Ch. 5 Real Estate Brokerage Activities and procedures
a brokerage office must be at least ____ enclosed room that will provide ____ to conduct negotiations and close real estate transactions.
1, privacy
Two brokers from different brokerages agree to work with one another to market a prestigious marina in Naples, Florida. One broker is particularly knowledgeable regarding marinas and the other is an expert on the Naples real estate market, so they decide to combine their expertise on this particular listing. This business arrangement is called A. an ostensible partnership. B. a general partnership. C. a joint venture. D. a limited partnership.
C. a joint venture.
A dispute arises between the buyer and the seller as to which one is entitled to escrowed property. The broker should first A. mediate the matter. B. arbitrate the matter with the consent of both parties. C. notify FREC in writing, unless exempted from the notice requirements. D. submit the matter to a court of law for adjudication
D. submit the matter to a court of law for adjudication
the fine for violating fords telemarketing law is ____ per violation.
$10,000
the fine for violating the telephone consumer protection act is _____ per violation.
$16,000
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? A) Florida attorney's trust account B) All of these C) Florida credit union D) Florida savings association
The answer is Florida attorney's trust account. Real estate license law governs only broker's escrow accounts held in Florida commercial banks, credit unions, or savings associations. Real estate license law has no authority over title company escrow accounts or attorney escrow accounts. Therefore, if a title company or an attorney is the escrow agent, the broker has no obligation to report an escrow dispute to the FREC.
A sales associate receives a rental deposit from a tenant on Thursday afternoon. The broker MUST deposit the funds in the escrow account by the end of business on Tuesday. t/f
The statement is true. A sales associate received the rent deposit on Thursday and has three business days after receipt to deliver. Thursday is Day 0, Friday is Day 1, Monday is Day 2, and Tuesday is Day 3.
Senders of unsolicited fax solicitations must state on the advertisement that the recipient has the right to opt out of receiving future unsolicited advertising faxes. t/f
The statement is true. FCC rules mandate that senders must clearly state on the first page of the advertisement that the recipient has the right to opt out of receiving future unsolicited advertising faxes.
A real estate licensee offers to share part of the commission with the buyer. This is an example of a legal kickback or rebate. t/f
The statement is true. Florida law allows a real estate licensee to share part of the commission with the buyer or the seller in a real estate transaction, provided the rebate is disclosed to all interested parties. Sharing a portion of the commission with a party to the transaction is an example of a legal kickback or rebate.
A broker assigns two sales associates to a new model center in a subdivision that is under construction. Sales transactions are conducted in the model center. The broker must register the model center as a branch office. t/f
The statement is true. If sales associates are assigned to a temporary shelter, sales supplies are on hand, and sale transactions are concluded at the temporary location, then the temporary structure must be registered as a branch office.
The only active broker of a brokerage entity dies. The vacancy must be filled within 14 calendar days. t/f
The statement is true. If the only active broker of a brokerage entity dies, resigns, or is unexpectedly unable to remain in the position as active broker, the vacancy must be filled within 14 calendar days.
Sales associates may not open their own offices or operate independently of their broker or owner-developer. t/f
The statement is true. Sales associates must work under the supervision of a broker or owner-developer. Sales associates may not open their own offices.
Telephone solicitation laws restrict telemarketing calls to no later than 9:00 pm. t/f
The statement is true. Telemarketing calls are restricted to the hours between 8:00 am and 9:00 pm.
All earnest money sale deposits must be placed immediately in an escrow account and cannot be intermingled or commingled with the broker's personal or operating funds or funds of any other person. t/f
The statement is true. To commingle funds is the illegal practice of mixing a buyer's or a seller's funds with the broker's own money or mixing escrow money with the broker's personal funds or business funds.
if the sales associates names are listed on the office sign -the names must be ____ the same name of the broker, there must be an observable _____ or _____ to separate the brokers name from the associates names, and the _____ _____ must be included next to each associates name.
below, line, space, license type
Kimberly is a sales associate with fast results realty. Kimberly is bilingual and she wants to use her language skills to attract international customers. Kimberly decides to form an international team within her brokers company. she and 2 other sales associates refer to themselves as your international team. your international's team has business cards designed with the team members names, contact information, and the name your internal team. open house signs are designed with the name your international's team and the team members contact information. a disgruntled sales associate who was not invited into the team files a complaint with the DBPR. what is the likely result of the complaint? the DBPR will agree that the advertising your international team is a violation of the team advertising rule because the name of the _____ ______ is not included on the business cards and open house signs.
