Real Estate Course Chapter 5 Flashcards Preview

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Flashcards in Real Estate Course Chapter 5 Deck (48)
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31

TRUE OR FALSE: A licensee who violates the federal telephone solicitation law may be fined up to $10,000 per call.

The statement is FALSE. Violators of the federal Telephone Consumer Protection Act may be fined up to $11,000 for each illegal call.

State law fine = $10,000
FEDERAL law fine = $11,000.

32

What is an ostensible partnership?

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.

33

TRUE OR FALSE: A Corporation sole is permitted to register as a real estate broker.

The statement is FALSE. A corporation sole cannot be registered as a real estate broker. 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. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles.

34

TRUE OR FALSE: The office sign at the entrance of the brokerage business must display the brokerage street address.

The statement is FALSE. There is no requirement to include the brokerage office street address on the entrance sign. The office sign must contain the broker's name, trade name (if one is used), and the words "Licensed Real Estate Broker" or "Lic. Real Estate Broker."

35

TRUE OR FALSE: After discussion with the broker, a real estate licensee offers to share part of the commission with the buyer. The arrangement is disclosed to all interested parties. This is an example of a legal kickback or rebate.

The statement is TRUE. 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. Sharing a portion of the commission with a party to the transaction is an example of a legal kickback or rebate

36

Explain the FSBO exception related to the Do not call registry related to Florida and Federal law

There is a limited exception in Florida that DOES NOT apply on the Federal level.

37

What are the call times restricted to on the Do not call list

8am - 9pm

38

Define a blind advertisement?

Advertisements that fail to disclose the license name of the brokerage firm

39

Sales associates must deliver escrow funds to the broker the latest of what business day?

The NEXT business day

40

Brokers must deposit escrow funds no later than the _____ business day...

THIRD

41

Brokers must notify the FREC in writing of conflicting demands or of a good-faith doubt within ___ days.

FIFTEEN

42

What is a conflicting demand?

It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved.

43

What are the four settlment options in cases of conflicting demand/escrow dispute?

Acronym: MALE
Mediation, Arbitration, Litigation, Escrow disbursement order (EDO)

44

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 guidelines
2) 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 funds
3) Buyer can't get financed.

45

Brokers must institute one of the four settlement procedures with _____ business days of receiving conflicting demands or of having a good-faith doubt.

30

46

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.

10

47

Can Joint Ventures, Business Trusts, Cooperative Associations, and Unincorporated Associations register as a Real Estate Broker?

NO

48

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