Unit 5 Real Estate Brokerage Activities and Procedures

Question 1

State and federal laws designed to maintain and preserve business competition.

Answer 1

antitrust laws

Question 2

An advertisement that provides only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm.

Answer 2

blind advertisement

Question 3

To mix together money or a deposit with personal funds; combine; intermingle.

Answer 3

commingle

Question 4

Earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent.

Answer 4

deposit

Question 5

A type of money that a broker may handle for others in the ordinary course of business; also called a good-faith deposit or binder deposit.

Answer 5

earnest money

Question 6

An account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds; impound account or trust account.

Answer 6

escrow account

Question 7

An impound account required by most lenders that require borrowers to pay in advance monthly installments for property taxes and hazard insurance. The monthly ____ payment is one-twelfth of the estimated annual expense for property taxes and the hazard insurance premium.

Answer 7

escrow

Question 8

The Florida telephone solicitation law provides a ______ exception.

Answer 8

FSBO

Question 9

A brokerage firm’s ________ is not required to be included in advertising.

Answer 9

address

Question 10

All advertisements must include the ______.

Answer 10

name of the brokerage firm.

Question 11

Licensees may use ________ in ads provided the ads also include a legal name registered with DBPR.

Answer 11

their nickname

Question 12

Violators of the _____________________ may be fined up to $16,000 per violation.

Answer 12

federal telephone solicitation law

Question 13

Words that may not be used in team names:

Answer 13

agency
brokerage
brokers
company
corp.
inc
llc
llp
lp
real estate
realty
partnernship

Question 14

When advertising on a website, the name of the brokerage firm must appear _______________________________ the point of contact information.

Answer 14

adjacent to or immediately above or below

Question 15

Telemarketing calls are restricted to the hours between :

Answer 15

8:00 am and 9:00 pm.

Question 16

At least monthly, the registered broker must maintain a current written record of:

Answer 16

each team’s members.

Question 17

FCC rules mandate that senders must clearly state on the first page of the advertisement that the recipient has the right to:

Answer 17

opt out of receiving future unsolicited advertising faxes.

Question 18

Brokers may open an escrow account in:

1.
2.
3.

or held by: _______ or _________

Answer 18

a Florida bank, savings association, or credit union.

held by a title company or in a Florida-licensed attorney’s trust account.

Question 19

Sales associates (and broker associates) must deliver escrow deposits to their broker by _____________________ following receipt of the funds.

Answer 19

the end of the next business day

Question 20

Brokers must deposit escrow funds by ____________________ following receipt of the funds.

Answer 20

the end of the third business day

Question 21

If an escrow check is made out to the sales associate personally, ask the prospective buyer to:

Answer 21

write a new check payable to the broker’s escrow account.

Question 22

If you cannot change a buyer’s check that has your name, you should immediately endorse the check and include the words:

Answer 22

“For Deposit Only to the (name of the escrow account)” and turn it over to the broker.