brokerage firm
4 settlement procedures
mediation, arbitration, litigation, escrow disbursement order (EDO)
the commercial real estate sales commission lien act gives the broker lien rights to the sellers ____ ____ for the commission earned by the broker in accordance with the listing agreement to see ____ property.
net proceeds, commercial
sales associates must deliver escrow deposits to their broker by end of the _____ _____ ____.
next business day
registration issued to branch offices are ____ transferable to a different _____.
not, location
telephone solicitation calls are restricted to the hours between ____ and _____.
8am-9pm
John Anderson is a licensed real estate sales associate. Under which name may he register and be licensed? A. Complete Real Estate Sales Services B. John Anderson Brokerage C. John Anderson, LLC D. John Anderson and Partners
C. John Anderson, LLC
A sales associate receives a binder deposit from a buyer on Monday. By the end of business on what day of the week must the broker deposit the funds into the escrow account? A. Tuesday B. Wednesday C. Thursday D. Friday
C. Thursday
circle the corresponding letters to indicate which information must be included in an advertisement for listed property. a. name of the listing agent b. address of the brokerage office c. name of the brokerage firm
c
a sales associate wants to pay for an FHA required repair to the property which neither party to the transaction is willing to cover. the shared commission with a non real estate licensee must be ____ to the buyer, the seller, and the lender.
disclosed
a violation of the requirements for rental lists is a ___ of the ___ degree.
misdemeanor, first
when advertising on an internet site, the _____ of the brokerage firm must appear adjacent to or immediately above or beloved's the ___ ___ ____ information.
name, point of contact
sales associates are ___ permitted to ope offices of their own. they must be registered form and work out of an office maintained and registered in the name of their _____>
not, employeer
false advertising is a misdemeanor of the ____ degree.
second
brokers must deposit escrow funds by the end of _____ ____ ____.
third business day
brokers must notify the commission in _____ of conflicting demands or of a good -faith doubt within _____ _____ days.
writing, 15 business
if the information provided a prospective tenant is inaccurate, the prospect is entitle to ____ of the fee paid if requested within ____ days of the date indicated on the rental list receipt.
100%, 30
in the event a brokerage has only one active broker, and the broker is unable to remain the active broker of the corporation, the vacancy must be filled within _____ calendar days. the corporation may appoint a ____ broker for up to ___ days.
14, temporary, 60
a broker must institute one of the settle meant procedures within ____ ____ days from the time the broker _____ the conflicting demands.
30 business, recieved
brokers must maintain records of real estate transactions for ____ years, regardless of whether escrow funds were pledged (or ____ years after litigation if beyond the 5 year period)
5,2
if the purchaser of rental information does not find a suitable rental, the prospect is entitled to a _____ refund of the fee paid if requested within _____ days of the date indicated on the rental list receipt.
75%, 30
Which statement is FALSE concerning the payment of an unearned fee or kickback?A. A real estate licensee may be paid a fee for referring buyers to a title company, provided the buyer is informed in advance of the facts concerning the fee. B. A real estate licensee may share part of the commission with the buyer or the seller in a real estate transaction .C. A real estate licensee must also be licensed as a mortgage loan originator to be legally paid a fee for referring buyers to a mortgage lender. D. The payment of a kickback must not violate RESPA.
A real estate licensee may be paid a fee for referring buyers to a title company, provided the buyer is informed in advance of the facts concerning the fee.
Joel smith is a member of the results team at ABC reality. Jed is a licensed sales associate who is registered with the DBPR under his legal name, Jedidiah smith; however he used the name jed. Jeds cell number is 444-111-2222. the results teams phone number is 444-123-4567. ABC realitys phone number is 444-222-3333. Jed is writing a classified ad and he wants prospects to either call him or the team directly. which letters indicate which information Jed must include in the classified advertisement. a. call Jed smith b. 444-123-4567 (the results team direct line) c. 444-111-2222 d. 444-111-2222 (cell) e. ABC reality f. the results team
A,b,d,e,f
A real estate brokerage has one active broker who resigns unexpectedly due to a cancer diagnosis. Which statement regarding the vacancy of the only active broker is FALSE? A. The vacancy must be filled within 14 calendar days. B. A temporary broker may be registered with the DBPR for up to 90 days without the need to comply with the Secretary of State registration requirements. C. New brokerage business may not be performed by a sales associate registered with the brokerage until a new active or temporary broker is registered with the DBPR. D. Failure to appoint another active or temporary broker within the required
B. A temporary broker may be registered with the DBPR for up to 90 days without the need to comply with the Secretary of State registration requirements.
