FLORIDA BAIL BONDS STATE ACTUAL EXAM | QUESTIONS AND ANSWERS |
VERIVIED AND WELL DETAILED ANSWERS | ALREADY GRADED A+ | LATEST
UPDATE
WHICH STATEMENT IS MOST CORRECT IF THE AGENT DOES NOT
FILE A COLLATERAL STATEMENT OR AFFIDAVIT AFTER EXECUTING
THE BOND?
a. If agent fails to file a collateral statement or affidavit after 30 days, he has
no collateral
b. If agent fails to file a collateral statement or affidavit within 45 days, the
court allows 10 additional days
c. Filing a collateral statement or affidavit is optional and has no bearing on
the collateral if not filed
d. The collateral statement or affidavit must be filed with the bond or the
bond is voidable at principal's option - CORRECT ANSWER -A
1. WHICH OF THE FOLLOWING IF ANY MUST BE RETURNED TO
THE INDEMNITOR UPON TERMINATION OF LIABILITY OF THE
BOND?
a. Promissory note
b. Indemnity Agreement
c. Indemnitor's vehicle which was held by the bail bond agent
None of the above must be returned to the indemnitor - CORRECT ANSWER
-C
,1. FLORIDA STATUTES ALLOW FOR ANY OTHER TYPE OF
SECURITY APPROVED BY THE DEPARTMENT FOR COLLATERAL
WHEN BOND IS OVER $50,000. WHICH IS ALLOWED?
a. Boats, jewellery or other chattel (personal property) with sufficient value
b. Shares of stock in a publicly traded corporation
c. Patents, trademarks or copyrights
d. Both B & C above are correct - CORRECT ANSWER -D
1. FLORIDA STATUTES REQUIRE THE BOND AGENT TO
IMMEDIATELY FORWARD TO THE SURETY CASH COLLATERAL IN
CERTAIN CASES WHICH IS MOST CORRECT?
a. Must forward in all cases
b. Must forward in capital cases
c. Must forward if collateral exceeds $5,000.
d. Must forward if collateral exceeds $9,999. - CORRECT ANSWER -C
1. WHAT MUST BE DONE WITH THE COLLATERAL RECEIPT?
a. Original to principal, copy in bondsman's record of the bond
b. Original to indemnitor, copy in bondsman's record of the bond
c. Original to principal, copy to indemnitor
Original to indemnitor, copy to department & copy kept in records -
CORRECT ANSWER -B
1. WHICH IS CORRECT ABOUT A TEMPORARY LIMITED SURETY
AGENT & COLLATERAL?
,a. A temporary bail bond agent is prohibited from handling or accepting
collateral until a properly executed receipt has been issued by a licensed and
appointed bail bond agent.
b. A temporary bail bond agent is allowed to handle collateral however, he
(she) is prohibited from handling collateral receipts.
c. A temporary bail bond agent is prohibited from handling collateral,
however he (she) is allowed to handle collateral receipts
d. A temporary bail bond agent is allowed to handle collateral and collateral
receipts - CORRECT ANSWER -A
1. WHICH IS MOST CORRECT REGARDING THE SURETY'S
ACCOUNTS FOR CASH COLLATERAL?
a. One Bank account is allowed for all funds : Business and collateral, but
collateral cannot be spent
b. A separate, individual account must be set up for each bond written
c. Agent needs an account for his business funds & totally separate account
for holding collateral
d. If a separate account is used it must bear interest - CORRECT
ANSWER -C
1. WHAT IS IT CALLED IF A BOND AGENT USES COLLATERAL FOR
HIS OWN GAIN?
a. Conversion
b. Concealment
c. Pecuniary Advantage
d. Pecuniary Fiduciary adversarial action - CORRECT ANSWER -A
, 1. AFTER THE COURT'S WRITTEN DISCHARGE, WHEN MUST
COLLATERAL BE RETURNED?
a. 14 calendar days
b. 21 calendar days
c. 15 business days - CORRECT ANSWER -B
1. WHAT IS REQUIRED BY STATUTE FOR THE SURETY TO DO,
WHEN COLLATERAL IS RETURNED
a. There are no special requirements
b. They must provide the indemnitor with a certified receipt
c. They must keep a copy of the receipt in the permanent bond record
d. They must notify the department of insurance within 21 days - CORRECT
ANSWER -C
1. WHAT METHODS ARE PERMITTED FOR THE SURETY TO DEDUCT
EXPENSE & COSTS FROM COLLATERAL OR OTHERWISE OFFSET
LOSSES, AFTER FORFEITURE BY THE DEFENDANT?
