Gold coast School of Real Estate Final Latest Update 2023 (GRADED A+)

Involuntarily Inactive - ANSWER - When the licensee fails to complete the required continuing education and thereby cannot renew their license. Multiple Licenses - ANSWER - Under certain situations, licensees can have more than one license; A Multiple license can exist if a broker has business of such a nature that more than one broker's license is needed for legitimate business purposes and not be harmful to the public. A broker can have multiple brokers' licenses if he manages more than one brokerage firm. A broker can not be licensed as either a sales associate or a broker sales associate at the same time he holds a broker's license. Transaction Brokerage - ANSWER - Non-agency (neutral) representation whereby the Broker (or via his salespersons) does not represent the parties, but serves as a "facilitator", making required disclosures and giving required notices, as well as seeing to all necessary contracts and paperwork needed to prepare for closing. The broker does not advocate or advise the parties as to offers. Anything in which the broker has "actual knowledge" or "notice" of is his duty to the client. Presenting Offers - ANSWER - A broker cannot accept or reject an offer on behalf of his or her employer. Listing Contract - ANSWER - An employment agreement between an owner and broker defining the duties and rights of both parties. (Unilateral contract) Referral Fees - ANSWER - Members and candidates must disclose to employers and to affected clients, before entering into any formal agreement for services, any benefits received for the recommendation of services provided by the member. Branch Office - ANSWER - closed and later reopened in the same location during the same two-year period, may reissue a license. If moved, new application for registration and payment of proper fee are required. Broker Advertising - ANSWER - 1. no 'blind advertising', must state that it has been placed by a broker or brokerage firm, not the principal 2. a provisional broker cannot advertise without obtaining the permission of the BIC 3. broker cannot advertise or display a for sale or for rent sign without consent of the owner that should be given in writing in the listing contract Personal Transactions - ANSWER - Brokers, sale associates and broker associates are entitled to deal in real property for personal benefit. Licensees must make clear that they are dealing on their own account and not acting on behalf of others. Disclosure must take place prior to entering into serious