which statement is true regarding a sales associate's registered name?

A listing agent who shows property for a seller to a ready, willing and able buyer has certain obligation to the buyer. She finds comparables in the same subdivision that include a two-story with a three-car garage, 4 bedrooms, 3 baths, a pool, but no screened-in porch. Bob was recruiting licensed sales associates from other firms and the Board of Realtors did not like this. A broker took earnest money from a buyer. Brokers may maintain an escrow account in a Florida commercial bank, credit union, or savings association. 4. What must a broker do with his trust account? A developer purchased a tract of land and subdivided the property into Individual lots. The sales associate may pay the salary to the unlicensed assistant. Carla relocated to Boca Raton six months ago and she wants a FL real estate broker's license. Florida Real Estate Review Unit 4 and 5 Quiz - Quizizz The broker needs to make $295,000 in company dollars ($245,000 + $50,000). Which statement applies to this situation? A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. What law prohibits racial discrimination in the United States? The vacancy rate is 5%. Which statement is TRUE regarding this situation? A) The employee is not required to hold a real estate license because he receives a salary. The exam consists of 40 questions worth 1 point each. End of Pre-License Course Exam Questions - RealEstateExamAnswers.com Which statement best describes the legal requirements? The DBPR will reject the broker's application to register the RV as a branch office. b. In this case, the first day of the three-business-day period is Tuesday. A member of the board of directors is responsible for negotiating the company's leases. T or F, A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. Real Estate Course Chapter 5 Flashcards Preview - Brainscape The broker must notify the DBPR of the change in business address before business can be conducted. The three real estate license categories do not include? The three business-day time period for the broker to deposit the funds begins on the day the sales associate is required to deliver the funds to the broker. An appraiser must follow specific guidelines to do an appraisal, where a sales associate follows his broker's direction to do a CMA. Answers: A real estate sales associate may be registered under a trade name. Free Flashcards about Real Estate - StudyStack (b) All sales associates, broker associates, and brokers who are registered with the firm must be either officers or directors. Flashcards - Real Estate - FreezingBlue The landlord gave them written notice within 30 days that he intended to keep $300 of the $600 security deposit because of damage caused by their cat. Limited partners are not liable to creditors of the partnership. Chapter 5 Flashcards - Cram.com 4. The Department has the power to seek records and to seek witnesses. Yes the broker must retain documents for five years. D) Real estate licensees may call a for-sale-by-owner seller to solicit a listing without regard to the do-not-call registry. (c) If a sales associate wishes to be an officer or director, his . 19 - Just Test Questions Flashcards | Chegg.com 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. Capri sales staff will temporarily work out of a model home in the subdivision. Both the father and son have violated FS 475. 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. It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. If the comparable is better than the subject property, subtract from the comparable property. A)Commercial bank in Florida B)Stock brokerage house C)Attorneys trust account D)Florida savings association. The value of a property which is used by local taxing authorities for real estate taxes is. In a social context, what is the term value used to describe? The broker may compensate the FHA employee because the FHA pays his salary. The term of office for each Commission member is: The statement is TRUE. 2003-2023 Chegg Inc. All rights reserved. Which statement is TRUE regarding the magnets? Which of the following is the best explanation for this failure? A. In the government survey system the 6 mile vertical strip of land located immediately west of the principle meridian is called? Two men enter into a business arrangement. What is the position of the Probable Cause Panel in this action? B) must requalify for licensure. 4. Mandatory suspension until the fund is paid back in full including interest. Capri Realty is the exclusive representative of Verde Ridge subdivision. The applicant earned a score of 76 on the end-of-course exam and has submitted the license application to the Department of Business and Professional Regulation (DBPR). The penalty for a first-time offense of a broker employing a sales associate who is not the holder of a valid and current license is an administrative fine of $250 to $1,000 and license suspension to revocation. US Social Security B. Florida resident C. 2-year college degree D. US citizenship, Which individual is NOT exempt from licensure under real estate license law? The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? C)Susan is in violation of Florida license law. Annual expenses are $3,500 for maintenance, $1,200 insurance, $1,500 taxes, $900 utilities, $1,500 special assessments ad 10% of the gross effective income for the management fee. A) States that have a mutual recognition agreement with Florida provide reciprocity to Florida licensees to conduct real estate in other states. What is the maximum finders fee that may be paid in the form of a credit toward rent paid to the tenant for referring a person to the management company if that person later becomes a tenant of the complex? Subtract the liabilities short and long term from the value of the business. B. D. The applicant must successfully complete the sales associate prelicense course before becoming a Florida real estate broker. or her license must be placed on inactive status. A sales associate may hold which position? 