GOLD COAST REAL ESTATE - ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Prorating Rent - 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? - 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 _________. - in a federally related
transation
real estate licensees usually prepare... - 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? - No, but they do have mutual recognition
,what is question 1 on the background questions for the application for sales
associate license - 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 - 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 .. - employed
as an agent of either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? -
their employing broker or owner-developer
Employment by an owner-developer - - 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? - -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 -
1919
1925 - California enacted first real estate license law
FREC was created
The purpose of the Florida Real Estate License Law, F.S. 475 is - to protect
the public.
The most common services of real estate are: - 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: - 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 - Broker who is working as a sales associate
, A sales associate or broker associate cannot receive compensation for performing
real estate services from - Anyone other than his employing broker
If an owner developer pays commissions or transaction-based fees, - They
must hire licensed sales associates or broker associates
Post license (First Renewal) Requirements - -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 - - 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 - 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: - - 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)
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Prorating Rent - 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? - 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 _________. - in a federally related
transation
real estate licensees usually prepare... - 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? - No, but they do have mutual recognition
,what is question 1 on the background questions for the application for sales
associate license - 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 - 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 .. - employed
as an agent of either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? -
their employing broker or owner-developer
Employment by an owner-developer - - 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? - -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 -
1919
1925 - California enacted first real estate license law
FREC was created
The purpose of the Florida Real Estate License Law, F.S. 475 is - to protect
the public.
The most common services of real estate are: - 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: - 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 - Broker who is working as a sales associate
, A sales associate or broker associate cannot receive compensation for performing
real estate services from - Anyone other than his employing broker
If an owner developer pays commissions or transaction-based fees, - They
must hire licensed sales associates or broker associates
Post license (First Renewal) Requirements - -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 - - 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 - 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: - - 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)
