Gold Coast Real Estate Homework Chapter 5 Questions With Complete Solutions
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Course
Gold Coast
Institution
Gold Coast
A sales associate licensed with a real estate brokerage corporation can be which of the following?
(a) An officer
(b) A stockholder
(c) A director
(d) An officer and a director - Correct Answer (b) A stockholder
Six individuals decide to form a real estate brokerage partnership. All si...
Gold Coast Real Estate Homework Chapter 5
Questions With Complete Solutions
A sales associate licensed with a real estate brokerage corporation can be which of the following?
(a) An officer
(b) A stockholder
(c) A director
(d) An officer and a director - Correct Answer (b) A stockholder
Six individuals decide to form a real estate brokerage partnership. All six individuals are planning to be
active in real estate sales. Which statement best applies?
(a) The partnership must be registered with the Commission,
and all six partners must be active real estate brokers.
(b) At least one partner must be licensed as an active
broker.
(c) Only two partners must have a real estate license.
(d) A partnership cannot be formed as a brokerage
business. - Correct Answer (a) The partnership must be registered with the Commission, and all six
partners must be active real estate brokers.
Which of the following statements is correct regarding a licensed broker associate who is with a real
estate brokerage partnership?
(a) The broker associate may be a member of the
partnership.
(b) The broker associate may make earnest money deposits
with the broker's permission.
(c) The broker associate must hold an active broker's
,license.
(d) The broker associate may not provide real estate
brokerage services to others. - Correct Answer (b) The broker associate may make earnest money
deposits with the broker's permission.
All of the following business formations can register to conduct real estate transactions, EXCEPT:
(a) Corporation for profit
(b) Not-for-profit corporation
(c) Corporation sole
(d) Limited partnership - Correct Answer (c) Corporation sole
If a broker has conflicting demands on money held in escrow, what is the first thing the broker should
do?
(a) Consult with a real estate attorney who is experienced in
handling escrow problems.
(b) Refer the parties to FREC.
(c) Give the escrow money to the closing agent.
(d) Notify the Florida Real Estate Commission in writing. - Correct Answer (d) Notify the Florida Real
Estate Commission in writing.
If a sales associate receives a post-dated check, which of the following actions is the most appropriate?
(a) The sales associate should deliver the check to her
employing broker by the end of then next business day.
(b) The sales associate should refuse to submit the offer
without a cashier's check.
(c) The sales associate should hold the check, and give the
check to her employing broker when it becomes valid.
, (d) The sales associate should cash the check, and deposit
the funds into her broker's escrow account. - Correct Answer (a) The sales associate should deliver the
check to her employing broker by the end of then next business day.
Which of the following statements regarding an ostensible partnership is correct?
(a) An ostensible partnership is required to file documents
with the Secretary of State.
(b) An ostensible partnership is not a true partnership.
(c) An ostensible partnership cannot be created by real
estate brokers.
(d) An ostensible partnership will not be treated as though
the participants were partners. - Correct Answer (b) An ostensible partnership is not a true partnership.
Who has the right to inspect a broker's escrow account records?
(a) The parties to a real estate transaction
(b) The Department of Business and Professional Regulation
or its authorized representatives
(c) The state Attorney General
(d) A public defender - Correct Answer (b) The Department of Business and Professional Regulation or its
authorized representatives
All of the following businesses are required to file documents with the state, EXCEPT:
(a) Corporation for profit
(b) Not-for-profit corporation
(c) Corporation sole
(d) Cooperative association - Correct Answer (c) Corporation sole
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