Magnolia school of real estate Flashcards

Magnolia school of real estate Flashcards Can a broker hold escrow money in a stock brokerage company?No How much money can a "property manager" broker hold in his escrow account to maintain it and it not be considered commingling?

$5,000

Can a licensee sell his or her property by owner? Yes, provided they disclose they are licensees before entering into serious negotiations When is a new sales associate legally allowed to refer to themselves as a REALTOR?When they have joined the National Association of

REALTORS

What is the status of a sales associates license if he does not complete the required 45-hr post licensing course before the first expiration of his license?Null and void In advertising can the teams name be in larger print that the brokerage firms name?No Can a licensee engage in real estate services including selling real estate for compensation if their license is inactive?No Which brokerages offices must have a sign? All brokerage offices What do you call a person who performs real estate services for compensation, but who does so under the direction and control of a broker or an owner-developer (builder)?Sales associate What do you call a person who, for compensation performs real estate services, but not under the direction or control of another?Broker Is "advertising" a service of real estate? Yes After the post license course has been completed, how long does a sales associate have to complete the required 14 hour continuing education course?

• years

If a sales associate works for an owner developer and wishes to work at more than one location or entity that the owner-developer owns, what would the sales associate be required to have?A group license When is a licensee required to show the No brokerage relationship notice?Before showing property If an unlicensed assistant works at a brokerage, can he show property, hold listing presentations, and negotiate contracts?No Is a property manager that is paid a salary plus on a transactional basis, required to be an actively licensed broker?Yes

Can a broker hold escrow in another state besides Florida?No What are 5 words that mean escrow?1. Escrow2. Earnest money3. Binder deposit4. Good faith deposit5. Trust funds What is required to be on all brokerage office signs?1. Trade name (if one is used)2. Brokers name3. "Licensed real estate broker" What is the status of a sales associates license if his brokers license is suspended, revoked or the broker dies or is removed from the broker position?Involuntarily inactive Can a licensee share a portion of his commission with an unlicensed person, (who is not one of the parties to transaction) for the referral of real estate?No What is the first thing a broker is required to do in the event of an escrow dispute?Contact FREC within 15 business days in writing Define commingling and is it permitted?Mixing of escrow funds and personal funds. No, it is not permitted.What is the difference between a rental agent and property manager?A rental agent works with potential rentals and finds them a rental. A property manager does the same, but also manages the property after finding the renter.Can a transaction broker or single agent ever discuss with the other party the motivations of their party?No How many hours is the business ethics portion of the 14 hour continuing education

• hours

What kind of residential construction involves a builder purchasing one or more lots and constructing a home or homes without a buyer in advance of construction?Speculative home Can the broker hold/move escrow into an interest bearing account?Yes What is Florida statute chapter 455?Law that defines the general legal practices of the DBPR (department of business and professional regulation).Can the FREC issue misdemeanors and felonies to a licensee?No. The FREC is an administrative agency Which of the 4 settlement disputes is said to be "binding"?Arbitration If an owner developers sales staff does not receive commission or compensation based on transactions or bonuses, is the sales staff required to hold an active real estate license?No What is the 2nd thing a broker must do in the event of an escrow dispute?He must institute one of the 4 settlement procedures What is Florida statute 120?The Administrative procedures act What kind of residential construction is similar to speculative building and is done in a new subdivision with several model homes?Tract home Which disclosure form must be signed by the principal when the broker is transitioning from a single agent to a transaction broker relationship?The consent to transition to transaction broker disclosure form

Does a transaction broker have the duty of complete trust and confidence?No If a broker orders an EDO and the dispute is resolved before the order is given by the FREC, how many days does a broker have to notify the FREC that the dispute has been settled?10 days Are all brokers required to hold escrow in florida?No What do you call a person who holds a brokers license but chooses to register and work in real estate under the direction of another broker?Broker associate If a contract is an "as is" contract does that remove the requirements of the licensee to disclose all known facts that materially affect the value of residential real property?No What is a fiduciary relationship?A fiduciary relationship that contains complete trust and confidence Can the broker allow someone else, like an administrative assistant, to be a signatory on the escrow account?Yes What makes an advertisement "blind"?A blind advertisement fails to disclose the name of the brokerage firm What is Florida statute 475?Law that establishes the legal rights and responsibilities of real estate licensees and real estate appraisers.How long is a broker required to keep records? 5 years How many parts does Florida statute 475 have? 4 How long does a sales associate have to be licensed under one or more actively licensed brokers before he is eligible to obtain a brokers license?

• years

What kind of residential construction involves a builder in contract with a buyer, and the buyer decides what kind of design the house will have?Custom home What is the penalty if a licensee steals original listings from his previous employer?Larceny If a broker chooses to hold escrow is he required to be a signatory on the account?Yes If a broker lists a house with a single agency relationship and then finds a potential buyer, what are the 2 options he (and the sales associates under him) has to legally show the prospective buyer the house?The first option is the broker, (and the sales associates under him) can show the potential buyer the No brokerage relationship notice.The second option is the broker can have the seller sign the consent to transition to transaction broker disclosure notice.Which brokerage relationship involves complete trust and confidence?A single agent How many days does a licensee have to notify the DBPR of an address change?10 days When does a broker have to deposit escrow into the escrow account?Immediately, OK - 0 on the first day, then 3 business days.

Are blind ads allowed?No How many members are on the FREC?7 members How much of his own money can a broker hold in his escrow account to maintain it and it not be considered commingling?

$1,000

If the broker is going to hold/move the escrow into an interest-bearing account, what is required?The written authorization from both parties Who is required to complete the continuing education? Is it actively licensed sales associate or actively and inactively licensed sales associates?Actively and inactively licensed sales associates Which brokerage relationship contains a fiduciary relationship?Single agent If a title company or an attorneys office is holding escrowed funds, what must be on the purchase and sales contract regarding the title company or attorneys office?

• Name2. Address3. Phone number

What are the 4 settlement procedures?1. Mediation2. Arbitration3. Litigation (court)4. Escrow disbursement order (EDO) What are the 3 brokerage relationship options that a broker has with a member of the public?

• Single agent2. Transaction broker3. No brokerage

relationship Can a licensee be punished for calling someone on the do not call list?Yes Is dual agency permitted in florida?No What is the penalty if a licensee steals duplicates of listings from his previous employer?Breach of trust What kind of agency relationship does a broker and a sales associate have?General agency Is the governors name or signature on a sales associates license?His name only How many members of the FREC are brokers that have been a broker for at least 5 years?

• members

All advertising must be done in the name of who? The broker What are the 3 powers that the FREC has? Executive powers, quasi legislative powers, and quasi-judicial powers Which offers are sales associates legally required to present?All Is a property manager that is paid strictly salary required to be an active broker?No What is chapter 61j2The rules of the Florida Real Estate Commission (FREC) Why has the field of property management experienced such rapid growth The increase of absentee owners How does the state define "immediately"? Immediately is the 3rd business day not including the day of receipt If an owner developers sales staff receives commission, what must they have?An active real estate license