GOLD COAST REAL ESTATE EVALUATION TEST UPDATED
EXAM QUESTIONS AND ANSWERS GRADED A+
✔✔Compensating broker or sales associate - ✔✔Florida real estate license law requires
a sales or broker associate to be employed as an agent of either a broker or owner
developer before performing real estate services for compensation.
They may NOT be directly compensated for real estate services by a member of the
public.
Only their employing broker or owner developer
✔✔Employment by owner developer - ✔✔The owner developer must register with the
department but does not receive a real estate license
✔✔Post licensing course - ✔✔All licensees, whether active or inactive, must
satisfactorily complete a Commission prescribed post licensing course before the first
renewal expiration date, following initial licensure.
✔✔Sales associate first renewal - ✔✔Sales associate must complete a 45 hour post
license course.
Failure to complete this requirement will result in licensee being out of business and
voided license
✔✔Continuing education - ✔✔All licensees active or inactive, broker or sales assoc.,
must complete 14 hrs of commission approved continuing education and pay a renewal
fee during each license renewal period, excluding the first renewal period of their
current license.
If CE requirements are no met within the renewal deadline, the licensees license will be
changed to INVOLUNTARY INACTIVE
CE courses may be completed by classroom or distance learning(online)
✔✔Attorney-in-fact - ✔✔Persons who are granted authority under a power of attorney to
act for others in some capacity, such as signing documents
✔✔Salaried employees - ✔✔Of an owner, or of a registered broker for an owner, of an
apartment community who work in an onsite rental office of the apartment community in
a leasing capacity
✔✔Powers of the "Department or DBPR" - ✔✔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.
The department also has the power to issue a cease and desist order against an
unlicensed party for violation of any rule or law under its administration
,✔✔Executive powers - ✔✔Can be exercised by the chairperson acting alone or can be
delegated by quorum vote to any other commission member
✔✔Quasi judicial powers - ✔✔Allow the commission to impose disciplinary action for
violations of laws and rules. Similar to the actions of a court of law.
The commission has the authority to deny an application, and to reprimand , fine, or
place a licensee on pro a Tiod, or suspend or revoke a license
✔✔A guilty licensee - ✔✔May receive one of the following disciplinary actions
Issued a reprimand or admin. fine up to $5,000 per offense
Be placed on probation
Or Have their license suspended for up to ten years or permanently revoked
✔✔Subsequent renewal - ✔✔14 hr CE
Failure to do so results in null and Void license
The licensee may not practice real estate while his or her license is involuntary inactive.
The license can remain in this statutes for up to two years
✔✔Voluntary inactive - ✔✔Individual who had attained their license but does not wish to
engage actively in real estate can request a voluntary inactive.
May remain In this status indefinitely
✔✔Suspended brokers license - ✔✔Suspended, revoked, or otherwise void or
ineffective brokers license results in all persons license who are employed under such
broker to become automatically inactive
✔✔Cancelled licensed - ✔✔If a licensee no longer wishes to practice real estate, they
can return their license to the department. The license would be...
✔✔Group license - ✔✔A single real estate license that can be obtained if the sales
associate or broker associate works for one owner developer with affiliated
organizations, which provides real estate services in different geographic areas
✔✔Multiple licenses - ✔✔A broker can be issued additional licenses in two or more
capacities by requesting...
NOT available to sales associates or broker associates
*broker cannot own stock in any of the corporations
✔✔Examples of administrative agencies empowered by statutes - ✔✔Statutes can
authorize the creation and operation of administrative agencies to administer and
enforce certain laws.
The DBPR created by F.S. 455
FREC created by F.S. 475
are examples.
, ✔✔Special agent - ✔✔Authorized under agency law by the employer to perform a
single act.
✔✔General agent - ✔✔...Of his or her broker or owner developer..
(Sales associate or broker associate)
✔✔Sub agent - ✔✔Extension of another agency, a party who has been granted
authority to act on behalf of another agent.
NOT a type of agency
What a sales associate is to his or her broker, and automatically becomes to all of the
brokers principals
*Under agency law a sub agent has the same duties to the principal as the agent who
was empowered by the principal.
✔✔Transaction broker - ✔✔A broker who provides limited representation to a buyer, a
seller, or both, in a real estate transaction, but does not represent either in a fiduciary
capacity or as a single agent
*provide limitless confidentiality unless waived in writing by a party.
*the licensee has a duty not to discuss price (other the price quoted in the listing),
motivation, terms, or other information a party deems to be confidential, which may
harm that parties bargaining position
Duties:
Deal honestly and fairly
Account for all funds
Disclose all known facts that affect the value of residential property
Skill, care, and diligence
Present all offers and counteroffers
Limited confidentiality
Additional agreed duties
✔✔Concealment or Breach of trust - ✔✔Failure to present an offer.
Could result in disciplinary action against the broker
✔✔Single Agent or Single agency - ✔✔When a broker accepts employment under a....
