Gold Coast Final Exam 2023 Questions and Answers with
complete solution
what are the the areas a realtor should be an expert in?
Marketing
Valuation & Market Conditions
Property Transfer
"MVP"
Does one need to be a resident of the state or a citizen of the U.S. to get a FL real
estate license?
to get a FL real estate license, you don't need to be a citizen
What must an applicant for a real estate license do if he has been convicted of a
crime?
must disclose all convictions
Employment
an associate can only have one employer at a time
What's the grace period for a Sales associate's first renewal? Post Licensing
no grace period, void and null
Individuals who are exempt from licensure
Salaried Employees
How long can one stay involuntary inactive?
2 years
What happens to an associates license if a broker's license is void, suspended, or
revoked?
their license automatically becomes inactive
Multiple Licenses
issued only to active brokers if it is clearly shown that such additional licenses are
necessary to the conduct of legitimate business
What is a Transaction broker
a broker who provides limited representation to a buyer, seller, or both, in a real estate
transaction
not an AGENT
Presenting Offers
must present all offers
A broker is entitled to compensation if they...
bring a buyer who brings an offer the seller was looking for
Listing Contract
broker's employment contract that states the terms and conditions that the broker must
meet to become eligible for compensation
Referral Fees:
I as the sellers agent promise kickback commission. Is this allowed?
yes, as long as this is disclosed to all interested parties
, what if an attorney asks for a fee because they referred a client to you?
you cannot give him a referral fee for sending you a client
Principal Brokerage office
-registration is good for 2 years
-can switch locations
branch brokerage office
-registration is good for 2 years
-cannot move locations if not the principal location... in order to move it would need a
new registration for the new location and must pays fees associated with it
What are the requirements for a Principal Office?
-at least one enclosed room in a building of stationary construction
-must maintain documents for a minimum of 5 years
What are the requirements for an associate advertising with a website?
-must have brokerage name and his/her last name
Advertising
must have name of brokerage
When should one disclose that they are a licensed agent?
prior to entering serious negotiations
Escrow Account pg.75****
ESCROW ACCOUNT PG 75****
Earnest Money Deposit
provide written verification within 10 days of request
A buyer drops off an escrow check on Monday. To avoid any trouble with FREC,
the broker must deposit the check by close of business on which day?
Thursday
Which of the following 4 uses/has an interpleader?
Mediation
Escrow Disbursement Order
Arbitration
Litigation
Litigation
Escrow Disbursement Exemptions
when a sales contract is subject to a contingency (financing/appraisal/etc) and it's not
met
When a sales associate has not received his compensation, what can they do?
sue employing broker only
How many days does one have to notify the commission of a change of address
or employer
60
Real Estate Brokerage Partnership
-all must register w. DBPR
If all the partners in a Real Estate Brokerage Partnership want to be active in real
estate sales, what must they do/be?
all must be a licensed broker
complete solution
what are the the areas a realtor should be an expert in?
Marketing
Valuation & Market Conditions
Property Transfer
"MVP"
Does one need to be a resident of the state or a citizen of the U.S. to get a FL real
estate license?
to get a FL real estate license, you don't need to be a citizen
What must an applicant for a real estate license do if he has been convicted of a
crime?
must disclose all convictions
Employment
an associate can only have one employer at a time
What's the grace period for a Sales associate's first renewal? Post Licensing
no grace period, void and null
Individuals who are exempt from licensure
Salaried Employees
How long can one stay involuntary inactive?
2 years
What happens to an associates license if a broker's license is void, suspended, or
revoked?
their license automatically becomes inactive
Multiple Licenses
issued only to active brokers if it is clearly shown that such additional licenses are
necessary to the conduct of legitimate business
What is a Transaction broker
a broker who provides limited representation to a buyer, seller, or both, in a real estate
transaction
not an AGENT
Presenting Offers
must present all offers
A broker is entitled to compensation if they...
bring a buyer who brings an offer the seller was looking for
Listing Contract
broker's employment contract that states the terms and conditions that the broker must
meet to become eligible for compensation
Referral Fees:
I as the sellers agent promise kickback commission. Is this allowed?
yes, as long as this is disclosed to all interested parties
, what if an attorney asks for a fee because they referred a client to you?
you cannot give him a referral fee for sending you a client
Principal Brokerage office
-registration is good for 2 years
-can switch locations
branch brokerage office
-registration is good for 2 years
-cannot move locations if not the principal location... in order to move it would need a
new registration for the new location and must pays fees associated with it
What are the requirements for a Principal Office?
-at least one enclosed room in a building of stationary construction
-must maintain documents for a minimum of 5 years
What are the requirements for an associate advertising with a website?
-must have brokerage name and his/her last name
Advertising
must have name of brokerage
When should one disclose that they are a licensed agent?
prior to entering serious negotiations
Escrow Account pg.75****
ESCROW ACCOUNT PG 75****
Earnest Money Deposit
provide written verification within 10 days of request
A buyer drops off an escrow check on Monday. To avoid any trouble with FREC,
the broker must deposit the check by close of business on which day?
Thursday
Which of the following 4 uses/has an interpleader?
Mediation
Escrow Disbursement Order
Arbitration
Litigation
Litigation
Escrow Disbursement Exemptions
when a sales contract is subject to a contingency (financing/appraisal/etc) and it's not
met
When a sales associate has not received his compensation, what can they do?
sue employing broker only
How many days does one have to notify the commission of a change of address
or employer
60
Real Estate Brokerage Partnership
-all must register w. DBPR
If all the partners in a Real Estate Brokerage Partnership want to be active in real
estate sales, what must they do/be?
all must be a licensed broker
