State Laws Non-Residential Broker Issues True/False

Question 1

In a non-residential sale where the parties have assets of $1 million or more, the broker at the request of the customers may designate sales associates to act as single agents for different customers in the same transaction.

Answer 1

True

Question 2

The Florida Commercial Real Estate Sales Commission Lien Act provides that when a broker has earned a commission by performing licensed services under a brokerage agreement with any property owner, the broker may claim a lien against the net sales proceeds for the broker’s commission.

Answer 2

False:
Applies only to non-residential transactions

Question 3

In order to exercise the rights to a commission lien upon the owner’s net proceeds, the broker is required to deliver a specific notice.

Answer 3

True

Question 4

The Florida Commercial Real Estate Sales Commission Lien Act provides that the broker’s lien rights cannot be waived before the commission is earned.

Answer 4

True

Question 5

The Florida Commercial Real Estate Commission Lien Act gives commercial brokers a commission lien upon the owner’s property.

Answer 5

False:
A lien against the owner’s net proceeds

Question 6

In a residential sale where the parties have assets of $1 Million or more, the broker may designate sales associates to act as single agents for different customers in the same transaction.

Answer 6

False:
Only in a non-residential sale

Question 7

Sales associates may act as single agents for different customers in the same transaction ONLY IF it is a non-residential sale where the parties have assets of $1 million or more.

Answer 7

True