Real Estate Business
Real Estate agent concentrating on a specific area.
What is Farming?
What happens to your initial license if you do not complete the 45 Hours post-Licensing?
What is your license becomes Null and Void
The only FREC commission power that can act alone.
What is the Executive Powers?
Sally works for ABC realty on Monday and Friday, and XYZ on Tuesday and Wednesday
What is this is illegal , violation of FS 475
This formation can be applied?.
What is a general partnership
An applicant's license has been denied. What happens next?
Applicant must be notified in writing and can request a formal hearing
Bob wants his broker's license. What does he need to do?
72 hour broker course and at least 2 years active in the past 5 years.
Licensee is not currently working with a broker, but their license is valid.
What is voluntary inactive?
Your client is your Principal.
What is a single agent?
A broker's license...all of them
Bob, an agent, doesn't get his commission. What can he do?
He can sue the broker who didn't pay him
You have a broker's license but are acting as a sales associate.
What is a Broker Associate?
This type of company is registered but not licensed.
What is an Owner Developer?
You are working with both a buyer and a seller in limited capacity.
What is a Transaction Brokerage?
A limited partnership, a corporation sole, and a business trust have been formed. Which can be a business brokerage?
What is a limited partnership
A property has liens. What should the agent do if he finds this out?
Notify the seller asap
Someone who acts with Power of Attorney
What is an attorney in fact?
AS is contract does not excuse the seller from what?
Disclosing known defects
This type of agent in agency law handles a single transaction.
What is a special Agent?
A formation that is formed for one or a few transactions is known as what?
What is a joint venture?
A broker finds a purchaser with cash and all the agreed-upon terms. Seller refuses to accept what happens to the commission?
The broker is entitled to his commission regardless. .
A sales associate and a broker deal with a principal. Who has fiduciary duties?
They both have the same duties.
The broker is confused as to who should receive the disputed escrow. What should they do first?
Notify FREC in writing
You receive an oral offer that is currently lower than your current written offer.
What must present all offers
6 people form a business brokerage corporation. What do they need?
One active Broker license.