Goldcoast School of Real Estate Final
Involuntarily Inactive - ✔✔ correct answer When the licensee fails to complete the required continuing
education and thereby cannot renew their license.
Multiple Licenses - ✔✔ correct answer Under certain situations, licensees can have more than one
license; A Multiple license can exist if a broker has business of such a nature that more than one broker's
license is needed for legitimate business purposes and not be harmful to the public. A broker can have
multiple brokers' licenses if he manages more than one brokerage firm. A broker can not be licensed as
either a sales associate or a broker sales associate at the same time he holds a broker's license.
Transaction Brokerage - ✔✔ correct answer Non-agency (neutral) representation whereby the Broker (or
via his salespersons) does not represent the parties, but serves as a "facilitator", making required
disclosures and giving required notices, as well as seeing to all necessary contracts and paperwork
needed to prepare for closing. The broker does not advocate or advise the parties as to offers. Anything
in which the broker has "actual knowledge" or "notice" of is his duty to the client.
Presenting Offers - ✔✔ correct answer A broker cannot accept or reject an offer on behalf of his or her
employer.
Listing Contract - ✔✔ correct answer An employment agreement between an owner and broker defining
the duties and rights of both parties. (Unilateral contract)
Referral Fees - ✔✔ correct answer Members and candidates must disclose to employers and to affected
clients, before entering into any formal agreement for services, any benefits received for the
recommendation of services provided by the member.
Branch Office - ✔✔ correct answer closed and later reopened in the same location during the same two-
year period, may reissue a license. If moved, new application for registration and payment of proper fee
are required.
Broker Advertising - ✔✔ correct answer 1. no 'blind advertising', must state that it has been placed by a
broker or brokerage firm, not the principal
2. a provisional broker cannot advertise without obtaining the permission of the BIC
3. broker cannot advertise or display a for sale or for rent sign without consent of the owner that should
be given in writing in the listing contract
, Goldcoast School of Real Estate Final
Personal Transactions - ✔✔ correct answer Brokers, sale associates and broker associates are entitled to
deal in real property for personal benefit.
Licensees must make clear that they are dealing on their own account and not acting on behalf of others.
Disclosure must take place prior to entering into serious negotiations. The licensee should also ensure
that this disclosure is in writing in the (purchase and sale contract).
Post Dated Check - ✔✔ correct answer promissory notes that can be accepted as earnest money
deposits with seller's approval.
Escrow Deposit Rules - ✔✔ correct answer May be held in commercial bank, title company, credit union,
savings and loan association located in Florida.
Litigation - ✔✔ correct answer the process of taking legal action
Escrow Disbursement Acceptions - ✔✔ correct answer when sales contract is subject to financing, and
broker is acting as escrow agent, broker may refund the buyer without notification to the Commission.
General Partnership - ✔✔ correct answer partnership in which partners share equally in both
responsibility and liability
Register For Brokerage - ✔✔ correct answer Sole Proprietorship, Corporation for profit, not-for-profit
corporation, Limited liability corporation, General partnership, limited partnership, limited liability
partnership
Misrepresentation - ✔✔ correct answer A false statement or lie that can render the contract void.
Culpable negligence - ✔✔ correct answer consciously doing an act that the person knew or should have
known was likely to cause death or great bodily injury
Recovery Fund - ✔✔ correct answer Reserve of funds collected from real estate license fees to pay for
losses to clients legally judged to have been caused by a licensed salesperson or broker. The existence of
such funds varies from state to state.
Involuntarily Inactive - ✔✔ correct answer When the licensee fails to complete the required continuing
education and thereby cannot renew their license.
Multiple Licenses - ✔✔ correct answer Under certain situations, licensees can have more than one
license; A Multiple license can exist if a broker has business of such a nature that more than one broker's
license is needed for legitimate business purposes and not be harmful to the public. A broker can have
multiple brokers' licenses if he manages more than one brokerage firm. A broker can not be licensed as
either a sales associate or a broker sales associate at the same time he holds a broker's license.
Transaction Brokerage - ✔✔ correct answer Non-agency (neutral) representation whereby the Broker (or
via his salespersons) does not represent the parties, but serves as a "facilitator", making required
disclosures and giving required notices, as well as seeing to all necessary contracts and paperwork
needed to prepare for closing. The broker does not advocate or advise the parties as to offers. Anything
in which the broker has "actual knowledge" or "notice" of is his duty to the client.
Presenting Offers - ✔✔ correct answer A broker cannot accept or reject an offer on behalf of his or her
employer.
Listing Contract - ✔✔ correct answer An employment agreement between an owner and broker defining
the duties and rights of both parties. (Unilateral contract)
Referral Fees - ✔✔ correct answer Members and candidates must disclose to employers and to affected
clients, before entering into any formal agreement for services, any benefits received for the
recommendation of services provided by the member.
Branch Office - ✔✔ correct answer closed and later reopened in the same location during the same two-
year period, may reissue a license. If moved, new application for registration and payment of proper fee
are required.
Broker Advertising - ✔✔ correct answer 1. no 'blind advertising', must state that it has been placed by a
broker or brokerage firm, not the principal
2. a provisional broker cannot advertise without obtaining the permission of the BIC
3. broker cannot advertise or display a for sale or for rent sign without consent of the owner that should
be given in writing in the listing contract
, Goldcoast School of Real Estate Final
Personal Transactions - ✔✔ correct answer Brokers, sale associates and broker associates are entitled to
deal in real property for personal benefit.
Licensees must make clear that they are dealing on their own account and not acting on behalf of others.
Disclosure must take place prior to entering into serious negotiations. The licensee should also ensure
that this disclosure is in writing in the (purchase and sale contract).
Post Dated Check - ✔✔ correct answer promissory notes that can be accepted as earnest money
deposits with seller's approval.
Escrow Deposit Rules - ✔✔ correct answer May be held in commercial bank, title company, credit union,
savings and loan association located in Florida.
Litigation - ✔✔ correct answer the process of taking legal action
Escrow Disbursement Acceptions - ✔✔ correct answer when sales contract is subject to financing, and
broker is acting as escrow agent, broker may refund the buyer without notification to the Commission.
General Partnership - ✔✔ correct answer partnership in which partners share equally in both
responsibility and liability
Register For Brokerage - ✔✔ correct answer Sole Proprietorship, Corporation for profit, not-for-profit
corporation, Limited liability corporation, General partnership, limited partnership, limited liability
partnership
Misrepresentation - ✔✔ correct answer A false statement or lie that can render the contract void.
Culpable negligence - ✔✔ correct answer consciously doing an act that the person knew or should have
known was likely to cause death or great bodily injury
Recovery Fund - ✔✔ correct answer Reserve of funds collected from real estate license fees to pay for
losses to clients legally judged to have been caused by a licensed salesperson or broker. The existence of
such funds varies from state to state.
