Florida Real Estate Exam--Chapter 5
All Brokers in the state of florida must - ANS- 1) have a real estate office
2) must register office with DBPR?
Primary office - ANS- brokers office that is registered with the DBPR
Sales Associates must work - ANS- at broker's office--not allowed to have their own
office
Temporary offices (Ex-construction trailer) are permitted as long as - ANS- no closings
take place their and salespople are not permanently assigned there
Office requirements - ANS- -private
-stationary construction
-entrance sign on door or adjacent
Extra Branch offices - ANS- -must register and pay fees
-cannot transfer
Home Brokerage office - ANS- -must be zoned
-must have sign
When can you deduct Home office expense - ANS- if home office is main office
Examples of deductible expenses - ANS- Maint
utilities
insurance
depreciation
Sales associates would ______ qualify for home office deduction. WHy? - ANS- -NOT
-because income is earned outside the house
Office Entrance Sign Requirements - ANS- -front entry door or adjacent
-Name of the Broker
-Licensed Real Estate Broker underneath broker name
Sample of Corporate entrance sign - ANS- Baskin Robbins Real Estate
Ima Bass
Licensed Real Estate Office
, advertising rules - ANS- -must have Brokerage firms name on it
-no po box or phone # only
-Sales Assoc name must be registered name
Blind ad - ANS- -An advertisement that fails to make it clear that a broker or real estate
company is advertising the property for sale, rent, or lease.
cannot be misleading
-illegal
if phone # in ad is not Brokerage firms phone number than - ANS- it must be labeled cell
phone, home phone
Advertising on the internet rules - ANS- Brokerage firms name adjacent or above the
point of contact's information
Point of Contact - ANS- any means by which to contact the brokerage firm or individual
licensee including mailing address, physical address, email, phone #, or fax number.
Sales associates CANNOT - ANS- advertise in their own name--must have brokerage
firms name on it
Pending/Sold signs - ANS- at owners approval
An advertising sign must be removed when - ANS- a property sells or listing expires
Punishment for misleading/false info by broker - ANS- fine up to $5000 and 1 year
suspension
Team Advertising - ANS- -Cannot suggest or use names that the team is a seperate
brokerage from the main brokerage
-Team names and logos cannot be bigger than brokerage
Escrow account - ANS- -seperate account that a broker must have to hold monies.
-seperate from his personal or operating brokerage account
-broker must be signatory
-reconcile every 30 days
-may have more than 1
-keep all records
-records can be inspected at any time
-Monthly report
Commingling - ANS- -act of mixing personal and escrow funds
-illegal
All Brokers in the state of florida must - ANS- 1) have a real estate office
2) must register office with DBPR?
Primary office - ANS- brokers office that is registered with the DBPR
Sales Associates must work - ANS- at broker's office--not allowed to have their own
office
Temporary offices (Ex-construction trailer) are permitted as long as - ANS- no closings
take place their and salespople are not permanently assigned there
Office requirements - ANS- -private
-stationary construction
-entrance sign on door or adjacent
Extra Branch offices - ANS- -must register and pay fees
-cannot transfer
Home Brokerage office - ANS- -must be zoned
-must have sign
When can you deduct Home office expense - ANS- if home office is main office
Examples of deductible expenses - ANS- Maint
utilities
insurance
depreciation
Sales associates would ______ qualify for home office deduction. WHy? - ANS- -NOT
-because income is earned outside the house
Office Entrance Sign Requirements - ANS- -front entry door or adjacent
-Name of the Broker
-Licensed Real Estate Broker underneath broker name
Sample of Corporate entrance sign - ANS- Baskin Robbins Real Estate
Ima Bass
Licensed Real Estate Office
, advertising rules - ANS- -must have Brokerage firms name on it
-no po box or phone # only
-Sales Assoc name must be registered name
Blind ad - ANS- -An advertisement that fails to make it clear that a broker or real estate
company is advertising the property for sale, rent, or lease.
cannot be misleading
-illegal
if phone # in ad is not Brokerage firms phone number than - ANS- it must be labeled cell
phone, home phone
Advertising on the internet rules - ANS- Brokerage firms name adjacent or above the
point of contact's information
Point of Contact - ANS- any means by which to contact the brokerage firm or individual
licensee including mailing address, physical address, email, phone #, or fax number.
Sales associates CANNOT - ANS- advertise in their own name--must have brokerage
firms name on it
Pending/Sold signs - ANS- at owners approval
An advertising sign must be removed when - ANS- a property sells or listing expires
Punishment for misleading/false info by broker - ANS- fine up to $5000 and 1 year
suspension
Team Advertising - ANS- -Cannot suggest or use names that the team is a seperate
brokerage from the main brokerage
-Team names and logos cannot be bigger than brokerage
Escrow account - ANS- -seperate account that a broker must have to hold monies.
-seperate from his personal or operating brokerage account
-broker must be signatory
-reconcile every 30 days
-may have more than 1
-keep all records
-records can be inspected at any time
-Monthly report
Commingling - ANS- -act of mixing personal and escrow funds
-illegal
