Broker Johnson receives a complaint from a seller claiming his sales associate failed to present a backup offer. The associate claims he never received the backup offer. What must Broker Johnson do first under Florida regulations?
Correct Answer
A) Conduct an internal investigation and document findings
Correct: Brokers must conduct thorough investigations of complaints against associates and maintain documentation per FREC requirements. Why not B: Suspension is premature without investigation of facts. Why not C: Brokers must investigate first before determining if FREC referral is necessary. Why not D: Brokers cannot avoid their supervisory duties by deflecting complaints.
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Real estate broker Sarah discovers that her sales associate Mark has been placing earnest money deposits into his personal checking account instead of the broker's escrow account. Mark claims he always transfers the funds within 24 hours. What should Sarah do according to Florida law?
Earnest money deposits in Florida must be placed in escrow within:
- → Broker Thompson discovers that earnest money from a failed transaction has been sitting in his escrow account for 18 months. The buyer and seller cannot agree on disbursement. What is Thompson's best course of action under Florida law?
- → A Florida broker must register sales associates with DBPR within:
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- → Broker Martinez operates under the trade name 'Sunshine Realty' which is properly registered with the state. Can his sales associates use 'Sunshine Realty' in their advertising instead of Martinez's personal name?
- → Sales associate Mike wants to place a 'For Sale' sign on a listed property. Under Florida law, whose name must appear on the sign?
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Broker Maria discovers that her sales associate has been depositing earnest money checks into his personal account instead of the brokerage's escrow account. What is Maria's primary responsibility under Florida law?
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Under Florida law, a broker is NOT required to do which of the following regarding transaction records?