The sales price is $67,550 The assumed mortgage is $27,800 the new mortgage is $14,700 what is the total of all these three's taxes? 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. B) January 31. Which of the following is not allowed under Florida law? D) There is a requirement to include the broker's name but not the name of the company in the ad. The applicant has not fulfilled the experience requirement. c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. A broker may NOT place funds into an interest-bearing account unless all parties agree who is entitled to the interest. 3. Business intangibles differ from personal intangibles in what way? C) misdemeanor. How long does the broker have to notify the FREC that the matter has been resolved? What is the time limit the Department has to file a complaint against a broker? THE TENANT SHOULD DEMAND WITHIN 30 DAYS A REFUND OF $75. In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. When a current active or inactive license expires, the license reverts automatically to involuntary inactive status (except for the initial license period). If the comparable is worse than the subject house, add to the sale price of the subject house. Answers: A real estate sales associate may be registered under a trade name. What information need not be disclosed when submitting applications? The other expenses in the question are fixed expenses. The new location must be registered and the fee paid. Chapter 3 Flashcards | Quizlet By end of business on which day must the check be deposited into the escrow account? Which individual is exempt from real estate licensure? The broker would like to set up a second (branch) office to run the commercial side of the business. When must the Notice of No Brokerage Relationship be given? Which document provides the direction for an organization as well as all the steps and procedures involved in accomplishing its goals? What is the fine per telephone call for a violation of Floridas Telemarketing Act? The ability to sue the FREC if necessary. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. C. Notify the DBPR within 60 days of the change of residency. Susan should subtract the cost of the screened-in porch from the subject house to make it similar. D) is exempt from the real estate prelicense course; however, she must pass a written Florida-specific real estate law exam. If Joe violated a rule under Chapter 475 F.S. A) General partner B) Director of the corporation C) Sole proprietor D) Treasurer of the corporation, A sales associate license may be issued under which name? The broker may register a trade name for the commercial office and continue to use the corporate name for the principal office. What should they do? What statement best describes the term follow up? Would this be legal? D) multiple licenses. Because the salesperson receives a commission in addition to a salary, the salesperson must hold a real estate license. Florida Broker's Office Requirements - MLS Campus THE BROKER MUST REGISTER THE NEW BRANCH LOCATION AND PAY THE BRANCH OFFICE LICENSE FEE. Her sales associate license was issued as Susan Walters (LLC). B) Brokers may not abbreviate the firm name in an advertisement. It paid the sales associates and average of 60% commission split. Persuasive Multiple Choice Questions. If the names of the sales associates are on the sign, the names must be placed below any brokers' names and include the associate's license status as sales associate. 3. The answer is $106,000. The answer is 3, revert to involuntary inactive status. This is an example of a legal kickback or rebate. Which of the following are disciplinary actions by the Commission for the lack of disclosure to a buyer or seller? A broker's listing agreement specifies that 5 percent commission is to be paid on the sale price. The Probable Cause Panel will determine the guilt or innocence of the party. Which of the following statements is true? An Alabama real estate licensee moved to Tampa Bay, Florida, six months ago. The answer is 4. Accounts receivable C. Cash in checking account D. Plant and equipment. The broker may designate another person, such as a bookkeeper, to sign checks on the account in the ordinary course of business. B) must requalify for licensure. The Sherman Antitrust Law and Florida antitrust laws prohibit which activity? The answer is multiple licenses. Which of the following is true? $27,000 monthly requirement $980.00 = 27.55 sales required. 1. In general, except for real estate licensees who meet the requirements, a worker who provides services for a broker is an employee if the broker can control what will be done and how it will be done in the following three areas: behavioral control, financial control, and type of relationship. April 15 is the filing date for an individual's income tax forms. FL REAL ESTATE CHAPTER 2 Flashcards | Quizlet T or F. The statement is false. As she goes to enter the number into her contacts list she finds that she cannot remember all the numbers in their right order. Lori Sammis is a licensed real estate sales associate. When both the buyer and seller have assets of $1 million or more and have requested designated sales associates. 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. What must a broker do with his trust account? The appraiser made note of the loss of land caused by the hurricane. What best describes subpoena powers? An investor wants to purchase a 20-unit apartment complex. The answer is MONDAY. He has a monthly service charge of $12.00. The fee paid to the FHA employee is a referral fee, which is legal under FL RE law. Only brokers can pay commissions to the licensed assistant. Because a sales associate is paid a fixed percentage of the gross commission, it varies in direct proportion to the income. Real estate sales associates work from the broker's office, where they are registered, under the employ and guidance of the managing broker. The board member must be a licensed real estate sale associate. The questions on my assessment will include true true/false questions, false true/false questions, fill-in-the-blank, multiple choice, and . Subtract the liabilities short and long term from the value of the business. A business intangible is something readily seen by a buyer, where personal intangibles are not readily seen. In a social context, what is the term value used to describe? Sales associates must deliver escrow funds to the broker the latest of what business day? D) is allowed 30 days to make up the post-license course but is charged a late fee. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. Which information is NOT required to appear on the official entrance sign to a real estate office? Last year, a brokerage office had 250 sales. Disclosure rules do not apply to nonresidential transactions. Which duty may an unlicensed personal assistant NOT perform? 