Gold Coast Real Estate Final Exam Study
Guide (only contains highlights from
Ch's 1, 2,3,4 and some of 11)
A broker can be issued addtl licenses in two or more capacities by: (Ch. 3) - ANS-requesting
multiple licenses
\A broker earns a right to compensation by: (Ch.4) - ANS-performance
when the broker has performed, the employer owes the broker a commission even if the
transaction was not completed. In cases where the amount of compensation wasn't specified
on contract, a customary commission will be due based on the type of property and fee the
broker would normally charge.
\A broker has a duty to transmit any and all offers to the employer including: (Ch. 4) -
ANS-oral offers and offers made without a binder deposit
\A sales associate is a general agent of the broker and automatically becomes a: (Ch. 4) -
ANS-subagent of all the brokers principals
as an agent of the broker, a s.a has the same duties to the brokers principals, just like the
broker
\A sales associate or broker associate is considered what type of agent of their own
developer (Ch. 4) - ANS-general agent
\A sales associate or broker associate is registered with the broker as ones agent but never
an agent of: (Ch.4) - ANS-the brokers principal
\A sales associate who wishes to a broker must: (Ch. 2) - ANS-have been employed under
one or more actively licensed brokers for at least 24 months within the previous 5 years
\A significant departure is allowed in the law for brokerage offices in: (Ch. 4) -
ANS-nonresidential transactions
If both seller and buyer have assets of $1 million or more and request single agent
representation, the broker may designate sales associates to be single agents for diff.
customers in the transaction
\An agency relationship is created when: (Ch.4) - ANS-a broker accepts employment under
a single agency agreement
The broker represents the buyer and any attempt to represent both parties in a transaction
would create an illegal dual agency
\An applicant for a Florida real estate license is not required to be a: (Ch. 2) - ANS-resident
of Florida or be a citizen of the U.S
\Application Denial (Ch. 2) - ANS-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
\Assignment of Contract (Ch. 11) - ANS-sale transfer, subrogation of rights in a contract
\Broker (Ch. 2) - ANS-a person who performs services of real estate for another and
receives compensation for those services either directly or indirectly
\Broker Associate (Ch. 2) - ANS-an applicant to become a "broker associate" may chose to
continue employment in a sales associate position with current employer after passing the
exam but will be registered under a "broker associate" after passing the exam
an individual who meets the requirements of a broker but who chooses to work in real estate
under the direction (employ) of another broker.
\Brokerage Relationship Disclosure Act (Ch. 4) - ANS-requires licensees to keep copies of
disclosure documents for 5 years
\Commission (Ch. 2) - ANS-Florida Real Estate Commission (FREC)
\Consideration (Ch. 11) - ANS-sufficient consideration, valuable or good consideration is
sufficient, valuable consideration is money or anything of value that can be converted into
money.
\Continuing Education (CE) (Ch. 2) - ANS-All active or inactive licensees, whether a broker
or sales associate, must complete 14 hours of Commission-approved CE and pay a renewal
fee during each license renewal period, excluding the first renewal period of their current
license. If the CE requirement is not met within the renewal deadline, the licencee's license
status will be changed to involuntary inactive.
CE courses may be completed by classroom instruction or distance learning.
\Contract for Deed (Ch. 11) - ANS-A means by which the seller passes possession but
retains title to the property until the total or a substantial portion of the purchase price is paid.
Installment contract. The two parties here are the vendor (owner) and the vendee (buyer).
\Contract Termination (BRRLAP) (Ch.11) - ANS-Breach-party to contract fails to meet
expectations agreed upon
Revocation- someone's who's legally terminated can revoke contact
Renunciation- both parties agree to terminate agreement
Lapse of Time- performance isn't completed in a timely manner
Abandonment- party walks away from contract
Performance- when both parties perform as agreed
\Department (Ch. 2) - ANS-Department of Business and Professional Regulation (DBPR)
\Disciplinary Authority of the Commission (Ch. 3) - ANS-A licensee who is found guilty of a
violation may be issued a reprimand or an administrative fine up to $5,000 per offense, be
placed on probation, or have their license suspended for up to 10 years or permanently
revoked.
\Duties of the DBPR (The Department) (Ch. 3) - ANS-does not have the authority to issue
injunctions against unlicensed persons, but may seek an injunction from the courts for failure
to follow a Department order. The Department also has the power to issue a
cease-and-desist order against an unlicensed party for violation of any rule or law under its
administration.
