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FREE AND STUDY GAMES ABOUT UNIT 5 SUMMARY EXAM
QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -296 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: sum of money delivered to licensee for transaction
Answer:
deposit Question 2: Sales associates and broker associates may NOT be officers or directors of a
Answer:
brokerage corporation Question 3: T/F No person shall operate as a broker under a trade name unless it is noted in the Commission's records and the license, nor operate as a partnership/corporation/officer/manager unless person holds valid registration of the partnership/corporation
Answer:
TRUE Question 4: Brokers may not intermingle or commingle (mix) other types of funds with:
Answer:
escrow deposits
Question 5: They are required to have an office registered with the DBPR
Answer:
active brokers
Question 6: All real estate brokerage entities must register with the
Answer:
DBPR
Question 7: time to replace broker of record
Answer:
14 calendar days
Question 8: "doing business as."
Answer:
D/B/A Question 9: Licensees place calls to encourage property purchase, investment, good and services.
Answer:
phone solicitation Question 10: FREC rules mandate that real estate advertisements must NOT be fraudulent, false,
deceptive, or:
Answer:
misleading Question 11: Means to contact the brokerage or licensee: mailing address, street address, email, telephone, or (fax).
Answer:
point of contact information Question 12: Florida law exempts real estate licensees who solicit listings in response to a:
Answer:
"For Sale" yard sign
Question 13: Licensees may be fined $300 when they are not current members of the NAR and represent themselves as
Answer:
REALTORS
Question 14: The sales associate should immediately endorse the escrow check and include "For Deposit Only to the (name of the escrow account)" and turn it over to the
Answer:
broker Question 15: register DBPR; corporation name; min 1 licensed active broker, replaced in 14 days; inactive brokers & unlicensed may serve as non real estate officers/directors reg DBPR; licensed active broker to deal with public; sales/broker assoc may be shareholders;
Answer:
Corporation Question 16: 1. Closing date has passed: no escrow disburse instructions
2. Closing date is has not passed: no escrow disburse instructions
- One party in failed transaction does not respond to escrow disbursement inquiry
3.
Answer:
good faith doubts Question 17: The person must be properly licensed, if a license is required to perform the service, to receive a
Answer:
kickback Question 18: Time to notify the FREC if broker requested an EDO and the escrow dispute is either settled or goes to court before the EDO is issue
Answer:
ten business days
Question 19: Transactions with own real property; any number of persons invest a stipulated amount to buy, develop, and/or sell real estate. Title in the name of a trustee or group of trustees; may NOT register as broker; licensed for transaction basis compensation
Answer:
Business Trust Question 20: FL law ALLOWS sharing part of the commission with the buyer or seller provided the rebate is disclosed to all interested parties and is called a
Answer:
legal kickback
Question 21: how soon trust funds must be deposited into escrow account
Answer:
immediately
Question 22: time for broker to deposit funds into escrow account
Answer:
end of 3rd business day Question 23: MUST be in the name of the brokerage and under the supervision of the broker.
Answer:
advertising Question 24: Cash, checks, money orders, deeds and personal property are:
Answer:
Trust funds Question 25: Broker has no obligation to report an escrow dispute to the FREC or to institute a settlement procedure if a title company or an attorney is the
Answer:
escrow agent
Question 26: M Mediation (nonbinding)
A Arbitration (binding) L Litigation E Escrow disbursement order (EDO)
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