Chapter 5 practice exam

100%

What percentage of the fee paid me a prospective tenants receive as a refund when provided with inaccurate information

Ostensible Partnership is not a true partnership.

Which of the following statements regarding an ostensible partnership is correct?

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

What is a sale associate do upon receiving an earnest money deposit?

Friday

A buyer drops off an escrow check on Tuesday to avoid any troubles with the FREC, the broker must deposit the check by close of business on which day?

By forgetting to collect the deposit the sale associate may cause harm to the seller, and could be charged with culpable negligence

A sales contract specify that the buyer will pay a secondary deposit by March 15th. The sales associate neglect to collect the deposit on time which of the following statements is correct?

The name of the brokerage must be included.

Complete the statement when a real estate brokerage firm advertise listed property, _____.

Sales associates are permanently assigned to the location.

Complete the statement. A location would be required to register as a brokerage branch office if ____.

Stockholder

Complete the statement: A sales associate license with a real estate brokers corporate can be _______.

The sale associate should immediately give the check to her employing broker.

If the sales associate receives a post-dated check, which of the following actions is the most appropriate.

The partnership must be registered with the Commission, and all 6 partners must be active real estate brokers.

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?

At least one officer must be inactive broker.

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

Retain the exact amount of the disputed Commission in the escrow account until the dispute is settled.

What action should a broker take if a commission dispute arrive prior to closing?

Joint venture

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

Corporation sole

Which business is not required to file documents with the state?

Obtain an attorney's opinion.

Which method is NOT an authorized alternative for a broker to use in order to resolve and escrow dispute?

Corporation sole

Which of the following forms of business can not registered to conduct real estate transactions?

A bank with in the state of Florida.

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

A broker's associate may make earnest money deposit with the broker permission.

Which of the following statement is correct regarding a license broker associate who is with a real estate brokerage partnership?

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

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

The Department of Business and Professional Regulation, or its authorized representative.

Who has the right to inspect a broker escrow account record.