Real Estate Gold Coast Chapter 1-5 Complete Questions with 100% correct Answers

Real Estate Gold Coast Chapter 1-5 Complete Questions with 100% correct Answers Licensees have to be experts in all the following? Marketing, Valuation, Property Transfer What is farming? When licensees concentrate on ONE type, style of property or particular neighborhood In a business brokerage, what is the "going concern value" ? (COMBINED ASSETS OF A BUSINESS) value of the business, which includes income, intangible vs tangible, goodwill and value of real property In Construction & Development, tract building is? involves use of model homes Local government bodies can impose mora*torium To obtain a license, you do not have to be? Florida resident or Citizen of the US Where do all convictions have to appear? On the application What happens after a state application denial if they deny your application, they have to inform you of your right to a formal hearing Qualifications for Broker Be active 2 years under one or more active licensed broker within 5 year period, & How many hours is the FREC II education course to be a Broker? 72 Broker Associate Sales Ass. with broker qualifications, working for a Broker Employment by a Broker CANNOT receive compensation from others & can only work with ONE broker at a time What can a broker do that a Sales Ass cant do? NOTHING Except, Broker can work independently, while a Sales Ass MUST work under a Broker How does employment by an owner-developer works? The owner-developer has to register with the department as a sales ass's owner. DOES NOT need real estate license What are three types of employment for sales ass? By Broker, Owner-developer, and Government Agency What are the two dates to do your first renewal? March 31 Sept. 30 If you get your license June 2019, when is your first renewal? Considering its your first renewal, you will renew it March 31, not June 2021 The second renewal consists of how many hours of CE? 14 The first renewal consists of how many hours of post license? 45 Is the CE requirement of 7 hours a year correct? Yes Attorney-in-fact the person under the power of attorney to sign documentaries Cemetery lot salesperson Considered under the ground, not real estate..so it is exempt Salaried managers of condo or coop apt. complex if the rental is arranged for one year or less, and do not pay them a commission, licensure is not needed.. so it is exempt Can the Department issue injunctions against unlicensed persons? No Executive powers can be exercised by chairperson acting alone Before the first renewal of a Florida real estate license, the license law requires that the licensee complete a...? post- licensure Failure to renew license second time around prior to expiration, will result in involuntary inactive status Is there a grace period for the first renewal? No there is not, once it expires. Its gone! What is it called when you return your license? Cancel When you don't renew your second license, you go into? Involuntary inactive How long can you stay in involuntary inactive? no more than 2 years If a broker's license is suspended, the licenses of all sales associates working for that broker are Inactive Who can apply for a group license? sales associate and broker associate