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 commissions paid to sales associates. 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. What statement is true regarding Florida's telemarketing law? If the comparable is worse than the subject house, add to the sale price of the subject house. True or False? Financing services requires a mortgage broker license. The applicant recently moved to Florida and has completed the Florida broker prelicense course. When must the Notice of No Brokerage Relationship be given? How many days will a party to the hearing have to file an exception to the Recommended Order? Sales Associate Job Description - Forbes Advisor A license is placed in involuntary inactive status for no more than two years. The answer is applicants applying for a Florida real estate license through mutual recognition must pass a Florida-specific real estate law license exam with a grade of at least 75%. The landlord was returning the security deposit to Sue and George for the apartment they had vacated. (b) All sales associates, broker associates, and brokers who are . D) Because the sales associates are not permanently assigned to the model home and closings are not conducted at the site, the model home does not have to be registered as a branch office. Because an RV is not a building of stationary construction, it does not meet the minimum office requirements and may not be registered as a real estate branch office. Which type of business brokerage entity is NOT required to file with the Florida Department of State? A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? The DBPR has 90 days after receiving an application to check for errors and omissions and to send a notice of insufficiency concerning any additional information required. If a broker maintains a brokerage office in the broker's residence, the broker is exempted from ADA accessibility requirements in all parts of the residence except the room where brokerage business is conducted. $245,000 company dollar 250 sales = $980.00 company dollars per sale. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. The answer is C) THURSDAY. I think I know Flashcards | Quizlet True False. C. The applicant must apply for a broker license under mutual recognition. Which item would most likely be classified as a fixture? 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. Carla does not qualify for mutual recognition because she is a FL resident. The Alabama licensee has requested a Florida real estate license based on mutual recognition. The statement is FALSE. T or F. The statement is false. Which type of business arrangement have they formed? A) The federal telemarketing law exempts telephone surveyors. A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. FL REAL ESTATE CHAPTER 2 Flashcards | Quizlet The reasons for selling businesses are varied and the appraiser must establish the value of the business before it can be sold. A business intangible has no value for an appraisal, but a personal intangible does. Florida Broker's Office Requirements - MLS Campus The ability to require a person to appear before the courts to give testimony. Advertising rental property information or lists that are not current or are materially inaccurate is a first degree misdemeanor. He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. Divide the gross income required by the number of sales associates: $346,000 9 = $38,444. 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. The answer is 27.55. 4. T or F. The statement is false. The answer is 5. However, no sales associate or broker associate may be registered as that brokerage's officer, director or general partner. After two weeks, the son has sold only two lots, so the father decided to add an incentive. $228,000 divided by $285,000 equals 0.80%. The Alabama licensee must satisfactorily complete the Florida prelicense course and pass the state license exam. Which type of business entity is at risk of no longer continuing if the owner becomes incapacitated? C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. Carla can use her active NY broker license to meet the experience requirement. Principal of and interest on Susan should reject the information since it does not have a screened-in porch. 10 days B. C) must complete the real estate prelicense course and pass the Florida state license exam. Disclosure rules do not apply to nonresidential transactions. The applicant has not fulfilled the experience requirement. 