Which item on the balance sheet BEST indicates a firm uses accrual basis accounting? What should Susan do with this information? A)#1Service Realty B)Mike Meyers C)Susan Meyers, Broker Associate D)Licensed real estate broker, The answer is SUSAN MEYERS, BROKER ASSOCIATE. Ten units are rented monthly for $300, five for $325, and five for $350. 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. A SALES ASSOCIATE(OR BROKER ASSOCIATE) MAY NOT BE APPOINTED AS A DIRECTOR OF A REAL ESTATE BROKERAGE CORPORATION. Jackie has a subject home that has 3 bedrooms, 2 baths, and a 2-car garage. The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. The applicant has not fulfilled the experience requirement. B) a group license. A brokerage company had $840,000 in gross income last year. A) It is the process of expunging the criminal record. Which type of business arrangement have they formed? The applicant recently moved to Florida and has completed the Florida broker prelicense course. Registrations issued to branch offices are not transferable. The answer is fixed cost. Vacancy and collection losses are estimated to be 5% of the potential gross income. 1. What is the loan to value ratio for a home purchase for $285,000 with a down payment of $57,000? A)Wednesday B)Monday C)Thursday D)Friday. The questions on my assessment will include true true/false questions, false true/false questions, fill-in-the-blank, multiple choice, and . A) $52,000 B) $178,000 C) $106,000 D) $70,000. D)Susan has formed a limited liability company (LLC) for income tax purposes only, and is employed by and registered under either a licensed real estate broker or an owner-developer. A) General partner B) Director of a corporation C) Officer of a corporation D) Shareholder of a corporation. Carla had an inactive GA real estate license since 1980. Or the sales escrow account? A real estate developer's sales staff must hold active real estate licenses if they are paid a commission or a bonus based on actual sales (on a transactional basis). What was the investor's rate of return for the property if she paid $195,000 for the property? Provisional Sales Associate A provisional sales associate (PSA) is an entry level licensee, which is under the supervision of a real estate broker. Divide the cash requirement by the company dollar for each associate: $175,000 $35,000 = 5. The bird house is personal property and belongs to the seller. Yes, if all parties agree in writing that the funds will go into an interest-bearing account and specify who is to receive the interest. D) violation of Chapter 475. Mandatory suspension until the fund is paid back in full including interest. It's a statement of liabilities of the company. 1. Students who fail the end-of-course exam may retest one time with a different set of exam questions within one year of the original exam. Monday of the next week No later than 10 business days after each deposit is due under the terms of the sale contract, the licensee's broker must request a written verification of receipt of the deposit. 15 days C. 25 days D. 30 days. A real estate agent has been licensed in Texas for one year. Principal of and interest on In order to qualify for statutory independent contractor status, the sales associate need only have a real estate license. Which would not be important in the data using the sales comparison method for establishing the market value of a home? Mark Smith is opening a real estate office and the name of his company is fast salesHe has two sales associates working for him Betty Able and John Stone what information is not required on the sign? She expects monthly revenue for the first year will be $15,000 and that her monthly expenses will be $12,000. The sales associate has until the end of the next business day to deliver the deposit to the broker. Brokers may maintain an escrow account in a Florida commercial bank, credit union, or savings association. Because the definition of real property includes any interest in business enterprises or business opportunities, individuals who specialize in the sale of businesses, known as business brokers, must hold Florida real estate licenses. What are the call times restricted to on the Do not call list, Advertisements that fail to disclose the license name of the brokerage firm. The broker paid the damages and requested reimbursement from the Real Estate Recovery Fund. The estimated total life of an improvement. Florida's real estate law prohibits real estate salespeople, or licensed sales associates, from office ownership. Which individual is exempt from real estate licensure? If the conduct of two or more persons creates the "appearance" that a partnership exists, the courts may determine that the partners are, A licensed real estate broker is the sole broker and owner of a real estate brokerage corporation. e. Her iconic memory disrupted her encoding of the number. The answer is January 31. REGISTER THE PARTNERSHIP IN THE NAME OF THE PARTNERSHIP WITH AT LEAST ONE PARTNER LICENSED AS AN ACTIVE BROKER. The answer is motivation. Interacts with customers, offering assistance and responding to queries about products and purchases . A prospective tenant purchased rental information from a real estate brokerage company for $75. C)The only compensation that the sales associate may receive is part of the commission, regardless of circumstance. The broker will be suspended until the case is solved by the FREC. C. be a Florida resident. Which is NOT one of the three areas that are reviewed by the IRS to indicate that the broker is controlling sales associates? The ability to sue the FREC if necessary. The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. Violators of the federal Telephone Consumer Protection Act may be fined up to $11,000 for each illegal call. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. A resident licensee who becomes a nonresident must notify the Commission of the change in residency within 15 days. Assuming no change in the company dollar percentage, how many transactions must she have each month to meet her goal? What recourse is available to the prospective tenant who purchased the information and found that much of the rental information was out-of-date? A) Limited partnership B) Sole proprietorship C) Limited liability D) Corporation, A sales associate employs an unlicensed personal assistant paid by salary, and a licensed personal assistant paid by commission. Pass a 40 question real estate exam with a great 75% or higher. D) reserve for replacements. 