GRI 302 Exam
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Where do you get a brokers license from - Answer: Florida Real Estate Commission (FREC)
How old must an applicant be for a brokers license - Answer: 18
When creating a successful Brokerage firm what is the first stage - Answer: Survival
What actiob must be taken for a business to be successful and to move successfully from stage to stage -
Answer: Deciding on a business model
What is important to remember when establishing goals - Answer: revaluate existing goals and establish
new ones considering obstacles encountered, market changes and personal issues. It is alo important to
celebrate accomplishments.
What are some of the important steps a licensee should consider before opening a brokerage - Answer:
Check with an attorney and applicable state laws regarding brokerages and business models as well as
the licensee's accountant or finacial professional will be able to off advice.
Limited Services- another name - Answer: unbundling of services
limited services - Answer: occurs when a broker breaks up the transaction into parts and charges for
each componenet of the transaction
What is the goal of limited service - Answer: provide an offering so complete that the customer doesnt
have to decide which firm to select but rather which level of service they desire from the selected firm.
Regarding models why is it important for fee schedules to be independent of other brokerages -
Answer: Because if they weren't it would violate antitrust laws which prohibits price fixing and other
anticompetitive activities that restrain trade in a market place
Why is it important to establish internal controls - Answer: Internal controls provide for necessary
operating systems, financial reporting , and legal/regulatory compliance; they also signal when action to
strengthen controls is needed.
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Where do you get a brokers license from - Answer: Florida Real Estate Commission (FREC)
How old must an applicant be for a brokers license - Answer: 18
When creating a successful Brokerage firm what is the first stage - Answer: Survival
What actiob must be taken for a business to be successful and to move successfully from stage to stage -
Answer: Deciding on a business model
What is important to remember when establishing goals - Answer: revaluate existing goals and establish
new ones considering obstacles encountered, market changes and personal issues. It is alo important to
celebrate accomplishments.
What are some of the important steps a licensee should consider before opening a brokerage - Answer:
Check with an attorney and applicable state laws regarding brokerages and business models as well as
the licensee's accountant or finacial professional will be able to off advice.
Limited Services- another name - Answer: unbundling of services
limited services - Answer: occurs when a broker breaks up the transaction into parts and charges for
each componenet of the transaction
What is the goal of limited service - Answer: provide an offering so complete that the customer doesnt
have to decide which firm to select but rather which level of service they desire from the selected firm.
Regarding models why is it important for fee schedules to be independent of other brokerages -
Answer: Because if they weren't it would violate antitrust laws which prohibits price fixing and other
anticompetitive activities that restrain trade in a market place
Why is it important to establish internal controls - Answer: Internal controls provide for necessary
operating systems, financial reporting , and legal/regulatory compliance; they also signal when action to
strengthen controls is needed.