If the license issued to the only active broker of a real estate corporation becomes void for any reason, another active broker must be appointed within 14 calendar days. Failure to appoint another active broker will result in what action against the corporation's registration? A. Automatic cancellation B. Denial C. Automatic suspension D. Revocation
B. Denial
A sales associate employs an unlicensed personal assistant to help with real estate property management. The unlicensed assistant may NOT A. collect rent payments from tenants. B. deposit rent payments in the bank. C. place For Rent signs on properties. D. show a rental property to a potential tenant.
D. show a rental property to a potential tenant.
The sales commission rates applicable to the various types of property sold in Florida are determined by A. FREC rules and regulations. B. agreement between each broker and buyer or seller. C. the local board of REALTORS D. agreement between each seller and buyer
B. agreement between each broker and buyer or seller.
Real estate sales associates who receive checks payable to them as deposits on the purchase of real property must A. endorse the checks, deposit them in their employer's accounts, and maintain good records. B. endorse the checks and immediately turn them over to their employers. C. deposit the checks immediately in their own accounts and notify their employers of the transactions. D. deposit the checks immediately and give their employers the equivalent amounts in the form of checks or cash.
B. endorse the checks and immediately turn them over to their employers.
One difference between a general partnership and a limited partnership is that A. only a general partnership may be registered as a real estate broker. B. limited partners must make a cash or property investment. C. while both have general partners, there must be two or more general partners in a limited partnership .D. limited partners must be licensed as either active or inactive sales associates.
B. limited partners must make a cash or property investment.
A woman purchased a rental list one week ago from a real estate broker. She inspected an apartment described in the list. The apartment manager told her that cats are not allowed. She had specifically looked at the apartment because the rental list indicated that pets were allowed. Immediately, the woman orally demanded and should legally receive from the broker A. nothing, because the demand is not in writing. B. 75% of the fee paid. C. 100% of the fee paid. D. nothing, because the broker may not be held accountable for the actions of the property manager.
C. 100% of the fee paid.
When a deposit is placed with a title company, what information regarding the title company must be included on the purchase and sale agreement? A. Telephone number B. Name of the title company C. Address of the title company D. All of these
C. Address of the title company
Which business entry may be registered as a real estate broker? A. Corporation sole B. Cooperative association C. Limited partnership D. Business trust
C. Limited partnership
a licensed real estate broker and an attorney who specializes in contract law form a joint venture for the purpose of locating and selling to investors raw land that is suitable for commercial development. Which statement is TRUE regarding this arrangement ? A. The attorney is exempt from the requirement to hold a broker's license because she is an attorney. B. They have formed an illegal ostensible partnership. C. Because they are performing real estate services for compensation, both must be licensed real estate brokers. D. A joint venture is not required to register with the DBPR, therefore, there is no need for both parties to hold real estate licenses.
C. Because they are performing real estate services for compensation, both must be licensed real estate brokers.
Which statement is FALSE regarding escrow accounts? A. The escrow account may be either interest-bearing or non-interest-bearing. B. A broker may choose to have an attorney or a Florida title company maintain the escrow account. C. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission. D. A broker must get written authorization from the buyer and the seller before placing escrow funds in an interest-bearing escrow account.
C. It is illegal for the broker to keep any earned interest even if the buyer and the seller give written permission.
A broker is preparing to open Sunnyside Realty as a sole proprietorship and is placing an order to have an entrance sign made. Which wording does NOT need to be included on the sign?A. Sunnyside Realty B. The broker's legal name C. Licensed real estate broker D. 1000 Sunset Blvd.
D. 1000 Sunset Blvd.
If a broker receives conflicting demands concerning a roof inspection report. Both the buyer and the seller claim the earnest money deposit. The broker must A. provide written notification to the FREC within 10 business days. B. follow the written instructions of the broker's buyer or seller. C. institute one of the statutory settlement procedures within 30 business days from the time the broker received conflicting demands. D. request an escrow disbursement order from the DBPR.
