Bob Hogue Unit 5 Exam Questions With
Correct Answers
Branch office
Broker who wants to do business from additional locations must register it as ...
not transferable
new branch must be registered with DBPR and fees paid
Advertising
Must be done in brokers name.
office signs must be easy to read
must include trade name, brokers name, and the words "licensed real estate broker"
Team advertising
The name or logo used by one or more licensees who represent themselves to the public as a
team (or group).
Blind advertisement
An advertisement that does not include the name and address of the person placing the ad; an ad
that lists only a phone number or post office box address
false ads
Misdemeanor
frec rules ads cannot be misleading
Point of contact information
Any means by which to contact the brokerage firm or individual licensee including mailing
address(es), physical street address(es), e-mail address(es), telephone number(s), or facsimile
telephone number(s).
Name of brokerage must be adjacent or immediately above
Telephone solicitation
The initiation of a telephone call for the purpose of encouraging the purchase of, or investment
in, property, goods, or services.
florida law:
no solicitation calls
only call 8am till 9pm
FSBO exception
escrow account
an account where money is held in trust until it can be delivered to a designated party
Trust Fund Account
- a separate checking account used to hold clients' money.
Brokers may maintain their escrow
Florida banks
Savings association
Credit Union
Management of Escrow Accounts
Brokers to be signatory on all their accounts
escrow accounts must be reconciled each month
designated bookkeeper to sign checks
Commingling
Illegally mixing deposits or monies, collected from a client, with one's personal or business
account. Taking money out too soon or putting it into escrow too late (10 banking days).
Conflict of good faith
Brokers must notify FREC of conflicting good faith doubts within 15 business days
Settlement Procedures
MALE (mediation, arbitration, litigation, escrow disbursement order)
30 days
Escrow disbursement order (EDO)
A course of action for determining the disposition of a contested deposit.
Mediation
Which settlement procedure involves a negotiated settlement between the disputing parties?
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