Florida Broker Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

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!

Practice this question and more.

What is required if a sales associate accepts a postdated check?

The buyer's receipt must be obtained
The seller's approval must be obtained
The check must be deposited immediately
A witness must sign the check

The correct answer is: The seller's approval must be obtained

When a sales associate accepts a postdated check, it is essential to obtain the seller's approval. This requirement exists because a postdated check indicates that the buyer intends for the check to be processed at a future date rather than immediately. Since this could affect the seller's cash flow or financial obligations, they must authorize this arrangement. This approval ensures that both the buyer and seller are on the same page regarding the payment timeline and helps safeguard the interests of all parties involved. It is a critical step in maintaining transparency and trust in the transaction process. Without the seller's consent, the sales associate could be acting outside of their authority, which could lead to complications or disputes later on. Understanding this requirement is imperative for real estate professionals to ensure compliance with ethical and legal standards in their transactions.