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. Assets and liabilities are missing from the financial statements. After paying sales commissions to the associates, the broker had $245,000 remaining. What statement is true regarding Florida's telemarketing law? A CMA is not used for lending or insurance purposes but an appraisal is. Vacancy and collection losses are estimated to be 5% of the potential gross income. A broker uses the houses most similar to do a CMA. REGISTER THE PARTNERSHIP IN THE NAME OF THE PARTNERSHIP WITH AT LEAST ONE PARTNER LICENSED AS AN ACTIVE BROKER. It's a projection of income in the future and should be labeled as such. Only buyers, sellers and tenants can receive money from the Real Estate Recovery Fund. Which item would most likely be classified as a fixture? A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. The purpose is to sponsor appropriate activities relating to standards, qualification and issues of importance to appraisers. The statement is false. The son alone has violated FS 475. T or F, A real estate broker who legally operates as the broker for more than one real estate brokerage holds multiple licenses. B) His license status must be printed on the magnets. The real estate licensee who prepared or presented the sale contract must indicate on the purchase and sale agreement the title company's name (or attorney's name, if applicable), address, and telephone number. 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. Which statement applies to this situation? The bird house was affixed with a permanent method of annexation; so it should stay. A) No pets allowed B) Walking distance to Catholic high school C) Nice Hispanic neighborhood D) No children. Convenience store financial statements. 2017 Annual Report. The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. There is a multitude of factors brokers must consider when opening an office. A broker is qualifying for several different real estate companies in this situation a broker should request a? US Social Security B. Florida resident C. 2-year college degree D. US citizenship, Which individual is NOT exempt from licensure under real estate license law? A salaried individual manages a condominium building and rents units 3month to 6month periods. Which statement is TRUE regarding interest-bearing escrow accounts? PDF Salt Lake County, Utah - gis.slco.org Brokers must institute one of the four settlement procedures with _____ business days of receiving conflicting demands or of having a good-faith doubt. A broker comparing like properties and averaging the results to get a market value. PDF 5 Practice Tests for the State Exam - Magnolia School Of Real Estate B. be a citizen of the United States. True False. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? A. 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. B. There are eight real estate services that when performed for compensation require a real estate license: advertising real estate services, buying, appraising, providing rental lists for a fee, selling, auctioning, leasing, and exchanging real property. The answer is A) THE BROKER MUST GET WRITTEN PERMISSION FROM ALL PARTIES TO THE TRANSACTION BEFORE PLACING THE FUNDS INTO AN INTEREST-BEARING ACCOUNT. How many days will a party to the hearing have to file an exception to the Recommended Order? Which information does NOT have to be disclosed on a real estate license application? b. Owner-employers and brokers are registered and licensed. If the subject house is worse than the comparable, subtract from the subject property. How many days does a purchaser of a new condominium have to cancel the sale? What is the term for this loss? The answer is false. A listing agent who shows property for a seller to a ready, willing and able buyer has certain obligation to the buyer. T or F. The statement is false. The ability to require that a broker and his staff appear before the FREC. 1. The broker pays the business tax; licensees who work for the broker are exempt from paying the tax. 19 - Just Test Questions Flashcards | Chegg.com I think I know Flashcards | Quizlet Failure to pay the tax is a misdemeanor. If a broker requests an EDO and the escrow dispute is either settled or goes to court before the EDO is issued, the broker must notify the FREC within ____ business days. A) The federal telemarketing law exempts telephone surveyors. A) Inactive real estate licensee B) Active member of The Florida Bar C) Individual who has received a four-year degree in real estate D) Nonresident licenseeTerm. A developer purchased a tract of land and subdivided the property into individual lots. Her office has six employees and nine sales associates. C) frozen asset. Add $34,000 start-up costs to get the minimum cash required of $106,000. The sales associate received an earnest money check from the buyer on Friday, January 3. A)The broker must get written permission from all parties to the transaction before placing the funds into an interest-bearing account. A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. Mandatory suspension until the fund is paid back in full including interest. T or F, The statement is false. After two weeks, the son has sold only two lots, so the father decided to add an incentive. The sales associate gave the check to his broker on Tuesday. The Secretary of the DBPR has issued a summary suspension against Broker Bob. T or F. The statement is false. B) cause for requiring a business to cease operations. The answer is 27.55. 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 developer hired his son, who was not licensed to sell the lots. Because the FREC issued the Earnest Money Disbursement order, the broker is entitled to repayment up to $50,000. However, for tax purposes, a sales associate is allowed by law to form a professional corporation (PA), and in this case, the DBPR will issue the license in the licensees actual (legal) name and include the entity designation (PA) after the licensees legal name. Is a broker allowed to abbreviate the brokerage company's name in newspaper advertisements of homes for sale? What is the intangible tax on a new mortgage of $10,000? A) The buyer and the seller must each have assets of at least $1 million. Carla must apply for mutual recognition. The applicant earned a score of 76 on the end-of-course exam and has submitted the license application to the Department of Business and Professional Regulation (DBPR). There is no requirement to include the brokerage office street address on the entrance sign. B)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.