Gold Coast Real Estate: Chapter 2 Test Exam Questions With 100% Verified Solutions

Gold Coast Real Estate: Chapter 2 Test Exam Questions With 100% Verified Solutions Employment by a broker - ANSWER Sales associate can only work under one employer at a time (Exempt from licensure) Attorneys-in-fact - ANSWER Granted authority under power of attorney to act for others (Exempt from licensure) Court appointees - ANSWER Appointed by a court of law to perform services of real estate. They may charge fee or salary but no commission. (Exempt from licensure) Trustees, Recievers, Masters in chancery, Court-appointed appraisers - ANSWER Court appointees (Exempt from licensure) Salaried employees - ANSWER A tenant of an apartment community may receive up to 50$ cash for the referral of new tenant. (Exempt from licensure) Individuals - ANSWER May buy, sell, or perform real estate for themselves Void - ANSWER A sales associate license will be ____ if he or she does not complete the required postlicense education during the initial license period Sales Associate, 6 months - ANSWER A broker who does not complete the required postlicense education prior to expiration of his or her initial license period may request a ___________ license by completing a continuing education course withing ________. Sales Associate - ANSWER A broker associate acts in the capacity of a ________. Four months - ANSWER Residency in Florida may be claimed by anyone who resides, or has resided, in the state for not less than ________ within the previous 12 months. Inactive - ANSWER Upon passage of the state examination, an applicant for a sales associate license will receive an _______ license. 45 hours - ANSWER The postlicense educational course for sales associates consists of _______ . 14 hours - ANSWER The continuing education requirement consists of ______. 60 hours - ANSWER How many hours are required to renew a brokers license? 2 years - ANSWER Brokers must wait how long before taking the state examination? 2 years - ANSWER The notice of satisfactory completion of a prelicense course is valid for how long? Post license - ANSWER This education must be completed during the initial sales associates license period. Power of Attorney - ANSWER Legal authority to sign a document on behalf of another requires a ___________. 50$ - ANSWER How much may a tenant receive for referring a new tenant? 1919: - ANSWER California enacted the first real estate license law 1923: - ANSWER Florida enacted first real estate license law. Ineffective because expensive & time consumption. 1925: - ANSWER FREC was created to administer & enforce law. 1941: - ANSWER Real estate license law was designated as chapter 475 of Florida Statutes 1979 & 1982 - ANSWER FREC was taken out then Reinstated 1988: - ANSWER FS 475 was going under modification, while postlicensing requirements and a program for appraisers was created. 1991: - ANSWER FS 475 Revised by the creation of Part I and Part II. Part I concerning real estate licenses, Part II concerning appraisers. 1993: - ANSWER DPBR (Department of Business and Professional Regulation) : - ANSWER Disclosure requirements were revised and modified repeatedly Purpose of Florida Real Estate License Law (FS 475) - ANSWER To protect the public; it is a consumer protection agency DPBR (Department of Business and Professional Regulation) - ANSWER "the Department: DRE (Division of Real Estate) - ANSWER "the Division" Florida Real Estate Commission - ANSWER "the Commission" Statuatory Services of Real Estate - ANSWER Appraising, Auctioning, Business Brokerage, Buying, Counseling, Exchanging, Leasing, Listing, Property Management, Advertising services, Renting (up to 12 months), selling, syndicating, Selling Timeshare units Qualifications for license: - ANSWER Social Security, 18 years of age, HS diploma or equivalent, Honest, trustworthy, truthful. Do you have to be Resident of Florida, or US Citizen? - ANSWER NO Prelicensing: - ANSWER 1. complete sales associate/broker education and pass exam 2. Submit application for state exam, and payment of fee for license 3. Submit electronic fingerprints 4. Pass state exam 5. Obtain employment, and file employment to activate license Postlicensing: - ANSWER 1. complete sales associate/broker education and pass exam 2. Pay renewal fee Continuing education: - ANSWER EVERY 2 YEARS Mutual Recognition - ANSWER Florida has this contract with 8 states; Alabama, Arkansas, Connecticut, Georgia, Indiana, Mississippi, Nebraska, and Oklahoma. Application approval - ANSWER must pass state test within 2 years of approval. Application denial - ANSWER Applicant has 21 days to request formal hearing Qualifications for Brokers License - ANSWER Applicant must have been licensed under at least one broker for at least 24 months. License under an owner-developer is no valid. 30 Days - ANSWER Minimum wait time to retake class exam after failing 1 year - ANSWER You have this long to retake class exam after failing Attorneys - ANSWER Who is exempt from the course and examination? 24 hours - ANSWER Minimum wait time to retake state exam