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Gold Coast Real Estate Final Exam
Study Guide Ch's 1, 2,3,4 and 11)Gold
Coast real estate, Practice final exam.
Real Estate Brokerage (Ch. 1) - Correct Answer: ✅✅ A business in which real estate-related activities are performed under the authority of a licensed real estate broker
Farming (Ch. 1) - Correct Answer: ✅✅ concentrating on one type or style of property in one particular area of neighborhood
Property Transfer, Valuation & Marketing (Ch. 1) - Correct Answer: ✅✅ areas of expert knowledge that are required for all real estate licensees
Residential Transaction (Ch. 1) - Correct Answer: ✅✅ F.S 475
The sale of any improved residential property of 4 units or fewer.
Unimproved property intended for 4 units or fewer.
Agricultural properties 10 acres or less
Tract Building (Ch. 1) - Correct Answer: ✅✅ 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
Local Level of Government (Ch. 1) - Correct Answer: ✅✅ control planning and zoning, property taxation, building and health code regulations
also impose a moratorium or temporary delay for a building project
building permits would be held until the situations are corrected
Florida Real Estate License Law F.S 475 (Ch. 2) - Correct Answer: ✅✅ the purpose is to protect the public
Commission (Ch. 2) - Correct Answer: ✅✅ Florida Real Estate Commission (FREC)
Department (Ch. 2) - Correct Answer: ✅✅ Department of Business and Professional Regulation (DBPR)
Licensee (Ch. 2) - Correct Answer: ✅✅ any person that has a permit, registration, certificate, or license that's issued by the Department
Sales Associate (Ch. 2) - Correct Answer: ✅✅ a person who performs real estate activities while employed by a licensed real estate broker
Broker (Ch. 2) - Correct Answer: ✅✅ a person who performs services of real estate for another and receives compensation for those services either directly or indirectly
A sales associate who wishes to a broker must: (Ch. 2) - Correct Answer: ✅✅ have been employed under one or more actively licensed brokers for at least 24 months within the previous 5 years
or an owner-developer before performing real estate services for compensation. A sales associate may not be directly employed or compensated for real estate services by a member of the public. They may only be compensated by their employing broker or owner developer.
Employment by a broker: (Ch. 2) - Correct Answer: ✅✅ a sales associate or broke associate cannot receive compensation for performing real estate services for anyone other than his or her employing broker. A sales associate or broker can work for only (1) broker at a time. Broker are registered and licensed with the Department.
Employment by an owner-developer (Ch. 2) - Correct Answer: ✅✅ The owner developer must register with the department but does not receive a real estate license
Post-License (First Renewal) Requirements [ F.S 475.17] (Ch. 2) - Correct
Answer: ✅✅ All licenses, whether active or inactive, must satisfactorily complete a Commission-prescribed post-licensing course prior to the first renewal expiry following initial licensure
Sales associate first renewal (Ch. 2) - Correct Answer: ✅✅ The license of a sales associate who fails to complete this requirement will become void and the license will be out of business
Continuing Education (CE) (Ch. 2) - Correct Answer: ✅✅ All active or inactive licensees, whether a broker or sales associate, must complete 14 hours of Commission-approved CE and pay a renewal fee during each license renewal period, excluding the first renewal period of their current license. If the CE requirement is not met within the renewal deadline, the licencee's license status will be changed to involuntary inactive.
CE courses may be completed by classroom instruction or distance learning.
Individuals who are exempt from licensure (Ch. 2) - Correct Answer: ✅✅ "Attorneys-in fact"-person who are granted authority under a "power of attorney" to act for others in some capacity, such as signing documents.
"Salaried employees" 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.
"Individuals" may buy, sell or perform services of real estate for themselves without having a real estate license.
Duties of the DBPR (The Department) (Ch. 3) - Correct Answer: ✅✅ does not have the authority to issue injunctions against unlicensed persons, but may seek an injunction from the courts for failure to follow a Department order. The Department also has the power to issue a cease-and-desist order against an unlicensed party for violation of any rule or law under its administration.
