fbpx

which statement is true regarding a sales associate's registered name?

    which statement is true regarding a sales associate's registered name?

    D) Both the employee and his employer must be licensed real estate brokers. In this case, the first day of the three-business-day period is Tuesday. Real estate escrow funds may NOT be placed in which type of depository? All of the following are examples of the need for valuation of business EXCEPT: All of the following are steps in the sale of a business EXCEPT: The appraiser lists the property for sale. What is the first step of the appraisal process? What was the investor's rate of return for the property if she paid $195,000 for the property? Which statement applies to this situation? Ignore the complaint since it is unsigned. A seller wants to give something extra to the sales associate beyond the sale commission to be paid for a transaction. c. Sales associates, broker associates, brokers, and owner-employers are all registered and licensed. The broker's license is suspended. 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. A broker is not required to notify FREC in what situation ; two days after signing condominium contract the buyers decide to cancel? 10 days B. If the broker does NOT renew the license by the end of the license period, the license will automatically 1. expire 2. revert to voluntary inactive status 3. revert to involuntary inactive status 4. be canceled. Which of the following is the best explanation for this failure? A) If he is paying the full cost of the magnets, he can choose what information to print on the magnets. T or F, A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. The broker may register a trade name for the commercial office and continue to use the corporate name for the principal office. The answer is 4, Carla meets the experience requirement; however, she must complete the broker pre-license course successfully. 1. Which statement best describes the legal requirements? 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. Accounts receivable C. Cash in checking account D. Plant and equipment. The Department must investigate all complaints, signed or unsigned. Broker Bill received a sailboat as an earnest money deposit for the purchase of a luxury condo. The test has between 75 and 265 questions and the student has six hours to complete it. If the subject house is better, add to the subject property's sale price. And owner at an apartment complex pays $100 to each tenant that refers a renter this arrangement is illegal because? A member of the board of directors is responsible for negotiating the company's leases. The answer is MONDAY. A business intangible is the value of the inventory, where a personal intangible is the value of the owner's shares. (c) The Secretary must be an attorney. 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 10 business days. 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? 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. Uniform Standards of Professional Appraisal. A real estate licensee advertises a property for sale that is listed by the company, but fails to disclose in the ad that the property is being advertised by a real estate company. The sales associates are likely to bring in $300,000 ($50,000 x 6 associates), so the broker achieves her goal. D) multiple licenses. A) General partner B) Director of a corporation C) Officer of a corporation D) Shareholder of a corporation. The applicant has not fulfilled the experience requirement. Under which name may she register and be licensed? Operating expenses are expected to be $31,950. The statement is FALSE. A corporation sole cannot be registered as a real estate broker. 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. A) $52,000 B) $178,000 C) $106,000 D) $70,000. The sales associate must first check the phone numbers against the National Do Not Call Registry. Yes the broker must retain documents for five years. The answer is D) SUSAN HAS FORMED A LIMITED LIABILITY COMPANY (LLC) FOR INCOME TAX PURPOSES ONLY. The number of years since improvements were made. The annual rent is $14,500 plus you also have to pay 3% of any sales in excess of $350,000 his gross sales are $450,000 what is the guys total annual rent? Yes because it's an example of bait and switch. The appraiser would probably reduce the value of the property because of: External obsolescence in a property is generally: Caused by outside forces that are beyond the seller's control. Her subject house is a two-story home with a three-car garage, 4 bedrooms, 3 baths, a swimming pool and a screened-in porch in the Avondale subdivision. The number of years during which the property will yield a worthwhile return on its investment. Which statement is TRUE? A. A. The bird house was affixed with a permanent method of annexation; so it should stay. Mississippi Fuel Company is a publicly traded company that purchased land and oil rights and drills for oil and gas. A. Paul's ad discloses his license status and his brokerage firm's name. B. When paid, the county will issue a Business Tax Receipt. The developer hired his son, who was not licensed to sell the lots. Only the father has violated FS 475. What is the Department empowered to do? It is important because it shows how quickly the buyer found the property and wanted it. Which statement is TRUE regarding the prelicense end-of-course exam? A broker may request that the Commission issue an EDO to determine who is entitled to the disputed funds. FREC rules require the broker to be a signatory on all brokerage escrow accounts. Additionally, the office must be registered with the Department of Business and Professional Regulation. which statement is true regarding a sales associate's registered name? Nursing Reflective Essay. d. Broker associates that wish to open and maintain an office must be licensed but only need to Which would not be important in the data using the sales comparison method for establishing the market value of a home? Which BEST illustrates institutional advertising? 