Practice Quiz

Florida Real Estate Exam

Category - Florida

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Which of the following would be in violation of Florida law concerning escrow accounts?

  1. The real estate broker who holds an escrow for a buyer and a seller whom they had represented in the sale
  2. The real estate broker who solicits escrows from their fellow brokers and agrees to make no charge for the work
  3. The attorney at law who handles an escrow for a fee on behalf of their clients
  4. The licensed escrow company that is incorporated and advertises for escrows for a fee
Explanation

Answer: B - A real estate broker is allowed to handle an escrow without a special license, provided he or she had represented the buyer or seller in the original transaction. The law does not allow the broker to handle escrows under any other circumstances unless he or she forms a corporation and has it licensed as an escrow company.

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