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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If an escrow dispute is settled before an EDO is issued, how quickly must the broker notify FREC?

5 business days
10 business days
15 business days
20 business days

The correct answer is: 10 business days

When a broker resolves an escrow dispute before an Emergency Order (EDO) is issued, they are required to notify the Florida Real Estate Commission (FREC) within a specified timeframe. The correct timeframe is 10 business days. This requirement is in place to ensure that FREC is kept informed about the resolution of disputes involving escrow funds, which is critical for maintaining proper oversight and accountability within real estate transactions. Timely reporting not only helps FREC monitor compliance with regulations but also protects the interests of all parties involved in the transaction, including buyers, sellers, and brokers. Understanding this timeline is essential for brokers to maintain their licensing in Florida and to avoid potential penalties for non-compliance.