Download Gold Coast real estate 63 hour course test 2025/2026 and more Exams Real Estate Management in PDF only on Docsity!
Gold Coast real estate 63 hour course
test 2025/
one acre equals 43,560 square feet One mile is how many feet 5280 feet Plat or recorded plat is also known as Lot and block Assessor's parcel number (APN) is A number that is assigned to a parcel of real property by a county property assessor to uniquely identify that property within the jurisdiction. Township Is 6 mikes sq and contains 36 square miles. MLS (Multiple Listing Service) Marketing tool for licensees Residential sales The sale of improved residential property of 4 or less units, the sale of unimproved residential property intended for use as 4 or less, or the sale of agricultural property of 10 or fewer acres. Tract building 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. moratorium a suspension of activity; an authorized delay of building project Florida real estate license law To protect public Leasing For commercial properties Renting For residential properties Sales associate that wants to be broker Needs to actively licensed 24 months within 5 years
Broker Associate A person who holds a broker's license but chooses to register and work in real estate under the direction of another broker. Florida rea estate license Does not require to be resident of state or be a citizen of united states Background questions Must discolse any convictions What 5 things happens when application denial Denied by department, notified by writing, 21 days from reciept, request formal , attend before administrative hearing Law 475 Law requires sales associate or broker associate to be employed as an agent of either a broker or owner developer not both Owner-developer Must register with department but does not receive real estate license Sales associate first renewal No grace period, 45 hr post license Continuing Education Required if not met within the renewal, licensees license status will be changed to involuntary Attorneys-in-fact persons who are granted authority under a power of attorney to act for others in some capacity, such as signing a document. Salaried Employee referral Up to $50. Powers of the Department Injuction executive powers clause Powers can be exercised by the chairperson acting alone What are three powers of comission Executive, quasi-legislative,quasi judicial Disciplinary Authority of commission Commission may deny an application for licensure for violation of F.S.475 ie. reprimand, $5,000, 10 years suspension, permanently revoked license Brokers license suspended or revoked All employed automatically inactive Group license Only one registered employer at a time - owner - developer
Must consist of at least one enclosed room in a building of stationary construction where negotiations and the closing of real estate transactions can be conducted with privacy. Earnest Money deposits Down payment Post dated checks Are considered to be promissory notes and can be accepted as earnest money with the seller's approval. escrow account a trust account held in commercial bank, title company trust powers, credit ynion or savings and loans Cannot be held in a stock or bond brokerage house- Account which cannot conmingle funds Escrow account How many days does a broker have to deposit money deposit in escrow No later than 3rd business day Sales associate who receives deposit must deliver to employer no later than Next business day Escrow dispute conflicting requests in which the buyer and seller demand that the broker release escrowed funds. litigation Bill of interpleader sole proprietor A business owned by one person sole proprietor broker Can register and operate as a real estate broker if he or she has a current active and valid broker's license General Partnership Business formation in which two or more people agree to share profits or losses of a business Real estate broker partnership At least One broker licensed as an active broker and be registered with department Active licensed broker Limited partnership with at least one general partner that is a licensed broker joint venture Temporary business that involves a single transaction Corporation for profit Inc, corp , corporation Corporation sole Church/Religious organizations May not register as a Real Estate Brokerage Corporation.
Cooperative Association may buy , sell and lease real estate for its own use - cannot register as a real estate brokerage corporation Following businesses may not register to broker real estate Joint venture, corporation sole, cooperative association, business trust, unincorporated association First degree misdemeanor One year and $ Second degree misdemeanor For example :false advertising $500- or 60 days Third degree felony 5years and or $5,000 example: practicing without license Concealment Broker fails to disclose information to party cupable negligence When a broker operates in reckless , careless and excessively negligent way Example-broker does not train agents or does not answer Rendering an opinion of title A broker cannot render a opinion that the title to the property being sold is good or merchantable Could be considered as practicing law, which is beyond the scope of a real estate license. Lotteries Only developer can lottery a house Penalties in order Reprimand,fine, probation, suspension and revocation or denial of license Legally sufficient One that alleges a violation of law Or rule has occurred and contains sufficient supporting evidence Recovery fund (Real Estate Recovery Fund) To reimburse those persons who have suffered $$ monetary damages as result of violations of FS 475 by real estate agent The recovery fund Is maintained by fees and fines paid by licensees. Blockbusting Telling an owner to list or sale because of neighborhood decline Example-influx of minority persons Steering
Reversion Estate The right to regain ownership Remainder Estate Usually 3rd person mentioned in question- Tenancy at will A non-freehold estate with the tenant in lawful possession of the property under an agreement with the landlord, but with no definite time limit for the rights to terminate. Tenancy for years specific time limit no notice to vacate unless written Tenancy at Sufferance (Opposite of tenancy of will)-occupies realestTein absence of agreement DBPR Department of Business and Professional Regulation Constructive Notice What kind of notice if documents are recorded Title Plant Abstracting and title insurance companies compile copies of the documents from the public records Deed Document that conveys title from one party to another when real property is sold or conveyed by gift will Document that provides for tge transfer of title upon death Escheat (No will) reversion to state if someone dies intestate and has no heirs emient domain Power of a government to take private property for public use. Adverse Possession A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time. Premises clause granting clause Habendum Clause Whats the type of clause being conveyed? Quitclaim Deed Best for seller;are used for clear a cloud (not to use between married couple) General Warranty Deed (Best for buyer)most common type of deed and provides best protection to grantee of any deed
Condemnation Proceeding A legal procedure by which a government body seeks a court's permission to seize private property by eminent domain Gross Lease (Usually residential)-lease where tenant agrees to pay fixed rental amount/ landlord pays RE taxes, insurance, maintenance costs Net Lease Tenant pays fixed rent plus all or portion of operating costs(usually commercial and industrial leases) Percentage Lease (Retail centers ir malls are usually tenants that pays monthly plus a percentage of the annually or monthly gross sales