A broker may represent a seller or a buyer, or a land lord or tenant. Any attempt to
represent both parties in a transaction would create an illegal dual agency
Duties:
Deal honestly and fairly
Account for all funds
Disclose all known facts that affect the value of residential property
Skill, care, and diligence
EXAM QUESTIONS AND ANSWERS GRADED A+
✔✔Compensating broker or sales associate - ✔✔Florida real estate license law requires
a sales or broker associate to be employed as an agent of either a broker or owner
developer before performing real estate services for compensation.
They may NOT be directly compensated for real estate services by a member of the
public.
Only their employing broker or owner developer
✔✔Employment by owner developer - ✔✔The owner developer must register with the
department but does not receive a real estate license
✔✔Post licensing course - ✔✔All licensees, whether active or inactive, must
satisfactorily complete a Commission prescribed post licensing course before the first
renewal expiration date, following initial licensure.
✔✔Sales associate first renewal - ✔✔Sales associate must complete a 45 hour post
license course.
Failure to complete this requirement will result in licensee being out of business and
voided license
✔✔Continuing education - ✔✔All licensees active or inactive, broker or sales assoc.,
must complete 14 hrs of commission approved continuing education and pay a renewal
fee during each license renewal period, excluding the first renewal period of their
current license.
If CE requirements are no met within the renewal deadline, the licensees license will be
changed to INVOLUNTARY INACTIVE
CE courses may be completed by classroom or distance learning(online)
✔✔Attorney-in-fact - ✔✔Persons who are granted authority under a power of attorney to
act for others in some capacity, such as signing documents
✔✔Salaried employees - ✔✔Of an owner, or of a registered broker for an owner, of an
apartment community who work in an onsite rental office of the apartment community in
a leasing capacity
✔✔Powers of the "Department or DBPR" - ✔✔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.
The department also has the power to issue a cease and desist order against an
unlicensed party for violation of any rule or law under its administration
,✔✔Executive powers - ✔✔Can be exercised by the chairperson acting alone or can be
delegated by quorum vote to any other commission member
✔✔Quasi judicial powers - ✔✔Allow the commission to impose disciplinary action for
violations of laws and rules. Similar to the actions of a court of law.
The commission has the authority to deny an application, and to reprimand , fine, or
place a licensee on pro a Tiod, or suspend or revoke a license
✔✔A guilty licensee - ✔✔May receive one of the following disciplinary actions
Issued a reprimand or admin. fine up to $5,000 per offense
Be placed on probation
Or Have their license suspended for up to ten years or permanently revoked
✔✔Subsequent renewal - ✔✔14 hr CE
Failure to do so results in null and Void license
The licensee may not practice real estate while his or her license is involuntary inactive.
The license can remain in this statutes for up to two years
✔✔Voluntary inactive - ✔✔Individual who had attained their license but does not wish to
engage actively in real estate can request a voluntary inactive.
May remain In this status indefinitely
✔✔Suspended brokers license - ✔✔Suspended, revoked, or otherwise void or
ineffective brokers license results in all persons license who are employed under such
broker to become automatically inactive
✔✔Cancelled licensed - ✔✔If a licensee no longer wishes to practice real estate, they
can return their license to the department. The license would be...
✔✔Group license - ✔✔A single real estate license that can be obtained if the sales
associate or broker associate works for one owner developer with affiliated
organizations, which provides real estate services in different geographic areas
✔✔Multiple licenses - ✔✔A broker can be issued additional licenses in two or more
capacities by requesting...
NOT available to sales associates or broker associates
*broker cannot own stock in any of the corporations
✔✔Examples of administrative agencies empowered by statutes - ✔✔Statutes can
authorize the creation and operation of administrative agencies to administer and
enforce certain laws.
The DBPR created by F.S. 455
FREC created by F.S. 475
are examples.
, ✔✔Special agent - ✔✔Authorized under agency law by the employer to perform a
single act.
✔✔General agent - ✔✔...Of his or her broker or owner developer..
(Sales associate or broker associate)
✔✔Sub agent - ✔✔Extension of another agency, a party who has been granted
authority to act on behalf of another agent.
NOT a type of agency
What a sales associate is to his or her broker, and automatically becomes to all of the
brokers principals
*Under agency law a sub agent has the same duties to the principal as the agent who
was empowered by the principal.
✔✔Transaction broker - ✔✔A broker who provides limited representation to a buyer, a
seller, or both, in a real estate transaction, but does not represent either in a fiduciary
capacity or as a single agent
*provide limitless confidentiality unless waived in writing by a party.
*the licensee has a duty not to discuss price (other the price quoted in the listing),
motivation, terms, or other information a party deems to be confidential, which may
harm that parties bargaining position
Duties:
Deal honestly and fairly
Account for all funds
Disclose all known facts that affect the value of residential property
Skill, care, and diligence
Present all offers and counteroffers
Limited confidentiality
Additional agreed duties
✔✔Concealment or Breach of trust - ✔✔Failure to present an offer.
Could result in disciplinary action against the broker
✔✔Single Agent or Single agency - ✔✔When a broker accepts employment under a....
A broker may represent a seller or a buyer, or a land lord or tenant. Any attempt to
represent both parties in a transaction would create an illegal dual agency
Duties:
Deal honestly and fairly
Account for all funds
Disclose all known facts that affect the value of residential property
Skill, care, and diligence
