Unit 5

Question 1

Requirement for advertising

Answer 1

All advertising most be in the name of the brokerage and under supervision of the broker. All promotional material created by sales associates must include brokerage firm name.

Question 2

Acceptable depositories for maintaining escrow accounts

Answer 2

Commercial bank, credit union, or savings association.

Question 3

Requirements for Post dated checks and insufficient funds

Answer 3

Seller approval must be obtained before accepting post dated checks. Check must be held in a proper place until date of check then immediately deposit on that date. Broker is not held liable for nonpayment as long as check was deposited on time.

Question 4

If a EDO (Escrow Disbursement Order ) is requested how long do you have to notify FREC if the issue is settled or goes to court before the EDO is issued?

Answer 4

10 days

Question 5

Regulations and violations concerning kickbacks?

Answer 5

Both buyer and seller are fully informed of the kickback.

Not prohibited by other law.

Commission can not be shared with a unlicensed person other than buyer and seller.

Licensee can’t pay unlicensed persons a fee for performing real estate activities

Property management firm and apartment complexes can pay no more than $50 referral fee.

Question 6

May not register as a brokerage?

Answer 6

Corporations sole, Joint Ventures, Cooperative associations, Unincorporated Associations, and Business trust.

Question 7

Requiremenrf for Real
Estate office sign?

Answer 7

Sign must be on exterior or interior of the entrance in all branch offices.

Sign most contain Trade names, Brokers name, and the words “Licensed Real Estate Broker “ or “Lic. Real estate broker”

Sales associates and brokers associates names are not required on sign.

Question 8

Timeline for delivering and depositing escrow funds?

Answer 8

Sales associate and broker associates must deliver binder or rental fees to broker by end of next business day from date received . Brokers have till end of 3rd business day following receipt of funds to deposit in escrow.

Question 9

When there are conflicting demands for escrow the broker has how long to institute a settlement procedure?

Answer 9

30 business from date of learning of the conflict.

Question 10

Settlement Proceed for conflicting demand!

Answer 10

Meditation
Arbitration
Litigation
EDO

Question 11

What is one exception to notice and settlement procedures that does require broker to notify FREC of conflicting demands and institute a settlement procedure?

Answer 11

If a buyer of a residential condo give timely written notice to cancel the contract as authorized by the Condominium Act the Broker can return escrow property

Question 12

Team advertising

Answer 12

Name or logo used by 1 or more licensees who represent themselves to the public as a team. Registered broker must maintain monthly written record of team members. Team must advertise in broker name. All advertising most be in a way you know your dealing with a team.

Question 13

Words that can’t be used in team names?

Answer 13

Agency
Broker
Associates
Brokerage
Corporation, Corp,Inc , or LLC
LP,LLP, or Partnership

Question 14

Florida Telemarketing law is administered through?

Answer 14

The Florida Department of Agriculture and Consumer Services (FDACS

Question 15

2 things allowed based on Telemarketing law

Answer 15

Sales associates may contact individuals with whom they have an establish business relationship with even if they’re on the National registry. Sales associates may contact a customer for three month after a business inquiry or application

Question 16

Brokers requirement when escrow is placed with a title company?

Answer 16

Broker must request in writing no later than 10 bus days after each deposit written verification of receipt of deposit. This is waived if the seller picked the title company. No later than 10 days after request was sent a copy or reason for no copy must be sent to sellers broker or seller if there is no broker.

Question 17

2 prohibited acts of antitrust laws

Answer 17

Price fixing-when competing brokers conspire to establish a standard commission rate rather than letting the rate be set by the open market. Can’t say going rate or normal commission rate.

Market allocation-when brokers agree to split up competitive market areas among themselves and not compete in each other’s area.

Question 18

Limited partnership

Answer 18

Is created by written instrument filed with the Florida DOS. Consist of 1 or more limited partners and general partners. Limited partners are investors only. Don’t share in the Debt unless their name appears in the partnership name or they take part in management

Question 19

Professional Association name requirements for sales associates?

Answer 19

Legal name or legal name as Professional corporation, limited liability company, or professional limited liability company