Gold coast chapter 5
A trade name must be registered with the ____ ___ ___at the department of State -
ANSDivision of corporations
A sales associate can be a stockholder in a brokerage corporation but may not be a ___ or ___
- ANSOfficer, director
A real estate brokerage corporation must have at least ___ active broker serving as a ___ -
ANS1, officer
Anyone, whether licensed or not, can be a ___ ___ in a real estate brokerage limited
partnership - ANSLimited partner
The party who holds title to corporation sole property is called the ___ ___ - ANSSole titleholder
two or more brokers who shared office space but do not maintain their separate status as
independent brokers could be charged as being____ ___ - ANSOstensible partners
a sales associate in a broker associate must report any and change of employer or address
change to the department within ___ days on a form prescribed for such use - ANS10
when a broker has conflicting demands for funds held in escrow, he or she must report such
conflict to the commission within ___ days - ANS15
a broker who feels he or she is entitled to some or all of escrow funds that are the subject of a
dispute may submit the dispute into the court by filing a action for a ___ ___ - ANSDeclaratory
decree
A broker who places business or personal funds with escrowed funds has committed a form of
fraud called ___ - ANSCommingling
A brokerage firm that operates under a fictitious name is required to register the name with the
___, or ___ - ANSDepartment, dbpr
Fraud can occur _______ or _________. - ANSAccidently or Inadvertantly
if rental information is sold to a prospective tenant, and the information is found to be materially
incorrect, the applicant May request a refund of ___ , provided the request is made within ___
days of the date of the contract - ANS100%, 30 days
, a broker is responsible for the actions of their ___ or ___, regardless of whether or not the
broker new about the actions - ANSPartners, employees
a sales associate licensed with a real estate brokerage corporation can be which of the
following?
a. In officer
B. Stockholder
C. A director
D. In officer and a director - ANSB. A stockholder
6 individuals decide to form a real estate brokerage partnership. All six individuals are planning
to be active in real estate sales. Which of the following statements best applies?
A. The partnership must be registered with the department, 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 - ANSA. The partnership must be
registered with the department and all six 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 me make earnest money deposits with the brokers permission
C. The broker associate must hold an active broker's license
D. The broker associate may not provide real estate brokerage services to other - ANSB. the
broker associate may make money earnest money deposits with the brokers 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 - ANSC. 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. Notify the frec in writing
D. Give escrow money to the closing agent - ANSC. Notify the Florida real estate commission in
writing
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
A trade name must be registered with the ____ ___ ___at the department of State -
ANSDivision of corporations
A sales associate can be a stockholder in a brokerage corporation but may not be a ___ or ___
- ANSOfficer, director
A real estate brokerage corporation must have at least ___ active broker serving as a ___ -
ANS1, officer
Anyone, whether licensed or not, can be a ___ ___ in a real estate brokerage limited
partnership - ANSLimited partner
The party who holds title to corporation sole property is called the ___ ___ - ANSSole titleholder
two or more brokers who shared office space but do not maintain their separate status as
independent brokers could be charged as being____ ___ - ANSOstensible partners
a sales associate in a broker associate must report any and change of employer or address
change to the department within ___ days on a form prescribed for such use - ANS10
when a broker has conflicting demands for funds held in escrow, he or she must report such
conflict to the commission within ___ days - ANS15
a broker who feels he or she is entitled to some or all of escrow funds that are the subject of a
dispute may submit the dispute into the court by filing a action for a ___ ___ - ANSDeclaratory
decree
A broker who places business or personal funds with escrowed funds has committed a form of
fraud called ___ - ANSCommingling
A brokerage firm that operates under a fictitious name is required to register the name with the
___, or ___ - ANSDepartment, dbpr
Fraud can occur _______ or _________. - ANSAccidently or Inadvertantly
if rental information is sold to a prospective tenant, and the information is found to be materially
incorrect, the applicant May request a refund of ___ , provided the request is made within ___
days of the date of the contract - ANS100%, 30 days
, a broker is responsible for the actions of their ___ or ___, regardless of whether or not the
broker new about the actions - ANSPartners, employees
a sales associate licensed with a real estate brokerage corporation can be which of the
following?
a. In officer
B. Stockholder
C. A director
D. In officer and a director - ANSB. A stockholder
6 individuals decide to form a real estate brokerage partnership. All six individuals are planning
to be active in real estate sales. Which of the following statements best applies?
A. The partnership must be registered with the department, 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 - ANSA. The partnership must be
registered with the department and all six 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 me make earnest money deposits with the brokers permission
C. The broker associate must hold an active broker's license
D. The broker associate may not provide real estate brokerage services to other - ANSB. the
broker associate may make money earnest money deposits with the brokers 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 - ANSC. 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. Notify the frec in writing
D. Give escrow money to the closing agent - ANSC. Notify the Florida real estate commission in
writing
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
