Goldcoast School of Real Estate Final Questions And Answers 100% correct Verified

Involuntarily InactiveWhen the licensee fails to complete the required continuing education and thereby cannot renew their license. Multiple LicensesUnder 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 BrokerageNon-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 OffersA broker cannot accept or reject an offer on behalf of his or her employer. Listing ContractAn employment agreement between an owner and broker defining the duties and rights of both parties. (Unilateral contract) Referral FeesMembers and candidates must disclose to employers and to affected clients, before entering into any formal agreement for