FL Real Estate Chapter 5 Quiz

A sales associate licensed with a real estate brokerage corporation can be which of the following?

• An officer
• A stockholder
• A director
• An officer and a director

Six individuals deceide to form a real estate brokerage partnership. All six individuals are planning to be active in real estate sales. Which of the following statements best applies?

• The partnership must be registered with the Department, and all six partners must be active real estate brokers.
• At least one partner must be licensed as an active broker.
• Only two partners must have a real estate license.
• A partnership cannot be formed as a brokerage business.

Which of the following statements is correct regarding a licensed broker associate who is with a real estate brokerage partnership?

• The broker associate may be a member of the partnership.
• The broker associate may make earnest money deposits with the broker's permission.
• The broker associate must hold an active broker's license.
• The broker associate may not provie real estate brokerage services to others.

All of the following business formations can register to conduct real estate transactions, EXCEPT:

• Corporation for profit
• Not-for-profit corporation
• Corporation sole
• Limited partnership

If a broker has conflicting demands on money held in escrow, what is the first thing the broker shoudl do?

• Consult with a real estate attoney who is experienced in handling escrow problems.
• Refer the partied to FREC.
• Notify the Florida Real Estate Commission in writing.
• Give the escrow money to the closing agent.

If a sales associate receives a postdated check, which of the following is the most appropriate action?

• The sales associate should immediately give the check to her employing broker.
• The sales associate shoudl refuse to submit the offer without a cashier's check.
• The sales associate should hold the check and give the check to her broker when it becomes valid.
• The sales associate should cash the check and deposit the funds inot her broker's escrow account.

Which of the following statements regarding an ostensible partnership is correct?

• An ostensible partnership is required to file documents with the Secretary of State.
• An ostensible partnership is not a true partnership.
• An ostensible partnership cannot be created by real estate brokers.
• An ostensible partnership will not be treated as though the participants were partners.

Who has the right to inspect a broker's escrow account records?

• The parties to a real estate transaction
• The Department of Business and Professional Regulation or its authorized representatives
• The state attorney general
• A public defender

All of the following bsuinesses are required to file documents with the state, EXCEPT:

• Corporation for profit
• Not-for-profit corporation
• Corporation sole
• Cooperative association

Which condition would require a location to be registered as a brokerage branch office?

• Tables and chairs are provided for sales associated and customers
• The location is used as a sheter to get out of the sun and rain
• Literature which contains the broker's office address is handed out
• Sales associates are permanently assigned to the location