Chapter 4 & 5

Question 1

A Statutory Law is enforced by

Answer 1

the criminal court

Question 2

A Statutory law is based on what status

Answer 2

A written status

Question 3

A Licensee assigned by a broker of a single agent of a buyer or seller In a non residential transaction is titled a

Answer 3

Designated Sales Associate

Question 4

A Broker may be employed by a member of the public in one of these 3 relationships

Answer 4

Transactions Broker
Single Agent
Non -Representation

Question 5

A agency relationship is created when a broker accepts employment under a

Answer 5

SINGLE AGENCY AGREEMENT

Question 6

When a broker can both list & sell a property this is called

Answer 6

IN HOUSE TRANSACTION

Question 7

What relationship does not a requireme a written disclosure

Answer 7

TRANSACTION BROKER

Question 8

Name 2 relationship a broker has with a member of public is required
A written disclosure

Answer 8

Single Agency and Non representation

Question 9

Within how many days must a broker notify the commission over a escrow dispute

Answer 9

15 days

Question 10

Laws that make it look illegal to discuss a uniform price or fee in any industry is called

Answer 10

Sherman anti trust act

The Clayton act

Question 11

3 types of agency relationships

Answer 11

Special agency
Universal agency
General

Question 12

This agency has the principles authority to under agency to act for them on a continuing basis

Answer 12

General agent

Question 13

What is Consumation

Answer 13

The closing g of a contract

Question 14

If a broker fails to pay commission to another broker this is called

Answer 14

Failure to account

Question 15

Institutional advertising is designed to create what

Answer 15

An image

Question 16

Specific or product advertisement is designed for

Answer 16

A service or product

Question 17

Addresses the rights,duties& related obligations that arise from a principal agent relationship

Answer 17

LAW OF AGENCY

Question 18

A agent that is entrusted to work on behalf of their employer

Answer 18

A principal

Question 19

This agency law performs a single act

Answer 19

Special agent

Question 20

A agent that acts under a continuing basis

Answer 20

General agent

Question 21

This agent agent can act for and represent the principal in all matters without limitation

Answer 21

A Universal agent

Question 22

A agent that has been granted authority to act on behalf of another agent..

Answer 22

Subagent

Question 23

The only brokerage form that must be signed

Answer 23

Transition to Transaction Broker

Question 24

A person that transaction business other than the persons legal name is called

Answer 24

Trade name or Fictitous name

Question 25

An business formed for real estate investment is called a

Answer 25

Real estate syndicate

Question 26

The most common legal entity used in a Real estate syndication is a

Answer 26

Limited partnership

Question 27

Business that must register with the department to perform brokerage services are

Answer 27

LLC LLP SOLE PROPRIETORSHIP CORPORATION FOR PROFIT GENERAL PARTNERSHIP

Question 28

Business that do not need to register for real estate

Answer 28

Business trust Unincorporated association Limited partnership Joint venture Corporation sole

Question 29

A sales associate must report any changes of employer to the commission within how many days

Answer 29

10 days

Question 30

If a licensee becomes a non resident they should notify the commission within how many days

Answer 30

60 days

Question 31

If a broker dies or quits the vacancy must be filled within how many days

Answer 31

14 days

Question 32

When a broker produces a ready willing and able client this is called

Answer 32

Procuring cause of sale

Question 33

Change of mailing address must be reported to the department in how many days

Answer 33

10

Question 34

Change of employer must be reported within how many days ?

Answer 34

10

Question 35

Who may not perform management services in a partnership..

Answer 35

Limited partners

Question 36

A artificial person created by law is called..

Answer 36

Corporation for profit

Question 37

A Corporation created under florida law is called a

Answer 37

Domestic Corporation

Question 38

A Corporation created under the laws in a another state is called a

Answer 38

Foreign corporation

Question 39

A not for profit is Corporation that must be filed with

Answer 39

Secretary of state

Question 40

A business trust is also called

Answer 40

Common law or Massachusetts

Question 41

Not a true partnership and is created to misleading a fake partnership

Answer 41

Ostensible partnership

Question 42

When individuals group together for some purposes without creating a organization this is called a

Answer 42

Unincorporated Association

Question 43

A general partnership can be dissolved

Answer 43

Death, withdrawal, bankruptcy

Question 44

A sole proprietorship is formed by how many people

Answer 44

1

Question 45

Any licensee who becomes a non resident must notify the commission of the change in residency within how many days..

Answer 45

60

Question 46

A general partnership is formed how many people

Answer 46

2 or more

Question 47

A certificate of limited partnership must be filed with who

Answer 47

Secretary of State

Question 48

A certificate of Limited partnership must be filed with who

Answer 48

Secretary of state

Question 49

A Licensee who becomes a non resident must notify the commission of the change of residency within how many days

Answer 49

60 days

Question 50

A general partnership is also called

Answer 50

A partnership

Question 51

The lessor of the property is the

Answer 51

Owner