475.01 specifies the services that require a valid active real estate license to perform. His wife Susan Meyers works with Mike and is a licensed broker associate. A broker applicant who received a master's degree in real estate from an accredited institution is exempt from the broker pre-license education course. He has a monthly service charge of $12.00. Which individual is exempt from real estate licensure? The statement is TRUE. The buyer and seller were both upset and filed a complaint with the FREC. When an appraiser uses the phrase "effective age" he is referring to: The age of the property based on its condition. B) a group license. The appearance and conditions of the comparable properties. The statement is TRUE. A. T or F. The statement is true. The case for specific performance occurs when: The seller refuses to close and the buyer still wants the house. The answer is finance real property. In the case of minor infractions of the rules by a broker, the Department can issue all of the following EXCEPT: The Department receives an unsigned complaint. A property management firm or an owner of an apartment complex may pay a finders fee (or referral fee) of up to $50 to an unlicensed person who is a tenant of the apartment complex. The broker agrees to pay the FHA employee a percentage of any commissions he earns from the sale of the properties on the list. D. disclose any denials of a real estate license in another state. She also has had an active NY real estate broker since 1996. Bob was placing his for sale signs on individual's properties without their written consent. Yes. B) The real estate developer must be a licensed real estate broker. B) the residences do not have any occupants who are younger than 18. Which statement is true regarding the Secretary of the Department of Business and Professional Regulation? The answer is A) LORI SAMMIS, PA. However, A sales associate or broker associate may be shareholders of a real estate brokerage corporation. 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. A) Limited liability company B) Corporation C) Limited partnership D) General partnership, A broker associate can be a member of which real estate brokerage entity? 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. The Internal Revenue Service (IRS) is NOT likely to disqualify an independent contractor status if a broker A) pays a higher commission to a sales associate than is customary. An appraiser faces occasional problems with using business financial statements. A prospective tenant purchased rental information from a real estate brokerage company for $75. T or F. The statement is false. A salaried individual manages a condominium building and rents units 3month to 6month periods. Bigamy always produces a void marriage. the Commission may impose an administrative find not to exceed $1,000 for each count. 63 hour Real Estate practice Exam (first 50), Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition. The statement is false. B. be a citizen of the United States. 3. The answer is MEDIATION. Name the Business entities that CAN register as a brokerage entity, Sole Proprietorship, general partnership, limited partnership, limited liability partnership, corporation, and limited liability company. True False. Failure to pay for the annual business tax is a A) felony. A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. If a brokerage firm projects that next year it needs cash of $175,000, including the broker's salary and profit, and if each sales associate typically brings in $35,000 in company dollar per year, how many associates will be needed? This is known as what type of advertising? Advertising rental property information or lists that are not current or are materially inaccurate is a first degree misdemeanor. This action causes the sales associate's license to be: Placed in involuntary inactive status: When an active broker changes a business address and the broker notifies the FREC within the required 10 days, the licenses of the sales associates: Remain in force The vacancy rate is 5%. Florida's real estate law prohibits real estate salespeople, or licensed sales associates, from office ownership. and this is his first offense, what is the recommended period of time of probation he could receive under the Standards of Practice? Institutional advertising is designed to make the public aware of the firm and its services, management, and staff. B)It is illegal for the broker to keep any interest earned on escrow funds. Violators of Florida is telemarketing law may be fined $10,000 per car A sale associate got a earnest money deposit on Friday. Real estate sales associates work from the broker's office, where they are registered, under the employ and guidance of the managing broker. People who engage in a business, profession, or occupation in Florida must pay a business tax every year. 2. D) January 15. The term of office for each Commission member is: If the subject house is worse than the comparable, subtract from the subject property. The son quit his job to go to work for another developer, who paid a higher weekly salary. FIVE YEARS REGARDLESS OF WHETHER TRUST (ESCROW) FUNDS WERE COLLECTED. 