYS TRUST ACCOUNT. Real estate license law has no authority over title company escrow accounts or attorney escrow accounts. If the son had been paid salary only, this would have been a legal arrangement. The board member must be a licensed real estate sale associate. 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. 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. Carla must apply for mutual recognition. A. He has shown a willingness to work with the Supreme Court's liberal bloc, and, after the retirement of Anthony Kennedy in 2018, he . Monday of the next week A)Susan must partner with a real estate broker in order for her license to be issued this way. This is an example of: Buyer Barry and seller Sue are in a disagreement about an Escrow Deposit for a sale that fell through. The answer is A) THE BROKER MUST GET WRITTEN PERMISSION FROM ALL PARTIES TO THE TRANSACTION BEFORE PLACING THE FUNDS INTO AN INTEREST-BEARING ACCOUNT. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? A. (b) The Secretary is appointed by the Governor. Advertising rental property information or lists that are not current or are materially inaccurate is a first degree misdemeanor. There are four categories of questions found, which. 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. A hurricane damaged a large number of homes along the beach. There is no requirement to include the brokerage office street address on the entrance sign. 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. Students must pass the end-of-course exam with a grade of 75 or higher. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. The ability to sue the FREC if necessary. 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 broker has been licensed for 10 years. The sales associate for the firm lists and sells the property and is to receive 55 percent of the total sale commission. Registrations issued to branch offices are not transferable. The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. A broker comparing like properties and averaging the results to get a market value. In this case, the first day of the three-business-day period is Tuesday. The answer is January 31. The answer is business plan. A BAR SALE, Which activity does NOT require a real estate broker license? $245,000 company dollar 250 sales = $980.00 company dollars per sale. The sales price is $413,000 of commission is 5.5% of the sales associate get 55% of the commission what is the sales associates commission? 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. Sales associates must have their license issued in their legal name. 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? B) a group license. The three real estate license categories do not include? 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. However, A sales associate or broker associate may be shareholders of a real estate brokerage corporation. The amount of commission to be paid is negotiable. An appraiser faces occasional problems with using business financial statements. Which requirement must be accomplished to register a real estate brokerage as a general partnership? 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? A sales associate who is employed by an owner-developer is not registered with the DBPR. PDF Salt Lake County, Utah - gis.slco.org How many days does a purchaser of a new condominium have to cancel the sale? 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 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. Real Estate Broker.. The broker's request to the title company (or to the attorney) must be in writing. The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. This year he rented nearly all the space and got much more rental income, but the insurance premium did NOT increase. What amount of a brokers own personal funds may the broker place in the property management escrow account? What minimum amount of cash should she have available before starting up? C) frozen asset. C) has only an oral agreement that the sales associate is an independent contractor. 8.9% C. 14.53% D. 22.05%. A sales associate may not be licensed or registered under a trade name. B) cause for requiring a business to cease operations. 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. A) Auction real property B) Exchange real property C) Finance real property D) Appraise real property. What is the time limit the Department has to file a complaint against a broker? 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? e. Her iconic memory disrupted her encoding of the number. A)Friday B)Monday C)Wednesday D)Tuesday. FREC rules require the broker to be a signatory on all brokerage escrow accounts. Ticket for failing to stop at a red light six months ago. A)Limited partnershipB)Limited liability companyC)Sole proprietorshipD)Cooperative association A The answer is COOPERATIVE ASSOCIATION. 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. D) The real estate value must exceed $1 million. Add $34,000 start-up costs to get the minimum cash required of $106,000. A sales associate wants to call prospects for the purpose of soliciting new listings. The agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. A broker purchased a list of FHA foreclosure properties from an FHA employee. Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? 10 days B. 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". Being 10 digits long, the number is beyond Miller's "magic number." 8. Mediation is an informal, non-adversarial process intended to reach a negotiated settlement. A) Type of relationship B) Behavorial C) Financial D) Motivation. The licensee worked for a Texas broker but recently moved to Florida. Which individual is exempt from the continuing education requirement? 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. Which Statement is TRUE regarding the Save Our Home amendment? A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? The landlord was returning the security deposit to Sue and George for the apartment they had vacated. The escrow account may be either interest-bearing or non-interest-beearing. F.S. 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 seller is busy tearing out the Martin birdhouse that has been cemented in place when the buyer comes by to do his final inspection. When does a designated sales associate come into the transaction? D) There is a requirement to include the broker's name but not the name of the company in the ad. Each unit rented for $180 per month. What statement is true regarding Florida's telemarketing law? Under which name may she register and be licensed? A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. Of the following pieces of information that appear on the brokers entrance sign, which is optional under Florida license law? The answer is D) SUSAN HAS FORMED A LIMITED LIABILITY COMPANY (LLC) FOR INCOME TAX PURPOSES ONLY. If the firm has 52 transactions, what is the average company dollar per transaction? An unlicensed individual may NOT hold which position in a brokerage business entity? Interacts with customers, offering assistance and responding to queries about products and purchases . Making statements to neighbors about minority groups moving into the neighborhood in order to get listings is? FREC fined a real estate licensee $5000 under what authority does this discipline fall? Which of the following is true? She also has had an active NY real estate broker since 1996. Brokers are not required to place the names of the sales associates on the entrance sign. A sales associate may hold which position? 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. Or the sales escrow account? 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. The ability to require that a broker and his staff appear before the FREC. The Probable Cause Panel will be made up of all of the FREC. Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas? Which statement applies to this arrangement? The two parties agree that one party will be solely liable for the debts of the business and that the other party will be liable only for the amount of his cash investment in the business. Hal is disappointed when the appraiser does not give Hal the value of his home that he expected. The answer is fixed cost. Persuasive Multiple Choice Questions. It paid the sales associates and average of 60% commission split. An involuntary inactive license will expire and become null and void after one year. Data includes general appearance of properties. The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house.