Florida real estate exam chapter 5 Study Guide with Complete Solutions
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Course
Florida real estate
Institution
Florida Real Estate
Florida real estate exam chapter 5 Study
Guide with Complete Solutions
Brokerage offices - Answer-All active Fl RE brokers are required to have an office
and to register the office with DBPR. Sales assoc are not permitted to open offices of
their own. They must be registered from and work out o...
TCPA - Answer✔✔-1991. Federal law establishing a Do Not Call Registry for
consumers who wish to avoid telemarketing calls. Violators may be fined up to $11,000.
Florida registry as part of national registry - Answer✔✔-Charges consumer $10 first
yr and $5 every yr after. Violator can be charged an additional $10,000.
Fax solicitations - Answer✔✔-FCC rules mandate that it is unlawful
To send unsolicited advertisements to a residential or business fax machine without the
recipients prior express invitation or permission.
Escrow or trust accounts - Answer✔✔-Sales assoc who receive a binder deposit from
a customer or principal must deliver it to their broker no later than the next business
day. Brokers must place trust funds into an escrow account immediately, which means
no later than the 3rd business day after their sales assoc (or an employee of their
brokerage company) has received it. First day for broker doesn't count.
Misappropriation of escrow funds - Answer✔✔-Brokers may not intermingle or
commingle (mix) escrow deposits with other types of funds
Commingle funds - Answer✔✔-Illegal practice of mixing a buyers, sellers, tenants, or
landlords funds with the brokers own money or of mixing escrow with the brokers
personal funds or brokerage funds.o
Conversion - Answer✔✔-Unauthorized control or use of another's personal property.
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