Chapter 5 Gold Coast Real Estate Homework Complete Questions and Correct Answers

Chapter 5 Gold Coast Real Estate Homework Complete Questions and Correct Answers A sales associate licensed with a real estate brokerage corporation can be which of the following? (a) An officer (b) A stockholder (c) A director (d) An officer and a director (b) A stockholder Six individuals decide to form a real estate brokerage partnership. All six individuals are planning to be active in real estate sales. Which statement best applies? (a) The partnership must be registered with the Commission, and all six partners must be active real estate brokers. (b) At least one partner must be licensed as an active broker. (c) Only two partners must have a real estate license. (d) A partnership cannot be formed as a brokerage business. (a) The partnership must be registered with the Commission, and all six partners must be active real estate brokers. Which of the following statements is correct regarding a licensed broker associate who is with a real estate brokerage partnership? (a) The broker associate may be a member of the partnership. (b) The broker associate may make earnest money deposits with the broker's permission. (c) The broker associate must hold an active broker's license. (d) The broker associate may not provide real estate brokerage services to others. (b) The broker associate may make earnest money deposits with the broker's permission. All of the following business formations can register to conduct real estate transactions, EXCEPT: (a) Corporation for profit (b) Not-for-profit corporation (c) Corporation sole (d) Limited partnership (c) Corporation sole If a broker has conflicting demands on money held in escrow, what is the first thing the broker should do? (a) Consult with a real estate attorney who is experienced in handling escrow problems. (b) Refer the parties to FREC. (c) Give the escrow money to the closing agent. (d) Notify the Florida Real Estate Commission in writing. (d) Notify the Florida Real Estate Commission in writing. If a sales associate receives a post-dated check, which of the following actions is the most appropriate? (a) The sales associate should deliver the check to her employing broker by the end of then next business day. (b) The sales associate should refuse to submit the offer without a cashier's check. (c) The sales associate should hold the check, and give the check to her employing broker when it becomes valid. (d) The sales associate should cash the check, and deposit the funds into her broker's escrow account. (a) The sales associate should deliver the check to her employing broker by the end of then next business day. Which of the following statements regarding an ostensible partnership is correct? (a) An ostensible partnership is required to file documents with the Secretary of State. (b) An ostensible partnership is not a true partnership. (c) An ostensible partnership cannot be created by real estate brokers. (d) An ostensible partnership will not be treated as though the participants were partners. (b) An ostensible partnership is not a true partnership. Who has the right to inspect a broker's escrow account records? (a) The parties to a real estate transaction (b) The Department of Business and Professional Regulation or its authorized representatives (c) The state Attorney General (d) A public defender (b) The Department of Business and Professional Regulation or its authorized representatives All of the following businesses are required to file documents with the state, EXCEPT: (a) Corporation for profit (b) Not-for-profit corporation (c) Corporation sole (d) Cooperative association (c) Corporation sole Which condition would require a location to be registered as a brokerage branch office? (a) Tables and chairs are provided for sales associates and customers. (b) The location is used as a shelter to get out of the sun or rain. (c) Literature which contains the broker's office address is handed out. (d) Sales associates are permanently assigned to the location (d) Sales associates are permanently assigned to the location Which statement best describes the office sign requirements for a brokerage office? (a) Only one sign per firm is required regardless of the number of offices. (b) Each sales associate associated with the firm must have a separate sign. (c) Every active broker must maintain a sign at each brokerage office or branch office. (d) Office signs are permitted but not required by law. (c) Every active broker must maintain a sign at each brokerage office or branch office. All of the following are authorized alternatives for a broker to use in order to resolve an escrow dispute, EXCEPT: (a) Seek an escrow disbursement order from the Commission. (b) Submit the escrow dispute to mediation or arbitration. (c) Seek a court decision to resolve the escrow dispute. (d) Obtain an attorney's opinion. (d) Obtain an attorney's opinion. A real estate brokerage firm advertises a listed property. Which requirement is correct? (a) The name of at least one sales associate must be included in the ad. (b) The name of the brokerage must be included in the ad. (c) The ad may not be prepared by sales associate. (d) The names of sales associates may not be included in the ad. (b) The name of the brokerage must be included in the ad. Which of the following is an approved depository for earnest money? (a) A bank within the state of Florida (b) A stock brokerage firm (c) A broker's personal checking account (d) A safe located in a real estate office (a) A bank within the state of Florida What must a real estate sales associate do upon receiving an earnest money deposit? (a) Deposit the funds in an insured bank account. (b) Deliver the funds to his or her broker or owner- developer. (c) Deposit the funds in an escrow account. (d) Deposit the funds with the Florida Real Estate Commission. (b) Deliver the funds to his or her broker or owner-developer. What action should a broker take if a commission dispute arises prior to closing?