EOC test for gold coast real estate course|Complete Questions with 100% Correct Answers

EOC test for gold coast real estate course|Complete Questions with 100% Correct Answers what are the 3 areas that a licensee are required to have expert knowledge? property transfer, valuation, marketing when a developer acquires a large tract of land and records a subdivision play map, and uses a model center from which sales are made is called? tract building focusing on one type or style of property or a particular neighborhood farming/farm area sales associate who wishes to apply to be a broker must have 24 months under one or more actively licensed brokers within the preceding 5 years an applicant for a broker license may choose to continue employment in a sales associate capacity with a current employer is called broker associate if a broker associate become inactive, their license status will be changed to inactive broker license an applicant for a florida real estate is not required to be a resident of florida or a citizen of the U.S. if application is denied, the applicant will be notified in writing and it will identify what? reasons for denial and state that they have 21 days to request a formal hearing brokers are _________ and __________ with the department registered, licensed an owner-developer may register with the department but does not receive a ? license sales associate must complete hour many hour post license course 45 hour if failure to complete 45-hour post license course there is __ _______ ________. no grace period all active or inactive licensees must complete 14 hours of continued education and pay a renewal fee persons who are granted authority under a power of attorney to act for others in some capacity attorneys-in-fact a tenant of an apartment community may receive up to 50$ cash, personal property or credit toward rent for ? a referral of a new tenant the department may seek an __________ from a court against a licensee for failure to follow a department order. injunction administrative fines from the department may not exceed $5000 per offense first renewal following initial license, licensees must renew by completing the post-licensing requirements prior to? the expiration date of the initial license failure to renew license for first renewal will result in null and void license status failure to renew a license prior to expiration will put the license into involuntary inactive status biennial every two years biannual twice a year if a licensee decides to no longer practice real estate, they could return the license to the department, the license would be cancelled a single real estate license that can be obtained if the sales associate or broker associate works for one owner developer with affiliated organizations which provides real estate services in different geographic areas group license broker can be issued additional license in 2 or more capacities by requesting multiple licenses authorized under agency law by the employer to perform a single acf special agent a party who has been granted authority to act on behalf of another agent subagent a broker who provides limited representation transaction broker broker must present ALL offers any attempt to represent both parties in a transaction as an agent would create an illegal dual agency buyer beware, acting in own best interesy arms length relationship when both buyer and seller have assets of $1 million or more can both request single agent representation procuring of cause broker who first produces a purchaser person can receive compensation for referrals if they have a license or a part of transaction broker is required to have a ____ on it about the entrance to the office and all branch offices sign all legal advertising must be in the name and under the supervision of the broker sales associate or broker associates name may appear in the ad in addition to the name of the brokerage but must include first and last name as registered with the commission internet advertising any advertisement that is placed online any real estate advertisement that DOES NOT contain the registered or trade name of the broker blind ad Default by the buyer usually requires the deposit to be forfeited in favor of the seller to compensate for having removed the property from the market, this is called: liquidated damages post dated checks are considered to be _________ _____ and can be accepted as earnest money with the sellers approval. promissory notes escrow account or trust accounts may be held in a commercial bank or title company escrow account cannot be held in a stock or bond brokerage house depositing the personal funds of any person with funds being held in escrow, trust, or on condition commingle A broker is authorized to place and maintain up to _____ of personal or business funds in a sales escrow account and up to _______ of personal or business funds in a property management escrow account for the purposes of opening the account, keeping the account open and paying for ordinary service charges $1000; $5000 escrowed funds must be maintained separately from the brokers ___________ and __________ funds business, personal The misuse of, commingling or intermingling of or failure to account for funds or property entrusted to any licensee is known as ________ conversion a sales associate or broker associate who receives an earnest money deposit on behalf of their employer must deliver to the employer no later than the end of the next business day following receipt A broker must "immediately" place the earnest money deposit in an escrow account. What is immediately defined as? No later than the third business day following receipt. a brokers books and records must be preserved for a period of not less than five years conflicting requests in which both the buyer and seller demand that the broker release escrowed funds is called an escrow dispute If the broker has good faith doubt as to which person is entitled to the escrowed property, the broker must give a written notice to FREC within how many days from the date the last party's demand? 