Florida Broker Practice Exam

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Prepare for the Florida Broker Exam. Study with interactive quizzes, flashcards, and multiple choice questions that include hints and explanations. Ace your exam and start your real estate career today!

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How long does a broker have to institute a settlement procedure after notifying the FREC about a good-faith doubt regarding escrowed property?

15 business days
30 business days
45 business days
60 business days

The correct answer is: 30 business days

The correct timeframe for a broker to institute a settlement procedure after notifying the Florida Real Estate Commission (FREC) about a good-faith doubt regarding escrowed property is indeed 30 business days. This requirement is outlined in Florida real estate law and is designed to ensure that brokers act with due diligence and in good faith when uncertainties arise regarding the escrowed funds. By having a specified period of 30 business days, the rule aims to facilitate timely resolution of disputes while protecting the interests of all parties involved in the transaction. This timeframe allows for appropriate communication and negotiation efforts before further steps are taken, which can include legal proceedings or further action to resolve the escrow issue. Understanding this timeline is crucial for brokers as it helps ensure compliance with regulatory standards and promotes ethical practices within real estate transactions.