which statement is true regarding a sales associate's registered name?

T or F. The statement is true. A. True False. The Junk Fax Prevention Act applies to residential fax machines only. D) Because he is broker qualified, he need only print his name and phone number on the magnets. She finds three comparable properties. B. be a citizen of the United States. Which would not be important in the data using the sales comparison method for establishing the market value of a home? A sales associate is employed by a broker. The board member does not need a real estate license as long as the salary and bonuses are not associated with any particular real estate transaction. Which statement is TRUE regarding the key rings? Yes the broker must retain documents for five years. Disclosure rules do not apply to nonresidential transactions. Mediation is an informal, non-adversarial process intended to reach a negotiated settlement. The number of days on the market is a major issue with sold comparables. A) Any location that is used to meet and greet prospective buyers must be registered as a branch office. If Joe violated a rule under Chapter 475 F.S. A broker who has a good faith doubt regarding who is entitled to escrow funds should take which action? The sales associate has until the end of the next business day to deliver the deposit to the broker. How many days does a purchaser of a new condominium have to cancel the sale? c. She lacks photographic memory. The broker had received an Earnest Money Disbursement Order from the FREC. True or False? When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. There are four categories of questions found, which. He has shown a willingness to work with the Supreme Court's liberal bloc, and, after the retirement of Anthony Kennedy in 2018, he . What law prohibits racial discrimination in the United States? Which individual is exempt from real estate licensure? The answer is COOPERATIVE ASSOCIATION. A broker will be opening a new brokerage firm and is working on her business plan. If the names of associates do appear on the entrance sign, the associates license status must appear next to the nam. An investor wants to purchase a 20-unit apartment complex. The statement is FALSE. It shows when properties are overpriced because of unnatural days on the market. The answer is must complete the real estate prelicense course and pass the Florida state license exam. B. If the bird house was negotiable, the seller should have said so in the contract. A) It is the process of expunging the criminal record. 1. The Alabama licensee must satisfactorily complete the Florida prelicense course and pass the state license exam. A corporation sole cannot be registered as a real estate broker. A Broker has been hired to manage an apartment complex how much the broker handle the security deposit? T or F. The statement is true. The buyer and seller were both upset and filed a complaint with the FREC. The two parties agree that one party will be solely liable for the debts of the business and that the other party will be liable only for the amount of his cash investment in the business. The Department has the authority to investigate complaints from others and investigate its own complaints. B) must requalify for licensure. $450,000 -$350,000 equals $100,000 multiplied by 0.03 equals $14,500 +3000 equals $17,500. In Florida, salaried employees of developers are exempt from licensure, so long as they are not paid commissions or other compensation on a transaction basis. The broker has until the end of the third business day (Thursday) to deposit the funds. The answer is pays a higher commission to a sales associate than is customary. Mediation, Arbitration, Litigation, Escrow disbursement order (EDO). 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. If the comparable is better than the subject property, subtract from the comparable property. Investigate the complaint if the Department wishes. Ticket for failing to stop at a red light six months ago. Insurance is a fixed cost because it does not fluctuate proportionately with revenues. The Manager. (c) If a sales associate wishes to be an officer or director, his . A real estate agent has been licensed in Texas for one year. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. An involuntary inactive license will expire and become null and void after one year. The right of survivorship is contained in which tenancy? Only the father has violated FS 475. The office's monthly expenses are expected to be $19,000 for the next year, and the broker wants to make an $8,000 monthly profit. T or F. The statement is false. The answer is 4, both the father and son have violated FS 475. The licensee worked for a Texas broker but recently moved to Florida. The broker will automatically lose his license since the FREC did not agree with the broker. The total sales from the US convenience store industry generated in 2015 amounted to more than $603 billion while the sales exceeded $680 billion by the end of 2016. C) religion. The court awarded damages of $15,000 to the defendant against the broker. A broker projects that her office expenses will be $346,000 this year. A) Limited liability company B) Corporation C) Limited partnership D) General partnership, A broker associate can be a member of which real estate brokerage entity? Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. Yes. B) The designated sales associate must give the customer a transaction broker notice. Violators of Florida is telemarketing law may be fined $10,000 per car. What is the position of the Probable Cause Panel in this action? Color brochures, floor plans, and blank sale contracts are stored at the model. An appraiser faces occasional problems with using business financial statements. No further action is warranted because no agreement could be reached. Which statement is TRUE regarding obtaining a real estate license through mutual recognition? A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. The broker wants to close her Bradenton office and open a new branch office in Sarasota, Florida. Which statement is TRUE? An ostensible (or quasi partnership) is not a real partnership, furthermore, it is considered to be fraudulent and deceitful if the public is deceived into believing that a partnership exists. 15 days C. 20 days D. 30 days. Because an RV is not a building of stationary construction, it does not meet the minimum office requirements and may not be registered as a real estate branch office. A) The buyer and the seller must each have assets of at least $1 million. Operating expenses are expected to be $31,950. The answer is $38,444. a ANNUAL REPORT OF THE RECEIPTS AND EXPENDITURES OF THE TOWN OF WENHAM INCLUDING THE REPORTS OF THE SCHOOL COMMITTEE AND THE TRUSTEES OF THE PUBLIC LIBRARY FOR THE YEAR The answer is D) TUESDAY. T or F, A real estate licensee who has attained a four-year degree or higher in real estate from an institution of higher education is exempt from the post-license education requirements. D) January 15. The broker should have a minimum of six months' operating expenses plus her start-up costs. The broker maintains $1000 in the account of his own money. A broker's listing agreement specifies that 5 percent commission is to be paid on the sale price. c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. Only buyers, sellers and tenants can receive money from the Real Estate Recovery Fund. The Commission is authorized to grant the broker an extension to complete the post-licensing education. D. Request a nonresident waiver of education requirements. In the government survey system the 6 mile vertical strip of land located immediately west of the principle meridian is called? What is the term for this loss? A) Manager-managed general partnership B) Member-managed limited liability company C) Member-managed corporation sole D) Manager-managed limited liability company, What is the legal term that applies when two real estate brokers share office space in such a manner that the public is deceived into believing that a partnership exists? The answer is misdemeanor. The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house. The license of a broker who does not complete the post-license requirement becomes null and void. Additionally, the office must be registered with the Department of Business and Professional Regulation. The answer is "For the best customer service, list with Jones Realty." The answer is business plan. Sales Associate Duties & Responsibilities. What are the 3 exceptions related to the notice and settlement procedures for sales escrow accounts: 1) If a HUD sale, the broker would follow their guidelines2) If a buyer of a condo unit timely delivers to a licensee written notice of their intent to cancel the contract as authorized by the Condominium Act, the licensee may return the funds3) Buyer cant get financed. B) Brokers may not abbreviate the firm name in an advertisement. The statement is true. C) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. The administrative law judge has issued a Recommended Order. A person who is empowered to act on behalf of another is called: The obligations of a transaction broker include all EXCEPT: Disclosing that the buyer will pay a higher price than offered. A salaried individual manages a condominium building and rents units 3month to 6month periods. What was the investor's rate of return for the property if she paid $195,000 for the property? the Commission may impose an administrative find not to exceed $1,000 for each count. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? A sales associate receives an earnest money deposit on Saturday. 4. A limited partnership is composed of one or more general partners and one or more limited partners. A brokerage company had $840,000 in gross income last year. Ten units are rented monthly for $300, five for $325, and five for $350. The statement is false. The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. Property management account; $5000Sales escrow account: $1000. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. Carla had an inactive GA real estate license since 1980. What should they do? A broker works for more than one real estate company. If the post-licensing requirement is NOT fulfilled before the first renewal and a broker associate licensee wishes to continue in the real estate business, the licensee A) may request to receive a sales associate license, provided the licensee completes 14 hours of continuing education within six months following expiration of the broker license. Correct: True. The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. 