FL Bail Bonds Exam With 100% Correct Answers 2023, Exams of Advanced Education

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FL Bail Bonds Exam With 100%

Correct Answers 2023

Which two Florida Statutes govern the bail bond industry? - Correct Answer- Chapter 648 and 903 Which Governmental agency or department governs the bail bond industry in the state of Florida? - Correct Answer-Florida Department of Financial Services The Records of all Bail Bond written in this state must be made available within how many hours after being requested by the state? - Correct Answer-48 hours What types of action can the department take against an agents bail bond license? ( 4 types) - Correct Answer-Fine-Probation-suspension-Revoke What is a daily bond register? - Correct Answer-The power registry-Daily log of powers used-Itemized list to count What must be held in an individual file or envelope for each principal for whom a bail bond has been executed? - Correct Answer-Power- Appearance Bond- premium receipt-Collateral receipt-promissory note-indemnity agreement- disclosure notice-Application/Contract-Discharge What is considered to be reasonable business hours - Correct Answer-8 hours a day 5 days a week (Between the hours of 8am and 6pm) Explain what is acceptable as it pertains to the branch office of a bail agency's entrance and sign? - Correct Answer-Business name and address you have filed with the department. How and whom must an agent notify if there has been a change in address, telephone number or name and what is the time frame allowed? - Correct Answer-The Department-The Sheriff-The surety within 10 days. What is a build up fund? Aka BUF - Correct Answer-A joint account between the surety company and agency to protect the Surety Company How is a build up fund account opened or titled? - Correct Answer-Opened jointly in the name of the agent or agency and the insurer or in trust for the agent or agency by the insurer. Interest accrued on a build up fund account is credited to whom? - Correct Answer-The Bail Bond agent

Build up funds are due payable to the agent how long after final discharge? - Correct Answer-6 months What are the responsibilities of the primary bail bond agent? - Correct Answer- Responsibility of the overall operation, Management, Hiring and supervising of all individuals within the location. Explain the requirements for the ownership of a bail bond agency - Correct Answer-Has to be a licensed and appointed bail bond agent. How long must a bail agent keep records of a bail bond transaction? - Correct Answer-3 years after the liability of the surety has been terminated? List two examples or titles that a person may not use or represent themselves as in the state of Florida - Correct Answer-Bail Enforcement and Bounty Hunter How is the premium rate that an agent charges to the consumer determined? - Correct Answer-The Surety company negotiates with the department What is the minimum age requirement for an applicant of a limited surety agents license? - Correct Answer-18 Years old What is the minimum education requirement for an applicant of a limited surety agents license? - Correct Answer-High school Diploma or equivalent A person holding a temporary bail bond license may or may not - Correct Answer-Execute or sign bonds-deliver a bond-handle collateral receipts-perform pickups alone- manage and office separate from their supervisor. What does it mean when an Insurer "appoints" an agent? Describe what this means and what steps are taken in the appointment procedure - Correct Answer- Must file the appointment with the department and at the same time pay the applicable appointment fees and taxes. A person appointed under this section must hold a valid bail bond agent's or temporary bail bond agent's license. What are the continuing education requirements in the state of Florida as it pertains to Bail Agents? - Correct Answer-Complete 14 hours every TWO years by the end of your birth month which includes at least 9 hours elective and 5 hours ethics What is the purpose of a Managing General Agent - Correct Answer-Supervise agency and/or Agents hired by the insurer What is the name of the document that a bail agent has to record in order to register in a county in which the wish to execute bonds in? With whom must they

