Section 5 TF Quiz

Question 1

The owner of an apartment complex can pay any tenant that refers a person that becomes a tenant $50.00 cash.

Answer 1

[A] A. True
B. False

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[Section 5F, Slide 51]

Question 2

Florida Statutes allow for a sales associate to incorporate as a PA (Professional Association), an LLC (Limited Liability Company), or a PLLC, (Professional Limited Liability Company), also referred to a PL, for the purpose of having commission paid from their broker to the appropriate corporation.

Answer 2

[A] A. True
B. False

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[Section 5G, Slides 47-79]

Question 3

With Real Estate Brokerage General Partnerships: The partnership Must be Registered with the DBPR; There must be at least one partner as an active broker; Partners who deal with public and perform real estate services must be active brokers; and Sales associates may not be general partners.

Answer 3

[A] A. True
B. False

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[Section 5G, Slide 74 & 75]

Question 4

Sales associates and broker associates are allowed to sue the broker’s principal in the event that a commission is not paid as agreed.

Answer 4

A. True
[A] B. False

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[Section 5F, Slide 30]; As it is the broker who is contracted with the principal to assist in the real estate transaction, it is ONLY the broker that may sue in the event that the principal refuses to pay the commission.

Question 5

An ostensible partnership (or quasi-partnership) 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.

Answer 5

[A] A. True
B. False

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[Section 5G, Slides 59-61]

Question 6

A mere temporary shelter in a subdivision being sold by the broker, for the protection of salespersons and customers and at which transactions are not closed and salespersons are not permanently assigned, is not deemed to be a branch office.

Answer 6

[A] A. True
B. False

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[Section 5A, Slides 61 & 62]

Question 7

An unlicensed assistant is defined as support staff for a real estate corporation or other licensed individuals and cannot be paid for real estate activities.

Answer 7

[A] A. True
B. False

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[Section 5F, Slide 62]

Question 8

Florida Statutes define “Immediately” for placement of a deposit in an escrow account to be no later than the end of the next business day following receipt of the item to be deposited. Saturdays, Sundays and legal holidays shall not be considered as business days.

Answer 8

A. True
[A] B. False

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[Section 5C, slides 23 & 24]; by the end of the third business day following receipt of the item to be deposited. Saturdays, Sundays and legal holidays shall not be considered as business days.

Question 9

A sales associate’s license shall cease to be in force upon changing employers until the change is recorded with the DBPR. The licensee shall notify the commission of the change no later than 10 days after the change.

Answer 9

[A] A. True
B. False

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[Section 5F, Slide 114]

Question 10

An escrow deposit account must be held in a bank or trust company, or a title company having trust powers, a credit union, or a savings and loan association within the United States.

Answer 10

A. True
[A] B. False

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[Section 5C, Slide 13]; An escrow account must be held in a bank or trust company, or a title company having trust powers, a credit union, or a savings and loan association within the State of Florida.