After paying sales commissions to the associates, the broker had $245,000 remaining. 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. FIVE YEARS REGARDLESS OF WHETHER TRUST (ESCROW) FUNDS WERE COLLECTED. The insurance expense can be considered a A) fixed cost. An involuntary inactive license will expire and become null and void after one year.
Sales Associate Job Description - Forbes Advisor Section 5 Real Estate Brokerage Activities And Procedures - Brainscape When must the Notice of No Brokerage Relationship be given? Persuasive Multiple Choice Questions. B) a group license. It's a projection of income in the future and should be labeled as such. A CMA is not used for lending or insurance purposes but an appraisal is. Capri Realty is the exclusive representative of Verde Ridge subdivision. If a broker requests an EDO and the escrow dispute is either settled or goes to court before the EDO is issued, the broker must notify the FREC within ____ business days. The Junk Fax Prevention Act applies to residential fax machines only. D. Students who fail the end-of-course exam may retake the exam until they receive a passing score. The questions on my assessment will include true true/false questions, false true/false questions, fill-in-the-blank, multiple choice, and . B. For what period of time must a broker maintain business records, including escrow account records, and make them available to audit by the DBPR? D) Real estate applicants who apply for a Florida real estate license through mutual recognition are exempt from the post-license education requirement. A)Wednesday B)Monday C)Thursday D)Friday. A Broker has been hired to manage an apartment complex how much the broker handle the security deposit? T or F. The statement is true. I am an audit senior associate that has worked with a variety of clients, including oil & gas convenience stores , healthcare facilities, and 401(k) plans. A)Owner of a sole proprietorship real estate business B)General partner in a real estate brokerage partnership C)Limited partner in a real estate brokerage limited partnership D)President of a real estate brokerage corporation, The answer is C) LIMITED PARTNER IN A REAL ESTATE BROKERAGE LIMITED PARTNERSHIP. Which of the following is an appraiser likely to find? The son was employed by his father, the owner-developer. The Manager. Yes because it's an example of bait and switch. The Florida real estate commission does not have the authority to impose what penalty?
I think I know Flashcards | Quizlet Protection is provided under the Fair Housing Act based on A) age. Which business entity may NOT register as a real estate brokerage entity? The DBPR regulates the size of the lettering on entrance signs. D. disclose any denials of a real estate license in another state. The answer is STIPULATION. Sales associates must deliver escrow funds to the broker the latest of what business day? Which type of business brokerage entity is NOT required to file with the Florida Department of State? A salaried individual manages a condominium building and rents units 3month to 6month periods.
Florida Real Estate Test | Flashcards It's a statement of how the business profited last year. Which document must a buyer received prior to purchasing a condominium? (Section 61J2-5.016, Florida Administrative Code) A sales associate or a broker associate may own a brokerage. The broker paid the damages and requested reimbursement from the Real Estate Recovery Fund. 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.
PDF 5 Practice Tests for the State Exam - Magnolia School Of Real Estate C) religion. The broker may register a trade name for the commercial office and continue to use the corporate name for the principal office. The landlord was reviewing his property management agreement with the broker. The statement is false. An investor wants to purchase a 20-unit apartment complex. this method is called? It shows when properties are overpriced because of unnatural days on the market. A. Only brokers can pay commissions to the licensed assistant. An appraiser faces occasional problems with using business financial statements. Closings are held at the broker's main office or at a title company. The answer is $38,444. 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. Browse over 1 million classes created by top students, professors, publishers, and experts. A)Attorneys trust account B)The broker must report conflicting demands regardless of where the funds are escrowed C)Florida savings association D)Florida credit union. Answers: A real estate sales associate may be registered under a trade name. He has shown a willingness to work with the Supreme Court's liberal bloc, and, after the retirement of Anthony Kennedy in 2018, he . The appearance and conditions of the comparable properties. 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. Real estate licensees on active duty with the U.S. Army are required to renew their licenses: within six months after discharge. The broker cannot receive money from the Recovery Fund because he gave the earnest money to the wrong person. A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. B)Susan has formed a real estate brokerage business as a limited liability company (LLC). The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. 3. FHA foreclosure properties are not covered under FS 475. What requirements must be met before you can get a Florida real estate license for mutual recognition agreement? Susan should reject the information since it does not have a screened-in porch. Carla must enroll in the sale associate pre-license course. 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. The answer is 4, both the father and son have violated FS 475. After two weeks, the son has sold only two lots, so the father decided to add an incentive. What amount is he keeps a combined account? Which type of business arrangement have they formed? The statement is TRUE. Susan should subtract the cost of the screened-in porch from the subject house to make it similar. What was the investor's rate of return for the property if she paid $195,000 for the property? T or F. The statement is true. Which statement is TRUE of this situation?
