Chapter 5 - Quiz Flashcards
If several brokers form a corporation to sell real estate and want to call their business Broker’s Dozen with each broker working with the public what are they required to do?
They must all be active brokers and the Corporation must be registered.
Only one of the broker’s needs to be active, the rest can be inactive
They must all be active brokers but nothing needs to be registered since the company is a Corporation
They must all be active brokers. The Corporation must be registered and the trade name must also be registered
They must all be active brokers. The Corporation must be registered and the trade name must also be registered
How often does a Broker have to reconcile his trust account(s)? Quarterly Every Six Months Monthly Yearly
Monthly
Which Federal Department regulated RESPA?
Consumer Financial Protection Bureau (CFPB)
HUD
FREC
FHA
Consumer Financial Protection Bureau (CFPB) regulates RESPA.
How long does a prospective tenant have to demand the return of a fee paid for rental information provided by a broker if that information is not current or accurate? 30 Days 180 Days 90 Days 60 Days
30 Days
What is Conversion?
The transition from Sales Associate to Broker Associate
Getting an Agency agreement from a customer so that they become a Client
Moving Real Estate Offices
Using money from the Escrow or Trust account for the broker’s own use
Using money from the Escrow or Trust account for the broker’s own use
If the Licensed Broker in a partnership is killed in an accident what happens to the Sales Associates working for that partnership?
Their licenses will become involuntarily inactive
Their licenses will be revoked
They can continue working since they have Errors & Omissions insurance
Their licenses will be suspended
Their licenses will become involuntarily inactive
What are the three core federal antitrust laws?
FHA, VA and Equal Opportunities Acts
Statute of Frauds Act, Sherman Act and Williams Act
Sherman Act, Federal Trade Commission Act and Clayton Act.
Clayton Act, ADA and Veterans Act
Sherman Act, Federal Trade Commission Act and Clayton Act.
What is the term for mixing business and personal funds? Revocation Erosion Commingling Conversion
Commingling
What is NOT a requirement for a broker’s entrance sign?
The Registered Name of the Brokerage
Any Trade name under which the firm operates
Date of Licensure of the Broker
Broker’s Name with the wording “licensed real estate broker”
Date of Licensure of the Broker
Which of the following CANNOT register with DBPR to provide Real Estate Services to the public? A Corporation Sole B Partnership C Sole Proprietor D Limited Liability Company
A Corporation Sole