The Florida Real Estate Commission, Powers of the Commission (Ch. 3) -
Correct Answer: ✅✅ The executive powers can be exercised by the chairperson acting alone or can be delegated by quorum vote to any other Commission member
Quasi-judicial powers (Ch. 3) - Correct Answer: ✅✅ Allows the Commission to impose disciplinary action for violations of the laws or rules. Similar to the
If a licensee decides to no longer practice real estate, they could return the license to the department and the license would be: (Ch. 3) - Correct
Answer: ✅✅ cancelled
Group license (Ch. 3) - Correct Answer: ✅✅ can be obtained if s.a or brkr works for one owner-developer with affiliated organizations performing real estate services in different geographic areas
A broker can be issued addtl licenses in two or more capacities by: (Ch. 3) -
Correct Answer: ✅✅ requesting multiple licenses
Multiple licenses are not available to: (Ch. 3) - Correct Answer: ✅✅ sales associates or broker associates
Special agent (Ch. 4) - Correct Answer: ✅✅ authorized under agency law to perform a single act. A contract is formed between the employer and agent that establishes the limit of authority granted
A sales associate or broker associate is considered what type of agent of their own developer (Ch. 4) - Correct Answer: ✅✅ general agent
A sales associate is a general agent of the broker and automatically becomes a: (Ch. 4) - Correct Answer: ✅✅ subagent of all the brokers principals
as an agent of the broker, a s.a has the same duties to the brokers principals, just like the broker
Transaction Broker (Ch.4) - Correct Answer: ✅✅ A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
Subagent (Ch. 4) - Correct Answer: ✅✅ party that has been granted authority to act upon another agent
Principal (Ch. 4) - Correct Answer: ✅✅ party that a real estate licensee enters into a single agent relationship with
Brokerage Relationship Disclosure Act (Ch. 4) - Correct Answer: ✅✅ requires licensees to keep copies of disclosure documents for 5 years
A broker has a duty to transmit any and all offers to the employer including: (Ch. 4) - Correct Answer: ✅✅ oral offers and offers made without a binder deposit
An agency relationship is created when: (Ch.4) - Correct Answer: ✅✅ a broker accepts employment under a single agency agreement
The broker represents the buyer and any attempt to represent both parties in a transaction would create an illegal dual agency
In a single agency relationship, the employer becomes the: (Ch.4) - Correct
Answer: ✅✅ principal that authorizes the broker as an agent to perform certain services on ones behalf. The party that the broker does not represent as an agent is the brokers customer.
commission will be due based on the type of property and fee the broker would normally charge.
RESPA (Real Estate Settlement Procedures Act) (Ch.4) - Correct Answer: ✅✅ allows the broker to pay referral fees without disclosure
A Florida broker can pay a referral fee or share a commission with a broker that is licensed or registered with another state or foreign country. The foreign broker can accompany the customer to Florida but cannot participate in the transaction and if they do so they cannot be paid.
The Florida broke is not allowed to compensate in any way to unlicensed individuals in exchange for referring business
The sharing of compensation by a licensee with a party to the transaction with full disclosure to all interested parties is not a violation.
Offer and Acceptance (Ch. 11) - Correct Answer: ✅✅ offer and acceptance, agreement or meetings of the minds, a mutual understanding of the terms of the contract.
Consideration (Ch. 11) - Correct Answer: ✅✅ sufficient consideration, valuable or good consideration is sufficient, valuable consideration is money or anything of value that can be converted into money.
Statue of Frauds (Ch.11) - Correct Answer: ✅✅ requires certain contracts to be in writing
Statute of Limitations (Ch.11) - Correct Answer: ✅✅ gives time limits to allow parties to being legal action to enforce their rights to a contract
Oral contracts (Ch.11) - Correct Answer: ✅✅ if a contract is entirely oral, action must be brought within four years
Implied contracts (Ch. 11) - Correct Answer: ✅✅ A contract or agreement that creates obligations without verbally expressed terms
Oral contracts are also known as: (Ch. 11) - Correct Answer: ✅✅ Parol Contracts
Void Contract (Ch.11) - Correct Answer: ✅✅ unenforceable, can't be performed under the law
requires a party to perform an act that is impossible or illegal
Termination of Offers (Ch.11) - Correct Answer: ✅✅ WILD CARD
W- withdrawal
I-Insanity
L-Lapse of Time
D- Death of either party
C-Counteroffer
A-Acceptance
Assignment of Contract (Ch. 11) - Correct Answer: ✅✅ sale transfer, subrogation of rights in a contract
Sellers of residential property in Florida are required to disclose and
material.. (Ch. 11) - Correct Answer: ✅✅ defects
The use of "as is" provision in contract does not: (Ch. 11) - Correct Answer:
✅✅ relieve the seller of this responsibility
Exclusive Right of Sell Listing (Ch. 11) - Correct Answer: ✅✅ Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. (Even the Seller)
Option Contract (Ch. 11) - Correct Answer: ✅✅ The right to purchase property within a definite time at a specified price
Contract for Deed (Ch. 11) - Correct Answer: ✅✅ A means by which the seller passes possession but retains title to the property until the total or a substantial portion of the purchase price is paid. Installment contract. The two parties here are the vendor (owner) and the vendee (buyer).
Real Estate Brokerage (Ch. 1) - Correct Answer: ✅✅ A business in which real estate-related activities are performed under the authority of a licensed real estate broker
Farming (Ch. 1) - Correct Answer: ✅✅ concentrating on one type or style of property in one particular area of neighborhood
Property Transfer, Valuation & Marketing (Ch. 1) - Correct Answer: ✅✅ areas of expert knowledge that are required for all real estate licensees
Residential Transaction (Ch. 1) - Correct Answer: ✅✅ F.S 475
The sale of any improved residential property of 4 units or fewer.
Unimproved property intended for 4 units or fewer.
