Gold Coast Real Estate Exam Verified 100% PASS!!

Gold Coast Real Estate Exam Verified 100% PASS!! Tract building When a dev. Acquired land, records a plat map and uses a model center from which sales may be made Local level Planning, zoning, property taxation, building and health codes and regulations, and building moratoriums that affect development play a significant role in the cost and desirability of real estate Broker associate A licensed broker working for another broker False A florida real estate license applicant must be a resident and citizen (true or false) Application Denial You have 21 days to send a formal letter to the department for a hearing if: One How mang brokers can a sales or broker associate work for Post license requirements No grace period Sales associate first renewal No grace period Exempt from licensure Attorney in fact/ Attorney at Law Attorneys at law My perform legal services on behalf ofntheir clients; they may prepare documents, handle closings, and give legal advice. Involuntary inactive An individual who does not request renewal of their second or subsequent lecense, pay the required fees, or maintain their continuing education requirements will have their license placed in 2 years A license may remain in involuntary inactive status for no longer than Special Agent A special agent is authorized under agency law by the employer to perform a single act. The employment contract between the employer and agent establishes the limit of authority granted Presenting offers A broker has a buty to transmit any and all offers to the employer including oral offers or offers made without a binder deposit Limited A transaction broker provides what kind of representation Single agent this agency relationship is created when a broker accepts employment under a single agency agreement. A broker may represent a seller or buyer , or a landlord or tenant. Principal In a single agency relationship, the employer becomes the For sale By owner Non Representation or (No Brokerage Relationship can also be called) FSBO For sale by owner can also be called Stationary Construction An active broker is required to have this open which must be registered with the department of Business and Professional Regulation where Negotiations and the closing of real estate transactions can be conducted with privacy Others Licencees should make clear that they are dealing on their own account and not acting on the behalf of Public Licencees should make known their status as licencees to members of the Serious negotiations This Disclosure should be made prior to entering into Deposit A form of Money, personal property, real property, or anything of value that is capable of being converted into cash. Closing Typically the deposit is intended as partial payment of the purchase price at? Post dated checks Are considered to be promissory notes and can be accepted as earnest money with the seller's approval. True When a deposit is placed, or is to be placed, with a title company or an attorney, the licensee who prepared or presented the sales contract must indicate on that contract the name, address, and telephone number of the title company or attorney with whom the deposit was placed (True or False) Escrow or trust account May be held in a commercial bank, title company which has trust powers, credit union, or savings and loan association located in the state of Florida cannot The escrow account ______ be held in a stock or bond brokerage house Commingle A broker is not allowed to _________ or deposit the personal funds of any person with any funds being held in escrow, trust or on condition Next business day A sales associate or broker associate who receives an earnest money deposit on behalf of his or her employer must deliver the deposit to the employer no later than the _________________ following the receipt True A broker must immediately place the earnest money deposit in a escrow or trust account. (True or False) Immadiately Defined as "No later than the end of the third business day following receipt" escrow dispute Conflicting requests in which both the buyer and the seller demand that the broker release escrowed funds is called an written notification If a broker receives conflicting demansafor escrowed funds, or if the broker has good-faith doubt as to which person is entitled to the escrow property, the broker must give _______________ to the commission 15 days Notification to the commission must be made within ________ from the date of the last party's demand. 10 days A sales associate must report any change of employer or change of address within _____ of the change to the Department on a form prescribed for such use. 60 days Any resident licensee who becomes a nonresident must notify the Commission of the change in residency within False A non- US Citizen can be denied (True or False) Real estate brokerage partnership Must have at least one partner licensed as an active broker Brokers license Each partner who provides real estate services to the public either ditectly or indirectly must hold an active __________ Joint venture a temporary business that involves a single transaction or a predetermined number of transactions. temporary The participants of a joint venture cannot bind one another to any new transactions because their relationship is Corporation for profit Must include the word "Corporation, Company, incorporated, or the abbreviation "Corp" "Inc." or "Co." Company No business is allowed to use the word ________ unless it is formed legally as a corporation for profit or unless the words are "not Inc." Second degree misdemeanor Dissementing false or misleading advertising is a 500 60 A second degree misdemeanor is punishable by a criminal fine of up to ___ dollars and imprisonment of up to __ days Concealment occurs when a broker fails to disclose information to a party, to whom the borker has such a duty, and that is material to his or her decision. Culpable negligence Occurs if a broker operaties in a reckless, careless, and excessively negligent manner.