GOLD COAST REAL ESTATE PRACTICE FINAL
385 KEY CONCEPTS AND PRACTICE
QUESTIONS
◉ farm area.
Answer: target market; one of the best ways to succeed in real estate
◉ Areas of expert knowledge required for all real estate licensees.
Answer: 1. Property Transfer
2. Valuation and Market Conditions
3. Marketing (consider MLS; Multiple Listing Service)
◉ Residential Transaction.
Answer: F.S 475
The sale of any improved residential property of 4 units or fewer.
Unimproved property intended for 4 units or fewer.
Agricultural properties 10 acres or less
◉ Tract Building.
Answer: when a developer acquires a large tract of land, records a
subdivision plat map, and uses a model center from which sales may
be made.
,◉ Moratorium.
Answer: a temporary suspension of activity; an authorized delay for
a building project
◉ What does the term "Commission" refer to?.
Answer: Florida Real Estate Commission (FREC)
Deals with all things real estate in Florida
◉ What does the term "Department" refer to?.
Answer: Department of Business and Professional Regulation
(DBPR)
Issues every and any license
◉ Broker.
Answer: A person who performs services of real estate as a n agent
for another and receives compensation for those services either
directly or indirectly.
◉ Can a sales associate be compensated directly from the customer?.
,Answer: No, they can only receive their compensation directly from
their employing broker
◉ What are the requirements for a sales associate to become a
broker?.
Answer: The sales associate must have been employed under one or
more actively licensed brokers for at least 24 months within the
preceding 5 years before becoming eligible to take broker
examination (licensure under an owner-developer does not satisfy
this requirement)
◉ Broker Associate.
Answer: An individual who is qualified to be issued a broker's
license but who operates as a sales associate in the employ of
another broker. Glorified sales associate.
◉ Does an applicant for the Florida Real Estate license have to be a
resident of the state or country?.
Answer: No [F.S. 455. 10]
◉ What is the first question in the application for the Sales Associate
license?.
Answer: "Have you ever been convicted or found guilty of, or entered
a plea of solo contenders (no contest) or guilty, regardless of
, adjudication, a crime in any jurisdiction, or are you currently under
criminal investigation?"
◉ Is a DUI a major traffic offense?.
Answer: Yes, and it must be disclosed upon application
◉ What are the four parts of application denial?.
Answer: 1. Application is denied by the DEPARTMENT (DBPR)
2. You are notified in writing
3. You have 21 days from day of receipt
4. to request a formal hearing from an administrative law judge
◉ How many hours of a FREC I course must one complete in order
to take state exam?.
Answer: 63 hours including the final examination
◉ How many hours of a FREC II course must a sales associate
complete in order to be eligible to become a broker?.
Answer: 72 hours including end-of-course examination
◉ Can a sales associate work for more than one broker or developer
at a time?.
Answer: No
385 KEY CONCEPTS AND PRACTICE
QUESTIONS
◉ farm area.
Answer: target market; one of the best ways to succeed in real estate
◉ Areas of expert knowledge required for all real estate licensees.
Answer: 1. Property Transfer
2. Valuation and Market Conditions
3. Marketing (consider MLS; Multiple Listing Service)
◉ Residential Transaction.
Answer: F.S 475
The sale of any improved residential property of 4 units or fewer.
Unimproved property intended for 4 units or fewer.
Agricultural properties 10 acres or less
◉ Tract Building.
Answer: when a developer acquires a large tract of land, records a
subdivision plat map, and uses a model center from which sales may
be made.
,◉ Moratorium.
Answer: a temporary suspension of activity; an authorized delay for
a building project
◉ What does the term "Commission" refer to?.
Answer: Florida Real Estate Commission (FREC)
Deals with all things real estate in Florida
◉ What does the term "Department" refer to?.
Answer: Department of Business and Professional Regulation
(DBPR)
Issues every and any license
◉ Broker.
Answer: A person who performs services of real estate as a n agent
for another and receives compensation for those services either
directly or indirectly.
◉ Can a sales associate be compensated directly from the customer?.
,Answer: No, they can only receive their compensation directly from
their employing broker
◉ What are the requirements for a sales associate to become a
broker?.
Answer: The sales associate must have been employed under one or
more actively licensed brokers for at least 24 months within the
preceding 5 years before becoming eligible to take broker
examination (licensure under an owner-developer does not satisfy
this requirement)
◉ Broker Associate.
Answer: An individual who is qualified to be issued a broker's
license but who operates as a sales associate in the employ of
another broker. Glorified sales associate.
◉ Does an applicant for the Florida Real Estate license have to be a
resident of the state or country?.
Answer: No [F.S. 455. 10]
◉ What is the first question in the application for the Sales Associate
license?.
Answer: "Have you ever been convicted or found guilty of, or entered
a plea of solo contenders (no contest) or guilty, regardless of
, adjudication, a crime in any jurisdiction, or are you currently under
criminal investigation?"
◉ Is a DUI a major traffic offense?.
Answer: Yes, and it must be disclosed upon application
◉ What are the four parts of application denial?.
Answer: 1. Application is denied by the DEPARTMENT (DBPR)
2. You are notified in writing
3. You have 21 days from day of receipt
4. to request a formal hearing from an administrative law judge
◉ How many hours of a FREC I course must one complete in order
to take state exam?.
Answer: 63 hours including the final examination
◉ How many hours of a FREC II course must a sales associate
complete in order to be eligible to become a broker?.
Answer: 72 hours including end-of-course examination
◉ Can a sales associate work for more than one broker or developer
at a time?.
Answer: No
