Chapter 5- Broekrage Activites And Procedures

Question 1

A tradename must be registered with the ____ ____ ____ at the department of state

Answer 1

Division of corporations

Question 2

Sales associate can be stockholders in a brokerage corporation but may not be ___ or ____

Answer 2

Officers or directors

Question 3

A real estate brokerage corporation must have at least ____ Active broker serving as an ___

Answer 3

One

Officer

Question 4

Anyone licensed or not can be a ___ ____ in a real estate brokerage limited partnership

Answer 4

Limited partner

Question 5

Two or more brokers that share office space but do not maintain their separate status as independent brokers could be charged as being ___ ____

Answer 5

Ostensible relationship

Question 6

The party who holds title to corporation sole property is called the ___ ___ ____

Answer 6

Sole title holder

Question 7

Limited licenses are available to those persons who sell securities having a “flow through” of tax benefits to the investor under the ____ ____ _____

Answer 7

Direct participation program (DPP)

Question 8

No advertising or solicitation for investors is allowed under the ___ ___ ___

Answer 8

Private offering exemption

Question 9

Investment in a private offering is limited to ___ investors

Answer 9

35

Question 10

To qualify for the intrastate exemption the issuer must be a ___ of the state, the ____ must be in the state and all investors must be ____ of the state

Answer 10

Resident
Property
Residents

Question 11

Anyone performing services of real estate on behalf of a trust must have an ____ ____ ____ ____

Answer 11

Active real estate license

Question 12

What a broker has conflicting demands for funds held in escrow, he or she must report such conflict to the FREC within ___ days and take action to resolve the dispute within ____ days

Answer 12

15

30

Question 13

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

Answer 13

Declaring decree

Question 14

A broker who intermingles or commingles business or personal funds with escrowed funds has committed a form of fraud called ___

Answer 14

Conversion

Question 15

Licensees that failed to reveal something material to a buyers decision may be charged with ____

Answer 15

Concealment

Question 16

A broker that receives money from a potential buyer as a deposit toward the sale of the listed property is required to place the funds into an escrow account within ___ ___ ____

Answer 16

Three business days

Question 17

If a broker has requested an escrow disbursement order and the dispute is subsequently settled or goes to court before the order is issued, the broker must notify the commission within ___ Business days of such event

Answer 17

10

Question 18

If rental information is sold to a prospective tenant and the information is found to be materially incorrect, the applicant may request a refund of ____, provided the request is made within ___ days of the date of the contract

Answer 18

100%

30

Question 19

Operating in a careless, reckless, excessively negligent manner may result in a broker being charged with ___ ____

Answer 19

Culpable negligence

Question 20

A licensee should advise the customer to obtain an ___ or an ___ ___ __ ____ from an attorney whenever a question of the title arises

Answer 20

Abstract

Attorneys opinion of title