A sales associate may hold which position? A) It is the process of expunging the criminal record. T or F, A real estate licensee who has attained a four-year degree or higher in real estate from an institution of higher education is exempt from the post-license education requirements. 1. A business intangible is something readily seen by a buyer, where personal intangibles are not readily seen. 475.01 specifies the services that require a valid active real estate license to perform. What is the term for this loss? Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. B) must requalify for licensure. Additionally, the office must be registered with the Department of Business and Professional Regulation. What action must the licensee take regarding the Florida license? Which of the following is NOT a true statement? A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. B) must simply register her license information with the Florida Department of Business and Professional Regulation (DBPR) because she moved from a mutual recognition state. What is the intangible tax on a new mortgage of $10,000? The appraiser made note of the loss of land caused by the hurricane. The ratio which is determined by dividing the company's liabilities by its value and the higher the ratio, the greater the risk is? A sales associate or broker associate may not be an officer or director of a real estate brokerage corporation. The total sales from the US convenience store industry generated in 2015 amounted to more than $603 billion while the sales exceeded $680 billion by the end of 2016. Which type of business brokerage entity is NOT required to file with the Florida Department of State? Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. If the names of the sales associates are on the sign, the names must be placed below any brokers' names and include the associate's license status as sales associate. T or F. The statement is false. The additions made by the seller, including a new garage. A) If he is paying the full cost of the magnets, he can choose what information to print on the magnets. Her office has six employees and nine sales associates. TRUE OR FALSE: The office sign at the entrance of the brokerage business must display the brokerage street address. The DBPR has 90 days after receiving an application to check for errors and omissions and to send a notice of insufficiency concerning any additional information required. A member of the board of directors is responsible for negotiating the company's leases. Auctioning real property is one of the eight real estate activities that require a real estate license. T or F. The statement is true. The sales associate may pay both assistants. B) His license status must be printed on the magnets. A) Excel Real Estate Services B) Janet Stoufer, Independent Consultant C) Robert Lynn Real Estate Services D) Robert Smith, PA. To help prospect for listings, a licensed broker associate decides to have personalized refrigerator magnets made. D) January 15. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. A sales associate may not be licensed or registered under a trade name. The other expenses in the question are fixed expenses. A corporation sole is an ecclesiastical or church organization, usually headed by a bishop or other clerical official who has been empowered by a church to hold title to church property. Susan should find other comps that are more like the subject house. Brokers are not required to place the names of the sales associates on the entrance sign. A real estate licensee advertises a property for sale that is listed by the company, but fails to disclose in the ad that the property is being advertised by a real estate company. No one else in his subdivision has a pool. B) Real estate licensees are exempt from the telemarketing laws. 15 days C. 20 days D. 30 days. The answer is it is a plea of no contest. He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. File an application of mutual recognition with Alabama B. Advertising rental property information that is materially inaccurate is which type of violation? What should Susan do with this information? He hires his son but he is NOT license to sell lots.Father offers son a salary of $200 per week. A real estate developer's sales staff must hold active real estate licenses if they are paid a commission or a bonus based on actual sales (on a transactional basis). A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? It's a statement of liabilities of the company. Real estate license law has no authority over title company escrow accounts or attorney escrow accounts. The escrow account may be either interest-bearing or non-interest-beearing. d. Broker associates that wish to open and maintain an office must be licensed but only need to T or F. The statement is false. Correct: True. The other choices are specific (product) advertising. And owner at an apartment complex pays $100 to each tenant that refers a renter this arrangement is illegal because? Florida law allows a real estate licensee to share part of the commission with the buyer or seller in a real estate transaction, provided the rebate is disclosed to all interested parties. A person applying for a real estate broker license must: A. disclose personal financial information. A) Inactive real estate licensee B) Active member of The Florida Bar C) Individual who has received a four-year degree in real estate D) Nonresident licenseeTerm. True False. Two men enter into a business arrangement. The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. Both the father and son have violated FS 475. Failure to pay for the annual business tax is a A) felony. John Glover Roberts Jr. (born January 27, 1955) is an American lawyer and jurist who has served as the 17th chief justice