C. institute one of the statutory settlement procedures within 30 business days from the time the broker received conflicting demands.
Which statement is TRUE regarding a lien filed by a broker under the Commercial Real Estate Sales Commission Lien Act? A. The lien applies to commission only and does not include other fees the owner agrees to pay in the brokerage agreement. B. The lien is filed against the real property covered in the brokerage agreement. C. The lien takes priority as of the date of the brokerage agreement. D. The broker must disclose to the owner at the time of signing, or before the owner signs the brokerage agreement, that Chapter 475, Part III, creates lien rights for commission earned by the broker.
D. The broker must disclose to the owner at the time of signing, or before the owner signs the brokerage agreement, that Chapter 475, Part III, creates lien rights for commission earned by the broker.
In Florida, listings obtained and any commissions paid by the buyer or the seller are A. legally the sales associate's property. B. jointly owned by the sales associate and the sales associate's employer .C. legally classified as the property of the employing property owner. D. legally the property of the sales associate's employer.
D. legally the property of the sales associate's employer.
a sales associate receives a deposit form a buyer on Thursday (no legal holidays are involved). the contract states that the escrow deposit will be held by ABC title company. a. the sales associate has until the end of business on ___ to deliver the deposit to the broker. b. the broker has until the end of business on ____ to deliver the funds to ABC title company.
Friday, Tuesday
A broker asked the Commission to issue an escrow disbursement order (EDO) regarding disputed escrowed funds. Before the EDO was issued, the escrow dispute was settled between the parties. How long does the broker have to notify the FREC that the matter has been resolved? A) 15 business days B) 10 business days C) 24 hours D) 30 calendar days
The answer is 10 business days. 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 10 business days.
What is the fine per telephone call for a violation of the Florida Telemarketing Act? A) $11,000 B) $10,000 C) $5,000 D) $1,000
The answer is $10,000. Violators of the Florida Telemarketing Act may be fined $10,000 per call.
What amount of a broker's own personal funds may the broker place in the property management escrow account? A) $7,000 B) $6,000 C) $10,000 D) $5,000
The answer is $5,000. A broker may keep up to $5,000 of the broker's personal funds or brokerage funds in a property management escrow account.
What is the maximum finder's 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? A) $100 B) $50 C) One month's rent D) $0 (this is an illegal kickback)
The answer is $50. A property management firm or an owner of an apartment complex may pay a finder's fee (or referral fee) of up to $50 to an unlicensed person who is a tenant of the apartment complex.
Susan Walters is a licensed real estate sales associate. Her sales associate license was issued as Susan Walters (LLC). Which statement is TRUE regarding this situation? A) Susan has formed a real estate brokerage business as a limited liability company (LLC). B) Susan is in violation of Florida license law. C) Susan must partner with a real estate broker in order for her license to be issued this way. 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.
The answer is 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. Broker associates and sales associates must have their licenses issued in their legal names. A sales associate is allowed by law to form as a limited liability company. The DBPR issues the license in the licensee's actual name and includes the entity designation on the face of the license. The LLC may be formed for income tax purposes only, and it is not a real estate brokerage entity.
A violation of the requirements regarding rental lists is a misdemeanor of the second degree. t/f
The answer is false. Advertising rental property information or lists that are not current or are materially inaccurate is illegal. Any person who violates the rental list requirements is guilty of a misdemeanor of the first degree, subject to a fine of up to $1,000 and/or imprisonment of up to one year, and subject to license suspension or revocation.
The purchaser of a current rental list was not able to find a suitable rental unit. The purchaser is entitled to a full refund of the cost of the rental list. t/f
The answer is false. If the purchaser of rental information does not find a suitable rental, the prospect is entitled to a 75% refund of the fee paid if requested within 30 days of the date indicated on the rental list receipt.
For what period of time must a broker maintain business records, including escrow account records, and make them available to audit by the DBPR? A) 90 days, if no escrow funds were collected B) Five years, regardless of whether trust (escrow) funds were collected C) Six months, if escrow funds were collected but the contract failed to close D) Two years, regardless of whether the contract closed
The answer is five years, regardless of whether trust (escrow) funds were collected. Brokers must maintain records of real estate transactions for five years, from the date of any executed agreement.