John Roberts - Wikipedia T or F. The statement is true. The answer is $10,000. What are the 3 exceptions related to the notice and settlement procedures for sales escrow accounts: 1) If a HUD sale, the broker would follow their guidelines2) If a buyer of a condo unit timely delivers to a licensee written notice of their intent to cancel the contract as authorized by the Condominium Act, the licensee may return the funds3) Buyer cant get financed. A) Auction real property B) Exchange real property C) Finance real property D) Appraise real property. Brokers must give their employees W-2 forms and give their associates Form 1099 for the previous year no later than A) April 15. 4. A developer purchased a tract of land and subdivided the property into Individual lots. D)Susan has formed a limited liability company (LLC) for income tax purposes only, and is employed by and registered under either a licensed real estate broker or an owner-developer. Which of the following is the best explanation for this failure? 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. What is the time limit the Department has to file a complaint against a broker? A business intangible is something readily seen by a buyer, where personal intangibles are not readily seen. The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. He has been described as having a conservative judicial philosophy though is primarily an institutionalist. It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. T or F, A real estate broker who legally operates as the broker for more than one real estate brokerage holds multiple licenses. The broker may compensate the FHA employee because the FHA pays his salary. The bird house is personal property and belongs to the seller. The board member does not need a real estate license as long as the salary and bonuses are not associated with any particular real estate transaction. What does he need to do? Last year, a brokerage office had 250 sales. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. If she has six sales associates who are likely to contribute company dollars of $50,000 each, the broker is likely to reach her goal. A developer advertises homes for $2000 down a qualified buyer offered to put down $2000 but is told all of these homes are sold is this a violation of the truth in lending act? A. TRUE OR FALSE: A licensee who violates the federal telephone solicitation law may be fined up to $10,000 per call. A sales associate received an earnest money deposit on Monday. The answer is A) ATTORNEYS TRUST ACCOUNT. The escrow account may be either interest-bearing or non-interest-beearing. 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? A) $52,000 B) $178,000 C) $106,000 D) $70,000. The plan includes the mission statement as well as the budget. $228,000 divided by $285,000 equals 0.80%. Susan Walters is a licensed real estate sales associate. The exam consists of 40 questions worth 1 point each. C)Florida license law requires the interest accrued on escrowed funds to be credited to the buyer because it is the buyers earnest money deposit. d. Broker associates that wish to open and maintain an office must be licensed but only need to Bob was hiring a new broker to assist him and the new broker had only been licensed two months. which statement is true regarding a sales associate's registered name? What statement is true regarding Florida's telemarketing law? The broker wants to close her Bradenton office and open a new branch office in Sarasota, Florida. 4. B)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. Data includes general appearance of properties. A broker follow the instruction of a EDO however he was sued by the other party and lost there was $8000 in a binder deposit $3500 in a court costs and $4500 in attorney fees how much can FREC disperse? Susan should add the cost of a screened-in porch to the sold price of the comparable to make it similar to the subject house. True or False? A) 30.7 B) 27.55 C) 41.2 D) 19.38.
Free Flashcards about Real Estate - StudyStack The purpose is to establish educational and experience qualification criteria for the licensing, certification and recertification of appraisers. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. A BAR SALE, Which activity does NOT require a real estate broker license? T or F. The statement is false. D) Because he is broker qualified, he need only print his name and phone number on the magnets. What were Piaget's four stages of cognitive development? D) sexual orientation. A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? What is the square footage of gross living space? The written authorization must specify who is entitled to the interest earned. A) "For the best customer service, list with Jones Realty" B) "Lovely three-bedroom home with pool close to beach" C) "Office for rent less than two blocks from the courthouse" D) "Office furniture for sale, including desk and conference table". A hurricane damaged a large number of homes along the beach. D) multiple licenses. A broker uses the houses most similar to do a CMA. The sales associate for the firm lists and sells the property and is to receive 55 percent of the total sale commission. The board member must be a licensed real estate sale associate. An unlicensed individual may NOT hold which position in a brokerage business entity? The board member does not need a real estate license as long as the salary and bonuses are not associated with any particular real estate transaction. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. In the case of minor infractions of the rules by a broker, the Department can issue all of the following EXCEPT: The Department receives an unsigned complaint. Is exempt from licensure under F.S. Registration and licensure are synonymous. A broker is qualifying for several different real estate companies in this situation a broker should request a? A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. Brokers are not required to place the names of the sales associates on the entrance sign. Within how many days must the landlord notify the tenant of their intentions to claim the deposit? NOTIFY THE FREC IN WRITING OF THE GOOD FAITH DOUBT WITHIN 15 BUSINESS DAYS. Which requirement must be accomplished to register a real estate brokerage as a general partnership? A sales associate who is employed by an owner-developer is not registered with the DBPR. $27,000 monthly requirement $980.00 = 27.55 sales required. What type of rights are associated with moving water? The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. It shows when properties are underpriced because of unnatural days on the market. 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. 2003-2023 Chegg Inc. All rights reserved. The answer is 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. When a current active or inactive license expires, the license reverts automatically to involuntary inactive status (except for the initial license period). a. A Florida real estate licensee who moves out of state and becomes a nonresident of Florida is required by law to notify the Commission within, A broker relocates her brokerage office across town. Operating expenses are expected to be $31,950. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. 7.6% B. The statement is false. 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? Ignore the complaint since it is unsigned. (b) The Secretary is appointed by the Governor. Brokers must notify the FREC in writing of conflicting demands or of a good-faith doubt within ___ days. T or F. The statement is true. Using landmarks such as a reference to a mosque, church, or synagogue may indicate a religious preference. Blind advertising is advertising that fails to disclose the license name of the brokerage firm. The purposes of the Appraisal Foundation are all EXCEPT: The purpose is to create, lobby, and promote federal legislation for appraisers. What must a broker do with his trust account? The statement is FALSE. The statement is true. It's a statement of liabilities of the company. C) misdemeanor. The statement is FALSE.
