Bob Hogue Unit 5 Exam Questions
and Correct Answers
When advertising on an Internet site, the ________ of the brokerage firm must appear
adjacent to or immediately above or below the ____ ______ _______information -
Answer-Name, point of contact
The fine for violating the federal telephone consumer protection act is _________ per
violation - Answer-16,000
The fine for violating the state Florida's telemarketing law is ______ per violation -
Answer-10,000
Telephone solicitation calls are restricted to the hours between _______ and ________.
- Answer-8am, 9pm
List the Florida financial institutions that may be used to maintain a brokers escrow
account - Answer-Florida bank (commercial bank), savings association, credit union
The broker must be a _______on the escrow account - Answer-Signatory
If the broker chooses not to open an escrow account, the funds may be held by a
________ or in an________ _______ _______ - Answer-Title company, Attorney trust
account
Sales associates must deliver escrow deposits to their broker by the end of the____
_____ ______ - Answer-Next business day
Brokers must deposit escrow funds by the end of the____ ______ _______ - Answer-
Third business day
Brokers must maintain records of real estate transactions for _____ years, regardless of
whether escrow funds were pledged for ______ years after the litigation if beyond the
five-year period - Answer-5 , 2
The broker must get_________ _______ from all parties to the contract before placing
funds into an interest-bearing escrow account - Answer-Written permission
Where is the four settlement procedures - Answer-<MALE>, mediation, arbitration,
litigation, escrow disbursement order EDO
, Brokers must notify the commission in _______ of Conflicting commands or a good faith
and doubt within_____ _____ days - Answer-Writing, 15 business
A broker must institute one of the settlement procedures within ______ ______ days
from the time the broker _______ the conflicting demands - Answer-30 business,
received
A violation of the requirements for rental lists is a ______ of the ______ degree -
Answer-Misdemeanor, first
If the purchaser of the rental information does not find a suitable rental, the prospect is
entitled to a _______ refund of the fee paid if requested within ______ days of the date
indicated on the rental list receipt - Answer-75%, 30
If the information provided a prospective tenant is inaccurate, the prospect is entitled to
_______of the fee paid if requested within _______ days of the date indicated on the
rental list receipt - Answer-100%, 30
A sales associate wants to pay for an FHA required repairs to the property which neither
party to the transaction is willing to cover. The shared commission with a non-real
estate licensee must be _________ to the buyer, the seller, and the lender. - Answer-
Disclosed
The commercial real estate sales commission lien act gives the broker lien rights to the
sellers ______ _______for the commission earned by the broker in accordance with the
listing agreement to sell__________ property - Answer-Net proceeds, commercial
antitrust laws - Answer-State and federal laws designed to maintain and preserve
business competition.
Arbitration - Answer-The act of having a third party render a binding decision in a
dispute between two parties.
Blind advertisement - Answer-An Advertisement that provides only a telephone number,
a PO Box, and or an address without the license name of the brokerage firm.
commingle - Answer-To mix together money or a deposit with peesonal funds; combine;
intermingle.
conflicting demands - Answer-When different parties each make claims that are
inconsistent with one another.
Corporation - Answer-An artificial or fictitious person formed to conduct specified types
of business activities.
and Correct Answers
When advertising on an Internet site, the ________ of the brokerage firm must appear
adjacent to or immediately above or below the ____ ______ _______information -
Answer-Name, point of contact
The fine for violating the federal telephone consumer protection act is _________ per
violation - Answer-16,000
The fine for violating the state Florida's telemarketing law is ______ per violation -
Answer-10,000
Telephone solicitation calls are restricted to the hours between _______ and ________.
- Answer-8am, 9pm
List the Florida financial institutions that may be used to maintain a brokers escrow
account - Answer-Florida bank (commercial bank), savings association, credit union
The broker must be a _______on the escrow account - Answer-Signatory
If the broker chooses not to open an escrow account, the funds may be held by a
________ or in an________ _______ _______ - Answer-Title company, Attorney trust
account
Sales associates must deliver escrow deposits to their broker by the end of the____
_____ ______ - Answer-Next business day
Brokers must deposit escrow funds by the end of the____ ______ _______ - Answer-
Third business day
Brokers must maintain records of real estate transactions for _____ years, regardless of
whether escrow funds were pledged for ______ years after the litigation if beyond the
five-year period - Answer-5 , 2
The broker must get_________ _______ from all parties to the contract before placing
funds into an interest-bearing escrow account - Answer-Written permission
Where is the four settlement procedures - Answer-<MALE>, mediation, arbitration,
litigation, escrow disbursement order EDO
, Brokers must notify the commission in _______ of Conflicting commands or a good faith
and doubt within_____ _____ days - Answer-Writing, 15 business
A broker must institute one of the settlement procedures within ______ ______ days
from the time the broker _______ the conflicting demands - Answer-30 business,
received
A violation of the requirements for rental lists is a ______ of the ______ degree -
Answer-Misdemeanor, first
If the purchaser of the rental information does not find a suitable rental, the prospect is
entitled to a _______ refund of the fee paid if requested within ______ days of the date
indicated on the rental list receipt - Answer-75%, 30
If the information provided a prospective tenant is inaccurate, the prospect is entitled to
_______of the fee paid if requested within _______ days of the date indicated on the
rental list receipt - Answer-100%, 30
A sales associate wants to pay for an FHA required repairs to the property which neither
party to the transaction is willing to cover. The shared commission with a non-real
estate licensee must be _________ to the buyer, the seller, and the lender. - Answer-
Disclosed
The commercial real estate sales commission lien act gives the broker lien rights to the
sellers ______ _______for the commission earned by the broker in accordance with the
listing agreement to sell__________ property - Answer-Net proceeds, commercial
antitrust laws - Answer-State and federal laws designed to maintain and preserve
business competition.
Arbitration - Answer-The act of having a third party render a binding decision in a
dispute between two parties.
Blind advertisement - Answer-An Advertisement that provides only a telephone number,
a PO Box, and or an address without the license name of the brokerage firm.
commingle - Answer-To mix together money or a deposit with peesonal funds; combine;
intermingle.
conflicting demands - Answer-When different parties each make claims that are
inconsistent with one another.
Corporation - Answer-An artificial or fictitious person formed to conduct specified types
of business activities.
