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A sales associate received a cash deposit for property on Saturday. He replaced it with his own personal check and spent the cash during the weekend. This is
Which can have perpetual existence?
Which is a suspension offense?
Which is a violation of a subpoena?
Which statement is true regarding determination of the party the broker legally represents?
A general partnership registered as a real estate broker in Florida may be dissolved by
A single agent seller’s broker owes which of the following duties to the prospective buyer?
The legal term that applies when two real estate brokers who are not actual partners do not clearly separate their business activities and appear to be partners is
Which is correct about the Consent to Transition to Transaction Broker Notice?
If a broker and a principal have a dispute relative to a real estate commission, the dispute would normally be settled by
Florida Statutes prohibit members from serving on the Commission for more than
Jill sells commercial property. Which is correct about her brokerage relationships?
The F.R.E.C. test questions and exams are
Which is correct about how long an applicant may use the pre-license course grade slip?
A broker sold a rental list to a New Yorker. The broker received a fee of $100 for the list. The broker gave information on the list that was incorrect in several instances. The customer demanded a refund ten days later. The broker must
Which is NOT one of the FREC settlement procedures in case both parties make conflicting demands for a broker’s trust deposit?
Two brokers share office space but have separate firms. They do not have separate offices nor signs. What is their unofficial status?
A broker and a sales associate make a plan together to defraud a prospective buyer. Both licensees are
If a veteran licensee fails to renew within a year after expiration, the license is
A sales associate receives an offer on property and accepts a deposit. Until the offer is accepted the deposit is legally under the control of the
A brokerage firm developed 125 lots. To help market the property, the broker started a lottery with the grand prize being a free lot. The lottery was open to buyers of lots, and was contingent upon the broker selling at least 80 lots within 3 months. The broker
How long must a sales associate work for one or more brokers in order to meet the requirements for becoming a broker in Florida?
A broker is temporarily insane. The commission will probably
The division of the real estate business characterized by the buying of a real property for the rental income to be derived over a long period of time is called
Real property ads and signs of a licensed broker must include the name of the
Which business entity results in unlimited liability to the principals?
Which is NOT a necessary part of the application to become a sales associate?
A licensee need NOT give a brokerage relationship disclosure when
Which is/are required to be included with the application for a real estate license?
During the course of its regular monthly meeting, the Real Estate Commission reduced the renewal fees to an amount below the maximum allowed under Chapter 475 F.S. These actions will be reflected formally in changes to
If an individual fails to answer a question on an application, which of the following applies?
FREC members are appointed by the
A broker wants all sales associates to be independent contractors. What may he provide for the sales associates?
There are five partners in a brokerage firm. How many must be active brokers?
When the term “foreign corporation” is used relative to registration as a real estate broker in Florida, it means that the business entity is chartered
A brokerage corporation must have
A broker in Georgia referred a prospect and came to Florida to help the Florida broker consummate the sale. The Georgia broker demanded a referral commission. Which is correct?
Which cannot broker real estate?
FREC makes a new rule regulating real estate practice in Florida. Which is correct?
What is the license period after the initial renewal?
In order for a broker to be entitled to compensation, it is first necessary to establish a condition of
A sales associate’s license is effective
A licensed broker regularly pays a 15% referral fee to an attorney who sends prospects to the broker. Which is correct?
Caveat emptor means
Upon completion of the complaint process, Broker Stewart was convicted of three violations of the license law. The FREC CANNOT
Which is NOT correct?
A sales associate is guilty of concealment. Which is correct?
A sales associate writes a purchase contract. The buyer defaults. The sales contract states that the broker is entitled to 50% of the deposit in case of default. The broker does nothing to retain the deposit. What can the sales associate do?
What best describes a fiduciary relationship?
Mrs. Jones wants to sell her day-care center as a going concern. Which one of the following professionals should she contact?
