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Goldcoast School of Real Estate Final exam with correct answers
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Goldcoast School of Real Estate Final exam with correct answers
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Goldcoast School of Real Estate Finalexam with correct answers
Involuntarily Inactive - ANSWER: ➡ When the licensee fails to complete the required
continuing education and thereby cannot renew their license.
Multiple Licenses - ANSWER: ➡ Under certain situations, licensees can have more than
one license; A Multiple license can exist if a broker has business of such a nature that more
than one broker's license is needed for legitimate business purposes and not be harmful to
the public. A broker can have multiple brokers' licenses if he manages more than one
brokerage firm. A broker can not be licensed as either a sales associate or a broker sales
associate at the same time he holds a broker's license.
Transaction Brokerage - ANSWER: ➡ Non-agency (neutral) representation whereby the
Broker (or via his salespersons) does not represent the parties, but serves as a "facilitator",
making required disclosures and giving required notices, as well as seeing to all necessary
contracts and paperwork needed to prepare for closing. The broker does not advocate or
advise the parties as to offers. Anything in which the broker has "actual knowledge" or
"notice" of is his duty to the client.
Presenting Offers - ANSWER: ➡ A broker cannot accept or reject an offer on behalf of his
or her employer.
Listing Contract - ANSWER: ➡ An employment agreement between an owner and broker
defining the duties and rights of both parties. (Unilateral contract)
Referral Fees - ANSWER: ➡ Members and candidates must disclose to employers and to
affected clients, before entering into any formal agreement for services, any benefits
received for the recommendation of services provided by the member.
, Branch Office - ANSWER: ➡ closed and later reopened in the same location during the
same two-year period, may reissue a license. If moved, new application for registration and
payment of proper fee are required.
Broker Advertising - ANSWER: ➡ 1. no 'blind advertising', must state that it has been
placed by a broker or brokerage firm, not the principal
2. a provisional broker cannot advertise without obtaining the permission of the BIC
3. broker cannot advertise or display a for sale or for rent sign without consent of the
owner that should be given in writing in the listing contract
Personal Transactions - ANSWER: ➡ Brokers, sale associates and broker associates are
entitled to deal in real property for personal benefit.
Licensees must make clear that they are dealing on their own account and not acting on
behalf of others. Disclosure must take place prior to entering into serious negotiations. The
licensee should also ensure that this disclosure is in writing in the (purchase and sale
contract).
Post Dated Check - ANSWER: ➡ promissory notes that can be accepted as earnest money
deposits with seller's approval.
Escrow Deposit Rules - ANSWER: ➡ May be held in commercial bank, title company, credit
union, savings and loan association located in Florida.
Litigation - ANSWER: ➡ the process of taking legal action
Escrow Disbursement Acceptions - ANSWER: ➡ when sales contract is subject to
financing, and broker is acting as escrow agent, broker may refund the buyer without
notification to the Commission.
General Partnership - ANSWER: ➡ partnership in which partners share equally in both
responsibility and liability
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