GOLD COAST REAL ESTATE EXAM
Farming
when a licensee focuses on one type or style of property or one particular neighborhood
farm area
target market; one of the best ways to succeed in real estate
Areas of expert knowledge required for all real estate licensees
1. Property Transfer
2. Valuation and Market Conditions
3. Marketing (consider MLS; Multiple Listing Service)
Residential Transaction
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
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 temporary suspension of activity; an authorized delay for a building project
What does the term "Commission" refer to?
Florida Real Estate Commission (FREC)
Deals with all things real estate in Florida
What does the term "Department" refer to?
Department of Business and Professional Regulation (DBPR)
Issues every and any license
Broker
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?
No, they can only receive their compensation directly from their employing broker
What are the requirements for a sales associate to become a broker?
,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
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?
No [F.S. 455. 10]
What is the first question in the application for the Sales Associate license?
"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?
Yes, and it must be disclosed upon application
What are the four parts of application denial?
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?
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?
72 hours including end-of-course examination
Can a sales associate work for more than one broker or developer at a time?
No
Does an owner-developer receive a real estate license upon registering with the department?
No
Sales associate first renewal
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)
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
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?
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
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
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
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?
The licenses of all persons who are employed under such broker become automatically inactive
Who can cancel your real estate license?
only YOU
Group License
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?
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?
Yes
Farming
when a licensee focuses on one type or style of property or one particular neighborhood
farm area
target market; one of the best ways to succeed in real estate
Areas of expert knowledge required for all real estate licensees
1. Property Transfer
2. Valuation and Market Conditions
3. Marketing (consider MLS; Multiple Listing Service)
Residential Transaction
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
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 temporary suspension of activity; an authorized delay for a building project
What does the term "Commission" refer to?
Florida Real Estate Commission (FREC)
Deals with all things real estate in Florida
What does the term "Department" refer to?
Department of Business and Professional Regulation (DBPR)
Issues every and any license
Broker
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?
No, they can only receive their compensation directly from their employing broker
What are the requirements for a sales associate to become a broker?
,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
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?
No [F.S. 455. 10]
What is the first question in the application for the Sales Associate license?
"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?
Yes, and it must be disclosed upon application
What are the four parts of application denial?
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?
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?
72 hours including end-of-course examination
Can a sales associate work for more than one broker or developer at a time?
No
Does an owner-developer receive a real estate license upon registering with the department?
No
Sales associate first renewal
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)
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
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?
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
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
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
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?
The licenses of all persons who are employed under such broker become automatically inactive
Who can cancel your real estate license?
only YOU
Group License
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?
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?
Yes
