A Florida real estate broker discovers that their sales associate deposited a buyer's $3,000 earnest money check into the sales associate's personal checking account. What violation has occurred?
Trust Accounts
Question · Easy
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Under Florida law, how soon must a broker deposit earnest money into an escrow account after the last party signs the contract?
Local or regional joint venture through which member brokers pool data on homes for sale into one database available to every member.
Brokerage business
Guess the Term
Chapter 1: Real Estate Brokerage Business & Office Operations
1.1 Broker Licensing, Qualifications & Business Entities
Study guide
A broker receives conflicting demands on a $10,000 escrow deposit. Both the buyer and seller claim the funds. How many business days does the broker have to notify FREC of the conflict?
Question · Medium
Read the clue and guess the term in 6 tries.
Game
What is an Escrow Disbursement Order (EDO) in Florida?
___ fixing: agreement among competitors, such as rival brokerages, to raise, lower or stabilize what they charge, which antitrust law forbids.
Which of the four escrow dispute resolution methods is unique to Florida and not available in most other states?
A Florida broker maintains an escrow account. What is the maximum amount of the broker's personal funds that may be kept in the escrow account?
National registry, managed by the FTC since 2003, of phone numbers whose owners chose to limit telemarketing; telemarketers must sync their lists with it at least every 31 days.
1.2 Brokerage Office & Branch Office Requirements
How often must a Florida broker reconcile escrow account records?
Swap tiles to line up three of the same term.
Term Match
Under Chapter 475 F.S., which of the following is NOT a power of the Florida Real Estate Commission (FREC)?
State Regulations
Seven-member state body, appointed by the governor, that certifies broker and sales associate applicants for licensure and can suspend or revoke their licenses.
The Florida Real Estate Commission (FREC) consists of how many members?
A Florida broker's sales associate forges a seller's signature on a listing agreement. Under Florida law, the broker can be disciplined if:
Brokerage Management
A broker who reports conflicting demands for client money to the state commission may ask it to issue this, which says who is entitled to the funds.
1.3 Broker Supervision, Employment Agreements & Office Policies
What is the DEFAULT brokerage relationship in Florida when no other relationship has been established?
Agency Ethics
Flip two cards at a time to find matching terms.
Term Pairs
A broker operating as a single agent in Florida owes all of the following duties EXCEPT:
Arrangement in which a broker holds a client’s deposit or other valuables until the transaction closes or the parties agree how to release them.
Which of the following is TRUE about a transaction broker in Florida?
A Florida broker wants to open a branch office. What is required?
Market ___: the most probable price a property should bring in a competitive, open market under fair-sale conditions, as opposed to the price actually paid.
Appraisal
1.4 Advertising, Team Rules & Marketing Regulations
A sales associate is working under Broker A and wants to transfer to Broker B. Under Florida law:
Find five hidden terms in a grid of letters.
Term Search
A Florida broker places an advertisement that says 'Best deals in Miami — call Susan at 555-0100.' What is wrong with this ad?
Licensee's estimate of what a property would probably sell for, which federal law bars as the primary basis of value for a mortgage used to buy a consumer's principal dwelling.
Under Florida's real estate license law, which of the following is a first-degree misdemeanor?
What is the documentary stamp tax rate on deeds in most Florida counties?
Contracts Transactions
___ agent: Florida relationship in which a licensee owes one principal loyalty, confidentiality, and full disclosure.
Listing and selling
1.5 The Licensure Application Process, Mutual Recognition & Statutory Exemptions
What is the Florida homestead exemption amount for property tax purposes?
Finance Economics
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Under Save Our Homes (SOH), the annual increase in assessed value of a homestead property is limited to:
___ listing: nonexclusive agreement under which other brokers or the seller may sell the home without paying the listing broker.
Contracts
A Florida homeowner with $200,000 in Save Our Homes (SOH) savings sells their home and purchases a new homestead. How much of the SOH savings can they transfer (port) to the new property?
Which Florida statute requires radon gas disclosure in all real estate contracts?
Failure to keep a covenant or provision in a lease.
1.6 Trade Names, Registration vs. Licensure, Renewal Cycles & Change of Address
A broker supervises 15 sales associates. One associate brings in a listing but fails to have the seller sign the agency disclosure. The broker is notified 2 days later. What is the broker's BEST action?
In Florida, a broker associate is BEST defined as:
Legal claim on property that generally must be paid off before the home is sold or refinanced.
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