8. A. Persuasive Multiple Choice Questions. What type of rights are associated with moving water? Protection is provided under the Fair Housing Act based on A) age. The act of adding or subtracting to the comparables is called: What is the maximum time frame allowed by Freddie Mac for comparables? Bigamy always produces a void marriage. A PSA cannot enter into contractual agreements with a customer or client in his or her own name; therefore, all agreements must be for and in the name of their sponsoring broker. The sales associate may pay the salary to the unlicensed assistant. In order for her to break even this year, how much must each sales associate bring in gross receipts? A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. (d) The Secretary answers to the state legislature in the performance of duties. What is the problem? The answer is 3, revert to involuntary inactive status. 3. As discussed in Chapter 1, mortgage loan originators require . A. A) $52,000 B) $178,000 C) $106,000 D) $70,000. The answer is 4, The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. The Probable Cause Panel will determine the guilt or innocence of the party. The answer is active member of The Florida Bar. If the son had been paid salary only, this would have been a legal arrangement. The statement is FALSE. Bob was placing his for sale signs on individual's properties without their written consent. A) General partner B) Director of the corporation C) Sole proprietor D) Treasurer of the corporation, A sales associate license may be issued under which name? The statement is FALSE. Sales associates may be limited partners in a limited partnership. The Alabama licensee A) must complete the real estate prelicense course and pass a 40-question Florida-specific real estate law exam. Bob was hiring a new broker to assist him and the new broker had only been licensed two months. How many days will a party to the hearing have to file an exception to the Recommended Order? The board member must be a licensed real estate broker. By end of business on which day must the funds be deposited into the escrow (trust) account? Failure to pay the tax is a misdemeanor. D) violation of Chapter 475. Zoe's ad shows a different brokerage name than the one on her broker's registered business license. The Alabama licensee has requested a Florida real estate license based on mutual recognition. B) a group license. In the case of minor infractions of the rules by a broker, the Department can issue all of the following EXCEPT: The Department receives an unsigned complaint. A license is placed in involuntary inactive status for no more than two years. The fee paid to the FHA employee is a referral fee, which is legal under FL RE law. Because the FREC issued the Earnest Money Disbursement order, the broker is entitled to repayment up to $50,000. $6,462 B. Brokers are not required to place the names of the sales associates on the entrance sign. A cooperative association IS ALLOWED to conduct commercial business and to convey, sell, or buy its own property, but it cannot be registered as a real estate broker. A) Yes, provided the words "Licensed Real Estate Broker" appear in the ad. T or F, Real estate licensees should avoid using the proximity to churches and synagogues when advertising listed properties. 2. Only brokers can pay commissions to the licensed assistant. A)Owner of a sole proprietorship real estate business B)General partner in a real estate brokerage partnership C)Limited partner in a real estate brokerage limited partnership D)President of a real estate brokerage corporation, The answer is C) LIMITED PARTNER IN A REAL ESTATE BROKERAGE LIMITED PARTNERSHIP. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? The statement is false. A sale associate got a earnest money deposit on Friday. The bird house was affixed with a permanent method of annexation; so it should stay. A sales associate may hold which position? Her subject house is a two-story home with a three-car garage, 4 bedrooms, 3 baths, a swimming pool and a screened-in porch in the Avondale subdivision. $27,000 monthly requirement $980.00 = 27.55 sales required. The answer is may request to receive a sales associate license, provided the licensee completes 14 hours of continuing education within six months following expiration of the broker license. The answer is January 31. C. Notify the DBPR within 60 days of the change of residency. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? B) The real estate developer must be a licensed real estate broker. If a brokerage firm projects that next year it needs cash of $175,000, including the broker's salary and profit, and if each sales associate typically brings in $35,000 in company dollar per year, how many associates will be needed? It shows when properties are underpriced because of unnatural days on the market. $245,000 company dollar 250 sales = $980.00 company dollars per sale. The board member must be a licensed real estate sale associate. Which statement is TRUE regarding the magnets? T or F, A real estate broker who legally operates as the broker for more than one real estate brokerage holds multiple licenses. A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. C. be a Florida resident. 475. d. Because the number was so short, she did not pay enough attention to it. The agent must promptly tender to the seller any offers that have been written. A. Registrations issued to branch offices are not transferable.

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