BOB HOGUE UNIT 5 EXAM QUESTIONS
AND ANSWERS
1. John Anderson is a licensed real estate sales associate. Under which name may
he register and be licensed?
a. Complete Real Estate Sales Services
b. John Anderson Brokerage
c. John Anderson, LLC
d. John Anderson and Partners - Answer- c. John Anderson, LLC
2. A sales associate receives a binder deposit from a buyer on Monday. By the end
of business on what day of the week must the broker deposit the funds into the
escrow account?
a. Tuesday
b. Wednesday
c. Thursday
d. Friday - Answer- c. Thursday
3. Real estate sales associates who receive checks payable to them as deposits on
the purchase of real property must
a. endorse the checks, deposit them in their employers' accounts, and maintain
good records.
b. endorse the checks and immediately turn them over to their employers.
c. deposit the checks immediately in their own accounts and notify their employers
of the transactions.
d. deposit the checks immediately and give their employers the equivalent amounts
in the form of checks or cash - Answer- b. endorse the checks and immediately
turn them over to their employers.
4. Which statement is FALSE regarding escrow accounts?
a. The escrow account may be either interest bearing or non-interest-bearing.
b. A broker may choose to have an attorney or a Florida title company maintain the
escrow account.
c. It is illegal for the broker to keep any earned interest even if the buyer and the
seller give written permission.
d. A broker must get written authorization from the buyer and the seller before
placing escrow funds in an interest-bearing escrow account. - Answer- c. It is
, illegal for the broker to keep any earned interest even if the buyer and the seller give
written permission.
5. A dispute arises between the buyer and the seller as to which one is entitled to
escrowed property. The broker should first
a. mediate the matter.
b. arbitrate the matter with the consent of both parties.
c. notify the FREC in writing, unless exempted from the notice requirements.
d. submit the matter to a court of law for adjudication. - Answer- c. notify the
FREC in writing, unless exempted from the notice requirements.
6. When a deposit is placed with a title company, what information regarding the title
company must be included on the purchase and sale agreement?
a. Telephone number
b. Name of the title company
c. Address of the title company
d. All of these - Answer- d. All of these
7. A woman purchased a rental list one week ago from a real estate broker. She
inspected an apartment described in the list. The apartment manager told her that
cats were not allowed. She had specifically looked at the apartment because the
rental list indicated that pets were allowed. Immediately, the woman orally
demanded and should legally receive from the broker
a. nothing, because the demand is not in writing.
b. 75% of the fee paid.
c. 100% of the fee paid.
d. nothing, because the broker may not be held accountable for the actions of the
property manager - Answer- c. 100% of the fee paid.
8. The Excellence Team is ordering For Sale signs. The team works for broker Bob
Sloane at Sunshine Realty. Which statement is FALSE regarding the team
advertising requirements?
a. The advertisement must include the name Sunshine Realty.
b. The brokerage office phone number must be included in the ad.
c. The name Excellence Team may be no larger than the name of the brokerage.
d. The Excellence Team must file with Sloane a designated licensee to be
responsible for ensuring that the team advertising complies with Florida license law
and administrative rules - Answer- b. The brokerage office phone number must be
included in the ad.
AND ANSWERS
1. John Anderson is a licensed real estate sales associate. Under which name may
he register and be licensed?
a. Complete Real Estate Sales Services
b. John Anderson Brokerage
c. John Anderson, LLC
d. John Anderson and Partners - Answer- c. John Anderson, LLC
2. A sales associate receives a binder deposit from a buyer on Monday. By the end
of business on what day of the week must the broker deposit the funds into the
escrow account?
a. Tuesday
b. Wednesday
c. Thursday
d. Friday - Answer- c. Thursday
3. Real estate sales associates who receive checks payable to them as deposits on
the purchase of real property must
a. endorse the checks, deposit them in their employers' accounts, and maintain
good records.
b. endorse the checks and immediately turn them over to their employers.
c. deposit the checks immediately in their own accounts and notify their employers
of the transactions.
d. deposit the checks immediately and give their employers the equivalent amounts
in the form of checks or cash - Answer- b. endorse the checks and immediately
turn them over to their employers.
4. Which statement is FALSE regarding escrow accounts?
a. The escrow account may be either interest bearing or non-interest-bearing.
b. A broker may choose to have an attorney or a Florida title company maintain the
escrow account.
c. It is illegal for the broker to keep any earned interest even if the buyer and the
seller give written permission.
d. A broker must get written authorization from the buyer and the seller before
placing escrow funds in an interest-bearing escrow account. - Answer- c. It is
, illegal for the broker to keep any earned interest even if the buyer and the seller give
written permission.
5. A dispute arises between the buyer and the seller as to which one is entitled to
escrowed property. The broker should first
a. mediate the matter.
b. arbitrate the matter with the consent of both parties.
c. notify the FREC in writing, unless exempted from the notice requirements.
d. submit the matter to a court of law for adjudication. - Answer- c. notify the
FREC in writing, unless exempted from the notice requirements.
6. When a deposit is placed with a title company, what information regarding the title
company must be included on the purchase and sale agreement?
a. Telephone number
b. Name of the title company
c. Address of the title company
d. All of these - Answer- d. All of these
7. A woman purchased a rental list one week ago from a real estate broker. She
inspected an apartment described in the list. The apartment manager told her that
cats were not allowed. She had specifically looked at the apartment because the
rental list indicated that pets were allowed. Immediately, the woman orally
demanded and should legally receive from the broker
a. nothing, because the demand is not in writing.
b. 75% of the fee paid.
c. 100% of the fee paid.
d. nothing, because the broker may not be held accountable for the actions of the
property manager - Answer- c. 100% of the fee paid.
8. The Excellence Team is ordering For Sale signs. The team works for broker Bob
Sloane at Sunshine Realty. Which statement is FALSE regarding the team
advertising requirements?
a. The advertisement must include the name Sunshine Realty.
b. The brokerage office phone number must be included in the ad.
c. The name Excellence Team may be no larger than the name of the brokerage.
d. The Excellence Team must file with Sloane a designated licensee to be
responsible for ensuring that the team advertising complies with Florida license law
and administrative rules - Answer- b. The brokerage office phone number must be
included in the ad.
