Glossary of Florida Real Estate
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- A New York broker refers several prospects to a Florida licensed real estate salesesperson. The Florida salesperson is successful in selling a property to one of the prospects. Can the salesperson pay a referral fee to the New York Broker?
- No,only a licenced Fl broker may pay a referral fee to a broker licenced or registered under the laws of a foreign state
- With respect to real estate broker corporation, is the following statement true: Can a real estate salesperson be an officer or director of a broker corporation?
- An escrow dispute is dragging on and is going to be herd by a civil court. The broker handeling the transaction is losing time and money and is willing to settle for any court cost incurred and to relinquish his real estate commission. The broker should
- bill of interpleader
- To be effective, a said transfer of title must have:
- two witnesses, signed and delivered
- A valid deed must include:
- a legal decription
- What is the minimum requirement of an interior office sign?
- tradename,his/her name licensed real estate broker, in letters 1/2" in hight
- A railroad company may be able to acuire land by:
- Eminent Domain
- The FREC imposes an adminstrative penalty upon a licensee for a violation of Chapt. 475. The penalty must be paid withen how many days of its imposition by order of the commision.
- 30 days
- With respect to kickbacks and rebates, is the following statement TRUE: A broker may receive a kickback or rebate ina a real estate transaction provided the principal and the affected parties have been fully and compleatly advised of all facts pertaining
- Acknowledgment of a deed means:
- notary certifies that grantor voluntarily signs the document
- Owner Smith wants to sell a lot for 8,000 net. Broker Bob obtains an option on the lot and pays owner Smith $500 for the option. Broker Bob finds a prospect,Jones, and tells him the he, the broker, is the optionee. Broker Bob ask for 12,000 for the lot a
- Yes this is permissible but broker Bob must pay the closing cost.
- An Option contract is signed by the seller and the broker. The broker pays no consideratiion for the option. The option should be treated as a(an):
- exclusive listing
- When a real estate license is presented in a court of law, it is:
- Prima facia evidence that a person named on the license is registered and entitled to operate unless refuted by evidence to the contrary.
- An easement is the legal right of use:
- of another person's property for a specific purpose
- Aunt Mary dies and the court appoints her brother John as personal representative to handle her estate. Can brother John do so?
- YES, He may sell real property without a license and receive a compensation for the service.
- Except when a different punishment is prescribed by Chapt 475, a violation of Chapt 475 can result in which of the following criminal penalties?
- Fine of $500. and or imprisonment not to exceed 60 days
- A person moves from another state to Florida and makes application for a real estate license. The applicant does not reveal in his application that his real estate license in the other state has been suspended. The BPR has issued a Florida real estate sa
- revoke or cancel the license
- An owner desires to list a subdivision with a realestate broker. The project is financed with a mortgage which also covers other property sold. Is the following statement True or False: The broker can accept the listing only if the mortgasge has a clause
- Reguaring advance fees, true or false: A violation can result in triple damages. fees can be held for up to 18 months A violation is a misdemeanor of the first degree. fees must be placed in a separate advance fee trust account.
- All True!
- Salesperson Sam works for Broker Bob. They have a dispute and Salesperson Sam resigns. What should Salesperson Sam and/or Broker Bobdo, if anything?
- Both Broker Bob and Salesperson Sam must notify the commission of the change no later than 10 days after the change.
- True or False. A claim must be paid to an injured party who was defrauded by a broker who has an expired license at the time the offense occured
- A municipal water company is permitted to install water mains on the rear of John Smith's Property. The legal interest which allowa this use of the owners property is called:
- An Easement
- A deed warranting title only against acts of the grantor,heirs, assigns, personal representives and others is called a:
- Special warrenty deed
- An Asian lady comes into a real estate office and ask salesperson Sue to show her homes only in an Asian neighborhood. Salespwerson Sue should:
- Insist on showing her homes in any neighborhood not just an Asian Neighborhood.
- The Dept. Of Agriculture and Consumer Services is authorized to maintain a "no solicitation list" A person has placed their name on this list. Can a salesperson call this person reguarding the sale of property when the call is in responce to a
- yes and yes
- A person dies intestate and has no heirs. The State of Florida obtains title to the land by:
- Escheat (They cheat!)
- The FCC has issued regulations relating to the Telephone Consumer Protection Act of 1991. Does the FCC require: If a person request that he not be called again, the persons name be removed from all list? A residence not be called before 8:00 am and 9:00
- True True True and True!
- An unlicensed person sells a parcell of land and receives a commission on the sale. What action, if any, can the BPR take? The BPR can:
- seek issuance of an injunction or writ of mandamus
- A broker recieved a 6,000 commission on a sale consummated by one of her salespersons. The broker used the funds to pay necessary office expenses, including rent. The broker is unable to pay the salesperson. The Salesperson sues the broker in a cilil pro
- Failure to account and deliver
- Constructive notice is:
- givin by recording an instrument in the public records.
- A purchaser submits a written offer to purchase property and gives the broker a binder deposit with the offer. Prior to acceptance of the offer to purchase real estate, the earnest money deposit is leagally under the control of?
- The depositor
- A finding has been made that a brokers actions are an immediate serious danger to the public welfare. What can be done?
- The Secretary of the DBPR can issue a summary suspension
- If it were not for________, a person in a key location could prevent developement for the betterment of the community.
- Eminent Domain
- Bill and brother Bob want to go into business together and will buy a parcel of real property. From the standpoint of their families, which of the following would be the best way to take title.
- Tenancy in common
- When title insurance is ordered, who must pay the premium?
- The one who agreed to pay
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