Which statement best describes Florida's rule on when receipt by a sales associate counts as receipt by the broker?
Correct Answer
A) For broker escrow deposits, 'immediately' means no later than the end of the third business day after receipt.
For broker escrow deposits, 'immediately' means no later than the end of the third business day after receipt. This follows Rule 61J2-14.008, F.A.C.; F.S. § 475.25; FREC Real Estate Law Book; DBPR Bureau of Enforcement FAQs.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
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