8.9% C. 14.53% D. 22.05%. What are the four settlment options in cases of conflicting demand/escrow dispute? T or F, A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. The corporate must be registered with the DBPR on behalf of FREC because it is involved in real estate sale and lease negotiations. A. There is no requirement to include the brokerage office street address on the entrance sign. The answer is THE SELLER CANNOT GIVE THE GIFT CERTIFICATE TO THE SALES ASSOCIATE DIRECTLY, BUT MAY GIVE IT TO THE SALES ASSOCIATES BROKER WITH A NOTE REQUESTING THAT THE GIFT CERTIFICATE BE GIVEN TO THE SALES ASSOCIATE FOR FINE SERVICE. 7.6% B. Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas? An appraiser uses the cost of a building's replacement cost by estimating the cost of the raw materials used to build the building plus the additional cost of labor, materials etc. Auctioning real property is one of the eight real estate activities that require a real estate license. Persuasive Multiple Choice Questions. Because the father promised to pay, and the son expected to receive a lot free and clear as additional compensation, both the father and son have violated FS 475. The test has between 75 and 265 questions and the student has six hours to complete it. The agent must disclose to the buyer all material facts that will affect the value of the property. What statement best describes the term follow up? Which information does NOT have to be disclosed on a real estate license application? What is the first step of the appraisal process? Does the buyer have cause to be upset? Three brokers decide to lower their commission rates to 3% in hopes of driving a discount broker out of business this is defined to as? He notes that the broker had not changed enough rent to tenants to make the type of profit that the owner wanted. If the comparable is worse than the subject house, add to the sale price of the subject house. The statement is false. The answer is MEDIATION. A) Type of relationship B) Behavorial C) Financial D) Motivation. B) January 31. Financing services requires a mortgage broker license. The bird house is not considered to be a part of the real property, since it does not adapt readily to its surroundings. True False. 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. The case will be sent on to an administrative law judge to issue a recommended order. 4. The agent must disclose to the buyer at the time of showing the property whom he represents in the transaction. Broker Bob MUST notify FREC of the dispute within ____ days. She was so excited that she could not type the numbers fast enough. T or F. The statement is false. telemundo deportes reporteros 8 de junho de 2022; thomas kinkade houses vallejo 25 de junho de 2020; trans friendly doctors vancouver 14 de maro de 2015; jim shockey father in law 13 de maro de 2015; lisa harvey gondrezick louisiana tech 13 de maro de 2015 Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. An employee of a real estate developer sells homes in a new subdivision. The answer is LIMITED PARTNERSHIP. A)Limited partnership B)Limited liability company C)Sole proprietorship D)Cooperative association. Being 10 digits long, the number is beyond Miller's "magic number." The Secretary of the DBPR has issued a summary suspension against Broker Bob. A) The employee is not required to hold a real estate license because he receives a salary. It's a statement of how the business profited last year. The statement is true. Why is this so important? Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. Susan should add the cost of a screened-in porch to the sold price of the comparable to make it similar to the subject house. 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. 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. Because the salesperson receives a commission in addition to a salary, the salesperson must hold a real estate license. B) Brokers may not abbreviate the firm name in an advertisement. 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. A)Escrow disbursement order B)Mediation C)Arbitration D)Litigation. The answer is 3, revert to involuntary inactive status. What is the intangible tax on a new mortgage of $10,000? Capri sales staff will temporarily work out of a model home in the subdivision. A) Annual budget B) Business plan C) Sales program D) Mission statement. 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. If the subject house is worse than the comparable, subtract from the subject property. Real estate licensees on active duty with the U.S. Army are required to renew their licenses: within six months after discharge. D) Real estate licensees may call a for-sale-by-owner seller to solicit a listing without regard to the do-not-call registry. TRUE OR FALSE: A Corporation sole is permitted to register as a real estate broker. The statement is TRUE. The DBPR regulates the size of the lettering on entrance signs. The father agreed to pay his son a salary of $200 per week. 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. And owner at an apartment complex pays $100 to each tenant that refers a renter this arrangement is illegal because? C) must retake the broker prelicense course within one year. C) It is an order by a court of law to stay the sentence. Under which name may she register and be licensed? After two weeks, the son has sold only two lots, so the father decided to add an incentive. D) sexual orientation. The limited partner must make an investment in cash or property, but not services. 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. d. Broker associates that wish to open and maintain an office must be licensed but only need to A member of the board of directors is responsible for negotiating the company's leases. Which statement is TRUE regarding obtaining a real estate license through mutual recognition? After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. D. disclose any denials of a real estate license in another state. Which statement is TRUE regarding designated sales associates? Which statement BEST describes Carla's qualifications for a FL broker license? A sales associate may hold which position? C) March 15. Susan should find other comps that are more like the subject house. How long does the broker have to notify the FREC that the matter has been resolved? Real estate license law governs only brokers escrow accounts held in Florida commercial banks, credit unions, or savings associations. The answer is it is a plea of no contest. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. The escrow account may be either interest-bearing or non-interest-beearing. When must the Notice of No Brokerage Relationship be given? This. The broker's license is suspended. Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. The brokerage company handles residential transactions. Real Estate Broker.. All monies or other compensation earned by sales associates as a result of any real estate services must be paid to the sales associates by their employers and not directly by a buyer or seller. 