Practice Quiz

Florida Real Estate Exam - Question List

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36.
In Florida, the term "immediately" as it applies to brokers and the deposit of escrow funds is defined to mean:
  1. Not later than the end of the next business day
  2. Not later than the end of the third business day
  3. Not later than the end of the third calendar day
  4. Within 24 hours
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37.
Florida law requires that escrow accounts be in any of the following EXCEPT:
  1. A Florida-based title company having trust powers
  2. A credit union located in Florida
  3. A qualified Florida attorney’s trust account if designated in the contract
  4. An insurance company located in Florida
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38.
On August 5, a broker obtained a seller’s signature on a signed offer from a qualified buyer.  On August 10, the broker received conflicting demands from both parties for the escrowed deposit of $10,000.  On August 11, the broker telephoned FREC to notify the Commission of the situation and was told to comply with Ch. 475, F.S., in her handling of the matter.  For several days, the broker attempted to get the buyer and seller to either arbitrate or mediate the matter but was unsuccessful.  On September 15, the broker requested that FREC issue an escrow disbursement order to decide who is entitled to the escrowed funds.  Ch. 475, F.S., has been violated because the broker should have:
  1. Requested the escrow disbursement order on or before September 10
  2. Petitioned a court of law for a writ of interpleader prior to September 10
  3. Notified FREC in writing of the dispute on or before September 10
  4. Submitted the matter to a certified and licensed mediator on or before September 10
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39.
For a sales associate to sell real estate in Florida, he or she must be employed by a/an:
  1. Active broker only
  2. Active or inactive broker
  3. Registered owner/developer
  4. Active broker or an owner/developer
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40.
The presiding member of the FREC Probable Cause Panel:
  1. Must be a licensed member
  2. Must be a consumer member
  3. Must be a broker member
  4. May be a licensed member or a consumer member
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