Practice Quiz

Florida Real Estate Exam

Category - Florida

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A home was listed for sale for $35,000.  The broker was instructed by the owner to accept a deposit on the purchase price of “no less than $1,000” and drew up an offer on a standard deposit receipt form.  The broker could only get the buyer to submit a $500 deposit.  Should the contract later be defaulted by an act of the buyer, the broker would be entitled to:

  1. 6% of the listing price
  2. Up to one-half of the forfeited deposit
  3. One-half of the normal commission
  4. Nothing
Explanation
Answer B - The key words are “should the contract later be defaulted”, meaning it had been accepted. In the Standard Deposit Form, it specifies that if the buyer defaults, the broker is entitled to half the forfeited deposit but not to exceed the amount of commission contracted for, and only after the owner deducts any expenses for collecting the damages.

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