Florida real estate exam chapter 5 Accurate
100%
Brokerage offices - ANSWER All active Fl RE brokers are required to have an office
and to register the office with DBPR. Sales assoc are not permitted to open offices of
their own. They must be registered from and work out of an office maintained and
registered in the name of their employer.
Branch offices - ANSWER If a broker desires to conduct business from additional
locations, the broker must register each additional location as a branch office and pay
the appropriate registration fees. Registrations issued to branch offices are not
transferable.
Office signs - ANSWER Active RE brokers must display an official sign on either the
exterior or interior of the entrance to their principal office and all branch offices.
Must contain:
1. Trade name ( If one is used)
2. Brokers name
3. The words 'licensed real estate broker' or ' lic. Real estate broker'
Advertising - ANSWER Advertisements must clearly reveal the licensed name of the
brokerage firm.
Blind advertisements - ANSWER Advertisement that fails to disclose the license name
of the brokerage firm.
Telephone Consumer Protection Act
TCPA - ANSWER 1991. Federal law establishing a Do Not Call Registry for consumers
who wish to avoid telemarketing calls. Violators may be fined up to $11,000.
Florida registry as part of national registry - ANSWER Charges consumer $10 first yr
and $5 every yr after. Violator can be charged an additional $10,000.
Conversion - ANSWER Unauthorized control or use of another's personal property.
Misappropriation of escrow funds - ANSWER Exposes the broker to charges of
conversion.
Conflicting demands - ANSWER Occur when the buyer and seller make demands
regarding the disbursing of escrowed property that are inconsistent and cannot be
resolved.
If a broker who maintains an escrow account receives conflicting demands on escrowed
properties, the broker must notify FREC in writing within 15 business days of receiving
the demands unless specifically exempted.
100%
Brokerage offices - ANSWER All active Fl RE brokers are required to have an office
and to register the office with DBPR. Sales assoc are not permitted to open offices of
their own. They must be registered from and work out of an office maintained and
registered in the name of their employer.
Branch offices - ANSWER If a broker desires to conduct business from additional
locations, the broker must register each additional location as a branch office and pay
the appropriate registration fees. Registrations issued to branch offices are not
transferable.
Office signs - ANSWER Active RE brokers must display an official sign on either the
exterior or interior of the entrance to their principal office and all branch offices.
Must contain:
1. Trade name ( If one is used)
2. Brokers name
3. The words 'licensed real estate broker' or ' lic. Real estate broker'
Advertising - ANSWER Advertisements must clearly reveal the licensed name of the
brokerage firm.
Blind advertisements - ANSWER Advertisement that fails to disclose the license name
of the brokerage firm.
Telephone Consumer Protection Act
TCPA - ANSWER 1991. Federal law establishing a Do Not Call Registry for consumers
who wish to avoid telemarketing calls. Violators may be fined up to $11,000.
Florida registry as part of national registry - ANSWER Charges consumer $10 first yr
and $5 every yr after. Violator can be charged an additional $10,000.
Conversion - ANSWER Unauthorized control or use of another's personal property.
Misappropriation of escrow funds - ANSWER Exposes the broker to charges of
conversion.
Conflicting demands - ANSWER Occur when the buyer and seller make demands
regarding the disbursing of escrowed property that are inconsistent and cannot be
resolved.
If a broker who maintains an escrow account receives conflicting demands on escrowed
properties, the broker must notify FREC in writing within 15 business days of receiving
the demands unless specifically exempted.
