GOLD COAST REAL ESTATE STUDY GUIDE UPDATED
QUESTIONS AND ANSWERS GRADED A+
✔✔Presenting offers - ✔✔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 - ✔✔A broker who represents either the buyer or the seller (but not
both) and has a fiduciary relationship with the party represented.
✔✔Single agency relationship - ✔✔The employer becomes the principal, who
authorizes the broker as an agent to perform certain services on his behalf. A
sales/broker associate is registered with the broker as his agent and is never an agent
of the broker's principal.
✔✔Listing Contract - ✔✔-A contract in which a property owner employs a real estate
broker to market the property described in the contract.
-entitled to compensation
✔✔Referral Fee - ✔✔Part of a commission or fee shared with a broker who sends a
client or customer to an agent.
✔✔Principal Office Requirements - ✔✔- each active broker must be registered with the
department (DBPR)
- office must have one enclosed room for negotiations and closing
✔✔Branch Office Requirements - ✔✔If conducting business from more than one office
each additional office and office location must be registered individually as a branch
office with the appropriate fees paid.
If broker closes a branch office, the registration of the branch office cannot be
transferred
If closed, then later reopened in the Same Location during the Same Two Year License
Period, a reissue of the license may be requested, without the need to pay an addtl fee
If Branch office is moved, a new application for registration and payment of the proper
fee are required for the new location.
✔✔Advertising - ✔✔must include name or trade name of the brokerage firm
✔✔internet advertising - ✔✔brokerage firm must be placed above the point of contact
POC: broker mailing address, phone number, fax number, email
✔✔earnest money deposit - ✔✔-when deposit is made sales contract needs to have
name, address, and telephone of title company or attorney it was made with
, -within 10 business day broker must make receipt or verification that deposit was made
✔✔escrow account - ✔✔- must be held in a commercial bank, title company
-cannot be held in a stock or bond house
-broker is not allowed to deposit the personal funds of any person with any funds being
held in an escrow account
✔✔Depositing escrow funds - ✔✔- earnest money deposit should be given to broker the
next business day following receipt
-broker must deposit in trust or escrow account no later than the 3rd business day
✔✔Escrow dispute - ✔✔conflicting requests in which the buyer and seller demand that
the broker release escrowed funds.
- must notify commission office within 15 days from demand
✔✔Bill of Interpleader - ✔✔If broker does not claim any rights to the deposit under a
dispute.
✔✔when a sale contract is subject to financing and broker is acting as an escrow... -
✔✔broker may refund the deposit to buyer without notification to commission if
financing cannot be obtained
✔✔compensation - ✔✔a sales associate who is not compensated can not file a lawsuit
against anyone other than employer
✔✔How long does a licensee who becomes a nonresident have to notify commissions
of change of residency - ✔✔60 days
✔✔sole proprietor - ✔✔A business owned by one person, can operate as a broker if
they have a current and active real estate brokers license
✔✔General Partnership - ✔✔partnership in which partners share equally in both
responsibility and liability
✔✔Real estate Brokerage Partnership - ✔✔- must be registered with department
- at least one partner licensed as an active broker
- unlicensed people can be apart of partnership but cannot perform real estate services
✔✔Real estate brokerage limited partnership - ✔✔Partnership must have at least one
general partner that is an active license broker.
✔✔joint venture - ✔✔a temporary business that involves single transaction or
predetermined number of transaction
QUESTIONS AND ANSWERS GRADED A+
✔✔Presenting offers - ✔✔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 - ✔✔A broker who represents either the buyer or the seller (but not
both) and has a fiduciary relationship with the party represented.
✔✔Single agency relationship - ✔✔The employer becomes the principal, who
authorizes the broker as an agent to perform certain services on his behalf. A
sales/broker associate is registered with the broker as his agent and is never an agent
of the broker's principal.
✔✔Listing Contract - ✔✔-A contract in which a property owner employs a real estate
broker to market the property described in the contract.
-entitled to compensation
✔✔Referral Fee - ✔✔Part of a commission or fee shared with a broker who sends a
client or customer to an agent.
✔✔Principal Office Requirements - ✔✔- each active broker must be registered with the
department (DBPR)
- office must have one enclosed room for negotiations and closing
✔✔Branch Office Requirements - ✔✔If conducting business from more than one office
each additional office and office location must be registered individually as a branch
office with the appropriate fees paid.
If broker closes a branch office, the registration of the branch office cannot be
transferred
If closed, then later reopened in the Same Location during the Same Two Year License
Period, a reissue of the license may be requested, without the need to pay an addtl fee
If Branch office is moved, a new application for registration and payment of the proper
fee are required for the new location.
✔✔Advertising - ✔✔must include name or trade name of the brokerage firm
✔✔internet advertising - ✔✔brokerage firm must be placed above the point of contact
POC: broker mailing address, phone number, fax number, email
✔✔earnest money deposit - ✔✔-when deposit is made sales contract needs to have
name, address, and telephone of title company or attorney it was made with
, -within 10 business day broker must make receipt or verification that deposit was made
✔✔escrow account - ✔✔- must be held in a commercial bank, title company
-cannot be held in a stock or bond house
-broker is not allowed to deposit the personal funds of any person with any funds being
held in an escrow account
✔✔Depositing escrow funds - ✔✔- earnest money deposit should be given to broker the
next business day following receipt
-broker must deposit in trust or escrow account no later than the 3rd business day
✔✔Escrow dispute - ✔✔conflicting requests in which the buyer and seller demand that
the broker release escrowed funds.
- must notify commission office within 15 days from demand
✔✔Bill of Interpleader - ✔✔If broker does not claim any rights to the deposit under a
dispute.
✔✔when a sale contract is subject to financing and broker is acting as an escrow... -
✔✔broker may refund the deposit to buyer without notification to commission if
financing cannot be obtained
✔✔compensation - ✔✔a sales associate who is not compensated can not file a lawsuit
against anyone other than employer
✔✔How long does a licensee who becomes a nonresident have to notify commissions
of change of residency - ✔✔60 days
✔✔sole proprietor - ✔✔A business owned by one person, can operate as a broker if
they have a current and active real estate brokers license
✔✔General Partnership - ✔✔partnership in which partners share equally in both
responsibility and liability
✔✔Real estate Brokerage Partnership - ✔✔- must be registered with department
- at least one partner licensed as an active broker
- unlicensed people can be apart of partnership but cannot perform real estate services
✔✔Real estate brokerage limited partnership - ✔✔Partnership must have at least one
general partner that is an active license broker.
✔✔joint venture - ✔✔a temporary business that involves single transaction or
predetermined number of transaction
