Florida Mutual Recognition Study Flashcards Flashcards

Florida Mutual Recognition Study Flashcards Flashcards Which of the following is a violation of the Sherman Clayton Antitrust Laws?a. Together two brokers set commission rates for all their listings.b. Two brokers meet and decide to work together to lead generate.c. A broker refuses to show a property to a family with children.d. At a listing presentation a broker asks for a 7% commission.

• Together two brokers set commission rates for all their

listings.An Asian couple has asked a sales associate to see a house that's located in an all-Asian neighborhood. Which applies?a. This is a violation called steering and the sales associate could be punished by the FREC.b. This is a violation of Sherman-Clayton Anti-Trust Laws.c. This is not a violation, and the sales associate should show the house as asked.d. This is a violation, and the sales associate could be charged a first-degree misdemeanor.

• This is not a violation, and the sales associate should

show the house as asked.Keller Williams Classic in Sarasota County, Florida has decided to move their office closer to the beach. Which statement is true about the new office?a. The new office is not required to register with the DBPR, (Department of Business and Professional Regulation). The old office can transfer their registration to the new office.b. The new office will not need a brokerage sign on or about the entrance of the office.c. The office sign at the new office must include the word REALTOR.d. The new office is required to register with the DBPR, (Department of Business and Professional Regulation) because branch office registrations are not transferrable.

• The new office is required to register with the DBPR,

(Department of Business and Professional Regulation) because branch office registrations are not transferrable.A sales associate sold a rental list for $700 to a customer on June 2. On June 21, the customer said they found a mistake and requested a refund. How much money is the sales associate required to refund?a. $700b. $150c. 0d.$525

• $700

In which theory of mortgage lending does the borrower not retain ownership during the loan period?a. Title theoryb.Lien theoryc. Mortgage theoryd. Note theory

• Title theory

Which of the following statements is true?a. If a broker lists a house and an offer has been submitted to the broker that is well above the list price, the broker is authorized to accept the offer on behalf of the seller.b. An open listing means more than one broker is permitted to list the house.c. An exclusive-agency listing means several brokers are permitted to list the house.d. A broker is

allowed to accept offers on behalf of sellers provided the offer is above the list price.

• An open listing means more than one broker is permitted

to list the house.Sales associatesa. may work independently of the broker or owner-developer, provided they open and maintain their own office.b. can work for an owner-developer and a broker provided the owner-developer and broker share an office.c.are the agent and fiduciary of their employer.d. do not have

a fiduciary relationship with their employer.

• are the agent and fiduciary of their employer.

Sabrina was ready to sell her property and she listed it with her sales associate friend, Mary, which included a 6% commission. Mary had Sabrina sign an exclusive listing.After Mary listed the property, Sabrina's daughter came for

a visit and Sabrina sold the house to her. Which applies?a.Mary gets the full commissionb. Mary is not entitled to a commissionc. Mary is entitled to expensesd. Mary is entitled to what she spent on advertising

• Mary is not entitled to a commission

What is it called when a lender declines a loan applicant based on their gender or where the property is located?a.Steeringb. Blockbustingc. Redliningd. All three

• Redlining