Chapter 5

Question 0

Sales associate can be stockholders in a brokerage corp but may not be

Answer 0

Officer or director

Question 1

If branch office is closed and later reopened same location. Must be same

Answer 1

2 year license period

Question 2

A real estate brokerage corp must have at least one active broker serving as an

Answer 2

Officer

Question 3

Sole titleholder

Answer 3

The party who holds title to corp sole property is called

Question 4

Sales associates and broker associates must report any changes of employer or address to the DBPR within

Answer 4

10 days

Question 5

When a broker has conflicting demands by the buyer and seller for funds held in escrow, broker must report to FREC within

Answer 5

15 business days

Question 6

If licensee wants his or her name in the advertisement, must use

Answer 6

Last name

Question 7

Post dated checks are considered to be promissory noted and can be accepted as earnest money with the approval of the

Answer 7

Seller

Question 8

Approved depositories for earnest money. Best way to deposit is in?

Answer 8

Bank within the state of Florida

Question 9

A broker who feels he or she is entitled to some or all of escrowed funds may be submit the dispute to the court by filing an action for

Answer 9

Declaratory decree

Question 10

A broker who intermingles or commingles business or personal funds with business funds

Answer 10

Form of fraud called commingling

Question 11

The monthly reconciliation must be review, signed and dated by the

Answer 11

Broker

Question 12

Subject of or has served as evidence in litigation, file must be retained for

Answer 12

2 years after conclusion of litigation

Question 13

Demand from buyer or seller to release fund is called

Answer 13

Escrowed dispute

Question 14

Culpable negligence?

Answer 14

A broker Operating in a careless, reckless, excessively negligent manner (a sales associate who forgets to collect an escrow deposit, as specified in a sales contract, may be charged with culpable negligence)

Question 15

Rental information violations are considered a

Answer 15

misdemeanor of the first degree

Question 16

Conversion?

Answer 16

When a broker uses or makes available to his or her personal business use funds or other property belonging to another

Question 17

Concealment?

Answer 17

Fails to disclose information to a party such as report or rumors concerning the transaction to the principal.

Question 18

Failure to account

Answer 18

When a broker cannot or will not produce the money or property belonging to another.

Question 19

Misstatement or omission of facts

Answer 19

Misrepresentation

Question 20

A broker cannot render an oral or written opinion that the title of the property being sold is good or merchantable

Answer 20

Opinion title

Question 21

Which business forms cannot register to conduct real estate transactions

Answer 21

Corporation sole

Question 22

If a commission dispute arises prior to closing, the broker

Answer 22

May retain the exact amount of the disputed commission in the escrow account until the dispute is settled

Question 23

If the broker requested an escrowed disbursement order, and the dispute settled or goes to court before the order is issued, the broker shall?

Answer 23

Notify FREC within 10 business days

Question 24

If the rental information provided under a contract is not current or accurate in any material aspect, you may demand within 30 days a return of your?

Answer 24

Full fee paid (100% back)

Question 25

If you do not obtain a rental, you are entitled to receive a return of?

Answer 25

75 percent of the full fee paid within 30 days of the contract date

Question 26

Two or more persons agree to share profits or losses of a business. Don’t need to be registered with the state. Partnership interest are not required to Be equal. They can be sued separately.

Answer 26

General partnership

Question 27

Is a temporary business involving a single transaction or a preterm ones number of transactions. Don’t need to be registered with the Secretary of State.

Answer 27

Joint venture

Question 28

Is formed under common law principles for religious purposes. Not required to file documents with the state. Can buy and sell real estate for its own use. Title is held by a person and it is known as sole titleholder

Answer 28

Corporation sole

Question 29

Must be registered with the DBPR. Must have at least on active broker. Inactive brokers or unlicensed persons can be partners but cannot perform real estate, must be registered with the DBPR. Sales and broker associates cannot be partners.

Answer 29

Real estate brokerage partnership