Real estate Brokerage Activities & Procedures

Question 1

What 3 things must be on a Broker’s office sign?

Answer 1

Trade name, Broker’s name & the words “Licensed Real Estate Broker”

Question 2

Blind Ad

Answer 2

Advertisements that fail to disclose name of the brokerage firm.

Question 3

How long do Sales Associates have to give broker a deposit?

Answer 3

The next business day.

Question 4

How long do Brokers have to deposit money into escrow?

Answer 4

The third business Day

Question 5

Commingle

Answer 5

Illegal practice of mixing buyer/sellers/tenant/landlords money with personal funds.

Question 6

Conversion

Answer 6

the unauthorized control or use of another persons personal property.

Question 7

How long does broker have to notify FREC of conflicting demands?

Answer 7

15 business days

Question 8

What are 4 settlement procedures?

Answer 8

Mediation(Non-Binding), Arbitration (Binding), Litigation(court), Escrow Disbursement Order

Question 9

What’s the penalty if you don’t provide contract or receipt for rental info?

Answer 9

Renter is entitled to be repaid 75% of the fee if requested within 30days of contact/receipt date

Question 10

Federal Anti-trust Laws(Sherman clayton Act)

Answer 10

To preserve competition (cant fix commission rates)

Question 11

Ostensible Partnership (Quasi-Partnership)

Answer 11

exists where there is no real partnership, but the parties act or do business in such a manner that the public, having no knowledge of the parties’ private relations, reasonably would assume that a partnership exists. (brokers must display separate sign if sharing office building)