Gold Coast FINAL EXAM STUDY SET for 4-11 Exam

Gold Coast FINAL EXAM STUDY SET for 4-11 Exam 2023 what are the the areas a realtor should be an expert in? - Ans-Marketing Valuation & Market Conditions Property Transfer "MVP" Does one need to be a resident of the state or a citizen of the U.S. to get a FL real estate license? - Ans-to get a FL real estate license, you don't need to be a citizen What must an applicant for a real estate license do if he has been convicted of a crime? - Ans-must disclose all convictions Employment - Ans-an associate can only have one employer at a time What's the grace period for a Sales associate's first renewal? Post Licensing - Ans-no grace period, void and null Individuals who are exempt from licensure - Ans-Salaried Employees How long can one stay involuntary inactive? - Ans-2 years What happens to an associates license if a broker's license is void, suspended, or revoked? - Ans-their license automatically becomes inactive Multiple Licenses - Ans-issued only to active brokers if it is clearly shown that such additional licenses are necessary to the conduct of legitimate business What is a Transaction broker - Ans-a broker who provides limited representation to a buyer, seller, or both, in a real estate transaction *not an AGENT* Presenting Offers - Ans-must present all offers A broker is entitled to compensation if they... - Ans-bring a buyer who brings an offer the seller was looking for Listing Contract - Ans-broker's employment contract that states the terms and conditions that the broker must meet to become eligible for compensation Referral Fees: I as the sellers agent promise kickback commission. Is this allowed? - Ans-yes, as long as this is disclosed to all interested parties what if an attorney asks for a fee because they referred a client to you? - Ans-you cannot give him a referral fee for sending you a client Principal Brokerage office - Ans--registration is good for 2 years -can switch locations branch brokerage office - Ans--registration is good for 2 years -cannot move locations if not the principal location... in order to move it would need a new registration for the new location and must pays fees associated with it What are the requirements for a Principal Office? - Ans--at least one enclosed room in a building of stationary construction -must maintain documents for a minimum of 5 years What are the requirements for an associate advertising with a website? - Ans--must have brokerage name and his/her last name Advertising - Ans-must have name of brokerage When should one disclose that they are a licensed agent? - Ans-prior to entering serious negotiations Escrow Account pg.75**** - Ans-ESCROW ACCOUNT PG 75**** Earnest Money Deposit - Ans-provide written verification within 10 days of request A buyer drops off an escrow check on Monday. To avoid any trouble with FREC, the broker must deposit the check by close of business on which day? - Ans-Thursday Which of the following 4 uses/has an interpleader? CONTINUES...