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113 Cards in this Set
- Front
- Back
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How do you have an active status as a broker?
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What must the brokerage's office sign include?
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1. Trade name 2. Broker's name 3. Licensed or Lic. Real Estate Broker |
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What is it called when you fail to include the name of the brokerage?
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Blind Advertising |
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Where must the brokerage name be when there is point of contact information?
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Above, Below, or Adjacent to poc info |
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What information must be provided in advertisements?
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only if you choose to include your name, you must include your last name and it must be up to date with DBPR
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What must you do before embarking in telephone solicitation?
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search the DNC registry |
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How much do you get fined for violating the Telephone Consumer Protection Act?
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10,000 Florida |
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Where can a broker open an escrow account?
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Savings Association Credit Union |
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Who must be signatory on the Escrow?
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Broker |
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Where can funds be held when not in an Escrow?
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(also known as Public Trust or IOLTA) |
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What must a broker do before placing funds in into an interest-bearing account? |
Get written permission from all parties |
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Who may receive interest from ecrow?
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Broker but it must be in writing who is going to get the interest |
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How long must you keep record of real estate transactions? |
and an additional 2 years after litigation |
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How much of your own money can you put into an escrow?
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5,000 in a property management escrow |
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What are the four settlement procedures of conflicting demands of a good faith deposit? |
2. Arbitration 3. Litigation 4. Escrow Disbursement Order MALE |
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When do you notify Frec of Conflicting demands of a good faith deposit?
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15 Days in writing |
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A broker has how many days to institute a settlement procedure to resolve a good faith conflict?
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30 Days of receiving the conflicting demands |
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What must be on the receipt when selling rental information?
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2. 75% refund if they cannot find a suitable rental |
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If purchased rental info and want a refund, can the request be verbal
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Yes, within 30 days of purchase |
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What is the punishment for inaccurate rental information?
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Fine of 1,000 and 1 year in jail |
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Can a broker receive a kickback?
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Yes, not from buyer or seller and buyer and seller must be informed |
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Can you pay someone for a real estate referral?
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No
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Can you share part of the commission to buyer or seller?
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Yes, it must be disclosed to all parties |
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Who may register as a brokerage entity?
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General Partnership Limited Partnership Limited Liability Partnership Corp LLC |
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What happens if you look like a partnership? |
(subject to suspension) |
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Can sales associates and Broker associates be members of the board of directors or officers of a brokerage corporation?
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No
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Can sales associates register as general partners?
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No |
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Who do you notify after a change of employer?
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DBPR- 10 Days-you cannot do real estate in the mean time |
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Can an unlicensed person call overdue tenants and submit listings on the MLS?
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Yes |
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Can a sales associate register as an LLC?
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Yes |
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A broker receives a binder deposit on Thursday, What day must the deposit go into escrow?
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End of day Tuesday
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How many days must another active broker be appointed if the current broker becomes void?
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14 Calendar Days or Automatic cancellation |
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What must you disclose at the time of signing for commercial real estate?
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Who must make a cash or property investment?
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Limited Partners
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Does 1000 Sunset Blvd need to be included on the sign?
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No |
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A Broker and Attorney who specializes in contract law form a joint venture, to buy and sell property, do they both need a license?
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Yes |
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Who determines the commission rate?
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agreement between each broker and buyer and seller |
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Who is legally the owner of commissions?
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the sales associate's employer |
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True or False A real Estate Licensee may be paid a fee for referring buyers to a title company? |
False |
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What kind of business is it when brokers combine their expertise on a particular listing?
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Joint Venture
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Do you have to have a business checking account?
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No |
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Can a sales associate open a office?
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No |
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Can you use your nickname on a business card?
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Only if their legal name is on there too
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What are okay telemarketing hours?
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8am-9pm |
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How long do you have to comply with an opt-out?
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30 days |
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Can you send an unsolicited advertisement to a recipient that you have an established business relationship with?
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Yes
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What do you do if you get a check made out to you?
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Endorse and write deposit only to the name of the escrow account and give it to your broker
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Form of promissory note...
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must have sellers approval before accepting it |
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What do you have to do every month?
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Reconcile the escrow account Broker must review, sign, and date |
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What has to be on the sales contract if the deposit is placed with the title company? |
Title Company and their address and telephone number
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What do you have to do if the funds are placed with the title company?
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Request a written verification of receipt of the deposit within 10 business days |
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How many days does the broker have to comply with a written verification of receipt of deposit?
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10 Business Days
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Do you have to have a separate sales escrow account and property management account?
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No
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What does MALE stand for?
