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