Chapter 7 Quiz Flashcards
If a buyer makes an earnest money deposit payable to a broker associate, how should the broker associate handle this situation?
The broker associate should endores the check and deliver it to their broker immediately
A blind advertisement is a real estate advertisement that does not include which of the following:
The name of the real estate brokerage
What must a broker do if they want to move their branch office location?
Acquire a new branch office registration and pay the appropriate fee to the Division of Real Estate
Sales associate Sandy receives an earnest money deposit from a buyer on Monday. What is the deadline for the broker to properly deposit the funds into an escrow account?
Thursday (3 business days)
All of the following are authorized to operate as a real estate brokerage, except:
Joint venture - Not authorized
Partnership, Limited Partnership, Corporation - Authorized
Ed purchased a rental list from a Florida broker for $100.00. After visiting all the rental properties stated on the list, Ed decided not to move from his present apartment. The next day, Ed verbally requested a 100% refund. Which of the following statements best describes Ed’s legal rights?
75%
Who is ultimately responsible for advertising placed by a real estate brokerage?
The broker
The official sign on or about the entrance to a real estate brokerage must include all of the following except:
Name of the broker, brokerage entity, Licensed real estate broker - Required
Sales associates - not required
Officers of a real estate corporation must be either active brokers or:
Registered
PRIOR TO CONTRACT, a buyer directs a broker to move an earnest money deposit from a non-interest bearing account to an interest bearing account. How should the broker respond?
Move the deposit to an interest bearing account, even without the seller’s consent.
Violation of rental list rules is a first degree misdemeanor. What are the maximum penalties for this type of crime?
Up to 1 year in in jail and/or up to a $1,000 fine
Broker Alan accepts an earnest money deposit from a buyer. Instead of depositing the money in his escrow account, Alan deposits the money into his personal account. Alan could be criminally charged with which of the following:
Conversion
Sales associate Bob sees a “For Sale By Owner” sign on his way to work. When he arrives at the office, Bob calls the owner to try and get them list the property with Bob’s brokerage firm. When Bob identifies himself as a real estate licensee, the owner gets angry and tells Bob that he shouldn’t be calling because the owner’s name is on the Federal “No Solicitation List”. Has Bob broken the law by calling the owner?
Yes, Bob should have checked the “No Solicitation List” before calling (FSBO call not a violation of FL law)
By definition, a real estate broker’s office:
Must be of stationary construction with an enclosed room where negotiations can take place and records are kept
In Florida, corporations are created through which state agency?
Department of State
