Chapter 5

Question 1

Broker office

Answer 1

stationary construction
(Not a Motorhome)

does not require telephone, desk, checking account

Question 2

If a broker desires to conduct business from more than one office, each additional office must be _________ ____________ as a branch office with the appropriate fee paid.

Answer 2

registered individually

Question 3

Branch office license reissue

Answer 3

Same location & lic period-no fee

Question 4

An escrow account or trust account may be in a

Answer 4

(in the state of florida)
commercial bank
title company having trust powers
Credit Union
Savings and loan association

not in a stock or bond brokerage house

Question 5

Escrow received by associate

Answer 5

Deliver immediately to broker

Question 6

Broker’s right to escrow

Answer 6

In dispute-may retain amount of commission

dispute is settled by agreement, arbitration, or court order.

Question 7

Conflicting demand for escrow

Answer 7

FREC give me help

Question 8

Culpable negligence

Answer 8

Reckless, careless excessively negligent

Question 9

Associate compensation (broker assoc, sales assoc)

Answer 9

Only by employer (can only sue employer)

Question 10

Real Estate Broker Partnership

Answer 10

All active broker’s license if dealing w/public

Question 11

Limited partnership

Answer 11

At least 1 general partner & 1 limited partner

Question 12

Joint venture

Answer 12

Temporary business

Question 13

“Company” in business name

Answer 13

Corporation for profit

Question 14

Real estate brokerage corporation

Answer 14

At least 1 officer is an active broker

Question 15

In brokerage corp-broker dies, resigns etc

Answer 15

Fill vacancy 14 days, if not all lic inv. Inactive

Question 16

Religious organization Title

Answer 16

Takes title by sole titleholder

Question 17

The following businesses can register with the DBPR to perform brokerage services:

Answer 17

Limited partnership