A sales associate may hold which position? A) President of a real estate brokerage corporation B) Owner of a sole proprietorship real estate business C) Limited partner in a real estate brokerage limited partnership D) General partner in a real estate brokerage partnership
The answer is limited partner in a real estate brokerage limited partnership. A sales associate or broker associate may not be an officer or director of a real estate brokerage corporation. Sales associates may be limited partners in a limited partnership.
Which settlement procedure involves a negotiated settlement between the disputing parties? A) Escrow disbursement order B) Litigation C) Mediation D) Arbitration
The answer is mediation. Mediation is an informal, nonadversarial process intended to reach a negotiated settlement.
A broker who has a good-faith doubt regarding who is entitled to escrow funds should take which action? A) Request an escrow disbursement order from the DBPR. B) Send a certified letter to the parties to the contract indicating that the broker will forfeit the funds if the parties do not make a claim within 30 business days. C) Notify the FREC in writing of the good-faith doubt within 15 business days. D) Institute one of the settlement procedures within 15 business days
The answer is notify the FREC in writing of the good-faith doubt within 15 business days. If a broker has a good-faith doubt as to which party should receive the escrowed property, the broker must notify the FREC, in writing, within 15 business days of having such doubt.
Which statement is TRUE regarding interest-bearing escrow accounts? A) It is illegal for the broker to keep any interest earned on escrow funds. B) Florida license law requires that interest accrued on escrowed funds be credited to the buyer because it is the buyer's earnest money deposit. C) The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. D) Brokers may make an office policy that all escrow funds must be placed in an interest-bearing account to help cover the costs of maintaining the account and are not required to disclose this in each sale contract because it applies to all transactions.
The answer is the broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. If an escrow account is an interest-bearing account, the broker must get written permission from all parties before placing the funds into the account. The written authorization must specify who is entitled to the interest earned.
A licensed real estate broker has a successful real estate business. The broker has branch offices in the Florida communities of Fort Myers, Naples, and Bradenton. The broker wants to close her Bradenton office and open a new branch office in Sarasota. Which statement applies to this situation? A) The broker can request that the branch office license for Bradenton be transferred to the Sarasota location to avoid paying another branch office fee. B) The broker simply must notify the DBPR within 15 business days of the change of address from the Bradenton location to the new Sarasota location. C) The broker must register the new branch location and pay the branch office license fee. D) The broker must request permission from the DBPR to relocate to Sarasota before opening the new location.
The answer is the broker must register the new branch location and pay the branch office license fee. The new location must be registered and the fee paid. Registrations issued to branch offices are not transferable.
Florida law authorizes all brokers to place a lien on residential real estate for nonpayment of commission. t/f
The statement is false. A broker may place a lien on residential real property for nonpayment of commission only if the broker is expressly authorized to do so in the listing agreement, the buyer representation agreement, or the sale contract.
A corporation sole is permitted to register as a real estate broker. t/f
The statement is false. A corporation sole cannot be registered as a real estate broker. 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. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles.
An ostensible partnership may be registered as a real estate brokerage entity. t/f
The statement is false. An ostensible (or quasi-partnership) is considered to be fraudulent and deceitful if the public is deceived into believing that a partnership exists.
Arbitration is a nonbinding settlement procedure used when the parties to a contract have conflicting demands. t/f
The statement is false. Arbitration is a process whereby, with the prior written consent of all parties to the dispute, the matter is submitted to a third party who makes a binding judgment in favor of one side or the other.
If a broker allows his associates to form teams, at least quarterly, the broker MUST maintain a current written record of each team's members. t/f
The statement is false. At least monthly, the registered broker must maintain a current written record of each team's members.
A broker closes one branch office and opens a new branch office on the same day. The branch office registration of the closed office may be transferred to the new office by simply mailing a change of address for the new location. t/f
The statement is false. Even though these actions took place on the same day, the registration of the closed office may not be transferred to the new office. The new location must be registered and the branch office license fee paid.
Brokers are required to open and maintain an escrow account. t/f
The statement is false. Florida law does not require the broker to have a telephone, desk, business checking account, or an escrow account.
The broker is required to timely notify the Commission when a buyer of a residential condominium unit timely gives written notice to the broker's sales associate of the buyer's intent to cancel a purchase contract. t/f
The statement is false. If a buyer of a residential condominium unit timely delivers to a licensee written notice of the buyer's intent to cancel the contract as authorized by the Condominium Act, the licensee may return the escrowed property to the purchaser without notifying the Commission or initiating any of the settlement procedures.
