Gold Coast Real Estate Highlights| A+ Rated Answers, Exams of Real Estate Management

Download Gold Coast Real Estate Highlights| A+ Rated Answers and more Exams Real Estate Management in PDF only on Docsity! Gold Coast Real Estate Highlights| A+ Rated Answers Farming Practicing a certain type of real estate or focusing real estate in a certain area Property Transfer, Evaluation/Market Conditions, & Marketing What 3 areas should all licensees be experts in? Tract Building When a developer acquires a large tract of land and uses a model center to sell future houses Local Level Planning and zoning, property taxation, building and health code regulations controlled by local government. May impose MORATORIUM or temporary delay for a building project. 24 months within a 5 year/60 month period How long does a licensee need to have their license before qualifying for a broker's license? Broker Associate A person who holds a broker's license but chooses to register and work in real estate under the direction of another broker. False T/F All criminal convictions, felonies, misdemeanors, or pleas DO NOT need to be disclosed to in order to qualify for a real estate license 1) Notified in writing 2) 21 days 3) request a formal hearing 4) judgment What are the 4 steps of application denial? Employed by a owner-developer or broker Under whom must a licensee be employed by in order to practice real estate for compensation? 45 hours Post-Licensing, void A sales associate must complete blank prior to the expiration date of their initial license period. If the licensee fails to complete this their license will become blank CE (Continuing Education) A licensee must complete this every 2 years after achieving their license Attorneys-in-fact persons who are granted authority UNDER A POWER OF ATTORNEY to act for others in some capacity, such as signing a document. Salaried Employee A worker who works under a owner-developer for an apartment community and work on an on-site rental office Injunctions or put in jail A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. Present all offers What are one of the many duties of the broker? Single Agent A broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction. Illegal dual agency A violation of F.S. 475 in which a single agent represents both the buyer and the seller 1)Deal honest and fairly 2) account for all funds 3) disclose all known facts that affect the value of residential property What are the three duties that all broker relationships must maintain? ready, willing, and able buyer Person who is prepared to buy property on the seller's terms and is ready to take positive steps to consummate the transaction. 1) if a foreign broker that brings a client to Florida but must not be involved with the transaction 2) a broker may not compensate an unlicensed individual for referring business 3) unless said individual is involved with the transaction What are the 3 ways to give/gain a referral fee? Principal office requirements 1) a stationary building containing at least one enclosed room to conduct real estate transactions in private 2) cannot be a motor home or trailer 3) must be registered with the Department Branch Office Requirements 1) cannot be a motor home or trailer 2) each Branch office must be registered individually 3) if a branch office is closed and reopened in the same location within a 2 year period that office does not need to be reregistered On it about the entrance and it must have brokerage, full name, and title Where must the office sign must be and what has to be on it? Brokerage firm, Full name, and title What must all advertising contains? Blind Ad An advertisement which fails to indicate that the advertiser is a real estate brokerage or that sales agents or brokers are selling their own property. Personal transactions Transactions of the owner unrelated to the operations of the business. Advertising a personal transaction 1) advertise the property strictly as an individual and make no mention of having a license 2) advertise the property through a brokerage and follow normal advertising Post dated check Are considered to be a promissory notes and can be accepted as earnest money with the seller's approval 10 business days How many days does the title company have to give you a receipt of deposit? Commercial bank, title company, credit union, savings or loan associations located in Florida Where can deposits be held? Commingle Brokers or associates are not allowed to do what with deposits? Up to $1,000 How much personal or business funds is the broker allowed to put into an escrow account? Up to $5,000 To form a corporation in Florida, a proposed charter (or articles of incorporation) must be filed with the Real estate brokerage corporation Must provide proof of legal corporate existence prior to its initial registration with the department, register all officers and directors, at least one corporate officer must have an active real estate broker's license True t/f A sales associate or brokers associate may not be an officer or director in a real estate brokerage corporation A real estate corporation may buy and sell for its own purposes, but may not provide real estate brokerage sevrices What is the distinction of real estate corporation and a real estate brokerage corporation? real estate brokerage A corporation sole may not register as a ? Condo association or Home owners association What is an unincorporated association? real estate brokerage An unincorporated association may not register as what? misleading advertising What is a 2nd degree misdemeanor? 1)is a 3rd degree felony 2) a $5,000 fine and up to imprisonment of up to 5 years practicing as a real estate agent w/o a license is a blank and is punishable up to a blank Concealment A broker fails to disclose information to a party that may affect their decision Culpable negligence Inadequate attention to duties and obligations by those who know, or should know, what is required of them. Misrepresentation misstatement or omission of facts Rendering an opinion of title a broker cannot render an oral or written opinion that the title to the property being sold is good False T/F A broker can sell a house by lottery $5,000 What is the maximum fine per violation? 1. Has to be legally sufficient 2. call for a formal or informal hearing 3. get a judgement What are the steps of filing a complaint? 30 days how long does the licensee have to file for an appeal? false T/F if a licensee acted in the capacity of a buyer or seller only, the licensee would NOT be able to collect following the same procedures as any other member of the public $3.50 How much is the annual fee of the licensee for the recovery fund? Blockbusting Encouraging owners to sell their properties because minorities are moving into a neighborhood