Unit 5- Real Estate Brokerage Activities And Procedures Flashcards Preview

FL REAL ESTATE -39th Edition 2016 > Unit 5- Real Estate Brokerage Activities And Procedures > Flashcards

Flashcards in Unit 5- Real Estate Brokerage Activities And Procedures Deck (80)
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1

May a broker work out of their residence?

Yes. Provided the REQUIRED sign is displayed properly

2

Are SALES ASSOCIATES permitted to open their own office?

No. They must be registered under and work out of their employing brokers office.

3

Are Branch Office Registrations transferable?

No.

A broker may RE-OPEN a branch office in the same location during the SAME LICENSE PERIOD by requesting a RE-ISSUE of the branch office license w/out paying additional fee.

4

What are Temporary Shelters and must they be registered with the DBPR?

It is a temporary office or shelter in a subdivision being sold by a BROKER intended only for the protection of the customers and sales associates.

It must be registered with the DBPR ONLY if sales associates are permanently assigned there and transactions are CLOSED there.

5

What must an OFFICE SIGN include?

The Trade name
The Brokers Name
The words "licensed real estate broker" OR "Lic. Real Estate Broker"

6

Must a sign include the name of sales/broker associates?

NO

7

May associates advertise in their own name?

No... It is brokers responsibility.

8

What may be categorized as advertising?

LetterHead, stationary, flyers, business cards, yard signs, billboards, magazine ads, Internet ads, radio and TV, etc...

9

May licensees use a nickname if included on any advertising?

Yes, BUT they must also provide their legal name as registered with the DBPR

10

Are address and phone number required on Advertising?

No. The exception is Internet advertising.

11

What is it called when through advertising, a licensee misleads the public into believing the offer is being made by a private individual and not a RE Licensee?

BLIND ADVERTISING

12

The publication of false or misleading advertising by means of radio, TV or written matter for the purpose of inducing someone to buy, lease, rent or acquire an interest in title to real property is an illegal act known as?

FALSE ADVERTISING

It is a 2nd Degree Misdemeanor

13

Describe the requirements for advertising as it pertains to INTERNET SITES.

Name of the brokerage firm MUST APPEAR adjacent to or immediately above or below the point of contact info. (email, fax, mail, phone)

14

What is the penalty for the unauthorized use, by a licensee, of an association name?

$300

15

Who may call themselves Realtors?

Only current, ACTIVE, licensed members of the NAR(National Assoc of Realtors)

16

May a licensee place their own ad to sell their property?

Yes, but they should disclose that they are a RE Licensee and this disclosure should be documented in the sale contract as mandated in the NAR STANDARDS OF PRACTICE.

17

What is the penalty for violation of

FLORIDA'S No solicitation calls registry?
FEDERAL DO NOT CALL REGISTRY?

Up to 10k PER CALL

Up to 11K per call?

18

What are the designated hours for telephone solicitation?

8a-9p

19

If a sales associate had an established business relationship with a customer on the DNC registry, may they contact those customers.

Yes.. For up to 18 months if a prior business relationship existed

20

Escrow Account

An account for the deposit of money , including cash, checks, money orders,)
that a disinterested third party (BROKER) holds in trust for others.

21

ESCROW DEPOSIT
(AKA: good faith/binder deposit)

The deposit included with an offer on REAL PROPERTY to show good faith that they are serious

22

What is the time frame for depositing Escrow funds?

Licensees or associates receiving a binder deposit must deliver that to their employer no later than the next business day.

Broker must DEPOSIT those funds by the end of the 3rd business day after receipt

23

May a sales associate deposit an escrow check made out to them?

No. It is suggested they request a new check made out to the BROKER. If not..

They must endorse over to their broker "for deposit only" and deliver those funds by the end of he next business day.

24

Are post dated checks acceptable for ESCROW? How are they handled by broker?

Yes, provided the buyer has sellers approval.

Broker must secure the check (in a safe) until date in check becomes current.

Broker is NOT RESPONSIBLE for non payment of funds in an escrow check provided those funds were deposited in a timely manner.

25

What are acceptable types of accounts and depositories for escrow funds??

May be placed in an interest or non-interest bearing a punt in a FL commercial bank, credit union, or savings association

26

Who is the SIGNATORY on all escrow accounts?

FREC MANDATES that the broker is signatory on all Brokerage Escrow Accounts

Broker is required to review, sign and date monthly bank reconciliations

27

What is the procedure for depositing escrow monies in a title company or attorney escrow account?

-the LICENSEE must indicate on the purchase and sale agreement, the title company(or attorney's) name, address and telephone number.

-the licensees broker must request from the title company, WRITTEN VERIFICATION of receipt of the deposit and then provide that to the sellers broker within 10 BUSINESS DAYS

-verification is waived if deposit is held by a title company or by an attorney nominated in writing by the seller or the seller's agent.

28

Does the FREC govern the title company or attorney used as escrow agents?

No because the FREC governs RE License Law and therefore ONLY broker escrow accounts.

29

What are the requirements to place funds in an interest bearing escrow account?

-Broker must get written permission from all parties

-authorization must specify who is entitled to the interest.

30

How long must a broker retain records?

5 Years

** if brokers records were subject to litigation or served as evidence for litigation, records MUST BE PRESERVED for 2 years beyond conclusion of civil action or appellate proceeding.