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If an individual fails to answer a question on an application, which of the following applies?
There are five partners in a brokerage firm. How many must be active brokers?
Which is not an authorized status for a broker to take in dealing with customers?
A broker is temporarily insane. The commission will probably
The maximum sales commission rate a broker may charge in Florida is
The DBPR is empowered to demand information from and issue subpoenas to
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
Limited partners in a limited partnership may invest
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?
In a real estate brokerage general partnership
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
A sales associate wants to participate in the ownership of a brokerage corporation and the broker agrees. The sales associate may
Which is correct about how long an applicant may use the pre-license course grade slip?
Sales associate Carolyn has a personal assistant who is paid by salary. The personal assistant is at an open house to hand out brochures. She is asked by a buyer to write a contract. She contacts Carolyn, who writes the contract. Which is correct?
When can a person collect from the Real Estate Recovery Fund?
Two brokers share office space but have separate firms. They do not have separate offices nor signs. What is their unofficial status?
The Department makes which information available for public inspection?
FREC members are appointed by the
Which can have perpetual existence?
In what cases will a sales associate not be disciplined for fraud by the FREC?
Which is a suspension offense?
Whether an act constitutes fraud probably is dependent upon
A broker and a sales associate make a plan together to defraud a prospective buyer. Both licensees are
Which is NOT a violation of the license law?
If a veteran licensee fails to renew within a year after expiration, the license is
The license of Harrison Realty, Inc. has just been suspended. Sales associate Wilson, who works for Harrison Realty should
A broker wants all sales associates to be independent contractors. What may he provide for the sales associates?
Investigators for the Division cannot do which of the following?
A brokerage corporation must have
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 general partnership registered as a real estate broker in Florida may be dissolved by
If a real estate licensee is lawfully subpoenaed by a court or agency but elects not to appear, the licensee may be
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
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
An unlicensed person who violates Chapter 475 is subject to
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. Three months later, the broker refunded the money because only five lots had been sold. The broker
The only broker who may refer to a customer as his or her principal is a
The presiding member of the FREC Probable Cause Panel
A suit for interpleader may be used to
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?
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
A lawfully operating corporation for profit registered as a real estate broker in Florida may be dissolved by
Which is an INCORRECT statement?
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
Licensed sales associates of the seller’s single agent brokerage firm
Which is correct about the Consent to Transition to Transaction Broker Notice?
Which of the following business entities result in unlimited liability to the principals?
A sales associates license is effective
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 correct about the requirements for good faith deposits given to sales associates and brokers?
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?
Students failing the end-of-course examination who wish to become licensed must
Which is a violation of a subpoena?
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
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
Which cannot broker real estate?
Unless a seller gives his consent, the seller’s agent will violate his fiduciary relationship if he accepts as an earnest money deposit
If a broker and a principal have a dispute relative to a real estate commission, the dispute would normally be settled by
Which is NOT a necessary part of the application to become a sales associate?
A licensed broker in Pensacola regularly pays a 15% referral fee to an attorney who sends prospects to the broker. Which is correct?
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?
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?
A real estate license is
How long must a sales associate work for one or more brokers in order to meet the requirements for becoming a broker in Florida?
The purpose of the state examination is to make sure that an applicant
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?
A sales associate is guilty of concealment. Which is correct?
What is the license period after the initial renewal?
Mrs. Jones wants to sell her day-care center as a going concern. Which one of the following professionals should she contact?
A joint venture usually is created to
A single agent broker who wishes to remain loyal to the principal
A licensee need NOT give a brokerage relationship disclosure when
Caveat emptor means
Which is an INCORRECT statement?
The principal is responsible for the acts of his or her
A sales associate and a broker form a brokerage partnership. Which is correct?
Which will cause automatic suspension of the license?
What best describes a fiduciary relationship?
A real estate licensee working in a nonrepresentative capacity has all duties EXCEPT
If a broker fails to reveal relevant facts to his principal, the offense is called
A real estate sales associate may accept an extra commission for a difficult sale from
Florida Statutes prohibit members from serving on the Commission for more than
Florida’s license laws consider the terms “employer” and “employee” to
Jill sells commercial property. Which is correct about her brokerage relationships?
The chairman of the FREC is
The F.R.E.C. test questions and exams are
Sales associate Sam gets an offer. His broker is out of town. A second offer is received. He should
A broker who chooses to operate as a transaction broker in a real estate transaction has all of the following duties EXCEPT
Which of the following are NOT required on the application to take the state exam?
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
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
The sign at the entrance of the brokerage office must have
Upon completion of the complaint process, Broker Stewart was convicted of three violations of the license law. FREC has the authority to
Which statement is true regarding determination of the party the broker legally represents?
Which is NOT correct?
FREC makes a new rule regulating real estate practice in Florida. Which is correct?
In order for a broker to be entitled to compensation, it is first necessary to establish a condition of
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