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Real Estate Gold Coast test | 260 Questions and Answers | RATED A+
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Real Estate Gold Coast test | 260 Questionsand Answers | RATED A+
Prorating Rent - Answer paid in advance
monthly rent collected by the seller for the month must be divided between seller and buyer
Areas of expert knowledge required for all real estate licensees? - Answer 1. Property Transfer
2. Valuation
3. Marketing
(Not accounting or construction)
Real estate licensees can perform valuations under the real estate license law if the valuation is not to be
used _________. - Answer in a federally related transation
real estate licensees usually prepare... - Answer CMAs or give a BPO. They do NOT perform
appraisals
Does Florida have a reciprocity with any other state with regard to real estate licensing? - Answer
No, but they do have mutual recognition
what is question 1 on the background questions for the application for sales associate license -
Answer asks if you have ever been convicted or found guilty of, or entered a plea of nolo contender
(no contest) or guilty to, regardless of adjudication, a crime in any jurisdiction, or are you currently under
criminal investigation
Application Denial - Answer If an application to take the state exam is denied by the Department,
the applicant will be notified in writing. The notification will identify the reasons for denial and advise
the applicant that he or she has 21 days from the date of receipt to request a formal hearing before an
administrative law judge in accordance with F.S. 120, The Administrative Procedure Act
,The law requires sales associates or broker associates to be .. - Answer employed as an agent of
either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? - Answer their employing
broker or owner-developer
Employment by an owner-developer - Answer - individual who is in the businesses of buying,
owning, or developing real estate
-The owner developer must register with the department but does not receive a real estate license
Who can owner-developers hire? - Answer -They can hire unlicensed sales persons to sell property
they own, as long as the sales persons are PAID A SALARY.
-If they pay commissions or transaction based fees, they MUST hire licensed sales associates or broker
associates
CH.2 - Answer
1919
1925 - Answer California enacted first real estate license law
FREC was created
The purpose of the Florida Real Estate License Law, F.S. 475 is - Answer to protect the public.
The most common services of real estate are: - Answer A= appraising
B= buying
A= auctioning
R= renting
S= selling
A= advertising
L= leasing
,E= exchanging
Those who may also qualify to apply for a brokers license: - Answer Actively licensed real estate
sales associates rom another state or nation who have been licensed for at least 24 months during the
preceding 5 years
Broker Associate - Answer Broker who is working as a sales associate
A sales associate or broker associate cannot receive compensation for performing real estate services
from - Answer Anyone other than his employing broker
If an owner developer pays commissions or transaction-based fees, - Answer They must hire
licensed sales associates or broker associates
Post license (First Renewal) Requirements - Answer -All licensees, must satisfactorily complete a
Commission-prescribed post-licensing course prior to the first renewal expiry following initial licensure.
-The renewal form includes an affirmation that the licensee must sign to indicate that he has satisfied
this requirement prior to the application for renewal
Sales associate first renewal - Answer - a 45 hr post-license course must be complete prior to the
expiration dat on the initial lice period,
- if a sales associate fails to complete this requirement the license will become VOID
Continuing Education - Answer 14 hr of CE and pay renewal fees during each license renewal period,
not including the first renewal period. If the CE requirement is not met the licensee's license status will
be changed to INVOLUNTARY INACTIVE
Individuals exempt from real estate licensure include: - Answer - attorneys in fact ( persons who are
granted authority under a power of attorney to act for others in some capacity, like signing documents)
- salaried employees ( of an owner, or of a registered broker for an owner, of an apartment community
who work in an onsite rental office of the apartment community in a leasing capacity)
, Powers of the Department - Answer The Department may SEEK an injunction from a court against a
licensee for failure to follow an order. They do NOT have the authority to issue injunctions against
unlicensed persons.
CH.3 - Answer
The commissions specific powers include: - Answer Executive Powers- these powers include:
-the publication of books and newsletters to keep licensees and the public informed of new and
changing laws/ rules governing real estate,
-furthering the education of potential/current licensees, -and the investigation of complaints against
licensees
- The executive powers can be exercised by the chairs-person acting alone or an be delegated bu quorum
vote to any other Commission member
First Renewal - Answer failure to renew will result in a null and void license status.
Multiple Licenses - Answer -Brokers can be issued additional licenses in 2 or more capacities by
requesting multiple licenses. They must show that the additional licenses are necessary for legitimate
business reasons.
- The request for issuance of multiple licenses cannot be prejudicial to the brokers business associates or
the public.
-NOT available to sales associates or broker associates
CH.4 - Answer
3 types of agency relationships in the law of agency? - Answer 1. special agent
2. general agent
3. universal agent
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