Gold Coast Exam - Study Guide UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Farming - CORRECT ANSWER - focusing on one type or style of property or one
particular neighborhood. Considered to be one of the best ways to succeed in real estate
How do local governments play a role in real estate? - CORRECT ANSWER - They
control planning and zoning, property taxation, and building & health code regulations. They can
also impose a moratorium or temporary delay for a building project.
Broker Associate - CORRECT ANSWER - A person who holds a broker's license but
chooses to work under the direction of another broker, essentially working in a sales associate
capacity.
What happens if your application to take the state exam gets denied by the Department? -
CORRECT ANSWER - You will be notified by writing the reasons for denial; you then
have 21 days from when you received the letter to request a formal hearing before a judge.
Employment by an owner-developer - CORRECT ANSWER - An owner-developer must
register with the Department but does not receive a real estate license. A sales/broker associate
acts as the owner-developer's agent and can be compensated.
What is Attorneys-in-fact? - CORRECT ANSWER - Power of Attorney
Powers of the Department - CORRECT ANSWER - The Department may seek an
injunction from a court against a licensee for failure to follow a Department order. The
Department does not have the authority to issue injunctions against unlicensed persons, but may
seek an injunction from the courts for failure to follow a Department order.
, Executive Powers within the FREC - CORRECT ANSWER - Executive powers can be
exercised by the chairperson acting alone or can be delegated by quorum vote to any other
Commission member.
First Renewal following an initial license - CORRECT ANSWER - must complete post-
licensing requirements prior to the expiration. Failure to do so will result in a null and void
license status.
licenses expire September 30th and March 31st.
Special Agent - CORRECT ANSWER - A special agent is authorized by the employer
(principal) to perform a single act. The contract between the broker (special agent) and principal
establishes the limit of authority granted.
Sub Agent - CORRECT ANSWER - A subagent is a party who has been granted authority
to act on behalf of another agent. "An agent's agent and receives some commission of the deal."
A subagent has the same duties to the principal as the agent who was empowered by the
principal. A sales associate automatically becomes a subagent of all the broker's principals and
has the same duties as his broker for the principals.
Presenting Offers - CORRECT ANSWER - A broker has a duty to transmit any and all
offers to the employer, including oral offers or offers made without a binder deposit.
Single Agent - CORRECT ANSWER - A broker who represents, as a fiduciary, either the
buyer or seller but not both in the same transaction. The employer is the principal of the broker.
Brokerage Offices - CORRECT ANSWER - -Active brokers are required to have an office
& register with DBPR
-Must have at least 1 enclosed room in building of stationary construction
-brokers books, records, & R.E. transaction files must be kept in the office
-Not required to have a phone, desk, or checking acct.
ACTUAL Exam Questions and CORRECT
Answers
Farming - CORRECT ANSWER - focusing on one type or style of property or one
particular neighborhood. Considered to be one of the best ways to succeed in real estate
How do local governments play a role in real estate? - CORRECT ANSWER - They
control planning and zoning, property taxation, and building & health code regulations. They can
also impose a moratorium or temporary delay for a building project.
Broker Associate - CORRECT ANSWER - A person who holds a broker's license but
chooses to work under the direction of another broker, essentially working in a sales associate
capacity.
What happens if your application to take the state exam gets denied by the Department? -
CORRECT ANSWER - You will be notified by writing the reasons for denial; you then
have 21 days from when you received the letter to request a formal hearing before a judge.
Employment by an owner-developer - CORRECT ANSWER - An owner-developer must
register with the Department but does not receive a real estate license. A sales/broker associate
acts as the owner-developer's agent and can be compensated.
What is Attorneys-in-fact? - CORRECT ANSWER - Power of Attorney
Powers of the Department - CORRECT ANSWER - The Department may seek an
injunction from a court against a licensee for failure to follow a Department order. The
Department does not have the authority to issue injunctions against unlicensed persons, but may
seek an injunction from the courts for failure to follow a Department order.
, Executive Powers within the FREC - CORRECT ANSWER - Executive powers can be
exercised by the chairperson acting alone or can be delegated by quorum vote to any other
Commission member.
First Renewal following an initial license - CORRECT ANSWER - must complete post-
licensing requirements prior to the expiration. Failure to do so will result in a null and void
license status.
licenses expire September 30th and March 31st.
Special Agent - CORRECT ANSWER - A special agent is authorized by the employer
(principal) to perform a single act. The contract between the broker (special agent) and principal
establishes the limit of authority granted.
Sub Agent - CORRECT ANSWER - A subagent is a party who has been granted authority
to act on behalf of another agent. "An agent's agent and receives some commission of the deal."
A subagent has the same duties to the principal as the agent who was empowered by the
principal. A sales associate automatically becomes a subagent of all the broker's principals and
has the same duties as his broker for the principals.
Presenting Offers - CORRECT ANSWER - A broker has a duty to transmit any and all
offers to the employer, including oral offers or offers made without a binder deposit.
Single Agent - CORRECT ANSWER - A broker who represents, as a fiduciary, either the
buyer or seller but not both in the same transaction. The employer is the principal of the broker.
Brokerage Offices - CORRECT ANSWER - -Active brokers are required to have an office
& register with DBPR
-Must have at least 1 enclosed room in building of stationary construction
-brokers books, records, & R.E. transaction files must be kept in the office
-Not required to have a phone, desk, or checking acct.
