Gold Coast Exam Study Guide
Tract Building - answerWhen a developer acquires a large tract of land:
USES A MODEL CENTER (from which sales may be made)
records a subdivision plat map
Broker Associate - answerEmployment in a sales associate capacity.
Is an applicant for a real estate license req...
In a single agent relationship, who can a broker represent? - answer✔The broker can represent a
buyer OR a seller. Any attempt to represent both parties in a transaction would create an illegal
duel agency.
In a single agency relationship, the employer becomes the principle.
What are the 3 required duties of a licensee in a Non-representation (no brokerage) relationship?
- answer✔1. Deal honestly and fair
2. Account for all funds
3. Disclose ALL known facts that affect the value of residential property.
(Referral Fee's)
Under what circumstances may a licensee share their brokerage compensation? - answer✔Can:
Sharing of compensation by a licensee with a party to the transaction (with full disclosure to all
interested parties)
Referral fee's between licensed agents/brokers. (without disclosure)
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