Chapter 5

"Kickbacks" are legal in which of the following circumstances?

In the event that all parties to the transaction are fully informed of the kickback.

Limited partners in a limited partnership formed to broker real estate cannot:

perform management services.

Broker Tom maintains two escrow accounts, one for property management and one for sales transactions. What is the total amount of brokerage funds Tom is allowed to place over the two accounts?

$6,000.00

Susan paid broker Jeff for a rental list. The list contained out of date rental properties that were no longer available. What is Susan's entitlement from the broker?

100% refund within 30 days

What does the term "immediately "mean in terms of the duration a broker has to place funds into escrow an escrow account?

3 business days, not including weekends and holidays

How many days does the Commission permit mediation to take place before adopting another method of resolution?

90 days

Helena buys a house, the amount she pays each month includes an extra amount above principal and interest. This extra money is held in a special account to pay her taxes and homeowners insurance when it comes due. What is this account called?

An escrow account

Which of the following types of business entities may not register as a Florida real estate broker?

Business trusts

If a broker decides to move his real estate brokerage office location and he notifies the Commission of his change of address, along with the names of three sales associates, who will no longer be employed by the brokerage, what will be the license status of the three sales associates?

Cease to be in force

Which of the following must be carried out in order to create a Business Trust?

Documents must be filed with the Florida Secretary of State.

Which, if any, of the following types of business entities may not register as a Florida real estate broker?

Each of the above may register as a Florida real estate broker

Which of the following business entities, means that an owner's personal assets are liable against any debt accrued by the business?

General partnership

LLC stands for:

Limited Liability Company.

Among the four settlement procedures, which one includes a process called interpleader?

Litigation

How long does a sales associate legally have to pass deposits or funds from a principal to their employing broker?

Next business day

What kind of agency is created when a principal intentionally, or by want of ordinary care, causes a third person to believe another to be his agent, when they are not actually employed by the principal?

Ostensible

The Commission after one of its regular monthly meetings made changes to the broker's advertising requirements. In which of the following will the changes be made formally?

Rule 61J2.

Broker Jeff makes an agreement with his local rental car agency, to pay them a $25 referral fee for each prospective buyer that the rental agency refers to Jeff's brokerage. Which of the following statements is correct?

The broker has violated Chapter 475, F.S. because he has agreed to compensate an unlicensed individual for the referral of real estate business.

Which of the following statements describes the method of "blind advertising?"

The licensee conceals the name of the brokerage and that the advert has been placed by a licensed real estate professional.

Jenny, a sales associate sells real estate on the weekend for a brokerage company, while during the week she works as a sales associate for another brokerage firm. Which of the below statements is correct?

The sales associate can only be registered under one broker and is therefore in violation of Chapter 475, F.S.

A limited partnership is:

a business that consists of both general partners and limited partners.

In the case that a brokerage is found to be advertising incorrect rental lists or inaccurate information to prospective tenants they may face:

a fine of up to $1,000 and/or duration of up to 1-year imprisonment.

Which of the following is correct? a. All activities of real estate start with a brokerage office. b. Location is not an important factor, as brokers can work from any location. c. brokerage offices must be registered, unless they are a home office. d. None of these.

a. All activities of real estate start with a brokerage office.

In the case of a deficiency judgment against the debts of a limited partnership,

all of the limited partners are not personally liable for any debt

A licensee, when advising individuals on real estate transactions must

be careful not to provide advice, that could be interpreted as legal advice.

In a brokerage partnership, general partners which are not licensed to perform real estate services must:

be registered for identification purposes.

A temporary shelter in which no transactions are closed and no sales associates are permanently assigned is:

not deemed to be a branch.

A religious organization can own property under the organization title called a(n):

corporation sole

All funds received by a brokerage must be placed into an escrow account:

immediately, which allows for three business days from the broker's receipt of the funds.

Brokers and sales associates are:

not permitted to render an opinion to the title of a property.

In which of the below circumstances may a sales associate collect funds, deposits, or other funds from a principal?

in the name of their employer.

Donna is a licensee who was found guilty of misrepresentation, this will result in:

losing her license.

A brokerage may register the business as a corporation and carry out real estate services under the following conditions:

one member of the corporation must have an active broker's license.

A Limited Liability Company is:

taxed the same way a partnership is taxed; once every financial year.

All payments due to the sales associates must come from:

the employing brokerage