ABC Realty's qualifying broker is retiring and selling the brokerage to another broker. The new broker wants to keep the 'ABC Realty' name and all current sales associates. What registration requirements must be met?
Correct Answer
B) The new broker must register as the new qualifying broker and may need to register the trade name
Correct: B - The new broker must register as the qualifying broker for the entity, and if the trade name was registered to the previous broker personally, it must be registered to the new broker. Why not A: More than a simple form is required; the qualifying broker must be changed. Why not C: The qualifying broker change must be registered regardless of keeping the name. Why not D: Sales associates don't reapply for licenses; they are registered under the new broker.
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More Brokerage Activities Procedures Questions
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- → Sales associate David wants to create business cards for networking events. What must appear on his business cards to comply with Florida law?
- → 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:
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- → A Florida broker must register sales associates with DBPR within:
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