Ch 5

Which statement best describes the sign requirements for a brokerage office?

Every active broker must maintain a sign at each brokerage office or branch office.

Which of the following is an approved depository for earnest money?

A bank within the state of Florida

Three individuals decide to open a real estate brokerage office. Which statement best describes the legal requirements?

At least one officer must be an active broker.

All of the following business formations can register to conduct real estate, EXCEPT

Corporate Sole

What must a sales associate do upon receiving an earnest money deposit?

Deliver the funds to his or her broker or owner-developer

A buyer drops off an escrow check on Tuesday. To avoid any trouble with the FREC, on which days must the broker deposit the check by close of business?

Friday

If a broker has conflicting demands on money held in escrow, what is the first thing the broker should do?

Notify the Florida Real Estate Commission in writing

All of the following actions are authorized alternatives for a broker to use in order to resolve an escrow dispute, EXCEPT:

Obtain an attorney's opinion

A real estate brokerage firm advertises a listed property. Which requirement is correct?

The na me of the brokerage must be included in the ad.

Six individuals decide to form a real estate brokerage partnership. All six individuals are planning to be active in real estate sales. Which of the following statements best applies?

The partnership must be registered with the Dept, and all six partners must be active real estate brokers.

When two or more real estate brokerage companies participate together in one transaction where no formal paperwork or registration is completed, which type of business relationship has typically been formed?

joint venture