Chapter 5 keyword

Question 1

What is arbitration?

Answer 1

If all parties get written, consents and escrow dispute can be submitted to arbitration. If the party submit this dispute to arbitration, they agree in advance by contract to abide by their arbitrator’s decision. After a hearing in which both parties have an opportunity to be heard the arbitrator decides, how the funds should be disbursed and issues and award the award is binding and can be enforced in the civil lawsuit, if the responsible party felt abide by the decision 

Question 2

Blind advertisement

Answer 2

A blind ad is an illegal advertisement that does not contain the registered or trade name of the broker, or for which there is doubt that the ad is that of a real estate broker

Question 3

What is commingle?

Answer 3

A broker is not allowed to commingle or deposit the personal funds of any person with any funds being held in escrow trust or on condition. 

Question 4

What are conflicting demands?

Answer 4

There are conflicting requests in which both the buyer and seller demand that the broker release escrow funds is called an escrow dispute. If a broker receives conflict and demands for escrow funds, or if the broker has good faith down as to which person is entitled to the escrow property. The broker must give written notification to the commission within 15 business days from the date of the last parties demand.

Question 5

What is a corporation for profit?

Answer 5

Corporation for profit is artificial person created by law. The owners of the corporation are issued shares of stock, and the corporation are known as stockholders.

Question 6

Current mail address

Answer 6

A change of the licenses current mailing address must be reported within 10 days of the change department on a form prescribed for such use failure to do so could result in a $500 fine

Question 7

Deposit process

Answer 7

A sales associate broker associate who receives an earnest money deposit on behalf of their employer, must deliver the deposit to the employer no later than the end of the next business day following receipt

Question 8

What is earnest money?

Answer 8

It is the deposit

Question 9

What is escrow account?

Answer 9

A broker is not required to be an escrow agent, or to have an escrow account. If a broker is to be an escrow agent, they must open and maintain a separate account for such purpose and authorized depository institution.

Question 10

What is an escrow disbursement order?

Answer 10

EDO, the broker request the commission to determine the party, entitled to the escrow property the commission, then issues, an escrow disbursement order for the solution of the funds

Question 11

What is general partnership?

Answer 11

A general partnership often simply called a partnership is a business formation in which two or more people agreed to share the profits or losses of a business. A partnership agreement can be expressed or implied orally, or in writing, no documents, need to be filed with the state to create a partnership.

Question 12

Good faith, doubt

Answer 12

If a broker receives conflict in demand for escrow funds, or if the broker has good faith, doubt as to which person is entitled to the escrow property, the broker must give written notification to the commissioner within 15 business days from the date of the last parties demand

Question 13

Interpleader

Answer 13

The broker would file a bill of interpreter if they do not claim any rights to the deposit and dispute, the escrow funds would be turned over to the registry of the court pending settlement

Question 14

What is a limited liability company LLC

Answer 14

Professional service, corporations, professional, limited, liability, companies, or individuals, all of which are license and authorized through render the same professional service can form a limited liability company for profit Members are liable only for the acts of their agents or employees, but not for the act of other members

Question 15

What is limited liability, partnership?

Answer 15

A partner in a limited liability partnership is only jointly and severally liable for acts and debts incurred or in connection with partnership business, individual partners, and their employees or agents are not liable for the act or debts of other individual partners, as is the case with the general partnership

Question 16

What is limited partnership?

Answer 16

A limited partnership consist of at least one general partner, and at least one limited partner a general partner, and a limited partnership is jointly and severally liable, just as a general partner, in a general partnership

Question 17

What is litigation?

Answer 17

A suit in court can be used to resolve the escrow dispute

Question 18

What is mediation?

Answer 18

If all parties get written, consent, and escrow dispute can be submitted to mediation if the party submitted to mediation, the parties appoint a third-party to assist in reaching an agreement. The mediator has no power to impose a decision on the parties. The mediation process must be successfully completed within 90 days, following the date of the last demand for the escrow funds from the parties.

Question 19

What is ostensible partnership?

Answer 19

An ostensible, partnership or quasi partnership is not a true partnership. It is created 12 or more parties, such as brokers act or operate in a manner that the thieves or mislead someone into believing that a partnership exists.

Question 20

A personal assistant

Answer 20

In 2018, the FREC provided a list of the activities that may be performed by licenses and licensed employee or assistance. The following list updated in 2018 is available through the Fla realtors website.

Question 21

What is the point of contact?

Answer 21

And Internet advertising the point of contact information includes the brokers mailing address, phone number fax number or email address

Question 22

Professional Association, PA

Answer 22

A sales associate or a broker associate may form and be registered as either a professional association, PA or limited liability company LLC the license, however, will be issued only in the name of the individual

Question 23

What is sole proprietorship?

Answer 23

A proprietorship is a business formed by an individual. The individual is personally liable for their actions, and can be sued individually so proprietor is also liable for the act of their employees when the acts are within the scope of the employees, employment, filing papers or documents with the state is not required to form a sole proprietorship.
A proprietor can buy and sell real estate for use in their own business real estate is held in the personal name of the sole proprietor

Question 24

What is team advertising?

Answer 24

Team or group advertising refers to the use of a name or logo that is used by one or more licenses who represent themselves to the public as a team group

Question 25

Trade name

Answer 25

a name by which something is known in a particular trade or profession.
The sign of a broker operator, the sole proprietor must contain the brokers trade name