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Gold Coast FINAL EXAM STUDY SET for 4/11 – Questions & Answers
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Gold Coast FINAL EXAM STUDY SET for 4/11 – Questions & Answers
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Gold Coast FINAL EXAM STUDY SETfor 4/11 – Questions & Answers
what are the the areas a realtor should be an expert in? - -Marketing
Valuation & Market Conditions
Property Transfer
"MVP"
-Does one need to be a resident of the state or a citizen of the U.S. to get a
FL real estate license? - -to get a FL real estate license, you don't need to be
a citizen
-What must an applicant for a real estate license do if he has been convicted
of a crime? - -must disclose all convictions
-Employment - -an associate can only have one employer at a time
-What's the grace period for a Sales associate's first renewal? Post Licensing
- -no grace period, void and null
-Individuals who are exempt from licensure - -Salaried Employees
-How long can one stay involuntary inactive? - -2 years
-What happens to an associates license if a broker's license is void,
suspended, or revoked? - -their license automatically becomes inactive
-Multiple Licenses - -issued only to active brokers if it is clearly shown that
such additional licenses are necessary to the conduct of legitimate business
-What is a Transaction broker - -a broker who provides limited
representation to a buyer, seller, or both, in a real estate transaction
*not an AGENT*
-Presenting Offers - -must present all offers
-A broker is entitled to compensation if they... - -bring a buyer who brings
an offer the seller was looking for
-Listing Contract - -broker's employment contract that states the terms and
conditions that the broker must meet to become eligible for compensation
, -Referral Fees:
I as the sellers agent promise kickback commission. Is this allowed? - -yes,
as long as this is disclosed to all interested parties
-what if an attorney asks for a fee because they referred a client to you? - -
you cannot give him a referral fee for sending you a client
-Principal Brokerage office - --registration is good for 2 years
-can switch locations
-branch brokerage office - --registration is good for 2 years
-cannot move locations if not the principal location... in order to move it
would need a new registration for the new location and must pays fees
associated with it
-What are the requirements for a Principal Office? - --at least one enclosed
room in a building of stationary construction
-must maintain documents for a minimum of 5 years
-What are the requirements for an associate advertising with a website? - --
must have brokerage name and his/her last name
-Advertising - -must have name of brokerage
-When should one disclose that they are a licensed agent? - -prior to
entering serious negotiations
-Escrow Account pg.75**** - -ESCROW ACCOUNT PG 75****
-Earnest Money Deposit - -provide written verification within 10 days of
request
-A buyer drops off an escrow check on Monday. To avoid any trouble with
FREC, the broker must deposit the check by close of business on which day?
- -Thursday
-Which of the following 4 uses/has an interpleader?
Mediation
Escrow Disbursement Order
Arbitration
Litigation - -Litigation
-Escrow Disbursement Exemptions - -when a sales contract is subject to a
contingency (financing/appraisal/etc) and it's not met
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