A broker placed a customer's escrow deposit with a title company. The contract fell apart, and the buyer and seller each made demands for the escrow funds. The broker MUST notify the FREC of conflicting demands. t/f
The statement is false. If a title company is the escrow agent, the broker has no obligation to report an escrow dispute to the FREC or to institute a settlement procedure.
If escrow funds are held by a title company, the broker is under no obligation to deliver the funds to the title company within three business days. t/f
The statement is false. The broker is required to deliver the funds to the title company within the same time frame required for depositing the funds into the broker's escrow account. Therefore, brokers who choose to use a title company as escrow agent must turn the funds over to the escrow agent no later than the end of the third business day following receipt of the funds.
A broker may choose to place escrow funds into an interest-bearing escrow account without first consulting with the parties to the contract. t/f
The statement is false. The broker must get written permission from all parties to the contract before placing funds into an interest-bearing escrow account.
The names of the broker associates must be listed on the brokerage entrance sign. t/f
The statement is false. The names of the sales associates and broker associates are not required on the entrance sign. However, if the associates' names appear on the sign, the names must be below the name of the broker(s) and the appropriate title, sales associate or broker associate, must appear next to each associate's name.
The office sign at the entrance of the brokerage business must display the brokerage street address. t/f
The statement is false. There is no requirement to include the brokerage office street address on the entrance sign. The office sign must contain the broker's name, trade name (if one is used), and the words "Licensed Real Estate Broker" or "Lic. Real Estate Broker."
When advertising on a website, the name of the brokerage firm must appear at the top of every web page. t/f
The statement is false. When advertising on a website, the name of the brokerage firm must appear adjacent to or immediately above or below the point of contact information.
In the event of disputed funds, a broker may request that the Florida Real Estate Commission issue an escrow disbursement order (EDO). t/f
The statement is true. A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. However, the Commission may choose not to issue an EDO, forcing the broker to choose from one of the other settlement procedures: mediation, arbitration, or litigation.
which activities for which a personal assistant would need a real estate license? a. present an offer to the seller b. place a phone call to a tenant who is late in paying monthly rent c. negotiate and prepare listing contract with a property owner d. submit new listing information to the local MLS
a,c
which types of business entities may register as a real estate brokerage? a. limited liability company b. corporation sole c. business trust d. sole propietorship e. limited partnership
a,d,e
Advertising Concepts (fill in blank) brokerage firm, FSBO, may, blind, address, last, point of contact, federal a. all advertisements must include the name of ____. b. licenses ___ use their nickname in ads provided the ads also include a legal name registered with DBPR. c. violators of the ____ telephone solicitation law may be fined up to $16,000 per violation. d. the florida telephone solicitation provides a ____ exception. e. if licensee's personal name is in an ad, licensee's ____ name as registered with DBPR must be included f. advertisements that do not indicate the licensed name of the brokerage firm are ____ ads g. consumers use ____ information to contact a licensee when visiting the company's website h. a brokerage firms ____ is not required to be included in advertising.
a-brokerage firm b-may c-federal d-FSBO e-last f-blind g-point of contact h-address
Business Entities May register, May not register a. corporations sole b. corporations c. Joint ventures d. limited liability companies e. limited liability partnership f. business trusts
a-may not b-may c-may not d-may e-may f-may not
Escrow and trust accounts (fill in blank) Wednesday, Thursday, tuesday a. a real estate office receives a deposit heck on Thursday. by end of business day ____, the check must be deposited into the trust account. b. a sales associate received a check on Monday. the broker must deposit the check in the escrow account by end of business ____.
a-tuesday b-thursday
the broker must be a ____ on the escrow account.
signatory
if the broker chooses not t open an escrow account, the funds may be held by a ____ _____ or in an ____ ____ ____.
title company, attorneys trust account
3 items that must be on all real estate office entrance signs
trade name (if one is used), brokers name, licensed (lic.) real estate broker
the broker must get ____ _____ from all parties to the contract before placing funds into an interest-bearing escrow account.
written permission
a broker may have na office in the brokers residence provided local ____ allows such activity and the brokers ____ is displayed at the entrance to the office.
zoning, sign
