Florida Real Estate State Exam: Gold Coast Q&A CRAM EXAM 3&4

Florida Real Estate State Exam: Gold Coast Q&A CRAM EXAM 3&4 Sue the broker Sales associate, Tim, received a signed contract from a buyer and ailed it to the seller. The seller agreed to the terms and the escrow deposit was deposited safely in the brokers escrow account. Tim has a disagreement with his broker and quits. The broker refuses to pau a commission since tim was not in his employ when the contact was actually received and signed. What should tim to? The one who engages the broker in a single agency relationship Who is the principal or employer? The listing did not give Bob the right to obligate Owen to Percy's offer. Homowner owen signed an exlusive right of sale listing with Bob, a registered broker. The listing states that Bob is employed to find a purchaser and that Owen agrees to pay a 10% commission to Bob or any person, partnership, Corporation or firm that sells the property, The remainger of the listing deals with the terms and conditions of the sale and duration of the listing. While owen was away on vacantion, Percy made a written offer to urchase the property at the listed price, terms and conditions. Bob, on behalf of owner Owen, accepted Percy's offer and signed it for Owen. which statement is correct? The broker is not entitled to a commission Sales associate John attends a cocktail party with his friend Bill to another friend, Jack. It turns out that Jack has a house for sale, and Bill agrees to purchase it. Sales associate John makes it clear that he want no commission. Which statement is correct? say nothing about the seller, and ask the buyer to make an offer A broker, while looking for a deal for his best friend, gets a listing. The seller must sell because of family emergency. What should the broker say to his best friend? submit the offer to a seller If an oral offer is made to a broker on a property the broker has listed, what should be the broker's response? Tell the buyer before going into contact If a broker is aware of a construction lien on apeice of property, what should he or she do? The broker is guilty of concealment A broker lists a proeprty for 30,000. The broker learnes of a new developmetn which will be built beside the listed propery. The broker purchases the porperty from the seller for the full lisred price and discloses the fact that he is a licensed broker. The broker then sells the property to the developer for 50,000 which sttment is correct? t1n, r1w Which township is immediately west of t1n, r1e branch office John smith is the broker of ABC realty. He is preparing to open a branch office. All of the following items are required on the branch office sign, except the broker could be disciplined for concealment Broker Jones takes a listing on a condominium from Mr.Charles, he notified jones that the roof leaks. Jones negotiations the sale of the condominium to smoth withiut disclosing the leak. Smith, a year later, sells the condominium for a profit. Which statement applies? law of agency Which of the following limits the actions of brokers? He is guilty of a third degree felony To help his customers sell their property a morthahe broker agrees to hold an open house and prepares an offer to purchase on a standard contract for a fee of 250. Which statement is correct submit both offers to the principal a brokers principal is away on vacation. The broker received an offer of 75,999 for his principal's property. Before the principals returns, theborker receives a second offer of 72,000. What should the broker do? Broker Browns license may be suspended for not telling Smith Broker brown lisrs Smith's property for 20,000. broker brown hears from a friend on the planning commission that they are intending to put a highway right next to mr smiths property, making it a corner lot. he doesnt tell him and lets his friend buy for profit. Which is correct? the broker cannot tell the buyer of the lower price A seller lisrs a property at 75000 but tells the broker he will go as low as 72,000 trust and confidence when accepted A fiduciary relationship is one of: yes providing both parties are advised and approve Can a broker be entitled to two commissions when consummating an exchange? concealment and fraud A seller listed a property at a price that the broker knew was below market value. The broker had his wife buy the property in her maiden nane and subsequently resold the property at a profit, What could the broker be charged with? an arms length relationship What kind of relationship can a buyer and seller expect to have? dual agent what is a lecensee with ful representation to both parties referred as? Consent to transition to transaction broker Which of the following documents not only recommends that the principal sign it, bur requires it? misrepresentation Whichterm refers to the misstatement, omission or concealment of a factual matter? expect to receive a referral fee because he is recognized as a broker in illinois An illinoise corp is tranfer. to FL. The firm got a broker to find homes for their employees. The attorney representing the illimoise corp notifies the FL broker that in the syaye of Illinois, an attorney is recognized as a real estate broker. Therefore, the arrouey wanrs a referral fee. What should the illinois attorney do? a joint venture A licensed broker and one his employed sales