Practice Quiz

Florida Real Estate Exam

Category - Florida

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A bank gave $500 to a licensed real estate sales associate for referring the sales associate’s prospective buyer to the bank for a new loan.  When the sales associate’s broker became aware of the $500 referral fee, the broker immediately fired the sales associate, notified the Real Estate Commissioner and warned all of his other salespeople never to accept such a fee.  In this situation:

  1. The bank is subject to disciplinary action by the Real estate Commissioner
  2. The sales associate is subject to disciplinary action by the Real Estate Commissioner, but the broker is not
  3. The sales associate and broker are subject to disciplinary action by the Real Estate Commissioner
  4. The broker overreacted because a referral fee is legal
Explanation
Answer B - A lender cannot give “kick backs” to real estate licensees for referring customers and clients. The real estate commissioner doesn’t have any jurisdiction over banks, but he can discipline any licensee receiving any illegal “kick back” from a lender. The broker does not have to be disciplined because he notified the Real Estate Commission immediately and used reasonable supervision of his employed licensees.

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