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. telemundo deportes reporteros 8 de junho de 2022; thomas kinkade houses vallejo 25 de junho de 2020; trans friendly doctors vancouver 14 de maro de 2015; jim shockey father in law 13 de maro de 2015; lisa harvey gondrezick louisiana tech 13 de maro de 2015 2. Because the salesperson receives a commission in addition to a salary, the salesperson must hold a real estate license. Data includes general appearance of properties. A)Friday B)Monday C)Wednesday D)Tuesday. T or F. The statement is true. A cooperative association IS ALLOWED to conduct commercial business and to convey, sell, or buy its own property, but it cannot be registered as a real estate broker. Protection is provided under the Fair Housing Act based on A) age. Which of the following statements is true? A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. Ticket for failing to stop at a red light six months ago C. Denied licensure as an appraiser in MA D. A plea of nolo contendere for domestic violence. B) January 31. D) is allowed 30 days to make up the post-license course but is charged a late fee. It's a statement of how the business profited last year. PDF Salt Lake County, Utah - gis.slco.org The statement is true. A Florida real estate licensee who moves out of state and becomes a nonresident of Florida is required by law to notify the Commission within, A broker relocates her brokerage office across town. Carla must apply for mutual recognition. Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? A broker's listing agreement specifies that 5 percent commission is to be paid on the sale price. (c) The Secretary must be an attorney. The answer is "For the best customer service, list with Jones Realty." What should Susan do with this information? A CMA gives a range of value while an appraisal gives an opinion of value. Mike Meyers, licensed real estate broker, is a sole proprietor who uses the trade name #1Service Realty. A) Limited liability company B) Corporation C) Limited partnership D) General partnership, A broker associate can be a member of which real estate brokerage entity? A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. There are three requirements: The sales associate must hold a real estate license, have a gross income based on production rather than on the number of hours worked, and work based on a written contract that states, among other things, that the sales associate is not considered an employee for federal tax purposes. Which statement BEST describes the legal term nolo contendere? This year he rented nearly all the space and got much more rental income, but the insurance premium did NOT increase. The estimated total life of an improvement. The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. Sharing a portion of the commission with a party to the transaction is an example of a legal kickback or rebate, Explain the FSBO exception related to the Do not call registry related to Florida and Federal law. C. be a Florida resident. The landlord was reviewing his property management agreement with the broker. File a request for involuntary inactive status C. Notify the DBPR within 60 days of the change of residency. The broker cannot receive money from the Recovery Fund because he gave the earnest money to the wrong person. The purposes of the Appraisal Foundation are all EXCEPT: The purpose is to create, lobby, and promote federal legislation for appraisers. The DBPR regulates the size of the lettering on entrance signs. A real estate application expires after what period of time? Which business entity may NOT register as a real estate brokerage entity? The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. What were Piaget's four stages of cognitive development? Some brokers instead choose to have a Florida-based title company that has trust powers maintain the escrow funds, or alternatively, if designated in the sale contract, a Florida attorney may escrow the funds. Making statements to neighbors about minority groups moving into the neighborhood in order to get listings is? 2. A person applying for a real estate broker license must: A. disclose personal financial information. The office's monthly expenses are expected to be $19,000 for the next year, and the broker wants to make an $8,000 monthly profit. 3. The answer is D) TUESDAY. 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). The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house. 3. A) Auction real property B) Exchange real property C) Finance real property D) Appraise real property. Meloni's new friend from another state just gave her his phone number. Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas? People who engage in a business, profession, or occupation in Florida must pay a business tax every year. Violators of Florida is telemarketing law may be fined $10,000 per car. The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. B) marital status. The sales associate received an earnest money check from the buyer on Friday, January 3. Correct: True. The number of days on the market is a major issue with sold comparables. Why is this so important? The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. 3. Which of the following are disciplinary actions by the Commission for the lack of disclosure to a buyer or seller? Susan should find other comps that are more like the subject house.

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