Gold Coast: Study Guide for State Exam fully solved 2024/2025

Gold Coast: Study Guide for State ExamCh.1 Licensees must have expertise in the following three areas: - correct answer Property Transfer (1), Valuation and Market Conditions (2) and Marketing (3) Ch.1 Industrial Sales and Leases - correct answer Involve users/owners rather than investors. Knowledge concerning government regulations of land use sand meet the requirements. Ch.1 Tract Building - correct answer is when a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made. pg.7 Ch.1 Farming/ Farm area - correct answer A specific portion of a city or style of property that a broker or sales associate seeks to become an expert. pg.27 Ch. 2 Broker Associate - correct answer A person who holds a broker's license but chooses to register and work in real estate under the direction of another broker.( Sales Ass. Capacity) pg.17 Ch.2 Does criminal arrests must be disclosed in the Application for Sales Ass. ? - correct answer No! Only CONVICTIONS. Found guilty, nolo contendere (no contest) anywhere including felonies, misdemeanors, pleas or DUI. pg.20 Ch.2 Application Denial Process (3) - correct answer 1. Must be notified in writing 2. Must Identify the reasons of denial 3. Advise the applicant they have 21 days from the date of receipt to request formal hearing before an administrative law judge to accordance with F.S 120 (The Administrative Procedure Act) pg.22 Employment by a Broker - correct answer A sales associate or broker associate acts as the broker's agent in performing services of R.E. Employment by an owner-developer - correct answer Individual or entity in the business of buying, owning and/or developing R.E. A sales associate or broker associate acts as the owner-developer's agent in performing services of R.E. The owner developer must register with the department but does not receive a real estate license. Can you be employed by Broker M-F and Owner developer on the weekends? - correct answer No! it is illegal and goes against F.S 475 since both employment is commission base. Sales Associate Renewal - correct answer Must complete 45 hour post-license course prior to the expiration date of their initial license period. If a sales associate fails to complete the first renewal post license course. Whats happens to their license? - correct answer The license will become void. (This is NOT involuntary inactive and NO GRACE PERIOD). Must take the 63 hours course again and pass another state exam. Continuing Education - correct answer All active or inactive licensees, whether broker or sales associate, must complete 14 hours of commission-approved. What happens if the the CE. not met within the renewal deadline? - correct answer The license status will be changed to involuntary inactive. Attorney-in-fact - correct answer Are persons who are granted authority under "power of attorney" to act for others in some capacity, such as signing documents. Salaried Employees - correct answer EXEMPT FROM LICENSE REUQIRED-Of an owner, or of a registered broker for an owner, of an apartment community who work in an onsite rental office of the apartment community in a leasing capacity. Ch.3 Executive Powers - correct answer The executive powers can be exercised by the chairperson acting alone or can be delegated quorum vote to any other Commission member. Disciplinary Authority of the Commission - correct answer Commission may deny an application for licensure for violation of F.S.475