GOLD COAST REAL ESTATE EXAM
QUESTIONS AND ANSWERS 100%
CORRECT
Farming - ANSWER-when a licensee focuses on one type or style of property or one
particular neighborhood
farm area - ANSWER-target market; one of the best ways to succeed in real estate
Areas of expert knowledge required for all real estate licensees - ANSWER-1.
Property Transfer
2. Valuation and Market Conditions
3. Marketing (consider MLS; Multiple Listing Service)
Residential Transaction - 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 - 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.
Moratorium - ANSWER-a temporary suspension of activity; an authorized delay for a
building project
What does the term "Commission" refer to? - ANSWER-Florida Real Estate
Commission (FREC)
Deals with all things real estate in Florida
What does the term "Department" refer to? - ANSWER-Department of Business and
Professional Regulation (DBPR)
Issues every and any license
Broker - ANSWER-A person who performs services of real estate as a n agent for
another and receives compensation for those services either directly or indirectly.
Can a sales associate be compensated directly from the customer? - ANSWER-No,
they can only receive their compensation directly from their employing broker
What are the requirements for a sales associate to become a broker? - ANSWER-
The sales associate must have been employed under one or more actively licensed
brokers for at least 24 months within the preceding 5 years before becoming eligible
to take broker examination (licensure under an owner-developer does not satisfy this
requirement)
,Broker Associate - ANSWER-An individual who is qualified to be issued a broker's
license but who operates as a sales associate in the employ of another broker.
Glorified sales associate.
Does an applicant for the Florida Real Estate license have to be a resident of the
state or country? - ANSWER-No [F.S. 455. 10]
What is the first question in the application for the Sales Associate license? -
ANSWER-"Have you ever been convicted or found guilty of, or entered a plea of solo
contenders (no contest) or guilty, regardless of adjudication, a crime in any
jurisdiction, or are you currently under criminal investigation?"
Is a DUI a major traffic offense? - ANSWER-Yes, and it must be disclosed upon
application
What are the four parts of application denial? - ANSWER-1. Application is denied by
the DEPARTMENT (DBPR)
2. You are notified in writing
3. You have 21 days from day of receipt
4. to request a formal hearing from an administrative law judge
How many hours of a FREC I course must one complete in order to take state
exam? - ANSWER-63 hours including the final examination
How many hours of a FREC II course must a sales associate complete in order to be
eligible to become a broker? - ANSWER-72 hours including end-of-course
examination
Can a sales associate work for more than one broker or developer at a time? -
ANSWER-No
Does an owner-developer receive a real estate license upon registering with the
department? - ANSWER-No
Sales associate first renewal - ANSWER-Sales associate must complete a 45 hour
post license course prior to the expiration of their initial license period.
Failure to complete this requirement will result in licensee being out of business and
void.
Continuing Education (CE) - ANSWER-All licensees, active or inactive, must
complete 14 hours of commission-approved CE and pay a renewal fee during each
renewal period, excluding the first (post-license).
If these requirements are not met, the licensee's license status will be changed to
INVOLUNTARY INACTIVE.
Attorneys-in-fact - ANSWER-persons who are granted authority under a power of
attorney to act for others in some capacity, such as signing a document.
, Can an unlicensed resident of an apartment receive compensation for referring a
new tenant to their same apartment complex? - ANSWER-Yes, they can receive up
to $50 dollars, personal property, or credit toward rent for the referral of a new tenant
in same apartment complex
Power of the Department - ANSWER-Department CAN seek out an injunction from a
court against a licensee for failure to follow Department orders.
Department CAN NOT issue injunctions against an unlicensed individual but may
seek an injunction from the court
FREC Exectutive Powers - ANSWER-The executive powers can be excercised by
the chairperson acting ALONE or can be delegated by quorum vote to any other
Commission member.
Violation of F.S. 475 Penalty - ANSWER-1. Reprimand (slap on the wrist)
2. Administrative fine of up to $5000 per offense
3. License suspension for up to 10 years
4. Total revocation
What happens when a broker's license is suspended, revoked, or void/ineffective? -
ANSWER-The licenses of all persons who are employed under such broker become
automatically inactive
Who can cancel your real estate license? - ANSWER-only YOU
Group License - ANSWER-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.
Who can have multiple licenses? - ANSWER-only the broker, they must show that
the licenses are necessary for legitimate business reasons
Do administrative agencies have the authority to levy monetary fines for laws they
have administered? - ANSWER-Yes
Special Agent - ANSWER-Single agency. Authorized under agency law by the
employer to perform a SINGLE act.
subagent - ANSWER-a subagency is not a type of agency, rather an extension of
another agency
a party who has been granted authority to act on behalf of another agent
a subagent has the same duties to the principal as the agent who was empowered
by the principal
A sales associate is a subagent to the broker they work for
What are the 4 terms that connect to single agency? - ANSWER-1. Special Agent
2. Represents
3. Fiduciary
4. Principal
QUESTIONS AND ANSWERS 100%
CORRECT
Farming - ANSWER-when a licensee focuses on one type or style of property or one
particular neighborhood
farm area - ANSWER-target market; one of the best ways to succeed in real estate
Areas of expert knowledge required for all real estate licensees - ANSWER-1.
