Frequently Asked Questions

FAQ

Which of the following entities may register as a brokerage quizlet?

A brokerage office may operate as a sole proprietor, corporation for profit, corporation not for profit, general partnership, limited partnership, limited liability company, or limited liability partnership.

What type of business is a brokerage?

A brokerage firm or brokerage company is a middleman who connects buyers and sellers to complete a transaction for stock shares, bonds, options, and other financial instruments. Brokers are compensated in commissions or fees that are charged once the transaction has been completed.

What action is the DBPR permitted to take if an individual violates real estate licensing law?

Revocation and suspension are penalties that may be imposed against a holder of a real estate license. The DBPR is authorized to issue fines of up to $5,000 per count to a person it finds guilty of unlicensed activity.

What powers does Chapter 455 of the Florida statutes give the DBPR?

Chapter 455 of the Florida Statutes gives the DBPR the power to investigate consumer complaints, issue subpoenas upon conducting investigation, issue cease and desist orders, and issue citations.

What is the maximum number of years a member may serve on the Florida Real Estate Commission?

Florida Real Estate Commission ( FREC ) members are appointed for a 4 year term.

What is the Florida Real Estate Recovery Fund provides compensation?

The Real Estate Recovery Fund is an account created by the Florida Real Estate Commission (“FREC”) to reimburse any person, partnership, or corporation convicted by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate

Which of the following is considered unauthorized practice of law real estate?

The unauthorized practice of law is performing legal services, creating legal documents, or offering legal advice as a person who is unlicensed, disbarred, or with no bar admission authorizing an individual to be able to do so. A real estate agent, for example, is not allowed to offer legal opinions to clients.

Which activity may not be performed by an unlicensed personal assistant?

Unlicensed assistants cannot independently draft legal documents such as listing or sales contracts, and they cannot offer opinions, advice or interpretations of these documents.

What do Frec members of the probable cause panel act as?

Two members of the FREC are appointed by the Chairperson to review the investigator's report and receive the investigation of the DBPR. These two members act as a grand jury: they determine if they believe there is a law violation- not guilt or innocence. They must act in a 30-day period.

Which of the following persons is required to obtain a real estate license?

Is a violation of the requirements regarding rental lists a misdemeanor of the second degree?	A violation of the requirements regarding rental lists is a misdemeanor of the second degree. The answer is false. Advertising rental property information or lists that are not current or are materially inaccurate is illegal.
Which phrasing would be the best to tell a buyer that you rank #10 in sales in the county?	Which phrasing would be the best to tell a buyer that you rank #10 in sales in the county? "I rank in the top ten for sales in our county! This benefits you in that I have the experience needed to negotiate the best deal for you as the buyer."
Which of the following acts can be performed by an unlicensed assistant?	What are some examples of activities that an unlicensed assistant may perform? Get status reports on the loan progress, pull together documents for closing, write ads for a broker's approval, place approved classified advertising.
When must a broker place a buyer's money deposit in a trust account or escrow?	Brokers must place trust funds into an escrow account immediately, which means no later than the end of the third business day after their sales associate (or an employee of their brokerage company) has received it (see Time Line to Deposit Escrow Funds).
At what point must earnest money be deposited into a broker's trust account?	The earnest money must be deposited within three business days after acceptance of the contract to buy and sell. A broker manages three properties for different owners.
When must trust funds be deposited by real estate agents into a special account or escrow within?	Within three business days When read in combination, Business and Professions Code Section 10145(a)(1) and Commissioner's Regulation 2832(a) require a real estate broker who accepts funds belonging to others to deposit those funds into one of three places, within three business days following receipt of the funds by the broker or by the broker's
When must a broker reconcile his trust fund account with the bank statement?	A monthly 6. On a monthly basis, reconcile the cash record with the bank statement and with the separate record for each beneficiary or transaction.
Should earnest money be deposited into a trust account?	Typically, you pay earnest money to an escrow account or trust under a third-party like a legal firm, real estate broker or title company. Acceptable payment methods include personal check, certified check and wire transfer. The funds remain in the trust or escrow account until closing.
What does the Virginia Real Estate Board do?	The Real Estate Board licenses salespersons, brokers, and firms representing others in property transactions. The Board also enforces Fair Housing Law in cases involving real estate licensees and their employees.

• Who oversees regulates administers and enforces the real estate law?
  • The Department of Real Estate (DRE) not only administers and enforces the laws governing the sale of subdivided lots and common interest developments, including condominiums and planned developments, it also administers and enforces laws governing the sale of time-share interests.

• What is the purpose of Virginia real estate license law?

  • The purpose of the law is to protect the public interest against fraud, misrepresentation, dishonesty, and incompetence in real estate transactions.

• What is the Virginia real estate Commission VREB composed of?

  • The Real Estate Board shall be composed of nine members as follows: seven members who have been licensed real estate brokers or salespersons for at least five consecutive years before their appointment and two citizen members. The terms of Board members shall be four years.

• Who is responsible for administering fair housing laws in Virginia real estate?

  • The Fair Housing Board

    The Fair Housing Board administers and enforces the Fair Housing Law, although the Real Estate Board is responsible for fair housing cases involving real estate licensees or their employees.

• What is Section 443 of the NYS real property law?

  • New York State Real Property Law Section 443 (“RPL 443”) requires real estate licensees in New York State to provide buyers, sellers, landlords and/or tenants with a disclosure (the “Agency Disclosure Form”) set- ting forth the nature of the agency relationship the real estate licensee will have with said buyers, sell-

• Which NY law allows the DOS to revoke suspend fine or reprimand a real estate broker?

  • Real Property Law §441-c

    Real Property Law §441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or

• How do I transfer my real estate license to another broker in NY?

  • To transfer your real estate license to a different broker, you'll need to complete the process online. Your existing employing broker will need to log on to terminate your license with them. Then, the new employing broker will have to perform the change of association online through their account.

• How many total years may a member of the NYS Board of real estate serve?

  • The term of office is two years. A member may be appointed for successive terms, but no member may serve more than ten years in his or her lifetime.

• What is Section 254 of the New York State real property law?

  • A covenant “that the mortgagor will pay the indebtedness, as hereinbefore provided,” must be construed as meaning that the mortgagor for himself, his heirs, executors and administrators or successors, doth covenant and agree to pay to the mortgagee, his executors, administrators, successors and assigns, the principal