1 - Becoming a Real Estate Broker and Opening a Real Estate Offiice Flashcards
What are the three ways that an individual can qualify to test to obtain a Florida real estate broker’s license?
- Licensed as a sales associate with a broker for 24 months or more
- Be a licensed sales associate as a government employee, paid by salary to do real estate work
- Be a current broker in another state for at least 24 months or more.
What must a qualified licensee applicant do to qualify for the exam Florida Broker’s license if they are a resident, or a non resident and not from a mutual recognition state?
- Take the Broker’s course, Course II
2. Pass the 100-question exam with a score of 75% or better.
What must a qualified licensee applicant do to qualify for the exam Florida Broker’s license if they are from a mutual recognition state?
- Contact the state they are licensed in for course requirements, if any
- Pass the 40-question exam on Florida Law with a score of 75% or better.
A broker may do business as an entity registered with the DBPR if he so desires. If this is the case, who in the company must have licenses?
- The broker and all active brokers
- Broker associates
- Sales associates
Which businesses cannot be registered as an entity with DBPR?
- A corporation sole-church organization, but for profit
- A joint venture - temporary relationship
- A business trust - an investment group for its own purposes
- An unincorporated association - local property owners, not partners
- An ostensible (quasi) partnership – a hidden relationship
All brokerage business operating in Florida must maintain a Primary Office. The specifications of an office include what?
- Supervised by an active broker
- Made of stationary construction.
- It must have at least one room for privacy.
What are the seven types of ownership for a real estate brokerage entity?
A Sole proprietorship A General partnership Limited partnerships A corporation with shareholders. An S corporation A limited liability partnership A limited liability company
Can a sales associate or broker associate maintain an office of his own?
No
What can not be done in a temporary office?
Transactions may not be closed there
Sales associates cannot be permanently assigned there.
How does a brokerage branch office have to be registered?
The branch must be registered under the same name as the main brokerage office but have its own registration.
What must be indicated in all advertising by a brokerage branch office?
All advertising must indicate to the public that a branch office is owned and operated by the broker.
What format must the office sign be in?
Line 1 - The name of the firm, corporation or trade name
Line 2 - The name of the active broker within the firm
Line 3 - Must state “Licensed Real Estate Broker”
Additional lines may be added for sales associates or broker associates.
How large must the letters be on the office sign?
At least 1” high if the sign is outside the office, 1/2” if the sign is inside the office.
What are the requirements for advertising by a broker or their sales associates?
All advertising must be in the name of the broker and it is the broker’s responsibility to supervise and be responsible for it.
If a sales associate or broker associate’s name appears in an ad, the name of the firm must be identified as well as the status of the sales associate or broker associate.
When does a broker’s for sale sign have to be removed?
As soon as possible after it is sold.
