April 15 is the filing date for an individual's income tax forms. B) marital status. A) The employee is not required to hold a real estate license because he receives a salary. The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. Hal thought that he would add value to his home by adding a swimming pool. 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) If he is paying the full cost of the magnets, he can choose what information to print on the magnets. 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. Bob was placing his for sale signs on individual's properties without their written consent. Her sales associate license was issued as Susan Walters (LLC). The number of years since improvements were made. The limited partner must make an investment in cash or property, but not services. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? A broker uses the houses most similar to do a CMA. C) at least 90% of the households have at least one occupant who is 55 years old. The board member must be a licensed real estate broker. Insurance is a fixed cost because it does not fluctuate proportionately with revenues. A business intangible has no value for an appraisal, but a personal intangible does. An appraiser faces occasional problems with using business financial statements. Real estate sales associates work from the broker's office, where they are registered, under the employ and guidance of the managing broker. A broker works for more than one real estate company. FREC fined a real estate licensee $5000 under what authority does this discipline fall? C) The name of the brokerage company for which he works must be printed on the magnets. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. D) The real estate value must exceed $1 million. Assets and liabilities are missing from the financial statements. There is a multitude of factors brokers must consider when opening an office. In this case, the first day of the three-business-day period is Tuesday. B) The location is being staffed by licensees; therefore, it must be registered as a branch office. A property management firm or an owner of an apartment complex may pay a finders fee (or referral fee) of up to $50 to an unlicensed person who is a tenant of the apartment complex. 10 days B. The statement is true. 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 son quit his job to go to work for another developer, who paid a higher weekly salary. The broker needs to make $295,000 in company dollars ($245,000 + $50,000). 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 A) Manager-managed general partnership B) Member-managed limited liability company C) Member-managed corporation sole D) Manager-managed limited liability company, What is the legal term that applies when two real estate brokers share office space in such a manner that the public is deceived into believing that a partnership exists? $27,000 monthly requirement $980.00 = 27.55 sales required. The broker would like to set up a second (branch) office to run the commercial side of the business. The DBPR does not regulate the size of the actual letters on a real estate office's entrance sign. The answer is multiple licenses. The DBPR will reject the broker's application to register the RV as a branch office. Operating expenses are expected to be $31,950. D. disclose any denials of a real estate license in another state. A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. Is there broker required to retain brokerage relationship Disclosure documents and if so for how long? 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. What were Piaget's four stages of cognitive development? 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. The board member must be a licensed real estate sale associate. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. 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. 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. D) violation of Chapter 475. Carla must apply for mutual recognition. A corporation sole is an ecclesiastical or church organization, usually headed by a bishop or other clerical official who has been empowered by a church to hold title to church property. A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. A business intangible reflects integrity of a business where a personal intangible reflects the integrity of the current owner. The only problem was that Sue and George did not have a cat. Which BEST illustrates institutional advertising? In the government survey system the 6 mile vertical strip of land located immediately west of the principle meridian is called? What is the position of the Probable Cause Panel in this action? 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. The answer is it is a plea of no contest. Sales Associate Duties & Responsibilities. D) pays for the sales associate's health insurance. A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. 3. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. The name and address of the owner-developer is registered with the DBPR. The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. The answer is active member of The Florida Bar. The statement is TRUE. What is the Department empowered to do? A) 1.94 B) 3.89 C) 7 D) 5. A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. 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 buyer and seller were both upset and filed a complaint with the FREC. Which of the following will have the most value to the buyer? The number of years during which the property will yield a worthwhile return on its investment. Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? Brokers must give their employees W-2 forms and give their associates Form 1099 for the previous year no later than A) April 15. Disclosure paperwork must be kept by a broker for five years. After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. 