Chapter 5 Final Quiz
Which business organization can legally register as a real estate brokerage?
general partnership.
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 transactions, except?
corporation sole.
A business legally formed and registered as Rich Real Estate, Inc. is considered to be what type of organization?
corporation.
A prospective tenant pays a licensee for a rental information list. What percentage of the fee pay may the prospective tenant receive if the licensee provides inaccurate information?
100%.
A buyer drops off an escrow check on Tuesday. To avoid any trouble with Commission, the broker must deposit the check by close of business on which day?
Friday.
Which of the following is an approved depository for earnest money?
a bank within the state of Florida.
Which statement regarding the registration of the real estate branch offices is true?
a brokerage branch office may be closed and reopened at the same location during the same license period by requesting a reissue.
A sales associate with a real estate brokerage corporation can be which of the following?
a stockholder.
All of the following are required to file documents with the state, except?
corporation sole.
Four individuals wish to form a real estate brokerage partnership. All partners will work with buyers and sellers, showing properties and taking listings. Which statement best describes the necessary legal requirements?
all partners must be licensed as active brokers.
Which of the following statements regarding ostensible partnerships is correct?
an ostensible partnership is not a true partnership.
There is a dispute over an escrow deposit. The parties agree to have a third party hear both sides and make the final decision. What settlement (escape) procedure is being used to settle the dispute?
arbitration.
What must a real estate sales associate do upon receiving an earnest money deposit?
deliver the funds to his or her broker or owner-developer.
Which statement best describes the office sign requirements for a brokerage office?
every active broker must maintain a sign at each brokerage office or branch office.
Where may a real estate brokerage office be located?
in at least one room in a fixed location wherein books and records may be retained and negotiations may be conducted.
When two or more parties participate together in one transaction where no formal paperwork or registration is completed, which type of business relationship has typically been formed?
joint venture.
Which business structure may be registered to broker real estate?
limited partnership.
Which of the following escrow dispute settlement procedures involves the use of the Interpleader?
litigation.
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 are authorized alternatives for a broker to use in order to resolve an escrow dispute, except?
obtain an attorney's opinion.
What should a sales associate do if a purchaser wishes to present a post- dated check?
obtain approval from seller and then turn the check over to the broker by close of business on the next business day.
What action should a broker take if a commission dispute arises prior to closing?
retain the exact amount of the disputed commission in the escrow account until the dispute is settled.
Which condition would require a location to be registered as a brokerage branch office?
sales associates are permanently assigned to the location.
Who has the right to inspect a broker's escrow account records?
the Department of Business and Professional Regulation (DBPR) or its authorized representatives.
Which of the following statements is correct regarding a licensed brokers associate who is with a real estate brokerage partnership?
the broker associate may make earnest money deposits with the broker's permission.
If a real estate licensee is involved in a personal real estate transaction, which of the following would be correct?
the licensee should disclose his or her license status prior to entering into any serious negotiations.
A real estate brokerage firm advertises a listed property. Which requirement is correct?
the name of the brokerage must be included in the advertisement.
Six individuals decide to form a real estate brokerage partnership. All six individuals are planning to be active in real estate sales. Which statement best applies?
the partnership must be registered with the Department and all six partners must be active real estate brokers.
If a sales associate receives a post- dated check, which of the following is the most appropriate action?
the sales associate should immediately give the check to her employing broker.
In which of the following institutions may a broker place escrow deposits?
title companies, banks, savings and loan associations, and credit unions.