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. The buyer asked that the broker hold the sailboat for five days and that he, the buyer, would return with cash and retrieve his boat. Advertising rental property information that is materially inaccurate is which type of violation? A broker projects that her office expenses will be $346,000 this year. The licensee worked for a Texas broker but recently moved to Florida. The DBPR does not regulate the size of the actual letters on a real estate office's entrance sign. $245,000 company dollar 250 sales = $980.00 company dollars per sale. The landlord was reviewing his property management agreement with the broker. Reconcile a monthly statement and record all discrepancies. Capri Realty is the exclusive representative of Verde Ridge subdivision. C) a single broker license and require the broker to appoint an office manager at each location. A broker comparing like properties and averaging the results to get a market value. $6,462 B. A broker associate may be issued multiple licenses. Violators of Florida is telemarketing law may be fined $10,000 per car. 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. When an informal hearing is held and the parties, including the FREC, do not come to an agreement, what is the next step in the process? A business intangible is the value of the inventory, where a personal intangible is the value of the owner's shares. How many days will a party to the hearing have to file an exception to the Recommended Order? 4. Which individual is exempt from the continuing education requirement? Which statement is true regarding the Secretary of the Department of Business and Professional Regulation? A grade of 30 points (75%) or higher is required to pass the exam. A broker's listing agreement specifies that 5 percent commission is to be paid on the sale price. 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. Write the landlord at the address listed on the notice within 15 days to tell the landlord of the problem and that they expected to receive their security deposit back. 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. Real estate license law has no authority over title company escrow accounts or attorney escrow accounts. The sales price is $413,000 of commission is 5.5% of the sales associate get 55% of the commission what is the sales associates commission? No one else in his subdivision has a pool. File a request for involuntary inactive status C. Notify the DBPR within 60 days of the change of residency. Yes because it's an example of bait and switch. B) Real estate licensees are exempt from the telemarketing laws. D) Because the sales associates are not permanently assigned to the model home and closings are not conducted at the site, the model home does not have to be registered as a branch office. Sales associates must have their license issued in their legal name. Last year, a brokerage office had 250 sales. When a broker opens a new brokerage office, no new brokerage business may be conducted (the license ceases to be in force) until the DBPR is notified of the new business location and it is properly registered. The statement is false. It is when the buyer and seller make demands regarding the dispersement of escrowed property that are inconsistant and cannot be resolved. B) marital status. Before dealing with a corporation sole, a broker should obtain a written opinion from an attorney who has experience in such titles. There is a multitude of factors brokers must consider when opening an office. The applicant has not fulfilled the experience requirement. T or F. The statement is true. or her license must be placed on inactive status. Brokers must notify the FREC in writing of conflicting demands or of a good-faith doubt within ___ days. The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. A CMA gives a range of value while an appraisal gives an opinion of value. The Probable Cause Panel will determine the guilt or innocence of the party. 3. The broker had unlisted checks of $1,456,000 and unlisted withdrawals of $78,000. C)Susan is in violation of Florida license law. File an application of mutual recognition with Alabama B. What is the Department empowered to do? A broker may choose to have an attorney or a Florida title company maintain the escrow account. 3. Color brochures, floor plans, and blank sale contracts are stored at the model. The answer is 5. The board member must be a licensed real estate sale associate. D) The real estate value must exceed $1 million. D) It is a court decision to place a defendant on probation. Her sales associate license was issued as Susan Walters (LLC). By end of business on which day must the funds be deposited into the escrow (trust) account? Additionally, the office must be registered with the Department of Business and Professional Regulation. If the broker's escrow account is an interest-bearing account, the broker, If the escrow deposit is to be held by a title company, the sale contract must indicate the name of the title company, address, and telephone number. The answer is B) STOCK BROKERAGE HOUSE. It is illegal for real estate brokers to conspire to fix commissions or fees for the services they perform. A broker who seeks to be involved in business brokerage must have all of the following EXCEPT: Knowledge of personnel laws for business. An individual who specializes in the sale of business opportunities is exempt from a real estate license. D) multiple licenses. The answer is name of the sales associates. D. disclose any denials of a real estate license in another state. A buyer requests in the sale contract that the earnest money deposit be held by Bob White, attorney, trust account. 1. No further action is warranted because no agreement could be reached. A real estate brokerage office receives an earnest money deposit check on Thursday. What was the investor's rate of return for the property if she paid $195,000 for the property? If two parties are not partners but give the public the impression that they are, and a reasonable person could assume they were partners, the parties will be considered limited partners. The answer is BLIND. C. Notify the DBPR within 60 days of the change of residency. An apartment building contains twenty units. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. A sales associate is employed by a broker. 1. After paying sales commissions to the associates, the broker had $245,000 remaining. Carla must enroll in the sale associate pre-license course. Both the father and son have violated FS 475.
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