15 days A suit in court that can be used to resolve an escrow dispute in known as a ____ litigation (court action) if the broker does not claim any rights to the deposit under dispute they would file a bill of interpleader, then funds are turned over to registry of the court when a sales contract is subject to financing, and the broker is acting as an escrow agent, the broker may refund the deposit to the buyer without notification to the ________ if the financing cannot be obtained. commission Any resident licensee who becomes a nonresident must notify the commission of the change in residency within: 60 days and comply with non resident requirements a business formation in which two or more people agree to share the profits or losses of a business is called general partnership or partnership what partnership must have at least one partner licensed as an active broker ? real estate brokerage partnerahip a sales associate or broker associate cannot be a partner in a real estate brokerage partnership businesses that may register with the department to perform brokerage services sole proprietorship P corporation for profit P not for profit corporation P limited liability company O general partnership P limited partnership P limited liability partnership P businesses that may not register to broker real estate corporation sole CS cooperative association CA business trust BT unincorporated associate UA joint venture JV first degree misdemeanor rental lists Second degree misdemeanor everything besides rental lists third degree felonies $5000 or five years imprisonment for acting as a broker or sales associate without a valid and current license, giving false info when applying when a broker fails to disclose information to a party that is material to their decision concealment occurs if a broker operates in a reckless as negligent manner (ex: forget to collect escrow deposit) culpable negligence the misstatement or omission of facts that can lead to fraud if statements are intentional and relied upon; exaggeration in an opinion of value misrepresentation broker must inform a prospective buyer of such conditions prior to the payment of any portion of the sales price (property is in-merchantable) properties with liens to get an appeal court of appeal a broker who uses ________ or trading schemes that involve the selling of certificates or chances to induce any person to buy real estate is guilty of fraud. lotteries Maximum administrative fine for violation of FS 475 is $___________ $5,000 a complaint analyst reviews the complaint form or letter that describes the alleged violation to determine if the complaint is legally sufficient a respondent may request that an administrative law judge __________ a witness subpoena if the licensee does not agree with the final order of the commission, a ________ _____ ________ may be filed with the Florida District Court of Appeals within __ days or the final order. petition for review, 30 days Payment From the Recovery Fund will not be made to the spouse of a judgement debtor or to any licensee who operated as a licensee in the transaction but who can? licensee who acted in capacity of a buyer or seller only the commission requires the holder of the judgement to assign the judgement to the commission as a condition of reimbursement from the Recovery Fund the real estate recovery fund is maintained by fees and fines paid by licensees what consists of inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons ? blockbusting Steering or channeling an individual, directly or indirectly, into or away from a neighborhood or location in a multi-unit building on the basis of race, color, religion, sex or national origin the refusal by a lender to approve a mortgage loan based on a property location in a certain geographical area, age or the property, income level of the residents, or the racial composition of the area redlining Owners of properties open to the public are required to _______ in order to comply with the ADA Remove barriers that limit access or utility to individuals with disabilities the ADA mandates ______ ________ for multi family dwelling units to provide accessible and usable area for people with disabilities design specificications for existing properties that do not comply with the ADA, the owners are required to make necessary modifications to give access to individuals with disabilities part II of the Florida Residential Landlord and Tenant Act regulates what residential tenancies hold the total amount of the security deposit or advance rent in a noninterest-bearing escrow account hold the total amount of the security deposit or advance rent in an interest-bearing escrow account post a ______ ____ with the clerk of the circuit court in the county in which the dwelling unit is location in the amount of the total security holdings or $50,000, whichever is less. (can commingle) surety bond