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Gold Coast Exam Study Guide Questions And Accurate Answers
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Gold Coast Exam Study Guide Questions AndAccurate Answers
Tract Building - ANSWER When 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 - ANSWER Employment in a sales associate capacity.
Is an applicant for a real estate license required to be a florida resident? - ANSWER No.
But a non US citizen must have a social security number
What must an applicant for a florida real estate license disclose? - ANSWER The
applicant shall disclose ANY criminal convictions, including felony or misdemeanor
convictions or pleas (other than minor traffic offenses).
Florida real estate license law requires a sales associate must be employed as ______ or
______ before performing real estate services. - ANSWER As an agent for:
A Broker
An Owner-Developer
What is one way a lincensee's license status changes to Involuntary Inactive? - ANSWER
Failure to complete the 14-hour commission approved Continued Education (CE) within
the renewal deadline.
What happens to a licensee's license status if he/she fails to complete post licensing
requirements for FIRST RENEWAL? - ANSWER Failure to complete post licensing
,requirements for first renewal will result in a:
null and void license status.
Can a licensee practice real estate while his or her license is Involuntary Inactive? -
ANSWER NO
Under what circumstances may a sales associate or a broker associate obtain a GROUP
LICENSE? - ANSWER A group license can be obtained if the sales associate or a broker
associate WORKS FOR AN OWNER- DEVELOPER WITH AFFILIATED ORGANIZATIONS,
which provide real estate services in different geographical areas.
Which offer's does a broker have a duty to present to their employers? - ANSWER A
broker MUST present ALL offers to their employer's.
Failure to do so could be considered concealment or a breech of trust.
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)
Referral fee' between a florida broker and a licensed out-of-state or foreign broker.
(Referral Fee's)
Under what circumstances is a licensee NOT permitted to share brokerage
compensation? - ANSWER A florida broker may NOT pay compensation, fee's, or share
commission with unlicensed individuals in exchange for soliciting or referring business.
(thank you attorney)
(Earnest Money Deposits)
Postdated checks are considered to be. - ANSWER Promissory notes and can be
accepted as earnest money with the sellers approval.
(Earnest Money Deposits)
When a deposit is placed, or is to be placed with a title company or attorney, what must
happen? 2 - ANSWER 1. Name, Address, and Telephone Number of the title company or
attorney
2. The licensee's broker shall send in writing a demand upon the title company or
attorney for Verification of Receipt of the Deposit within 10 business days.
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