Each time a deposit or withdrawal is made from a specific client’s escrow account, what should be updated?
Bank reconciliation
Journal
Ledger
Trial balance
When the deposit is held by the title agent or attorney, the rules regarding written verification, notice to seller in writing, etc., ______.
Apply at the discretion of the broker
Apply at the discretion of the seller
No longer apply
Still apply
By when must sales associates and broker associates deliver escrow funds to their broker/employer?
Within the business day of receipt
Within the next business day of receipt
Within three business days of receipt
Within two business weeks of receipt
The ______ is used to keep track of all funds from all clients coming into and going out of a specific Florida bank account.
Bank reconciliation
Journal
Ledger
Trial balance
Licensee Joan is part of a three-person team. Which word can Joan use in the team’s marketing material?
Agency
Partnership
Realty
Trio
Florida real estate teams must designate a licensee to ensure that the team is complying with ______.
Commission splitting with licensed members of the team
Commission splitting with unlicensed members of the team
Team advertising rules
Trust account deposits
It’s the end of the day and you’re running late for dinner at the Melting Pot, so you decide to go to the ATM and deposit your client’s earnest money check into your own account, and then transfer it to an escrow account the next morning. Why is this wrong?
You can’t commingle escrow funds with your own funds.
You failed to make a record of the deposit.
You failed to notify the client and the broker that you would be placing the funds temporarily in your own account.
You should wait till the end of the week before transferring in to the separate account.
Each time a deposit or withdrawal is made from a Florida brokerage escrow account, what should be updated?
Bank reconciliation
Journal
Ledger
Trial balance
Broker Trinity is dealing with an adverse claim regarding a disbursement. A neutral party is going to listen to testimony and research the evidence. This method is called ______.
Arbitration
Interpleading the matter with the court
Mediation
Requesting an EDO
Within how many days must escrow funds must be deposited?
Within one business day of receipt and ratification of the contract.
Within three business days of receipt by the broker
Within two business days of receipt and ratification of contract.
Within two business weeks of receipt and ratification of contract.
Ignacio is checking his team’s real estate advertisement for compliance with Florida rules. To comply, the team name may not appear ______ the brokerage’s name.
Above
Below
Larger than
Smaller than
What must a broker do if escrow funds are deposited into an attorney or title company’s escrow account?
Nothing; the responsibility now lies with the attorney or title company to handle the funds appropriately.
Request a notice of default within 90 days of the time the deposit is made.
Request a verification of deposit within 10 days of the due date stated in the sale agreement.
Request that the attorney or escrow company provide a bond of 25% of the escrowed funds to the broker.
How many years must brokers keep bank statements and records for escrow accounts on file in Florida?
Five
Nine
Seven
Three
Broker Dan uses a third party to hold the escrow funds. In this case, what must he do?
Dan doesn’t have to do anything after he turns over the funds to the third party.
Dan must check on the funds each day.
Dan must have additional insurance.
Dan must verify the deposit has been made.
What is one of a Florida supervising broker’s responsibilities when it comes to a team within the brokerage?
Ensure that there are no more than 10 licensees on the team.
Ensure that the team splits its commissions evenly with all licensed team members.
Maintain a current list of team members.
Renew the team license every two years.
Who must be a signatory of escrow on a brokerage’s escrow account?
A federally or state-insured bank or depository
An attorney
The broker
The title company
What should a broker do when receiving a post-dated check as earnest money?
Deposit the check immediately
Hold the check in the office safe and immediately deposit it when it comes due.
Immediately reject it
Request an affidavit of intent from the issuer
When must Karen, a sales associate, deliver the escrow funds to her broker if she receives the funds on a Friday?
By the end of the following week
End of day Saturday
End of day the following Monday
The end of the day Friday
What needs to be recorded in the ledger when an escrow account disbursement is made in Florida?
The check number
The name of the broker making the disbursement
The name of the broker reconciling the account
The name of the escrow account
Paul DeLuca is a licensed sales associate in Florida. He goes by the nickname “Beans” and wants to advertise using his nickname. How should his name appear in advertising, in order to comply with state law?
Beans DeLuca
Paul “Beans” DeLuca
Paul (Beans) DeLuca
Paul Beans DeLuca
______ days after the escrow deposits have been made, the depositing broker (normally the selling broker) must make a written request to the escrow holder for written verification that the deposit has been made.
Five
Seven
Three
Two
Broker Clara is handling an adverse claim regarding a disbursement. After she notifies the FREC in writing of this dispute, she opts to seek a court’s adjudication of the matter. This is called ______.
Arbitration
Interpleading the matter with the court
Mediation
Requesting an EDO
Which of the following do brokers in Florida use to show all the details of the receipt and disbursement of escrow funds for a client?
A journal
A ledger
A master escrow account log
A monthly reconciliation statement
Which of the following do brokers in Florida use to show the chronological order of all deposits and disbursements of escrow funds?
A journal
A ledger
A master escrow account log
A monthly reconciliation statement
By when must a broker deposit escrow funds if the sales associate receives them on a Tuesday?
Friday
The following Monday
The next day
Thursday
How often must a Florida broker update the journal for the brokerage’s escrow account?
Each time a deposit or withdrawal is made
Once per month
Once per week
Whenever it’s convenient