Florida Real Estate - Chapter 5
Arbitration - ANS- Where there are conflicting demands for escrowed property, the
parties (usually the buyer and seller) may request in writing that the matter be submitted
for arbitration. In the case, a third party arbitrator is engaged to make a binding
determination regarding the matter.
Blind Advertisement (Blind Ad) - ANS- All advertising must include the licensed name of
the brokerage firm.
Conflicting Demands - ANS- The buyer and seller disagree regarding the disbursement
of escrowed funds. The parties make conflicting demands upon the broker for the
escrowed funds.
Deposit - ANS- A sum of money, or its equivalent, delivered to a real estate broker or
sales associate, as earnest money, or a payment, or part payment, in connection with any
real estate transaction under Chapter 475, Florida Statues.
Earnest Money (Deposit) - ANS- When a purchase offer is submitted, the seller usually
requires a deposit to show the buyer's good-faith intention to complete the transaction.
Trade Name (Fictitious Name) - ANS- A name that is not the legal name of a person or
entity, namely it is a fictitious name. A trade name is used by an individual, partnership,
corporation, or other organization to designate its particular business and to distinguish
it from the business of others.
The following entities may be registered and licensed as a Florida real estate Broker:
(7)_________________________________ - ANS- sole proprietorship, corporation for
profit, corporation not for profit, general partnership, limited partnership, limited liability
company (LLC), or limited liability Partnership (LLP).
A real estate broker may NOT register the following entities as brokerage business:
(6)_____________________________ - ANS- A corporation sole, joint venture, business
trust, cooperative association, unincorporated association, or an ostensible partnership
A "corporate form of ownership" will be used to broker real estate:
(3)______________________ - ANS- 1. articles of incorporation must be filed with the
Department of State
2. the corporation must be registered with and licensed by the DBPR
3. the corporation must have a least one officer with an active individual broker license
Arbitration - ANS- Where there are conflicting demands for escrowed property, the
parties (usually the buyer and seller) may request in writing that the matter be submitted
for arbitration. In the case, a third party arbitrator is engaged to make a binding
determination regarding the matter.
Blind Advertisement (Blind Ad) - ANS- All advertising must include the licensed name of
the brokerage firm.
Conflicting Demands - ANS- The buyer and seller disagree regarding the disbursement
of escrowed funds. The parties make conflicting demands upon the broker for the
escrowed funds.
Deposit - ANS- A sum of money, or its equivalent, delivered to a real estate broker or
sales associate, as earnest money, or a payment, or part payment, in connection with any
real estate transaction under Chapter 475, Florida Statues.
Earnest Money (Deposit) - ANS- When a purchase offer is submitted, the seller usually
requires a deposit to show the buyer's good-faith intention to complete the transaction.
Trade Name (Fictitious Name) - ANS- A name that is not the legal name of a person or
entity, namely it is a fictitious name. A trade name is used by an individual, partnership,
corporation, or other organization to designate its particular business and to distinguish
it from the business of others.
The following entities may be registered and licensed as a Florida real estate Broker:
(7)_________________________________ - ANS- sole proprietorship, corporation for
profit, corporation not for profit, general partnership, limited partnership, limited liability
company (LLC), or limited liability Partnership (LLP).
A real estate broker may NOT register the following entities as brokerage business:
(6)_____________________________ - ANS- A corporation sole, joint venture, business
trust, cooperative association, unincorporated association, or an ostensible partnership
A "corporate form of ownership" will be used to broker real estate:
(3)______________________ - ANS- 1. articles of incorporation must be filed with the
Department of State
2. the corporation must be registered with and licensed by the DBPR
3. the corporation must have a least one officer with an active individual broker license