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. A broker who holds multiple licenses legally acts as the broker for more than one brokerage firm. B)Susan has formed a real estate brokerage business as a limited liability company (LLC). Advertising rental property information that is materially inaccurate is which type of violation? D) January 15. The Department has the authority to investigate complaints from others and investigate its own complaints. A)Susan must partner with a real estate broker in order for her license to be issued this way. 4. Disclosure rules do not apply to nonresidential transactions. Monday of the next week The broker has until the end of the third business day (Thursday) to deposit the funds. C) misdemeanor. T or F. The statement is true. The sales associate gave the check to his broker on Tuesday. 2 Q The broker has branch offices in Fort Myers, Naples, and Bradenton, Florida. A. A)Escrow disbursement order B)Mediation C)Arbitration D)Litigation. Violators of Floridas Telemarketing Act may be fined $10,000 per call. C) It is an order by a court of law to stay the sentence. 1. A broker who seeks to be involved in business brokerage must have all of the following EXCEPT: Knowledge of personnel laws for business. An appraiser has an older home with four bedrooms, a screened-in porch and one bath. Lori Sammis is a licensed real estate sales associate. The Alabama licensee has requested a Florida real estate license based on mutual recognition. T or F. The statement is true. It's a statement of how the business profited last year. It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved. The agent must disclose to the buyer at the time of showing the property whom he represents in the transaction. A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. The broker may register a trade name for the commercial office and continue to use the corporate name for the principal office. Failure to pay for the annual business tax is a A) felony. A broker's listing agreement specifies that 5 percent commission is to be paid on the sale price. The vacancy rate is 5%. Yes because it's an example of bait and switch. The statement is FALSE. He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. Broker Bob MUST notify FREC of the dispute within ____ days. Section 5 Real Estate Brokerage Activities And Procedures - Brainscape C) Real estate brokers may advertise residential listings by faxing promotional flyers to a list of local businesses. The son alone has violated FS 475. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. A) General partner B) Director of a corporation C) Officer of a corporation D) Shareholder of a corporation. The answer is 4. State law fine = $10,000FEDERAL law fine = $11,000. A developer purchased a tract of land and subdivided the property into individual lots. B) His license status must be printed on the magnets. T or F. The DBPR may refuse to approve a broker application because the applicant did not possess a Social Security number. An unlicensed individual may NOT hold which position in a brokerage business entity? A) General partner B) Director of the corporation C) Sole proprietor D) Treasurer of the corporation, A sales associate license may be issued under which name? 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. Advertising rental property information or lists that are not current or are materially inaccurate is a first degree misdemeanor. A real estate agent has been licensed in Texas for one year. D. Students who fail the end-of-course exam may retake the exam until they receive a passing score. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. Which item on the balance sheet BEST indicates a firm uses accrual basis accounting? Closings are held at the broker's main office or at a title company. The additions made by the seller, including a new garage. She also has had an active NY real estate broker since 1996. Students must pass the end-of-course exam with a grade of 75 or higher. If the subject house is better, add to the subject property's sale price. 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 10 business days. The written authorization must specify who is entitled to the interest earned. A) It is the process of expunging the criminal record. A broker comparing like properties and averaging the results to get a market value. Mediation is an informal, non-adversarial process intended to reach a negotiated settlement. 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. This is an example of: Buyer Barry and seller Sue are in a disagreement about an Escrow Deposit for a sale that fell through. T or F. The statement is true. However, no sales associate or broker associate may be registered as that brokerage's officer, director or general partner. A broker purchased a list of FHA foreclosure properties from an FHA employee. Subtract the liabilities short and long term from the value of the business. Mediation, Arbitration, Litigation, Escrow disbursement order (EDO). Chapter 3 Flashcards | Quizlet Or the sales escrow account? What statement best describes the term follow up? 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? If the information provided to a prospective tenant is not current or is inaccurate in any material respect, the broker must repay the full fee to the prospective tenant on demand if the claim is made within 30 days from the contract date. A sale associate got a earnest money deposit on Friday. The statement is true. c. She lacks photographic memory. b. 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. After paying sales commissions to the associates, the broker had $245,000 remaining.

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