Gold Coast FINAL EXAM STUDY SET for 4/11 Graded A+

Gold Coast FINAL EXAM STUDY SET for 4/11 Graded A+ what are the the areas a realtor should be an expert in? 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? 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? must disclose all convictions Employment an associate can only have one employer at a time What's the grace period for a Sales associate's first renewal? Post Licensing no grace period, void and null Individuals who are exempt from licensure Salaried Employees How long can one stay involuntary inactive? 2 years What happens to an associates license if a broker's license is void, suspended, or revoked? their license automatically becomes inactive Multiple Licenses 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 a broker who provides limited representation to a buyer, seller, or both, in a real estate transaction not an AGENT Presenting Offers must present all offers A broker is entitled to compensation if they... bring a buyer who brings an offer the seller was looking for Listing Contract 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? 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? you cannot give him a referral fee for sending you a client Principal Brokerage office -registration is good for 2 years -can switch locations branch brokerage office -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? -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? -must have brokerage name and his/her last name Advertising must have name of brokerage When should one disclose that they are a licensed agent? prior to entering serious negotiations Escrow Account pg.75**** ESCROW ACCOUNT PG 75**** Earnest Money Deposit 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? Thursday Which of the following 4 uses/has an interpleader? Mediation Escrow Disbursement Order Arbitration Litigation Litigation Escrow Disbursement Exemptions when a sales contract is subject to a contingency (financing/appraisal/etc) and it's not met When a sales associate has not received his compensation, what can they do? sue employing broker only How many days does one have to notify the commission of a change of address or employer 60 Real Estate Brokerage Partnership -all must register w. DBPR If all the partners in a Real Estate Brokerage Partnership want to be active in real estate sales, what must they do/be? all must be a licensed broker Does a corporation for profit between a broker and associate dealing with investments need to be registered? No, a for profit corporation dealing w. investments does not need to be registered with any department What are the 7 businesses that may register with the department to perform brokerage services? 6 of 7 have the letter P... the only one that doesn't is LLC -sole Proprietorship -corporation for Profit -Not-for-Profit corporation -LLC -general Partnership -limited Partnership -limited liability Partnership what do the following businesses that may not register to broker real estate have in common they don't have the letter P in it or LLC culpable negligence occurs if a broker operates in a reckless, careless, and excessively negligent manner. negligence for which one can be held legally accountable