Real Estate Gold Coast Test Questions
and All Actual Answers.
Areas of expert knowledge required for all real estate licensees? - Answer 1. Property
Transfer
2. Valuation
3. Marketing
(Not accounting or construction)
Real estate licensees can perform valuations under the real estate license law if the valuation is
not to be used _________. - Answer in a federally related transaction
real estate licensees usually prepare... - Answer CMAs or give a BPO. They do NOT perform
appraisals
Does Florida have a reciprocity with any other state with regard to real estate licensing? -
Answer No, but they do have mutual recognition
what is question 1 on the background questions for the application for sales associate license -
Answer asks if you have ever been convicted or found guilty of, or entered a plea of nolo
contender (no contest) or guilty to, regardless of adjudication, a crime in any jurisdiction, or are
you currently under criminal investigation
Application Denial - 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
The law requires sales associates or broker associates to be .. - Answer employed as an agent
of either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? - Answer their
employing broker or owner-developer
Employment by an owner-developer - Answer - individual who is in the businesses of buying,
owning, or developing real estate
-The owner developer must register with the department but does not receive a real estate
license
,Who can owner-developers hire? - Answer -They can hire unlicensed sales persons to sell
property they own, as long as the sales persons are PAID A SALARY.
-If they pay commissions or transaction based fees, they MUST hire licensed sales associates or
broker associates
Post license (First Renewal) Requirements - Answer -All licensees, must satisfactorily
complete a Commission-prescribed post-licensing course prior to the first renewal expiry
following initial licensure.
-The renewal form includes an affirmation that the licensee must sign to indicate that he has
satisfied this requirement prior to the application for renewal
Sales associate first renewal - Answer - a 45 hr post-license course must be complete prior to
the expiration dat on the initial lice period,
- if a sales associate fails to complete this requirement the license will become VOID
Continuing Education - Answer 14 hr of CE and pay renewal fees during each license renewal
period, not including the first renewal period. If the CE requirement is not met the licensee's
license status will be changed to INVOLUNTARY INACTIVE
Individuals exempt from real estate licensure include: - Answer - attorneys in fact ( persons
who are granted authority under a power of attorney to act for others in some capacity, like
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)
Powers of the Department - Answer The Department may SEEK an injunction from a court
against a licensee for failure to follow an order. They do NOT have the authority to issue
injunctions against unlicensed persons.
The commissions specific powers include: - Answer Executive Powers- these powers include:
-the publication of books and newsletters to keep licensees and the public informed of new and
changing laws/ rules governing real estate,
-furthering the education of potential/current licensees, -and the investigation of complaints
against licensees
- The executive powers can be exercised by the chairs-person acting alone or an be delegated bu
quorum vote to any other Commission member
, First Renewal - Answer failure to renew will result in a null and void license status.
Multiple Licenses - Answer -Brokers can be issued additional licenses in 2 or more capacities
by requesting multiple licenses. They must show that the additional licenses are necessary for
legitimate business reasons.
- The request for issuance of multiple licenses cannot be prejudicial to the brokers business
associates or the public.
-NOT available to sales associates or broker associates
3 types of agency relationships in the law of agency? - Answer 1. special agent
2. general agent
3. universal agent
Special Agent - Answer -authorized under agency law by the employer to perform a SINGLE
ACT
- the employment contract between the employer and agent establishes the limit of authority
granted
Subagent - Answer -NOT a type of agency, it is an extension of another agency.
- a party who has been granted authority to ACT ON BEHALF OF ANOTHER AGENT
Principal - Answer -the party with whom the real estate licensee has entered into a single
agent relationship
-customer becomes the principal once a single agency relationship has been established
Transaction Broker - 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
Dual Agency - Answer Representing both parties to a transaction. Illegal in Florida
Situations exempt from the Disclosure Requirements - Answer - responding to general
factual questions
- situations in which a licensee's communications with a potential buyer or seller are limited to
providing general factual information, oral or written, about the qualifications, background, and
services of the licensee or the licensees brokerage firm
Presenting offers - Answer -A broker has a duty to transmit any and all offers to the employer
including oral offers or offers made without a binder deposit.
and All Actual Answers.