I. May retain an amount not to exceed 10% of bond for expenses in locating
& returning defendant PLUS not to exceed an additional 20% of bond for the
cost of converting collateral after forfeiture
II. Surety May retain an amount not to exceed 10% of the Bond for expense
in locating and returning the defendant INCLUDING the cost of converting the
collateral after forfeiture
III. The surety could institute a civil lawsuit to attempt to collect any
additional cost or expenditures incurred in locating or apprehending defendant
or if indemnitor disputed the validity of the costs.
a. I only
b. I and III
VERIVIED AND WELL DETAILED ANSWERS | ALREADY GRADED A+ | LATEST
UPDATE
WHICH STATEMENT IS MOST CORRECT IF THE AGENT DOES NOT
FILE A COLLATERAL STATEMENT OR AFFIDAVIT AFTER EXECUTING
THE BOND?
a. If agent fails to file a collateral statement or affidavit after 30 days, he has
no collateral
b. If agent fails to file a collateral statement or affidavit within 45 days, the
court allows 10 additional days
c. Filing a collateral statement or affidavit is optional and has no bearing on
the collateral if not filed
d. The collateral statement or affidavit must be filed with the bond or the
bond is voidable at principal's option - CORRECT ANSWER -A
1. WHICH OF THE FOLLOWING IF ANY MUST BE RETURNED TO
THE INDEMNITOR UPON TERMINATION OF LIABILITY OF THE
BOND?
a. Promissory note
b. Indemnity Agreement
c. Indemnitor's vehicle which was held by the bail bond agent
None of the above must be returned to the indemnitor - CORRECT ANSWER
-C
,1. FLORIDA STATUTES ALLOW FOR ANY OTHER TYPE OF
SECURITY APPROVED BY THE DEPARTMENT FOR COLLATERAL
WHEN BOND IS OVER $50,000. WHICH IS ALLOWED?
a. Boats, jewellery or other chattel (personal property) with sufficient value
b. Shares of stock in a publicly traded corporation
c. Patents, trademarks or copyrights
d. Both B & C above are correct - CORRECT ANSWER -D
1. FLORIDA STATUTES REQUIRE THE BOND AGENT TO
IMMEDIATELY FORWARD TO THE SURETY CASH COLLATERAL IN
CERTAIN CASES WHICH IS MOST CORRECT?
a. Must forward in all cases
b. Must forward in capital cases
c. Must forward if collateral exceeds $5,000.
d. Must forward if collateral exceeds $9,999. - CORRECT ANSWER -C
1. WHAT MUST BE DONE WITH THE COLLATERAL RECEIPT?
a. Original to principal, copy in bondsman's record of the bond
b. Original to indemnitor, copy in bondsman's record of the bond
c. Original to principal, copy to indemnitor
Original to indemnitor, copy to department & copy kept in records -
CORRECT ANSWER -B
1. WHICH IS CORRECT ABOUT A TEMPORARY LIMITED SURETY
AGENT & COLLATERAL?
,a. A temporary bail bond agent is prohibited from handling or accepting
collateral until a properly executed receipt has been issued by a licensed and
appointed bail bond agent.
b. A temporary bail bond agent is allowed to handle collateral however, he
(she) is prohibited from handling collateral receipts.
c. A temporary bail bond agent is prohibited from handling collateral,
however he (she) is allowed to handle collateral receipts
d. A temporary bail bond agent is allowed to handle collateral and collateral
receipts - CORRECT ANSWER -A
1. WHICH IS MOST CORRECT REGARDING THE SURETY'S
ACCOUNTS FOR CASH COLLATERAL?
a. One Bank account is allowed for all funds : Business and collateral, but
collateral cannot be spent
b. A separate, individual account must be set up for each bond written
c. Agent needs an account for his business funds & totally separate account
for holding collateral
d. If a separate account is used it must bear interest - CORRECT
ANSWER -C
1. WHAT IS IT CALLED IF A BOND AGENT USES COLLATERAL FOR
HIS OWN GAIN?
a. Conversion
b. Concealment
c. Pecuniary Advantage
d. Pecuniary Fiduciary adversarial action - CORRECT ANSWER -A
, 1. AFTER THE COURT'S WRITTEN DISCHARGE, WHEN MUST
COLLATERAL BE RETURNED?
a. 14 calendar days
b. 21 calendar days
c. 15 business days - CORRECT ANSWER -B
1. WHAT IS REQUIRED BY STATUTE FOR THE SURETY TO DO,
WHEN COLLATERAL IS RETURNED
a. There are no special requirements
b. They must provide the indemnitor with a certified receipt
c. They must keep a copy of the receipt in the permanent bond record
d. They must notify the department of insurance within 21 days - CORRECT
ANSWER -C
1. WHAT METHODS ARE PERMITTED FOR THE SURETY TO DEDUCT
EXPENSE & COSTS FROM COLLATERAL OR OTHERWISE OFFSET
LOSSES, AFTER FORFEITURE BY THE DEFENDANT?
I. May retain an amount not to exceed 10% of bond for expenses in locating
& returning defendant PLUS not to exceed an additional 20% of bond for the
cost of converting collateral after forfeiture
II. Surety May retain an amount not to exceed 10% of the Bond for expense
in locating and returning the defendant INCLUDING the cost of converting the
collateral after forfeiture
III. The surety could institute a civil lawsuit to attempt to collect any
additional cost or expenditures incurred in locating or apprehending defendant
or if indemnitor disputed the validity of the costs.
a. I only
b. I and III
