Chapter 5 Gold Coast Real Estate Homework Questions And Answers

Chapter 5 Gold Coast Real Estate Homework Questions And 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 - ANS-(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. - ANS-(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. - ANS-(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 - ANS-(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. - ANS-(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. - ANS-(a) The sales associate should CONTINUES