GOLD COAST FINAL EXAM LATEST ACTUAL EXAM 300+
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |AGRADE
what are the the areas a realtor should be an expert in? - ANSWER: 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? - ANSWER: 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? - ANSWER: must disclose all convictions
Employment - ANSWER: an associate can only have one employer at a time
What's the grace period for a Sales associate's first renewal? Post Licensing -
ANSWER: no grace period, void and null
Individuals who are exempt from licensure - ANSWER: Salaried Employees
How long can one stay involuntary inactive? - ANSWER: 2 years
What happens to an associates license if a broker's license is void, suspended, or
revoked? - ANSWER: their license automatically becomes inactive
Multiple Licenses - ANSWER: 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 - ANSWER: a broker who provides limited
representation to a buyer, seller, or both, in a real estate transaction
*not an AGENT*
Presenting Offers - ANSWER: must present all offers
A broker is entitled to compensation if they... - ANSWER: bring a buyer who brings an
offer the seller was looking for
Listing Contract - ANSWER: 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? - ANSWER: 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? - ANSWER:
you cannot give him a referral fee for sending you a client
Principal Brokerage office - ANSWER: -registration is good for 2 years
-can switch locations
branch brokerage office - ANSWER: -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? - ANSWER: -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? - ANSWER: -
must have brokerage name and his/her last name
Advertising - ANSWER: must have name of brokerage
When should one disclose that they are a licensed agent? - ANSWER: prior to
entering serious negotiations
Escrow Account pg.75**** - ANSWER: ESCROW ACCOUNT PG 75****
Earnest Money Deposit - ANSWER: 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? - ANSWER:
Thursday
Which of the following 4 uses/has an interpleader?
Mediation
Escrow Disbursement Order
Arbitration
Litigation - ANSWER: Litigation
Escrow Disbursement Exemptions - ANSWER: 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? -
ANSWER: sue employing broker only
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |AGRADE
what are the the areas a realtor should be an expert in? - ANSWER: 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? - ANSWER: 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? - ANSWER: must disclose all convictions
Employment - ANSWER: an associate can only have one employer at a time
What's the grace period for a Sales associate's first renewal? Post Licensing -
ANSWER: no grace period, void and null
Individuals who are exempt from licensure - ANSWER: Salaried Employees
How long can one stay involuntary inactive? - ANSWER: 2 years
What happens to an associates license if a broker's license is void, suspended, or
revoked? - ANSWER: their license automatically becomes inactive
Multiple Licenses - ANSWER: 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 - ANSWER: a broker who provides limited
representation to a buyer, seller, or both, in a real estate transaction
*not an AGENT*
Presenting Offers - ANSWER: must present all offers
A broker is entitled to compensation if they... - ANSWER: bring a buyer who brings an
offer the seller was looking for
Listing Contract - ANSWER: 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? - ANSWER: 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? - ANSWER:
you cannot give him a referral fee for sending you a client
Principal Brokerage office - ANSWER: -registration is good for 2 years
-can switch locations
branch brokerage office - ANSWER: -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? - ANSWER: -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? - ANSWER: -
must have brokerage name and his/her last name
Advertising - ANSWER: must have name of brokerage
When should one disclose that they are a licensed agent? - ANSWER: prior to
entering serious negotiations
Escrow Account pg.75**** - ANSWER: ESCROW ACCOUNT PG 75****
Earnest Money Deposit - ANSWER: 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? - ANSWER:
Thursday
Which of the following 4 uses/has an interpleader?
Mediation
Escrow Disbursement Order
Arbitration
Litigation - ANSWER: Litigation
Escrow Disbursement Exemptions - ANSWER: 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? -
ANSWER: sue employing broker only