The maximum sales commission rate a broker may charge in Florida is
A real estate licensee working in a nonrepresentative capacity has all duties EXCEPT
If a real estate licensee is lawfully subpoenaed by a court or agency but elects not to appear, the licensee may be
An unlicensed person who violates Chapter 475 is subject to
Broker Brown and Broker Smith share office space but have separate firms. While awaiting the signs informing the public of this fact, they have a (an)
Which is an INCORRECT statement?
In a real estate brokerage general partnership
In what cases will a sales associate NOT be disciplined for fraud by the FREC?
The only broker who may refer to a customer as his or her principal is a
A sales associate wants to participate in the ownership of a brokerage corporation and the broker agrees. The sales associate may
When can a person collect from the Real Estate Recovery Fund?
Whether an act constitutes fraud probably is dependent upon
Which is NOT a violation of the license law?
The chairman of the FREC is
Sales associate Sam gets an offer. His broker is out of town. A second offer is received. He should
Before renewing a license for the second time, a broker or sales associate must complete a course of approved continuing education consisting of _____ hours?
A joint venture usually is created to
Jacqueline and Samuel are sales associates for Able Realty. Jacqueline lists a house as a single agent. Samuel is working as a single agent with a buyer, who becomes interested in Jacqueline’s listing. All of the following statements are correct EXCEPT
If a broker fails to reveal relevant facts to his principal, the offense is called
A transaction broker tells the buyer that the seller is under pressure to sell because of a pending divorce and possible foreclosure. Such disclosure is
Florida’s license laws consider the terms “employer” and “employee” to
The presiding member of the FREC Probable Cause Panel
Which is correct about the requirements for good faith deposits given to sales associates and brokers?
Arthur gives Henry a power of attorney to perform services of real estate for him, which include managing and selling investment property. Henry is a CPA. Henry sells property for Arthur and kept a 6% commission. Which is correct?
A real estate license is
The Department makes which information available for public inspection?
The license of Harrison Realty, Inc. has just been suspended. Sales associate Wilson, who works for Harrison Realty should
Investigators for the Division cannot do which of the following?
The principal is responsible for the acts of his or her
A broker who chooses to operate as a transaction broker in a real estate transaction has all of the following duties EXCEPT
William Stipple, broker did not account properly for monies in his trust account resulting in his license being suspended. The licenses of all sales associates working for Stipple are
Which is NOT an authorized status for a broker to take in dealing with customers?
Unless a seller gives his consent, the seller’s agent will violate his fiduciary relationship if he accepts as an earnest money deposit
A broker followed the instructions in an escrow disbursement order, but a court entered a judgment against the broker for $10,000 related to the order. The FREC paid the broker $10,000 from the Recovery Fund for the judgment. As a consequence, FREC
Licensed sales associates of the seller’s single agent brokerage firm
The DBPR is empowered to demand information from and issue subpoenas to
Broker Allen, broker Bayer, and broker Carson form a partnership to buy, develop and sell land. Sales associate D becomes a partner in the firm with each partner in the firm having a 25% interest. Profits from the sales amount to $40,000.00. Which of the following applies?
A suit for interpleader may be used to
A broker receives referrals from a good friend. The friend incurs expenses, and the broker reimburses the friend for the expenses. The broker is careful not to pay a referral fee or a share of the commissions generated. Which of the following applies?
The purpose of the state examination is to make sure that an applicant
Jason Stevens, broker, is holding a $2,000 earnest money deposit in his escrow account. The buyer and seller each claim the deposit. How many days does Stevens have to notify the Division of Real Estate about the conflicting demands?
The sign at the entrance of the brokerage office must have
A corporation sole is
A single agent broker who wishes to remain loyal to the principal
A real estate sales associate may accept an extra commission for a difficult sale from
Which is an INCORRECT statement?
A sales associate and a broker form a brokerage partnership. Which is correct?
Which will cause automatic suspension of the license?
Students failing the end-of-course examination who wish to become licensed must