Fl Real Estate Sales Associate Exam Review Verified Answers

Fl Real Estate Sales Associate Exam Review Verified Answers Complaints against licensees are confidential until _____ days after probable cause is found to exist. ️10 Licensees involved in a first-time offense of a minor nature will receive a letter of noncompliance. There after the licensee has ____ days to take corrective action. ️15 Summary Suspension- What is it and who issues it? ️An emergency order which immediately places a real estate license suspension when it is felt the licensee is a danger to the public. It is issued by the secretary of the DBPR A recommended order is issued by the _________. ️Administrative Law Judge The maximum term for a license suspension is _____ even if it is a first time offense. ️10 Years A Licensee has ______ to pay a fine. ️30 Days A licensee must report a felony conviction to FREC within _____ following the conviction. ️30 Days The maximum administrative fine FREC can impose on a single violation is ________. ️$5,000 Failing to provide an accurate rental list is a ______ degree misdemeanor punishable by a fine of _________ and up to _____ in jail. ️1st..... $1000, 1 It is a ____ degree felony when an unlicensed person receives commission of a referral fee. ️3rd When the Florida Recovery Fund has to be replenished sales associated will be charged _____ or _______. ️$1.50 per year or $3 per renewal The maximum allowable payment from the Florida Recovery Fund for financial losses suffered due to a licensees act is _______ for a single transaction with a maximum of ________ for multiple transactions ️$50,000..... $150,000 A person's license would probably be revoked if that person is confined to a hospital for temporary mental incapacity. ️FALSE A person's license would probably be suspended if that person is confined to a federal prison for an activity not related to real estate. ️FALSE- REVOKED FOR A PERIOD OF TIME A sales associate that takes listings or records with them when they change firms is guilty of larceny. ️TRUE Payment of the Florida Recovery Fund due to a licensees wrongdoing will result in a mandatory revocation of the associate's license. ️FALSE- SUSPENSION A Florida Real Estate Licensee is criminally disciplined for selling drugs in Texas. FREC will: a) administratively discipline the licensee b) impose a civil penalty c) criminally prosecute the licensee d) do nothing as the activity took place in Texas and has nothing to do with real estate ️A) Administratively discipline the licensee Belongs in court, FREC cannot impose civil penalties A Brokerage firm advertised on their internet page a property for sale at $50,000. When a prospect inquired about the sales price the sales associate claimed it was a typographical error and should have been advertised for $500,000. This activity is a: a) 1st degree misdemeanor b) 3rd degree felony c) 2nd degree misdemeanor d) 3rd degree misdemeanor ️C- 2nd Degree misdemeanor; False Advertising A Sales associate must first obtain the broker's approval before accepting a post dated check. ️TRUE A sales associate received a binder deposit on monday and turned it over to the firm on tuesday. The funds must be deposited no later than the end of the business day on Friday. ️FALSE- 3 business days, THURSDAY An example of "conversion" is when a broker spends a sales associate's commission on his/her office overhead. ️TRUE Only by written consent of the buyer can an escrow deposit be placed in an interred bearing escrow account. ️FALSE- All interested parties must be consented and who receives the interest must be stated in writing. The interest being earned on a buyer's deposit placed in an interest bearing escrow account belongs to the buyer. ️FALSE- Specified in the contract who it belongs to or how it is split A broker can keep up to $500 of their personal funds in an escrow account. ️FALSE- $1000 A seller and a buyer are having a dispute. Both agree to settle this matter by a third party that will make