Section 5 Real Estate Brokerage Activities And Procedures Flashcards Preview

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Flashcards in Section 5 Real Estate Brokerage Activities And Procedures Deck (20)
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1

True or false, the owner of an apartment complex can pay any tenant that refers a person that becomes a tenant $50 cash

True

2

True or false, An ostensible partnership or quasi-partnership exists where there is no real partnership but the parties act or do business in such a manner that the public, having no knowledge of the parties private relations, reasonably would assume that a partnership exists.

True

3

True or false,With real estate brokerage general partnerships: the partnership must be registered with the DBPR; there must be at least one partner as an active broker; partners who deal with public and perform real estate services must be active brokers; and sales associates may not be general partners.

True

4

True or false, a mere temporary shelter, in a subdivision being sold by the broker, for the protection of salespersons and customers and at which transactions are not closed and salespersons are not permanently assigned, is not deemed to be a branch office.

True

5

True or false, a sales associates license shall cease to be in force upon changing employers until the change is recorded with the DBPR. The licensee shall notify the Commission of the change no later than 10 days after the change.

True

6

True or false, an unlicensed assistant is defined as support staff for a real estate corporation or other licensed individuals and cannot be paid for real estate activities

True

7

True or false, sales associates and broker associates are allowed to sue the brokers principal in the event that a commission is not paid as agreed.

False

As it is the broker who is contracted with the principal to assist in the real estate transaction, it is only the broker that may sue in the event that the principal refuses to pay the commission.

8

True or false, Florida statutes defines "immediately" for placement of a deposit in an escrow account to be no later than the end of the next business day following receipt of the item to be deposited. Saturdays, Sundays and legal holidays shall not be considered as business days.

False

By the end of the third business day following receipt of the item to be deposited. Saturdays, Sundays and legal holidays shall not be considered as business days.

9

True or false, Florida statutes allows for a sales associate to incorporate as a PA (professional corporation), a LLC (limited liability company) or a PL (professional limited liability company) for the purpose of having commission paid to the appropriate corporation

True

10

True or false, an escrow deposit account must be held in a bank or trust company, or a title company having trust powers, a credit union, or a savings and loan association with in the United States.

False

An escrow account must be held in a bank or trust company, or a title company having trust powers, a credit union, or a savings and loan association within the state of Florida.

11

Norman night, a real estate licensee with kingdom Realty, advertises a listed property in the local paper. Which wording would be acceptable?

1. Home for sale by kingdom Realty. Contact Norman night, sales associate, cell 999–999-9999

2. Home for sale by Norman night

3. Home for sale by Norman night 999–999–9999

4. Home for sale. Call 999–999–9999

# 1

Home for sale by kingdom Realty. Contact Norman night, sales associate, so 999–999–9999

12

All of the following entities are not allowed to register as a real estate business with the DBPR except:

1. Corporation sole

2. Joint venture

3. Limited liability corporation

4. Business trust

#3

Limited liability corporation

13

Broker Clarence wants to open a brokerage office in her home. What conditions for the office must be met?

1. A dedicated telephone line in one enclosed room

2. One enclosed room in a building of stationary construction and an entrance sign

3. A dedicated telephone line in one enclosed room with a locked filing cabinet

4. Home offices are exempt from office requirements

# 2

One enclosed room in a building of stationary construction and an entrance sign

14

A deal failed to close because the seller decided he really didn't want to move. The broker received conflicting demands regarding the earnest money. How long does the broker have to implement a settlement procedure?

1. 10 days
2. 15 days
3. 20 days
4. 30 days

#4

30 days

15

Broker Robin plunder received conflicting demands from the buyer and seller. Despite the hours of work already involved, Robin just wanted to be relieved of the responsibility and didn't want any of the earnest money for herself. What settlement procedure could Robin choose to take?

1. Request a Declaratory judgment
2. Request an interpleader
3. Request a stipulation
4. Request a recommended order

#2

Request an interpleader

16

Real estate agent Nancy Biggins is printing new business cards to advertise her real estate services. She is a broker who owns her own brokerage operating under her own name – but she is not a member of the national Association of realtors. She may display her name on the cards in the following ways except?

1. Nancy begins, broker
2. Nancy begins, realtor
3. Nancy begins, broker/owner
4. Nancy Biggins

#2

Nancy begins, realtor

17

Which of the following situations is not an example of an illegal kickback?

1. A manager of an apartment complex paying a tenant a $100 referral fee

2. A broker paying an unlicensed person a referral fee

3. A broker sharing part of the commission with the buyer

4. A broker paying a licensed mortgage broker a referral fee

# 3

A broker sharing part of the commission with the buyer

18

You sell Johnny a rental list that was to only include pet friendly rentals. Johnny found the list to be inaccurate and requested a refund in writing. How much is he entitled to as a refund?

1. 100%
2. 75%
3. 25%
4. 0%

# 1

100%

19

On Friday, Rosie peach, a sales associate, gets a contract and earnest money check for her deal. The seller accepts the offer that same day but Monday is a holiday. What is the last day Rosie peach can give the check to her broker?

1. Monday
2. Tuesday
3. Wednesday
4. Thursday

# 2

Tuesday

20

Broker Jyohee announced to all of his sales and broker associates that for the next four weeks he and three other brokerages would advertise that all listings would be taken at 5% – a full 1% lower than what they normally charged. This plan is an example of?

1. Redlining
2. Price-fixing
3. Market Allocation
4. Mutual agreement

#2

Price-fixing