Unit 19: Florida Laws Regulating Brokerage Operations

A transaction broker owes all these duties to the customer EXCEPT

obedience.

What is the maximum amount of personal funds a broker may place in her own sales escrow account?

$1,000

What is the maximum amount of personal funds a broker may place into a property management account?

$5,000

What is the term used for a broker's advertisement that does NOT include the name of the firm?

Blind ad

In a nonresidential transaction, which status allows a broker to appoint one sales associate in a firm to act as a single agent for the buyer and another agent in the firm to act as a single agent for the seller?

Designated sales associate

Which brokerage relationship status is illegal in Florida?

Dual agency

Required brokerage relationship disclosures must be retained by the broker for how many years?

Five

Which transaction involving a single agent would NOT require a brokerage relationship disclosure to a customer?

Leasing residential property

Which advertised real estate team name is legal under FREC's team advertising rule?

The Rogers Team

Which statement is NOT correct about brokerage escrow accounts?

The broker must notify the Commission about conflicting demands for the deposit within 10 days.

A licensed sales associate pays a salary to her unlicensed personal assistant. While the personal assistant does not perform any direct selling or writing of offers, she often hands out brochures at open houses. Which is TRUE?

This activity is allowed under the FREC's list of activities an unlicensed personal assistant can perform.

What is the license status of a new broker who fails to complete the required education and renew his license?

Void

One entity that may be used by a sales associate for registration with the DBPR is a

limited liability company.

A sales associate prepared an offer and accepted an earnest money deposit from the buyer. After the seller accepted the offer, the sales associate placed the funds with a title insurance company. The sales associate's broker need NOT

report the disposition of the funds to the FREC.

A broker's license has been involuntary inactive for 20 months. Before the DBPR will renew the license, the broker MUST pay the renewal fee and a late fee and

successfully complete the 28-hour reactivation education course.