Areas of expert knowledge required for all real estate licensees? - Answer 1. Property
Transfer
2. Valuation
3. Marketing
(Not accounting or construction)
Real estate licensees can perform valuations under the real estate license law if the valuation is
not to be used _________. - Answer in a federally related transaction
real estate licensees usually prepare... - Answer CMAs or give a BPO. They do NOT perform
appraisals
Does Florida have a reciprocity with any other state with regard to real estate licensing? -
Answer No, but they do have mutual recognition
what is question 1 on the background questions for the application for sales associate license -
Answer asks if you have ever been convicted or found guilty of, or entered a plea of nolo
contender (no contest) or guilty to, regardless of adjudication, a crime in any jurisdiction, or are
you currently under criminal investigation
Application Denial - 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
The law requires sales associates or broker associates to be .. - Answer employed as an agent
of either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? - Answer their
employing broker or owner-developer
Employment by an owner-developer - Answer - individual who is in the businesses of buying,
owning, or developing real estate
-The owner developer must register with the department but does not receive a real estate
license
,Who can owner-developers hire? - Answer -They can hire unlicensed sales persons to sell
property they own, as long as the sales persons are PAID A SALARY.
-If they pay commissions or transaction based fees, they MUST hire licensed sales associates or
broker associates
Post license (First Renewal) Requirements - Answer -All licensees, must satisfactorily
complete a Commission-prescribed post-licensing course prior to the first renewal expiry
following initial licensure.
-The renewal form includes an affirmation that the licensee must sign to indicate that he has
satisfied this requirement prior to the application for renewal
Sales associate first renewal - Answer - a 45 hr post-license course must be complete prior to
the expiration dat on the initial lice period,
- if a sales associate fails to complete this requirement the license will become VOID
Continuing Education - Answer 14 hr of CE and pay renewal fees during each license renewal
period, not including the first renewal period. If the CE requirement is not met the licensee's
license status will be changed to INVOLUNTARY INACTIVE
Individuals exempt from real estate licensure include: - Answer - attorneys in fact ( persons
who are granted authority under a power of attorney to act for others in some capacity, like
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)
Powers of the Department - Answer The Department may SEEK an injunction from a court
against a licensee for failure to follow an order. They do NOT have the authority to issue
injunctions against unlicensed persons.
The commissions specific powers include: - Answer Executive Powers- these powers include:
-the publication of books and newsletters to keep licensees and the public informed of new and
changing laws/ rules governing real estate,
-furthering the education of potential/current licensees, -and the investigation of complaints
against licensees
- The executive powers can be exercised by the chairs-person acting alone or an be delegated bu
quorum vote to any other Commission member
, First Renewal - Answer failure to renew will result in a null and void license status.
Multiple Licenses - Answer -Brokers can be issued additional licenses in 2 or more capacities
by requesting multiple licenses. They must show that the additional licenses are necessary for
legitimate business reasons.
- The request for issuance of multiple licenses cannot be prejudicial to the brokers business
associates or the public.
-NOT available to sales associates or broker associates
3 types of agency relationships in the law of agency? - Answer 1. special agent
2. general agent
3. universal agent
Special Agent - Answer -authorized under agency law by the employer to perform a SINGLE
ACT
- the employment contract between the employer and agent establishes the limit of authority
granted
Subagent - Answer -NOT a type of agency, it is an extension of another agency.
- a party who has been granted authority to ACT ON BEHALF OF ANOTHER AGENT
Principal - Answer -the party with whom the real estate licensee has entered into a single
agent relationship
-customer becomes the principal once a single agency relationship has been established
Transaction Broker - 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
Dual Agency - Answer Representing both parties to a transaction. Illegal in Florida
Situations exempt from the Disclosure Requirements - Answer - responding to general
factual questions
- situations in which a licensee's communications with a potential buyer or seller are limited to
providing general factual information, oral or written, about the qualifications, background, and
services of the licensee or the licensees brokerage firm
Presenting offers - Answer -A broker has a duty to transmit any and all offers to the employer
including oral offers or offers made without a binder deposit.