Guide (only contains highlights from
Ch's 1, 2,3,4 and some of 11)
A broker can be issued addtl licenses in two or more capacities by: (Ch. 3) - ANS-requesting
multiple licenses
\A broker earns a right to compensation by: (Ch.4) - ANS-performance
when the broker has performed, the employer owes the broker a commission even if the
transaction was not completed. In cases where the amount of compensation wasn't specified
on contract, a customary commission will be due based on the type of property and fee the
broker would normally charge.
\A broker has a duty to transmit any and all offers to the employer including: (Ch. 4) -
ANS-oral offers and offers made without a binder deposit
\A sales associate is a general agent of the broker and automatically becomes a: (Ch. 4) -
ANS-subagent of all the brokers principals
as an agent of the broker, a s.a has the same duties to the brokers principals, just like the
broker
\A sales associate or broker associate is considered what type of agent of their own
developer (Ch. 4) - ANS-general agent
\A sales associate or broker associate is registered with the broker as ones agent but never
an agent of: (Ch.4) - ANS-the brokers principal
\A sales associate who wishes to a broker must: (Ch. 2) - ANS-have been employed under
one or more actively licensed brokers for at least 24 months within the previous 5 years
\A significant departure is allowed in the law for brokerage offices in: (Ch. 4) -
ANS-nonresidential transactions
If both seller and buyer have assets of $1 million or more and request single agent
representation, the broker may designate sales associates to be single agents for diff.
customers in the transaction
\An agency relationship is created when: (Ch.4) - ANS-a broker accepts employment under
a single agency agreement
The broker represents the buyer and any attempt to represent both parties in a transaction
would create an illegal dual agency
\An applicant for a Florida real estate license is not required to be a: (Ch. 2) - ANS-resident
of Florida or be a citizen of the U.S
\Application Denial (Ch. 2) - ANS-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
\Assignment of Contract (Ch. 11) - ANS-sale transfer, subrogation of rights in a contract
\Broker (Ch. 2) - ANS-a person who performs services of real estate for another and
receives compensation for those services either directly or indirectly
\Broker Associate (Ch. 2) - ANS-an applicant to become a "broker associate" may chose to
continue employment in a sales associate position with current employer after passing the
exam but will be registered under a "broker associate" after passing the exam
an individual who meets the requirements of a broker but who chooses to work in real estate
under the direction (employ) of another broker.
\Brokerage Relationship Disclosure Act (Ch. 4) - ANS-requires licensees to keep copies of
disclosure documents for 5 years
\Commission (Ch. 2) - ANS-Florida Real Estate Commission (FREC)
\Consideration (Ch. 11) - ANS-sufficient consideration, valuable or good consideration is
sufficient, valuable consideration is money or anything of value that can be converted into
money.
\Continuing Education (CE) (Ch. 2) - ANS-All active or inactive licensees, whether a broker
or sales associate, must complete 14 hours of Commission-approved CE and pay a renewal
fee during each license renewal period, excluding the first renewal period of their current
license. If the CE requirement is not met within the renewal deadline, the licencee's license
status will be changed to involuntary inactive.
CE courses may be completed by classroom instruction or distance learning.
\Contract for Deed (Ch. 11) - ANS-A means by which the seller passes possession but
retains title to the property until the total or a substantial portion of the purchase price is paid.
Installment contract. The two parties here are the vendor (owner) and the vendee (buyer).
\Contract Termination (BRRLAP) (Ch.11) - ANS-Breach-party to contract fails to meet
expectations agreed upon
Revocation- someone's who's legally terminated can revoke contact
Renunciation- both parties agree to terminate agreement
Lapse of Time- performance isn't completed in a timely manner
Abandonment- party walks away from contract
Performance- when both parties perform as agreed
\Department (Ch. 2) - ANS-Department of Business and Professional Regulation (DBPR)
\Disciplinary Authority of the Commission (Ch. 3) - ANS-A licensee who is found guilty of a
violation may be issued a reprimand or an administrative fine up to $5,000 per offense, be
placed on probation, or have their license suspended for up to 10 years or permanently
revoked.
\Duties of the DBPR (The Department) (Ch. 3) - ANS-does not have the authority to issue
injunctions against unlicensed persons, but may seek an injunction from the courts for failure
to follow a Department order. The Department also has the power to issue a
cease-and-desist order against an unlicensed party for violation of any rule or law under its
administration.
