Broker 1-3

Start up cost and expenses will always be insubstantial if the new firm is small

The Broker relocates across town has 10 days to notify FREC of address change

A licensee who moves out of state must notify FREC within 15 days?

If a Broker conducts business from many locations, all are registered under the main office

S corporation must have no more than 100 stockholders.

Individuals can perform real estate services while voluntary inactive?

Brokers may hold multiple license?

In order to qualify for statutory independent contractor status, you need only a RE license

A buyer's market generates more listings that can be expected to sell in a reasonable time

License expiration date provides at least 18 months but not more than 24 months?

If the Broker leases a building then he is not required to follow ADA compliance

DBPR has 90 days to check for errors and omissions?

Broker must give all agents a W-2 no later than January 31 for the previous year

Franchises offer referral networks, training and advertising.

If the broker has a home office, he is exempt from ADA requirements?

Many general real estate brokerages compensate by salary

Property insurance is a variable expense

Office supplies are a variable expense

A Broker should have enough capital for expenses for 3 months

Registration and Licensure are synonymous terms?

Learning how to get the appointment is found in the listing skills class.

Applicants with a four year degree in Real Estate must take the Pre and Post-License course?

DBPR may refuse to approve an application that does not include a SS #?

A person who resides in Florida for 3 months is considered a resident?

The best source of orientation course is the policy manual

Foreign corporations must obtain authority form the State before operating in Florida

Agents should avoid using the proximity to churches in the listing advertising?

Renting office space saves capital and provides flexibility to grow

A Broker that operates as the Broker for 2 offices has a Group License?

A general partnership must be in writing?

Example of institutional advertising would be an ad that features a house for sale

Two Brokers that give the public the impression they are partners are limited partners

Cash basis accounting is used by most brokerage firms because of its simplicity

An agent working for a developer that receives commission is exempt from licensure?

Partners must pay a set fee of $500 to establish a limited partnership

The brokers desk fee is calculated by dividing total expenses by the number of agents

Business entities may conduct transactions involving their own property?

An advertisement with only the Agents name and phone number is a blind ad.

A Broker applicant must be 21 years old?

An agent working for a developer does not have to register with DBPR?

A Broker in a franchise firm will experience increased operational freedom

A general partnership involves 3 or more for the purpose of conducting business

Involuntary inactive status is null and void after 2 years status?

A written plan provides direction as well as steps needed to accomplish its goals.

The ability to establish a local personality is one reason most Brokers remain independent

An individual who specializes in the sale of business is exempt from licensure?

A Broker Associate can have multiple license?

Is it a violation of Fair Housing to not rent to college students?

A sales agent can hire a personal assistant and pay them a percent of the commission

A post office box is not a valid mailing address per FREC?