Florida Real Estate Review Unit 4 and 5 Quiz - Quizizz $245,000 company dollar 250 sales = $980.00 company dollars per sale. Which statement applies to this situation? Which statement is TRUE regarding designated sales associates? What action must the licensee take regarding the Florida license? Is a broker allowed to abbreviate the brokerage company's name in newspaper advertisements of homes for sale? Persons to have power of attorney for the purpose of executing a contract. A broker may choose to have an attorney or a Florida title company maintain the escrow account. By end of business on which day must the funds be deposited into the escrow (trust) account? 4. Annual expenses are $3,500 for maintenance, $1,200 insurance, $1,500 taxes, $900 utilities, $1,500 special assessments ad 10% of the gross effective income for the management fee. The ability to sue the FREC if necessary. A) Limited liability company B) Corporation C) Limited partnership D) General partnership, A broker associate can be a member of which real estate brokerage entity?
which statement is true regarding a sales associate's registered name? When the broker determines that there is a danger of undisclosed dual agency. What is the first step of the appraisal process? T or F, The statement is false. 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). C) frozen asset. What are the four settlment options in cases of conflicting demand/escrow dispute? All of the following are true about Florida real estate disclosure laws EXCEPT: Disclosure rules do not apply to the rental or leasing of real property unless an option is given. Carla can use her active NY broker license to meet the experience requirement. By end of business on which day must the check be deposited into the escrow account? In the event of disputed funds, a broker may request that the Florida Real Estate Commission issue an escrow disbursement order (EDO). She was so excited that she could not type the numbers fast enough. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? A salesperson employed by a real estate developer who receives a salary plus commission for each lot the salesperson sells is exempt from real estate licensure. A real estate agent has been licensed in Texas for one year. The answer is multiple licenses. Being 10 digits long, the number is beyond Miller's "magic number." The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. In a social context, what is the term value used to describe? Because an RV is not a building of stationary construction, it does not meet the minimum office requirements and may not be registered as a real estate branch office. Within 10 days, the broker must request written verification that the earnest money deposit was placed in Attorney White's trust account. Mark Smith is opening a real estate office and the name of his company is fast salesHe has two sales associates working for him Betty Able and John Stone what information is not required on the sign? Brokers must institute one of the four settlement procedures with _____ business days of receiving conflicting demands or of having a good-faith doubt. B. Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas? A broker made a request to the Commission that it issue an escrow disbursement order (EDO) regarding disputed escrowed funds. A CMA gives a range of value while an appraisal gives an opinion of value. The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. Which of the following is NOT a true statement? An Alabama real estate licensee moved to Tampa Bay, Florida, six months ago. Pass a 40 question real estate exam with a great 75% or higher. The board member receives an annual salary and an end-of-the-year bonus. What action will be taken against a broker when a payment is paid from the recovery fund? Advertising rental property information that is materially inaccurate is which type of violation? D. Request a nonresident waiver of education requirements. Vacancy and collection losses are estimated to be 5% of the potential gross income. 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. 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. The purpose is to sponsor appropriate activities relating to standards, qualification and issues of importance to appraisers. The applicant has not fulfilled the experience requirement. A broker works for more than one real estate company. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. A broker who seeks to be involved in business brokerage must have all of the following EXCEPT: Knowledge of personnel laws for business. Hal thought that he would add value to his home by adding a swimming pool. a ANNUAL REPORT OF THE RECEIPTS AND EXPENDITURES OF THE TOWN OF WENHAM INCLUDING THE REPORTS OF THE SCHOOL COMMITTEE AND THE TRUSTEES OF THE PUBLIC LIBRARY FOR THE YEAR T or F. The statement is false. A) The employee is not required to hold a real estate license because he receives a salary. A sales associate may hold which position? However, if a broker pays for insurance or pensions, has behavioral control about how or when the associates work, or fails to have a written employment agreement stating that the associate is an independent contractor, the IRS may deny the status. The broker's trust liability is $2,300,000.00. All of the following detract from consumer "curb appeal" EXCEPT: A basement crack on the inside basement wall. The broker will be suspended until the case is solved by the FREC. A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. The answer is fixed cost. A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. FCC rules under the Junk Fax Prevention Act mandate that it is unlawful to send unsolicited advertisements to a residential or business fax machine without the recipient's prior express invitation or permission. What should Susan do with this information? Which statement is TRUE regarding this situation? The answer is C) THURSDAY. A cooperative association IS ALLOWED to conduct commercial business and to convey, sell, or buy its own property, but it cannot be registered as a real estate broker. 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.
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