It is fraud and dishonest dealing for a broker to offer for sale any property where he or she has notice that the title is not merchantable (or that a mortgage or other liens exist against the property) unless he or she informs a prospective buyer of such conditions prior to payment of any portion of the sales price.
Traditionally, in residential sales, prior to the emphasis on buyer agency, the broker considers the buyer to be a. a client. b. a customer. c. a principal. d. a fiduciary. Nice work! You just studied 30 terms! Now up your study game with Learn mode. 1. When creating an agency relationship, agency authority
Once a broker has taken a listing, he can do all of the following EXCEPT a. allow his sales staff to make an offer on the property without informing the seller of the identity of the purchasers. b. put up a sign. c. buy it himself. d. stand on the street corners soliciting buyers for the property. 11.
In most states, the maximum amount a broker may charge a seller is a. 6%. b. 7%. c. 10%. d. Any amount agreed to between the seller and the broker. 26. When an agent is given the right to transact all types of matters on behalf of the principal, the agent serves as a
What is a brokers proper course of action when he or she has listed a property and found that the title to the property is not clear title? A: Immediately notify the owner of the condition of the title. what would a licensees initial action need to be in order to appeal a final order of FREC?
Which of the following situations would not result in the initiation of a licensing action against a licensee ? A salesperson does not present an offer to the seller after the seller has accepted a previous offer.
Which business structure may be registered to broker real estate? A real estate brokerage limited partnership must be registered with the DBPR.
Which property is defined as residential real estate under Chapter 475, Florida statutes? The answer is EIGHT ACRES OF AGRICULTURAL PROPERTY. Residential real estate is defined in Chapter 475, F.S., as four or fewer residential units, or agricultural property of ten or fewer acres.
When a broker decides to terminate the employment of an affiliate broker, he must immediately return their license to the TREC and notify the agent in writing of the termination. A licensee had 2 closings but her broker kept part of the commission to pay for advertising expenses the licensee charged to the company.
A citation may also include an administrative fine assessment. For licensees, the maximum fine amount is $2,500 per citation.
Which business organization can legally register as a real estate brokerage? Corporation sole and joint ventures cannot register to broker real estate. A general partnership can register with the DBPR to perform brokerage services.
(d) File an appeal with the District Court of Appeal. If the licensee does not agree with the final order of the Commission, a petition for review may be filed with the Florida District court of Appeals within 30 days of the final order.
The contract must include consideration. Consideration is anything of legal value that is offered in exchange by one party for something of value from another party. Common forms of consideration include money, property in exchange, or a promise to perform. Without consideration, a contract is not legally enforceable.
475.05 Power of commission to enact bylaws and rules and decide questions of practice.
True. Chapter 475, F.S., defines residential real estate as four or fewer residential units, vacant land zoned for four or fewer residential units, or agricultural property of ten or fewer acres.
Unlicensed practice of a profession; cease and desist notice; civil penalty; enforcement; citations; allocation of moneys collected.