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Arbitration Litigation Escrow Disbursement Order |
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What is 15 days to notify and 30 days to fix? 13 + 17 = 30 Total |
Conflicting Demands on escrow money Notify FREC in writing! |
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Can you get an EDO on money held in an attorney's account or by the title company?
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No, has to be in brokerage escrow |
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When must you notify FREC when a conflicting demand is settled or going to court?
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10 Business Days |
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What are the three exceptions to notice and settlement procedures of conflicting demands?
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Residential Condo Act Financing Clause-REALTORS have special forms for this |
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Do title companies or attorneys have to report escrow disputes?
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No |
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Can you say, "the going commission rate is..."?
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No, avoid the impression of price-fixing |
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Can you decide to only work in one neighborhood and stay out of another?
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No, that is Market Allocation...BAD |
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How many days do you have for any changes?
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What contains rules and regulations as well as standards and procedures of a particular office?
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Policy Manual |
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Could a general partnership be created by implying it?
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Yes |
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Under a general partnership, how many must be licensed and active?
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One
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Is Each partner Responsible for all debts in a general partnership?
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Yes |
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Can you create a limited partnership vocally?
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No
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Can a sales associate or brokers associate be a limited partner?
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Yes, they can also form a corporation but for income tax purposes only |
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What info do you have to give to DBPR if you are a corp?
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Must register all officers and directors |
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What is a major benefit of a LLC?
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Income is taxed once |
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Do you have to register an assistant?
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Can an associate pay an assistant for non brokerage activities?
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Yes |
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Name 4 types of contracts you are allowed to prepare....
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Listing Contracts Buyer Brokerage Agreements Option Contracts Sale and Purchase Contracts |
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How many years are written contracts enforceable?
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5 Years |
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How many years are parol contracts enforceable? |
Oral-4 Years |
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What makes a contract valid? |
O Offer and Acceptance L Legality I In Writing C Consideration |
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No |
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Is good consideration a money deposit? |
No
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When is a contract terminated?
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Mutual Recission Impossibility of Performance Lapse of Time Bankruptcy Breach |
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What are the 4 legal remedies fro breach of contract?
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Specific Performance Liquidated Damages Recission Compensatory Damages |
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What does an assignment transfer? |
Rights and Duties under a contract
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What does novation substitute? |
A new party for the original |
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Listing contracts may have an automatic renewal clause |
False |
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When do you have to give a copy of the Listing contract to the owner?
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24 Hours |
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What info has to be on a listing contract?
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Expiration Identification of the Property Price and Terms Fee or Commission Signature of the Owner |
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Who is entitled to the commission in an open listing?
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Only the broker who sells the property |
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Does the seller reserve the right to sell a property in an exclusive agency? |
Yes but the listing broker is entitled to commission unless its sold by the owner |
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In an exclusive right of sale listing, does the broker earn commission even if its sold by the owner?
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Yes |
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Who receives the net amount in a net listing?
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The Seller |
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Is a buyer brokerage agreement an employment contract?
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Yes between the broker and the buyer |
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Who is the vendor?
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The seller |
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Who is the vendee?
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The buyer |
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True or False The seller must disclose material defects to a potential buyer when selling "as is" |
True
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What kind of disclosure is required prior to or at the time of sale or lease? |
Radon Gas but no inspection required |
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What year determines if a Lead paint disclosure is needed? EPA
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1978
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When must a purchaser receive an energy efficient brocure?
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Before signing the contract
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What must the seller provide to the buyer if there is a mandatory HOA? |
Disclosure summary regarding the association Existance of restrictive covenants Assessments that the association imposes |
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What must the purchaser receive concerning ad valorem taxes?
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What must the seller disclose to the buyer?
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Building code violations |
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Does a lease Tfor one year fall under the statute of frauds?
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No |
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True or False The seller is responsible for the costs associated with the building code violation |
FALSE |
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What is the key to every contract?
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The Promise and are enforceable by law |
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What are the 2 exceptions to the statute of frauds?
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Buyer gives money or made improvements to the property
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What means no longer responsible?
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Novation |
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Is an oral listing contract enforceable?
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Yes, not covered by statute of frauds unless they are for more than one year |
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Can a broker's compensation be a flat fee or hourly rate? |
Yes |
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What must happen for a broker to get paid?
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Be employed with a listing agreement Be the procuring cause includes referrals |
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True or False If the homeownership is in one name and the couple is married, The sales contract can only be signed by one spouse |
False |
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True or False Only the signing spouse is accountable |
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As Is legal case
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The right to void a contract cannot be waived by the
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Buyer |
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How many days do you have to conduct an inspection for lead-based paint?
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10 Days
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What do homeowner associations have to do?
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Register with DBPR |
