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

2 Q Bigamy always produces a void marriage. The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. It paid the sales associates and average of 60% commission split. A sales associate is employed by a broker. The arrangement is disclosed to all interested parties. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. The statement is true. Sales associates may be limited partners in a limited partnership. What amount of a brokers own personal funds may the broker place in the property management escrow account? Would this be legal? Mediation is an informal, non-adversarial process intended to reach a negotiated settlement. A broker was sued in a civil action following an earnest money dispute that the broker had reported to the FREC. D) There is a requirement to include the broker's name but not the name of the company in the ad. The questions on my assessment will include true true/false questions, false true/false questions, fill-in-the-blank, multiple choice, and . A real estate application expires after what period of time? An appraiser analyzing results obtained from data to arrive at a market value. If the information provided to a prospective tenant is not current or is inaccurate in any material respect, the broker must repay the full fee to the prospective tenant on demand if the claim is made within 30 days from the contract date. 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? A broker purchased a hazard insurance policy for his office building last year when he had many vacancies. A)First degree misdemeanor B)Third degree misdemeanor C)Third degree felony D)Second degree misdemeanor, The answer is A) FIRST DEGREE MISDEMEANOR. The Alabama licensee A) must complete the real estate prelicense course and pass a 40-question Florida-specific real estate law exam. It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. A real estate brokerage office receives an earnest money deposit check on Thursday. Principal of and interest on Because the salesperson receives a commission in addition to a salary, the salesperson must hold a real estate license. How much will the sales associate earn if she sells the property for $369,000? 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. He had to leave town for a family emergency on January 4 and the check was not deposited until January 9. A sales associate receives an earnest money deposit on Saturday. It shows when properties are overpriced because of unnatural days on the market. In a social context, what is the term value used to describe? She finds comparables in the same subdivision that include a two-story with a three-car garage, 4 bedrooms, 3 baths, a pool, but no screened-in porch. The broker must notify the DBPR of the change in business address before business can be conducted. The answer is the employee must hold a real estate license because he receives compensation based on sales. The answer is D) TUESDAY. If the firm has 52 transactions, what is the average company dollar per transaction? 2. Certain age-55-and-older communities are exempt from the familial status provisions of the Fair Housing Act if the communities offer amenities, specific programs, and activities designed for the mature adult and A) at least 80% of the households have at least one occupant who is 55 years old. An apartment building contains twenty units. This action causes the sales associate's license to be: Placed in involuntary inactive status: When an active broker changes a business address and the broker notifies the FREC within the required 10 days, the licenses of the sales associates: Remain in force What should they do? A prospective tenant purchased rental information from a real estate brokerage company for $75. What must a broker do with his trust account? C. The applicant must apply for a broker license under mutual recognition. All of the following are true about Florida real estate disclosure laws EXCEPT: Disclosure rules do not apply to the rental or leasing of real property unless an option is given. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? Which item would most likely be classified as a fixture? The landlord was returning the security deposit to Sue and George for the apartment they had vacated. this method is called? The Department cannot investigate unsigned complaints. The sales associate for the firm lists and sells the property and is to receive 55 percent of the total sale commission. Add $34,000 start-up costs to get the minimum cash required of $106,000. Neither of these was done. An appraisal is different from a CMA in all of these ways EXCEPT: A CMA uses three approaches to value, where an appraisal uses only one approach to value. T or F. The statement is false. 475. There are three requirements: The sales associate must hold a real estate license, have a gross income based on production rather than on the number of hours worked, and work based on a written contract that states, among other things, that the sales associate is not considered an employee for federal tax purposes. The purpose is to establish, improve and promote appraisal standards. FIVE YEARS REGARDLESS OF WHETHER TRUST (ESCROW) FUNDS WERE COLLECTED. Divide the cash requirement by the company dollar for each associate: $175,000 $35,000 = 5. The cost approach is used most effectively on which type of properties? A Florida real estate licensee who moves out of state and becomes a nonresident of Florida is required by law to notify the Commission within, A broker relocates her brokerage office across town. After two weeks, the son has sold only two lots, so the father decided to add an incentive. Lori Sammis is a licensed real estate sales associate. Real estate licensees on active duty with the U.S. Army are required to renew their licenses: within six months after discharge. T or F. The statement is false. The sales associates are likely to bring in $300,000 ($50,000 x 6 associates), so the broker achieves her goal. (c) The Secretary must be an attorney. The exam consists of 40 questions worth 1 point each. A licensed real estate broker has a successful real estate business. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. Which type of business brokerage entity is NOT required to file with the Florida Department of State? 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. b. Owner-employers and brokers are registered and licensed. Yes. Reconcile a monthly statement and record all discrepancies. Investigate the complaint if the Department wishes. The answer is MEDIATION. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. A broker follow the instruction of a EDO however he was sued by the other party and lost there was $8000 in a binder deposit $3500 in a court costs and $4500 in attorney fees how much can FREC disperse? A) Accountant fees B) Office rent C) Property taxes D) Commissions paid to sales associates. Last year, a brokerage office had 250 sales. The buyer is angry and threatens not to close if the bird house is not returned, since the buyer considers the bird house a fixture on the property. What action does not terminate a brokerage relationship? The answer is 4, both the father and son have violated FS 475. Prior to having a conversation of any kind, A Notice of No Brokerage Relationship is not necessary. The office sign must contain the brokers name, trade name (if one is used), and the words Licensed Real Estate Broker or Lic. 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. FCC rules require solicitors to maintain a company-specific do-not-call list of consumers who have asked not to be called and to honor the National Do No Call Registry. The Department has subpoena powers. If the broker does NOT renew the license by the end of the license period, the license will automatically 1. expire 2. revert to voluntary inactive status 3. revert to involuntary inactive status 4. be canceled. The name and address of the owner-developer is registered with the DBPR. Advertising rental property information or lists that are not current or are materially inaccurate is a first degree misdemeanor. e. Her iconic memory disrupted her encoding of the number. D) Both the employee and his employer must be licensed real estate brokers. A)Limited partnership B)Limited liability company C)Sole proprietorship D)Cooperative association. The Internal Revenue Service (IRS) is NOT likely to disqualify an independent contractor status if a broker A) pays a higher commission to a sales associate than is customary. A. Which statement is TRUE of this situation? Each unit rented for $180 per month. A broker will be opening a new brokerage firm and is working on her business plan. Which of the following is not allowed under Florida law? The Junk Fax Prevention Act applies to residential fax machines only. A parcel of real estate has been left to Betty through a will for her use and enjoyment through her lifetime what type of estate does Betty have? the Commission may deny an application for licensure, registration, permit or renewal. The statement is false. Which requirement must be accomplished to register a real estate brokerage as a general partnership? A) General partner B) Director of a corporation C) Officer of a corporation D) Shareholder of a corporation. A) Limited partnership B) Joint adventure C) Quasi business dealing D) Ostensible partnership. A)Escrow disbursement order B)Mediation C)Arbitration D)Litigation. Is there broker required to retain brokerage relationship Disclosure documents and if so for how long? The appraiser would probably reduce the value of the property because of: External obsolescence in a property is generally: Caused by outside forces that are beyond the seller's control. Hal's home is a 1200-square-foot ranch with a basement and a garage. Which statement best describes the legal requirements? and this is his first offense, what is the recommended period of time of probation he could receive under the Standards of Practice? Can the broker accept this boat as earnest money? Which duty may an unlicensed personal assistant NOT perform? A CMA gives a range of value while an appraisal gives an opinion of value.