associates purchase a parcel of real estate together. What relationship have they formed? apply for and obtain a new registration for the new branch and pay the proper fee When moving from one branch office to another, what musr a broker do? cannot have two registered emmployers Broker and and b are working exlusively for one developer on adjoinging projects. They agree to gure a sales associate between them for a half a week each. The sales associate: felony of the third degree Unless exempt, performing a srvice of real estate for someone else for compensation in FL without an active license is considered to be which of the following criminal violation the profits may be divided equally Broker Davis, broker ben and broker boone form a partnership. The partnerhip buys, develops and sells land. Sales associate Jerry becomes an equal partner in the firm. A sale is made, resulting in a 40,000 profit. Which statement is correct? name of the brokerage firm What must be included on a real estate brokerage sign? that they all be licensed as active brokers six brokers wish to become partners in a real estate agnency and each be active in real estate sales. What is required? refund 100 immediately Rick sold janey a list of rentals for 100 and she inspected all only to find they are all unavailible and requests a refund, rick should illegal because is constitutes price fixing among the sales associates broker has opened office in town. Two sales associates from full-time, full service offices agree not to show the discount broker's listings. this practice is: copies of each sales associates licenses all of the following are required to be shown at a brokers office except? holding something for someone else in trust What is the best definition of escrow? 18 Unless there is a reasonable benefit for the borrower, the Florida fair lending act prohibits a lender from refinancing the same borrower within how many months? should have turned over the postdated checks to the broker the next business day Buyer smith gave a postdated check to sales associate brown that the seller accepted. Smith told brown to hold the check for two weeks until he could fly to new york and transfer the funds from a savings account. On the date Brown received the postdated check, the broker was out of town,but returned the nest business day. Following the buyer's instructions, Brown deposited the postdated check into the broker's escrow account 2 weeks later. Sales associate Brown: training What should a new sales associate expects his broker to provide? An informal proceeding In the complaint process id there is no disput over material facts, how may the case be resolved may be fined for contempt, could have license suspended or revoked by FREC A broker from Tampa sells a propertylisted by a Miami broker. At closing, the Miami broker refuses to pay the Tampa brokers share of the commission. Charges filed by frec against the Miami broker for failure to account. The Commission has the Miami broker subpoenaed, but the broker fails to appear. The Miami broker: The secretary of the DBPR can issue a summary suspension A broker has shown b his or her actions that he or she is an immediate dandger to the public. What can be done? probably be revoked because of the conviction A broker has been guilty of mail fraud and is sent to jail. The broker's license will: 50,000 per transaction, max of 150,000 What is the maximum allowable payment from the recovery fund for any financial losses sufferef due to a licensee's acts Florida supreme court Which court is the final court in the appeal process a fine of 10,000 per offense A violation of FS 475 can result in any of the following actions, EXCEPT: 22,000 An investor lost 30,000 due to his brokers negligence. He sued and got 30,000. Broker filed bankruptycy and forced the broker to pay investor 8,000. The investor may obtaine what amount from the recovery fund? fine the licensee 10,000 If a licensee violates FS 475 the commission is allowed to impose any od he followinf penalties, EXCEPT? 30 days if FREC imposed a fine and issued a final order, how much longer does the licensee have to pay the fine None, since assault A sales associate hits a seller, What penalty will the Commission administer? license suspension A broker who is temporarily incapacitated in regard to his her safety of the public will probably habe which action taken? 5,000 What is the maximum administrativefine for a violation of FS 475 could revoke the license A licensee becomes a convisted felon serving a prison term. The commission: civil A broker is sued for misrepresentation. The court awards the buyer 100,000 in damages. What kind of penalty is this? 10 years What is the maximum time the license can be suspended on the first offense? second-degree misdemeanot A licensee files a dalse affidavit to make a claim against property. How is this criminal action classified? the act that is under investigation is a criminal ofense A person being investigated by the DBPR must be notified in all EXCEPT: Michael can be held respinsible for Jerry's acts Mike and Jerry are both brokers. THey decide to share office spae. They do not use a trade name or common letterhead although they share a secretary. Prior to putting up their signs, a prospect comes into rhe office and is defrauded by Jerry. Based on this information, Which statement is correct?