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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What is the time frame within which a broker must notify the FREC if they have a good-faith doubt about escrowed property?

5 business days
15 business days
30 business days
45 business days

The correct answer is: 15 business days

A broker has a responsibility to ensure that all funds related to real estate transactions are handled properly and in accordance with the law. When a broker experiences a good-faith doubt regarding the ownership of escrowed property, it is crucial to notify the Florida Real Estate Commission (FREC) to maintain compliance and protect the interests of all parties involved. The correct answer is 15 business days because Florida law requires brokers to address and communicate any uncertainties about escrow amounts within this specified period. This timeframe allows the broker to investigate and resolve the situation while ensuring transparency and accountability in managing escrowed funds. By notifying FREC within 15 days, the broker can seek guidance and mitigate potential legal issues that may arise due to the doubt concerning the escrowed property.