Agricultural properties 10 acres or less
Tract Building (Ch. 1) - Correct Answer: ✅✅ 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
Local Level of Government (Ch. 1) - Correct Answer: ✅✅ control planning and zoning, property taxation, building and health code regulations
also impose a moratorium or temporary delay for a building project
building permits would be held until the situations are corrected
Florida Real Estate License Law F.S 475 (Ch. 2) - Correct Answer: ✅✅ the purpose is to protect the public
Commission (Ch. 2) - Correct Answer: ✅✅ Florida Real Estate Commission (FREC)
Department (Ch. 2) - Correct Answer: ✅✅ Department of Business and Professional Regulation (DBPR)
The question that requires the disclosure of any criminal convictions, including felony or misdemeanor convictions or pleas (other than traffic offenses), regardless of adjudication (going to court)
DUI must be disclosed (Ch. 2) - Correct Answer: ✅✅ "Have you ever been convicted of a felony or found guilty of, or entered a plea of "nolo contendere" (no contest) or guilty to, regardless of adjudication ,a crime in any jurisdiction, or are you currently being investigated?"
Application Denial (Ch. 2) - Correct Answer: ✅✅ If an application to take the state exam is denied by the Department, the applicant will be notified in writing. The notification will identify the reasons for denial and advise the applicant that he or she has 21 days from the date of receipt to request a formal hearing before an administrative law judge
in accordance with F.S. 120, The Administrative Procedure Act
Florida real estate license law requires sales associates or broker associates to: (Ch. 2) - Correct Answer: ✅✅ be employed as an agent of either broker or an owner-developer before performing real estate services for compensation. A sales associate may not be directly employed or compensated for real estate services by a member of the public. They may only be compensated by their employing broker or owner developer.
Employment by a broker: (Ch. 2) - Correct Answer: ✅✅ a sales associate or broke associate cannot receive compensation for performing real estate services for anyone other than his or her employing broker. A sales associate or broker can work for only (1) broker at a time. Broker are registered and licensed with the Department.
Employment by an owner-developer (Ch. 2) - Correct Answer: ✅✅ The owner developer must register with the department but does not receive a real estate license
Post-License (First Renewal) Requirements [ F.S 475.17] (Ch. 2) - Correct
Answer: ✅✅ All licenses, whether active or inactive, must satisfactorily complete a Commission-prescribed post-licensing course prior to the first renewal expiry following initial licensure
Sales associate first renewal (Ch. 2) - Correct Answer: ✅✅ The license of a sales associate who fails to complete this requirement will become void and the license will be out of business
Continuing Education (CE) (Ch. 2) - Correct Answer: ✅✅ All active or inactive licensees, whether a broker or sales associate, must complete 14 hours of Commission-approved CE and pay a renewal fee during each license renewal period, excluding the first renewal period of their current license. If the CE requirement is not met within the renewal deadline, the licencee's license status will be changed to involuntary inactive.
CE courses may be completed by classroom instruction or distance learning.
Individuals who are exempt from licensure (Ch. 2) - Correct Answer: ✅✅ "Attorneys-in fact"-person who are granted authority under a "power of attorney" to act for others in some capacity, such as signing documents.
"Salaried employees" 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.
Subsequent renewals (Ch. 3) - Correct Answer: ✅✅ For all biennial renewal periods following the initial license, licensees must renew by completing the 14-hour CE requirements. Failure to renew a license prior to the expiration, in other than the initial license period, will put the license into "involuntary inactive" status. It can remain in this status for up to 2 years.
Voluntary Inactive (Ch.3) - Correct Answer: ✅✅ results in no longer wanting to practice real state personally, a license may remain in this status indefinitely
Involuntary Inactive (Ch.3) - Correct Answer: ✅✅ results in not requesting renewal of the license, paying the fee or maintaining CE requirements, cannot remain in status for more than 2 years.
If a broker's license is suspended or revoked: (Ch.3) - Correct Answer: ✅✅ all licenses of person employed under broker will automatically become inactive
If a licensee decides to no longer practice real estate, they could return the license to the department and the license would be: (Ch. 3) - Correct
Answer: ✅✅ cancelled
Group license (Ch. 3) - Correct Answer: ✅✅ can be obtained if s.a or brkr works for one owner-developer with affiliated organizations performing real estate services in different geographic areas
A broker can be issued addtl licenses in two or more capacities by: (Ch. 3) -
Correct Answer: ✅✅ requesting multiple licenses
Multiple licenses are not available to: (Ch. 3) - Correct Answer: ✅✅ sales associates or broker associates
Special agent (Ch. 4) - Correct Answer: ✅✅ authorized under agency law to perform a single act. A contract is formed between the employer and agent that establishes the limit of authority granted
A sales associate or broker associate is considered what type of agent of their own developer (Ch. 4) - Correct Answer: ✅✅ general agent
A sales associate is a general agent of the broker and automatically becomes a: (Ch. 4) - Correct Answer: ✅✅ subagent of all the brokers principals
as an agent of the broker, a s.a has the same duties to the brokers principals, just like the broker
Transaction Broker (Ch.4) - Correct Answer: ✅✅ A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
Subagent (Ch. 4) - Correct Answer: ✅✅ party that has been granted authority to act upon another agent
Principal (Ch. 4) - Correct Answer: ✅✅ party that a real estate licensee enters into a single agent relationship with