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. A sales associate who is employed by an owner-developer is not registered with the DBPR. There is no violation of FS 475. Can a Sales Associate be a director or an officer of a Real Estate Brokers firm? 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. A)#1Service Realty B)Mike Meyers C)Susan Meyers, Broker Associate D)Licensed real estate broker, The answer is SUSAN MEYERS, BROKER ASSOCIATE. However, the broker may request and receive a sales associate license by completing 14 hours of continuing education within six months following expiration of the broker license. A developer purchased a tract of land and subdivided the property into individual lots. D)Brokers may make an office policy that all escrow funds must be placed in an interest-bearing account to help cover the costs of maintaining the account, and are not required to disclose this in each sale contract because it applies to all transactions. April 15 is the filing date for an individual's income tax forms. Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas? The Commission's purpose is to regulate: real estate brokers, broker associates, and sales associates, real estate schools and instructors, real estate brokerage firms. Her sales associate license was issued as Susan Walters (LLC). Violators of Floridas Telemarketing Act may be fined $10,000 per call. When does a designated sales associate come into the transaction? Hal thought that he would add value to his home by adding a swimming pool. The board member does not need a real estate license as long as the salary and bonuses are not associated with any particular real estate transaction. A broker uses the houses most similar to do a CMA. A listing agent who shows property for a seller to a ready, willing and able buyer has certain obligation to the buyer. A broker comparing like properties and averaging the results to get a market value. The applicant recently moved to Florida and has completed the Florida broker prelicense course. The broker has branch offices in Fort Myers, Naples, and Bradenton, Florida. The broker should have a minimum of six months' operating expenses plus her start-up costs. He adds an inground pool, complete with a cement deck and outside lighting. 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? The answer is 4. How much will the sales associate earn if she sells the property for $369,000? 3. The son was employed by his father, the owner-developer. 4. NOTIFY THE FREC IN WRITING OF THE GOOD FAITH DOUBT WITHIN 15 BUSINESS DAYS. What were Piaget's four stages of cognitive development? 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). A broker projects that her office expenses will be $346,000 this year. The correct amount of rent in an open, free market the broker should have charged is called: Susan is comparing properties in the area. REGISTER THE PARTNERSHIP IN THE NAME OF THE PARTNERSHIP WITH AT LEAST ONE PARTNER LICENSED AS AN ACTIVE BROKER. No further action is warranted because no agreement could be reached. Only buyers, sellers and tenants can receive money from the Real Estate Recovery Fund. Which of the following will have the most value to the buyer? C) The employee must hold a real estate license because he receives compensation based on sales. 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. The broker had received an Earnest Money Disbursement Order from the FREC. The statement is TRUE. The answer is $106,000. Data includes general appearance of properties. A. A) Any location that is used to meet and greet prospective buyers must be registered as a branch office. a ANNUAL REPORT OF THE RECEIPTS AND EXPENDITURES OF THE TOWN OF WENHAM INCLUDING THE REPORTS OF THE SCHOOL COMMITTEE AND THE TRUSTEES OF THE PUBLIC LIBRARY FOR THE YEAR The broker has violated FS 475, by compensating an unlicensed person for performing services that require a real estate license. What should they do? D. Students who fail the end-of-course exam may retake the exam until they receive a passing score. a. Would this be legal? A. (Section 61J2-5.016, Florida Administrative Code) A sales associate or a broker associate may own a brokerage. Brokers must institute one of the four settlement procedures with _____ business days of receiving conflicting demands or of having a good-faith doubt. Carla must enroll in the sale associate pre-license course. B) requires each sales associate to take floor time at least twice monthly. (b) All sales associates, broker associates, and brokers who are registered with the firm must be either officers or directors. (Section 61J2-5.016, Florida Administrative Code) Office locations She finds three comparable properties. Carla has fulfilled the experience requirement because she has been licensed in GA since 1980. The case will be sent on to an administrative law judge to issue a recommended order. A)Friday B)Monday C)Wednesday D)Tuesday. B) It is a plea of no contest.

    Robert Tibbetts Obituary, Lizard Poop On Me Astrology, Is Guy Fieri Related To Gordon Ramsay, Gabriel Plotkin Family, Oakes And Nichols Funeral Home Columbia, Tn Obituaries, Articles W

    Abrir chat
    😀 ¿Podemos Ayudarte?
    Hola! 👋