Bob Hogue Chapter 5 Exam Questions
with All Correct Answers
When a sales associate decides to leave the employ of her broker to work for another
broker, she must - Answer-Notify the DBPR within 10 days of her change in broker-
employer.
When a sales associate decides to leave the employ of her broker to work for another
broker, she must NOT - Answer-take copies of any listings she obtained while employed
by her former broker or telephone clients of her former employer to encourage them to
cancel their listing agreements with the former employer and list with her new broker
True or false: When a sales associate decides to leave the employ of her broker to work
for another broker, she must apply for a new real estate license under the name of her
new broker. - Answer-False
In Florida, listings obtained and any commission paid by the buyer or the seller are
legally the property of - Answer-the sales associates employing broker
Sole Proprietorship - Answer-A business owned by one person
A general partnership - Answer-is an association of two or more person for the purpose
of jointly conducting a business.
Real estate brokerage general partnership requirements: - Answer-1. Partnership must
register with the DBPR
2. At least one partner must be licensed as an active broker
3. Partners who will deal with the public and perform services of real estate must be
licensed as active brokers
4. Sales associates and broker associates may not be general partners
Limited partnerships - Answer-Have filed with the Florida Department of State and one
or more general partners and one or more limited partners to qualify
Real Estate Brokerage Limited Partnerships requirements - Answer-1. The limited
partnership must register with the DBPR under the limited partnership name
2. General partners who will deal with the public and perform services of real estate
must be licensed as active brokers.
3. At least one general partner must be licensed as an active broker
4. All other general partners must register with DBPR for identification purposes
5. Sales associates and broker associates may be limited partners
, 6. Limited partners are not required ot register with the DBPR
Ostensible Partnership: - Answer-(AKA quasi partnership) is not intentionally created,
but the conduct of two or more persons creates the "appearance" that a partnership
exists
Limited Liability Partnerships - Answer-Enjoy protection from personal liability for the
actions of others in the partnership and must include words or designation Limited
Liability Partnership or LLP in the name
Corporations: - Answer-1. Corporation must register with the DBPR
2. At least one officer must be licensed as an active broker
3. Anyone can be an officer, but those who deal with the public and performs real estate
services must be licensed as an active broker
4. All officers who are not licensed must still register with DBPR
5. Unlicensed officers may perform administrative functions that do not involve real
estate functions or services
6. Sales associates or broker associates may not be officers, but may be shareholders
Non-profit corporations for real estate - Answer-Are organized in the same way as a for
profit agencies. No legal distinction is made between the two.
Limited Liability Companies: - Answer-A limited liability company (LLC) provides
partners with protection for personal liability for debts, but is treated as a partnership for
tax purposes and has great flexibility in how it transfers income and deductions to its
members.
Business entities that MAY NOT register as brokers - Answer-1. Corporation sole
(church)
2. Joint venture (temporary form of business arrangement)
3. Business trust (formed to deal with it's own property)
4. Cooperative association
5. Unincorporated association
A personal assistant may: - Answer-1. Answer the phone and forward calls
2. Fill out and submit listings and changes to MLS
3. Assemble documents for closing
4, Secure (obtain) documents
5. Have keys made for listings
6. Write ads and prepare flyers and promotions for approval of the licensee, place ads
Receive record and deposit money
7. Place signs for approval
8. Calculate commission checks
9. Type contracts and forms for approval
10. Order items of repair as directed by licensee
11. Act as a courier
with All Correct Answers
When a sales associate decides to leave the employ of her broker to work for another
broker, she must - Answer-Notify the DBPR within 10 days of her change in broker-
employer.
When a sales associate decides to leave the employ of her broker to work for another
broker, she must NOT - Answer-take copies of any listings she obtained while employed
by her former broker or telephone clients of her former employer to encourage them to
cancel their listing agreements with the former employer and list with her new broker
True or false: When a sales associate decides to leave the employ of her broker to work
for another broker, she must apply for a new real estate license under the name of her
new broker. - Answer-False
In Florida, listings obtained and any commission paid by the buyer or the seller are
legally the property of - Answer-the sales associates employing broker
Sole Proprietorship - Answer-A business owned by one person
A general partnership - Answer-is an association of two or more person for the purpose
of jointly conducting a business.
Real estate brokerage general partnership requirements: - Answer-1. Partnership must
register with the DBPR
2. At least one partner must be licensed as an active broker
3. Partners who will deal with the public and perform services of real estate must be
licensed as active brokers
4. Sales associates and broker associates may not be general partners
Limited partnerships - Answer-Have filed with the Florida Department of State and one
or more general partners and one or more limited partners to qualify
Real Estate Brokerage Limited Partnerships requirements - Answer-1. The limited
partnership must register with the DBPR under the limited partnership name
2. General partners who will deal with the public and perform services of real estate
must be licensed as active brokers.
3. At least one general partner must be licensed as an active broker
4. All other general partners must register with DBPR for identification purposes
5. Sales associates and broker associates may be limited partners
, 6. Limited partners are not required ot register with the DBPR
Ostensible Partnership: - Answer-(AKA quasi partnership) is not intentionally created,
but the conduct of two or more persons creates the "appearance" that a partnership
exists
Limited Liability Partnerships - Answer-Enjoy protection from personal liability for the
actions of others in the partnership and must include words or designation Limited
Liability Partnership or LLP in the name
Corporations: - Answer-1. Corporation must register with the DBPR
2. At least one officer must be licensed as an active broker
3. Anyone can be an officer, but those who deal with the public and performs real estate
services must be licensed as an active broker
4. All officers who are not licensed must still register with DBPR
5. Unlicensed officers may perform administrative functions that do not involve real
estate functions or services
6. Sales associates or broker associates may not be officers, but may be shareholders
Non-profit corporations for real estate - Answer-Are organized in the same way as a for
profit agencies. No legal distinction is made between the two.
Limited Liability Companies: - Answer-A limited liability company (LLC) provides
partners with protection for personal liability for debts, but is treated as a partnership for
tax purposes and has great flexibility in how it transfers income and deductions to its
members.
Business entities that MAY NOT register as brokers - Answer-1. Corporation sole
(church)
2. Joint venture (temporary form of business arrangement)
3. Business trust (formed to deal with it's own property)
4. Cooperative association
5. Unincorporated association
A personal assistant may: - Answer-1. Answer the phone and forward calls
2. Fill out and submit listings and changes to MLS
3. Assemble documents for closing
4, Secure (obtain) documents
5. Have keys made for listings
6. Write ads and prepare flyers and promotions for approval of the licensee, place ads
Receive record and deposit money
7. Place signs for approval
8. Calculate commission checks
9. Type contracts and forms for approval
10. Order items of repair as directed by licensee
11. Act as a courier