of the United States since 2005. FCC rules require solicitors to maintain a company-specific do-not-call list of consumers who have asked not to be called and to honor the National Do No Call Registry. c. She lacks photographic memory. After two weeks, the son has sold only two lots, so the father decided to add an incentive. Mediation is an informal, non-adversarial process intended to reach a negotiated settlement. The new location must be registered and the fee paid. C)Susan is in violation of Florida license law. In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. which statement is true regarding a sales associate's registered name? Operating expenses are expected to be $31,950. He has shown a willingness to work with the Supreme Court's liberal bloc, and, after the retirement of Anthony Kennedy in 2018, he . Principal of and interest on D) There is a requirement to include the broker's name but not the name of the company in the ad. B) the residences do not have any occupants who are younger than 18. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. Subtract the liabilities short and long term from the value of the business. The three real estate license categories do not include? Which statement is true regarding the Secretary of the Department of Business and Professional Regulation? Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. She expects monthly revenue for the first year will be $15,000 and that her monthly expenses will be $12,000. Which of the following statements is true? The statement is true. Selected Answer : A sales associate may form a limited liability company for income tax purposes and register under the licensee 's name with the abbreviation LLC after the licensee 's name. Which statement BEST describes the legal term nolo contendere? The sales associate must first check the phone numbers against the National Do Not Call Registry. B) cause for requiring a business to cease operations. What type of rights are associated with moving water? 7.6% B. This action causes the sales associate's license to be: Placed in involuntary inactive status: When an active broker changes a business address and the broker notifies the FREC within the required 10 days, the licenses of the sales associates: Remain in force Registrations issued to branch offices are not transferable. A salaried individual manages a condominium building and rents units 3month to 6month periods. B) The designated sales associate must give the customer a transaction broker notice. By end of business on which day must the check be deposited into the escrow account? The Junk Fax Prevention Act applies to residential fax machines only. The son alone has violated FS 475. Pass a 40 question real estate exam with a great 75% or higher. 3. Which statement is TRUE regarding this situation? A) 30.7 B) 27.55 C) 41.2 D) 19.38. What is the maximum finders fee that may be paid in the form of a credit toward rent paid to the tenant for referring a person to the management company if that person later becomes a tenant of the complex? The statement is TRUE. A. Her sales associate license was issued as Susan Walters (LLC). The broker maintains $1000 in the account of his own money. The broker will be entitled to receive repayment from the Recovery Fund, but the broker will be on probation for ten years. FIVE YEARS REGARDLESS OF WHETHER TRUST (ESCROW) FUNDS WERE COLLECTED. Answers: A real estate sales associate may be registered under a trade name. A resident licensee who becomes a nonresident must notify the Commission of the change in residency within 15 days. Because the definition of real property includes any interest in business enterprises or business opportunities, individuals who specialize in the sale of businesses, known as business brokers, must hold Florida real estate licenses. Some brokers instead choose to have a Florida-based title company that has trust powers maintain the escrow funds, or alternatively, if designated in the sale contract, a Florida attorney may escrow the funds. The answer is COOPERATIVE ASSOCIATION. a. Owner-employers are registered, while brokers are registered and licensed. C) frozen asset. Last year, a brokerage office had 250 sales. A broker applicant who received a master's degree in real estate from an accredited institution is exempt from the broker pre-license education course. B) January 31. A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. However, for tax purposes, a sales associate is allowed by law to form a professional corporation (PA), and in this case, the DBPR will issue the license in the licensees actual (legal) name and include the entity designation (PA) after the licensees legal name. The answer is pays a higher commission to a sales associate than is customary. d. Because the number was so short, she did not pay enough attention to it. B. A sale associate got a earnest money deposit on Friday. The DBPR will reject the broker's application to register the RV as a branch office. A)Lori Sammis, PA B)Lori Sammis and Company C)Lori Sammis and Excel Realty D)Excellent Service Realty. 4. Sales associates may be limited partners in a limited partnership. Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? The Department has subpoena powers. The exam consists of 40 questions worth 1 point each. a. Disclosure rules do not apply to nonresidential transactions. This year he rented nearly all the space and got much more rental income, but the insurance premium did NOT increase. Which statement is TRUE of this situation? Students who fail the end-of-course exam may retest one time with a different set of exam questions within one year of the original exam. C) Real estate brokers may advertise residential listings by faxing promotional flyers to a list of local businesses. A) Limited partnership B) Sole proprietorship C) Limited liability D) Corporation, A sales associate employs an unlicensed personal assistant paid by salary, and a licensed personal assistant paid by commission. How much will the sales associate earn if she sells the property for $369,000? (Section 61J2-5.016, Florida Administrative Code) A sales associate or a broker associate may own a brokerage. C. The applicant must apply for a broker license under mutual recognition. Carla can use her active NY broker license to meet the experience requirement. The father promised his son that after every fifth lot was sold, he would give his son a lot free and clear. TRUE OR FALSE: After discussion with the broker, a real estate licensee offers to share part of the commission with the buyer. Hal is disappointed when the appraiser does not give Hal the value of his home that he expected. A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. The answer is active member of The Florida Bar. The answer is THE SELLER CANNOT GIVE THE GIFT CERTIFICATE TO THE SALES ASSOCIATE DIRECTLY, BUT MAY GIVE IT TO THE SALES ASSOCIATES BROKER WITH A NOTE REQUESTING THAT THE GIFT CERTIFICATE BE GIVEN TO THE SALES ASSOCIATE FOR FINE SERVICE. C) The employee must hold a real estate license because he receives compensation based on sales. T or F. The statement is false. A broker comparing like properties and averaging the results to get a market value. The answer is January 31. The statement is FALSE. The Manager. Because sales associates and broker associates may have only one registered employer at a time, sales associates and broker associates may not hold multiple licenses. D) pays for the sales associate's health insurance. A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. The answer is LIMITED PARTNERSHIP. The buyer is angry and threatens not to close if the bird house is not returned, since the buyer considers the bird house a fixture on the property. A broker's listing agreement specifies that 5 percent commission is to be paid on the sale price. The Alabama licensee has requested a Florida real estate license based on mutual recognition. The estimated total life of an improvement. Carla does not qualify for mutual recognition because she is a FL resident. Prior to having a conversation of any kind, A Notice of No Brokerage Relationship is not necessary. An appraisal is different from a CMA in all of these ways EXCEPT: A CMA uses three approaches to value, where an appraisal uses only one approach to value. A sales associate received an earnest money deposit on Monday. What amount of a brokers own personal funds may the broker place in the property management escrow account? B) Applicants applying for a Florida real estate license through mutual recognition must pass a Florida-specific real estate law license exam with a grade of at least 75%. FREC fined a real estate licensee $5000 under what authority does this discipline fall? Does the buyer have cause to be upset? T or F. The statement is true. A real estate broker does NOT have to report to the FREC conflicting demands regarding escrowed property if the escrowed funds are maintained by which method? Disclosure paperwork must be kept by a broker for five years. The sales price is $67,550 The assumed mortgage is $27,800 the new mortgage is $14,700 what is the total of all these three's taxes? T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. What should they do? If Joe violated a rule under Chapter 475 F.S. 2. A corporation sole cannot be registered as a real estate broker. Which of the following is the LEAST reliable in projecting value of a business? When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. She projects that her start-up costs will be about $34,000. If the post-licensing requirement is NOT fulfilled before the first renewal and a broker associate licensee wishes to continue in the real estate business, the licensee A) may request to receive a sales associate license, provided the licensee completes 14 hours of continuing education within six months following expiration of the broker license. Other assets B. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? The father agreed to pay his son a salary of $200 per week. Yes the broker must retain documents for five years. Because the salesperson receives a commission in addition to a salary, the salesperson must hold a real estate license. The answer is BLIND. C) a single broker license and require the broker to appoint an office manager at each location. A) 1.94 B) 3.89 C) 7 D) 5. Why is this so important? If the information provided to a prospective tenant is not current or is inaccurate in any material respect, the broker must repay the full fee to the prospective tenant on demand if the claim is made within 30 days from the contract date. $6,462 B. A. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. Which business entity may NOT register as a real estate brokerage entity? An employee of a real estate developer sells homes in a new subdivision. What is the problem? 2. State law fine = $10,000FEDERAL law fine = $11,000. A property management firm or an owner of an apartment complex may pay a finders fee (or referral fee) of up to $50 to an unlicensed person who is a tenant of the apartment complex. The broker's license is suspended. (a) Sales associates are not permitted to own stock in the entity. F.S. b. Owner-employers and brokers are registered and licensed. The Department must investigate all complaints, signed or unsigned. The answer is MONDAY. The seller decides to give the sales associate a shopping mall gift certificate. No further action is warranted because no agreement could be reached. NOTIFY THE FREC IN WRITING OF THE GOOD FAITH DOUBT WITHIN 15 BUSINESS DAYS.
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