Real Estate Gold Coast test 100% solved Correctly

Real Estate Gold Coast test 100% solved Correctly Prorating Rent - Answer- paid in advance monthly rent collected by the seller for the month must be divided between seller and buyer 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 transation 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 CH.2 - Answer- 1919 1925 - Answer- California enacted first real estate license law FREC was created The purpose of the Florida Real Estate License Law, F.S. 475 is - Answer- to protect the public. The most common services of real estate are: - Answer- A= appraising B= buying A= auctioning R= renting S= selling A= advertising L= leasing E= exchanging Those who may also qualify to apply for a brokers license: - Answer- Actively licensed real estate sales associates rom another state or nation who have been licensed for at least 24 months during the preceding 5 years Broker Associate - Answer- Broker who is working as a sales associate A sales associate or broker associate cannot receive compensation for performing real estate services from - Answer- Anyone other than his employing broker If an owner developer pays commissions or transaction-based fees, - Answer- 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. CH.3 - Answer- 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 CH.4 - Answer- 3 types of agency relationships in the law of agency? - A