Property Transfer
2. Valuation and Market Conditions
3. Marketing (consider MLS; Multiple Listing Service)
Residential Transaction - 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 - 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.
Moratorium - ANSWER-a temporary suspension of activity; an authorized delay for a
building project
What does the term "Commission" refer to? - ANSWER-Florida Real Estate
Commission (FREC)
Deals with all things real estate in Florida
What does the term "Department" refer to? - ANSWER-Department of Business and
Professional Regulation (DBPR)
Issues every and any license
Broker - ANSWER-A person who performs services of real estate as a n agent for
another and receives compensation for those services either directly or indirectly.
Can a sales associate be compensated directly from the customer? - ANSWER-No,
they can only receive their compensation directly from their employing broker
What are the requirements for a sales associate to become a broker? - ANSWER-
The sales associate must have been employed under one or more actively licensed
brokers for at least 24 months within the preceding 5 years before becoming eligible
to take broker examination (licensure under an owner-developer does not satisfy this
requirement)
,Broker Associate - ANSWER-An individual who is qualified to be issued a broker's
license but who operates as a sales associate in the employ of another broker.
Glorified sales associate.
Does an applicant for the Florida Real Estate license have to be a resident of the
state or country? - ANSWER-No [F.S. 455. 10]
What is the first question in the application for the Sales Associate license? -
ANSWER-"Have you ever been convicted or found guilty of, or entered a plea of solo
contenders (no contest) or guilty, regardless of adjudication, a crime in any
jurisdiction, or are you currently under criminal investigation?"
Is a DUI a major traffic offense? - ANSWER-Yes, and it must be disclosed upon
application
What are the four parts of application denial? - ANSWER-1. Application is denied by
the DEPARTMENT (DBPR)
2. You are notified in writing
3. You have 21 days from day of receipt
4. to request a formal hearing from an administrative law judge
How many hours of a FREC I course must one complete in order to take state
exam? - ANSWER-63 hours including the final examination
How many hours of a FREC II course must a sales associate complete in order to be
eligible to become a broker? - ANSWER-72 hours including end-of-course
examination
Can a sales associate work for more than one broker or developer at a time? -
ANSWER-No
Does an owner-developer receive a real estate license upon registering with the
department? - ANSWER-No
Sales associate first renewal - ANSWER-Sales associate must complete a 45 hour
post license course prior to the expiration of their initial license period.
Failure to complete this requirement will result in licensee being out of business and
void.
Continuing Education (CE) - ANSWER-All licensees, active or inactive, must
complete 14 hours of commission-approved CE and pay a renewal fee during each
renewal period, excluding the first (post-license).
If these requirements are not met, the licensee's license status will be changed to
INVOLUNTARY INACTIVE.
Attorneys-in-fact - ANSWER-persons who are granted authority under a power of
attorney to act for others in some capacity, such as signing a document.
, Can an unlicensed resident of an apartment receive compensation for referring a
new tenant to their same apartment complex? - ANSWER-Yes, they can receive up
to $50 dollars, personal property, or credit toward rent for the referral of a new tenant
in same apartment complex
Power of the Department - ANSWER-Department CAN seek out an injunction from a
court against a licensee for failure to follow Department orders.
Department CAN NOT issue injunctions against an unlicensed individual but may
seek an injunction from the court
FREC Exectutive Powers - ANSWER-The executive powers can be excercised by
the chairperson acting ALONE or can be delegated by quorum vote to any other
Commission member.
Violation of F.S. 475 Penalty - ANSWER-1. Reprimand (slap on the wrist)
2. Administrative fine of up to $5000 per offense
3. License suspension for up to 10 years
4. Total revocation
What happens when a broker's license is suspended, revoked, or void/ineffective? -
ANSWER-The licenses of all persons who are employed under such broker become
automatically inactive
Who can cancel your real estate license? - ANSWER-only YOU
Group License - ANSWER-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.
Who can have multiple licenses? - ANSWER-only the broker, they must show that
the licenses are necessary for legitimate business reasons
Do administrative agencies have the authority to levy monetary fines for laws they
have administered? - ANSWER-Yes
Special Agent - ANSWER-Single agency. Authorized under agency law by the
employer to perform a SINGLE act.
subagent - ANSWER-a subagency is not a type of agency, rather an extension of
another agency
a party who has been granted authority to act on behalf of another agent
a subagent has the same duties to the principal as the agent who was empowered
by the principal
A sales associate is a subagent to the broker they work for
What are the 4 terms that connect to single agency? - ANSWER-1. Special Agent
2. Represents
3. Fiduciary
4. Principal