register this document and how often? - Correct Answer-The document is a Qualify power of attorney and must be registered with the Sheriffs office and the clerk of courts By April 1st of every odd numbered year. Which of the following three is considered allowable collateral in the state of florida: Warranty Deed, Mortgage Deed, Or Quit Claim Deed? - Correct Answer- Mortgage Deed What is the proper procedure or handling of cash collateral accepted in the amount of - Correct Answer-1,000.00 Goes in to a no interest account- collateral account 5500.00 You must send a report to surety company. What is the minimum amount of collateral an agent should require when executing a bond of any amount? - Correct Answer-Promissory Note & Indemnity Agreement If a bond forfeiture occurs, what must a bail agent do prior to converting the collateral to pay for the forfeiture? - Correct Answer-Send 10 day notice to indemnitor that collateral will be converted to cash. All Bail Bond agents of the same agency must be "What" to represent the same companies - Correct Answer-Appointed What is considered to be acceptable forms of collateral - Correct Answer-A promissory note, An indemnity agreement, Title and mortgage. Explain the proper procedure for the return collateral - Correct Answer-Sign for the return -Must be returned within 21 days after discharge What are the two main purposes of bail determination proceedings? - Correct Answer-To ensure that the defendant appears at all subsequent criminal proceedings and otherwise fulfills all conditions of the bond What types of things does the court consider when determining whether to release a defendant on bail? - Correct Answer-Criminal History, evidence against him, and ties to the community. What is a forfeiture? - Correct Answer-A failure to appear How long does a forfeiture remain a forfeiture? - Correct Answer-60 days What is a Judgement? - Correct Answer-A condition the circuit court issues to the surety company to pay the amount owed How long does a judgment remain a judgement? - Correct Answer-35 days

How much advance notice must the Clerk give the bail agent of a court appearance? - Correct Answer-72 hours How many days does the clerk have to notify the bail agent that a forfeiture of a bond has occurred? - Correct Answer-5 days Draw the sliding scale for remissions - Correct Answer-Return within 90 days 100% Return within 180days 95% Return within 1 year 85% Return within 2 years 50% What is the IRS form 8300? - Correct Answer-A form to submit to the IRS to report cash payments received usually used when a business receives $10,000.00 or more in cash. What is the disclosure notice/Informal notice - Correct Answer-The conditions of the bond. Principle acknowledgement and indemnitor acknowledgement. If a bond register is computer generated, what is the acceptable format that is approved by the department? - Correct Answer-A print that maintains the same format is acceptable. Statement of surrender - Correct Answer-Form used when a defendant is returned to jail What must a premium receipt contain? - Correct Answer-Must contain Agency name, Surety name, Date, Defendants name, and unique receipt number. A collateral receipt must contain - Correct Answer-Signatures of agent and person giving collateral, Description of collateral, Unique receipt number How many years should the IRS 8300 form be kept? And where? - Correct Answer-5 years and kept in the defendants file What form must include the following phrase "for good valuable consideration, the undersigned principal agrees to indemnify and hold harmless the surety company or its agents from all losses not otherwise prohibited by law or rules of the department?" - Correct Answer-Indemnity Agreement What form must include the statement of the bondsman? - Correct Answer- Appearance Bond What are three forms of prohibited solicitation? - Correct Answer-Passing out cards at the Jail, Court house, or either of the property.

On which two forms is the agent obligated to list the collateral the has been deposited for the bond - Correct Answer-Appearance Bond and collateral receipt What are the four levels of the Florida court system? - Correct Answer-County, Circuit, District county of appeal, Supreme. What is the title given over the elected official that oversees the department of financial services in Florida and who is the current person holding that position?

• Correct Answer-The chief financial officer Jeff Atwater Churning - Correct Answer-Charging premium of the same bond misappropriation - Correct Answer-misuse of monetary cash collateral conversion - Correct Answer-misuse of physical collateral Felony - Correct Answer-Any crime resulting in 1 or more years of punishment Misdemeanor - Correct Answer-Any crime resulting in less than one year of punishment Who is the constitutional officer elected by the people to maintain all records of the court? - Correct Answer-Clerck of the Court In Florida, What do we call the elected Chief Law enforcement Officer in a county that is responsible for the law enforcement, corrections, and court services within the county? - Correct Answer-The Sheriff What is the title given to the lawyer representing the interests of the State in a legal proceeding, typically as a prosecutor? - Correct Answer-State Attorney