Florida — Brokerage Activities & Procedures — Florida Real Estate — State Law Practice Test

This Florida Real Estate — State Law Florida — Brokerage Activities & Procedures practice set has 24 practice questions based on the official exam materials, each with an instant explanation.

Sample questions

Three questions from the Florida — Brokerage Activities & Procedures bank with the correct answer and an explanation. The practice quiz above draws 24 questions at random from the same bank.

1. A Florida sales associate accepts a buyer's good-faith earnest-money check on Monday. Under FREC rules, by when must the sales associate turn the funds over to the broker?

   • By the end of the next business day after receiving it — Correct answer
   • By the end of the third business day after receiving it
   • Immediately upon return to the office, but no later than five business days
   • The associate may deposit it directly into the broker's escrow account

   Explanation: FAC 61J2-14.009 requires every sales associate who receives a deposit to deliver it to the broker no later than the end of the NEXT business day after receipt. The associate never holds escrow personally. Escrow（托管/第三方保管）: funds held by a neutral party pending closing. Source: FAC 61J2-14.009.

   Handbook: Florida Brokerage Activities — Sales associate delivery of deposits (61J2-14.009 FAC)

2. A Florida broker receives an earnest-money deposit. Under FREC rules, by when must the broker place those funds into the escrow (trust) account?

   • By the end of the third business day following receipt — Correct answer
   • By the end of the next business day following receipt
   • Within seven calendar days, including weekends and holidays
   • By the closing date stated in the purchase contract

   Explanation: FAC 61J2-14.008 defines 'immediately' as placing the deposit in escrow no later than the end of the THIRD business day following receipt by the broker (or any brokerage representative). Trust account（托管账户）: a segregated account holding others' funds. Source: FAC 61J2-14.008.

   Handbook: Florida Brokerage Activities — Broker deposit deadline (61J2-14.008 FAC)

3. Under Florida law, when FREC rules say a broker must place an escrow deposit 'immediately,' what does 'immediately' legally mean?

   • No later than the end of the third business day following receipt — Correct answer
   • Within the same hour the deposit is received
   • Before the close of business on the day of receipt
   • Within 24 clock hours, counting weekends

   Explanation: FAC 61J2-14.008 gives 'immediately' a precise legal meaning: deposit no later than the end of the third business day after receipt — it does NOT mean the same hour or same day. The defined term prevents ambiguity in discipline cases. Immediately（立即,法定含义）: by end of 3rd business day. Source: FAC 61J2-14.008.

   Handbook: Florida Brokerage Activities — Definition of 'immediately' (61J2-14.008 FAC)