Gold Coast Exam - Study Guide with Complete Solutions

Gold Coast Exam - Study Guide with Complete Solutions Farming - 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? - 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 - 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? - 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 - 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? - Answer- Power of Attorney Powers of the Department - 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 - 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 - 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 - 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 - 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 - 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 - 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 - Answer- -Active brokers are required to have an office & register with DBPR