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Florida Real Estate Sales Associate License > Chapter 5: Brokerage Operations > Flashcards

Chapter 5: Brokerage Operations Flashcards

1
Q

Each active broker is required to maintain an office, which must be registered with the _____.

A

DBPR

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2
Q

A broker’s office must be of _____ construction.

A

stationary

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3
Q

A broker must maintain books, records, and files pertaining to transactions of others in the office for at least _____ years.

A

5

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4
Q

Branch office registration _____ be transferred.

A

cannot

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5
Q

Branch office registration _____ be reissued if an office is re-opened.

A

can

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6
Q

A _____ is an ad that does not contain the registered name or trade name of the broker.

A

blind ad

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7
Q

All advertising is legally in the name of, and under the supervision of, ______.

A

the broker

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8
Q

A broker operating as a sole proprietorship must have a sign containing: the broker’s trade name, if any, the name of the broker, and the words ______.

A

Lic./Licensed Real Estate Broker

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9
Q

A sales associate or broker associate that lists a property in their name only can be charged with _____.

A

acting as a broker

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10
Q

If a licensee’s name is included in an advertisement, their _____ last must be present and as registered with the Commission.

A

last

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11
Q

When dealing in personal transactions, licensees must make it known to the public that they’re licensed prior to _____.

A

entering into serious negotiations

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12
Q

When listing their own personal property, licensees may: advertise the property as an individual and make no mention of licensure, OR _____.

A

advertise through a registered brokerage office and follow the normal procedures.

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13
Q

A “good faith” deposit by the buyer is called

A

escrow money

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14
Q

Defauly by the buyer of escrow in favor of the seller is called _____

A

liquidated damages

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15
Q

Postdated checks are considered _____ and _____ be accepted as ernest money with the seller’s approval.

A

promissory notes

can

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16
Q

An agent _____ accept escrow checks made out in their name, endorsed to the broker.

A

can

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17
Q

An escrow account may be in a _____, _____, _____, or _____.

A

commercial bank
title company
credit union
savings association

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18
Q

A broker is authorized to maintain personal funds up to _____ in a sales escrow account and up to _____ in a property management escrow account for purpose of paying service charges.

A

$1,000

$5,000

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19
Q

Depositing the personal funds of another person in an escrow account is considered _____.

A

commingling

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20
Q

The misuse or spending of escrow funds is called _____.

A

conversion

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21
Q

If a broker cannot or will not produce funds that belong to another person when required is called _____.

A

failure to account

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22
Q

A sales associate must deliver escrow money to their broker immediately, or _____.

A

by the end of the next business day

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23
Q

A broker must deposit escrow funds by the end of the _____ business day following original receipt.

A

third

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24
Q

A broker’s books and records must be preserved no less than _____ years from the date escrow funds were received.

A

5

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25
Q

Broker’s records must be preserved for at least _____ years after conclusion of litigation.

A

2

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26
Q

Escrow funds become the property of the buyer until ______.

A

a binding contract is entered into

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27
Q

The broker has no rights in escrowed funds until the funds _____.

A

become property of the seller

28
Q

true/false: A broker may retain in the escrow account the exact amount of claimed commission in a commission dispute until it is settled by agreement, arbitration, or court order.

A

true

29
Q

If choosing court action to settle a dispute, a _____ would be filed if a broker is not claiming any of the escrow.

A

Bill of Interpleader

30
Q

Conflicting demands for escrow money from both the buyer and seller is called an _____.

A

escrow dispute

31
Q

If a broker feels they are entitled to part of the escrow in an escrow dispute, they would request a _____.

A

Declaratory Decree

32
Q

An _______ is when FREC decides the outcome of an escrow dispute.

A

Escrow disbursement order

33
Q

In settlements, _____ is binding and _____ is not.

A

Arbitration

Mediation

34
Q

true/false: Buyers of condo units have a 3-day rescission period in which they can be refunded the escrow.

A

True

35
Q

______ is when a sales contract is contingent upon financing. A broker may return the deposit without notifying FREC.

A

Financing contingency

36
Q

A broker, in case of an escrow dispute, must notify the FREC within _____ days and institute an authorized settlement procedure within _____ days.

A

15

30

37
Q

Customers are entitled to _____% refund on rental lists if no rental is obtained, _____% if it contains false information.

A

75%

100%

38
Q

A broker is responsible for the actions of their partners and employees in a ______ suit, even if the broker had no knowledge of the actions.

A

civil

39
Q

_____ is failure of a broker to disclose information.

A

Concealment

40
Q

_____ is when a broker forms a scheme with another intending to defraud.

A

Conspiracy

41
Q

_____ is when a broker operates in a reckless, careless, or excessively negligent manner.

A

Culpable negligence

42
Q

_____ occurs when a broker uses another person’s funds for personal or business use.

A

Conversion

43
Q

_____ is a form of conversion that occurs when a broker is required to produce another’s money or property and cannot or will not.

A

Failure to account

44
Q

_____ is when a broker clouds title by filing false, void, or unauthorized documents.

A

Filing false documents

45
Q

_____ is a misstatement or omission of facts.

A

Misrepresentation

46
Q

A broker that promises they they will resell or repurchase property is guilty of _____.

A

promises to resell

47
Q

true/false: Brokers can hold lotteries for property if there is no purchase required for entry.

A

True

48
Q

Sales associates and broker associates are _____ an agent of the broker’s principal.

A

never

49
Q

Sales associates and broker associates are only compensated by their _____.

A

broker

50
Q

Sales associates and broker associates must report address changes with the DBPR within _____ days.

A

10

51
Q

A _____ is a business formed by an individual where the individual is personally liable.

A

sole proprietorship

52
Q

true/false: In a real estate brokerage partnership, unlicensed persons can be partners.

A

true

53
Q

true/false: Sales associates or broker associates can be partners in a real estate brokerage partnership.

A

false

54
Q

In the event that a partnership only has 1 active broker, and that broker resigns or dies, they must find another broker within _____ days. During this time, they can conclude business but not start any new business.

A

14

55
Q

true/false: In a real estate brokerage limited partnership, anyone may be a limited partner, licensed or not. Limited partners may not partake in management of the business

A

true

56
Q

true/false: In a limited liability brokerage partnership, partners are liable for acts and debts incurred by others.

A

false

57
Q

A _____ is an artificial person created by the law.

A

corporation

58
Q

true/false: One person in Florida can own a corporation and hold all board positons.

A

true

59
Q

A corporation created under Florida law is a _____ corporation.

A

domestic

60
Q

A corporation created under laws of another state is a _____ corporation.

A

foreign

61
Q

A corporation created under laws of another country is a _____ corporation.

A

alien

62
Q

A corporation _____ dissolved by bankruptcy.

A

is not

63
Q

A sales associate or broker associate _____ be an officer in a real estate brokerage corporation.

A

can not

64
Q

A church is an example of a corporation _____.

A

sole

65
Q

A quasi- or not-true partnership is called an ______ partnership.

A

ostensible

Florida Real Estate Sales Associate License (20 decks)

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