Gold Coast Real Estate Final Exam Study Guide only contains

Gold Coast Real Estate Final Exam Study Guide (only contains highlights from Ch's 1, 2,3,4 and some of 11) Flashcards Offer and Acceptance (Ch. 11)offer and acceptance, agreement or meetings of the minds, a mutual understanding of the terms of the contract.Contract Termination (BRRLAP) (Ch.11)Breach-party to contract fails to meet expectations agreed uponRevocation- someone's who's legally terminated can revoke contactRenunciation- both parties agree to terminate agreementLapse of Time- performance isn't completed in a timely mannerAbandonment- party walks away from contractPerformance- when both parties perform as agreed Statute of Limitations (Ch.11)gives time limits to allow parties to being legal action to enforce their rights to a contract Residential Transaction (Ch. 1)F.S 475The sale of any improved residential property of 4 units or fewer.Unimproved property intended for 4 units or fewer.Agricultural properties 10 acres or less Florida real estate license law requires sales associates or

broker associates to: (Ch. 2)

be employed as an agent of either broker or an owner-developer before performing real estate services for compensation. A sales associate may not be directly employed or compensated for real estate services by a member of the public. They may only be compensated by their employing broker or owner developer.Duties of the DBPR (The Department) (Ch. 3) 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.Real Estate Brokerage (Ch. 1)A business in which real estate-related activities are performed under the authority of a licensed real estate broker A sales associate is a general agent of the broker and

automatically becomes a: (Ch. 4)

subagent of all the brokers principalsas an agent of the broker, a s.a has the same duties to the brokers principals, just like the broker Employment by an owner-developer (Ch. 2) The owner developer must register with the department but does not receive a real estate license A broker earns a right to compensation by: (Ch.4) performancewhen the broker has performed, the employer owes the broker a commission even if the transaction was not completed. In cases where the amount of compensation wasn't specified on contract, a customary commission will be due based on the type of property and fee the broker would normally charge.

When a broker is employed to find a purchaser, he or she

is entitled to: (Ch.4 )

compensation when a buyer has met all requirements.It's done when an offer is made in accordance with terms in the listing agreement whether or not a sale is completed The question that requires the disclosure of any criminal convictions, including felony or misdemeanor convictions or pleas (other than traffic offenses), regardless of adjudication (going to court)DUI must be disclosed (Ch. 2) "Have you ever been convicted of a felony or found guilty of, or entered a plea of "nolo contendere" (no contest) or guilty to, regardless of adjudication ,a crime in any jurisdiction, or are you currently being investigated?" Suit for cancellation (rescission) (Ch. 11) The party who is not in breach of contract can bring a suit in court to cancel the contract and ask the court to put the parties back in their original positions.

Oral contracts are also known as: (Ch. 11) Parol Contracts

Broker Associate (Ch. 2)an applicant to become a "broker associate" may chose to continue employment in a sales associate position with current employer after passing the exam but will be registered under a "broker associate" after passing the examan individual who meets the requirements of a broker but who chooses to work in real estate under the direction (employ) of another broker.Liquidated Damages (Ch. 11)An amount, stipulated in the contract, that the parties to a contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.Implied contracts (Ch. 11)A contract or agreement that creates obligations without verbally expressed terms An applicant for a Florida real estate license is not required

to be a: (Ch. 2)

resident of Florida or be a citizen of the U.S Employment by a broker: (Ch. 2)a sales associate or broke associate cannot receive compensation for performing real estate services for anyone other than his or her employing broker. A sales associate or broker can work for only (1) broker at a time.Broker are registered and licensed with the Department.Commission (Ch. 2)Florida Real Estate Commission (FREC) The Florida Real Estate Commission, Powers of the Commission (Ch. 3) The executive powers can be exercised by the chairperson acting alone or can be delegated by quorum vote to any other Commission member A sales associate or broker associate is registered with the

broker as ones agent but never an agent of: (Ch.4)

the brokers principal Involuntary Inactive (Ch.3)results in not requesting renewal of the license, paying the fee or maintaining CE requirements, cannot remain in status for more than 2 years.Voluntary Inactive (Ch.3)results in no longer wanting to practice real state personally, a license may remain in this status indefinitely Group license (Ch. 3)can be obtained if s.a or brkr works for one owner-developer with affiliated organizations performing real estate services in different geographic areas

Fiduciary duties owed by a broker in a single agency relationship (Ch. 4) Confidentiality, obedience, loyalty and full disclosure Individuals who are exempt from licensure (Ch. 2) "Attorneys-in fact"-person 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."Individuals" may buy, sell or perform services of real estate for themselves without having a real estate license.Consideration (Ch. 11)sufficient consideration, valuable or good consideration is sufficient, valuable consideration is money or anything of value that can be converted into money.Option Contract (Ch. 11)The right to purchase property within a definite time at a specified price Subagent (Ch. 4)party that has been granted authority to act upon another agent Oral contracts (Ch.11)if a contract is entirely oral, action must be brought within four years Post-License (First Renewal) Requirements [ F.S 475.17] (Ch. 2) All licenses, whether active or inactive, must satisfactorily complete a Commission-prescribed post-licensing course prior to the first renewal expiry following initial licensure Special agent (Ch. 4)authorized under agency law to perform a single act. A contract is formed between the employer and agent that establishes the limit of authority granted A sales associate who wishes to a broker must: (Ch. 2)have been employed under one or more actively licensed brokers for at least 24 months within the previous 5 years Quasi-judicial powers (Ch. 3)Allows the Commission to impose disciplinary action for violations of the laws or rules. Similar to the actions of a court. Can deny an application, reprimand, fine, or place a licensee on probation, suspend or revoke a license.Void Contract (Ch.11)unenforceable, can't be performed under the lawrequires a party to perform an act that is impossible or illegal A significant departure is allowed in the law for brokerage

offices in: (Ch. 4)

nonresidential transactionsIf both seller and buyer have assets of $1 million or more and request single agent representation, the broker may designate sales associates to be single agents for diff. customers in the transaction Principal (Ch. 4)party that a real estate licensee enters into a single agent relationship with If a broker's license is suspended or revoked: (Ch.3)all licenses of person employed under broker will automatically become inactive Termination of Offers (Ch.11)WILD CARDW- withdrawalI-InsanityL-Lapse of TimeD- Death of either partyC-CounterofferA-AcceptanceR-RejectionD-Destructio n of Property

Department (Ch. 2)Department of Business and Professional Regulation

(DBPR)

In a single agency relationship, the employer becomes the:

(Ch.4) principal that authorizes the broker as an agent to perform certain services on ones behalf. The party that the broker does not represent as an agent is the brokers customer.The use of "as is" provision in contract does not: (Ch. 11)relieve the seller of this responsibility Tract Building (Ch. 1)when a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made Local Level of Government (Ch. 1)control planning and zoning, property taxation, building and health code regulationsalso impose a moratorium or temporary delay for a building projectbuilding permits would be held until the situations are corrected Licensee (Ch. 2)any person that has a permit, registration, certificate, or license that's issued by the Department A broker has a duty to transmit any and all offers to the

employer including: (Ch. 4)

oral offers and offers made without a binder deposit Assignment of Contract (Ch. 11)sale transfer, subrogation of rights in a contract Contract for Deed (Ch. 11)A means by which the seller passes possession but retains title to the property until the total or a substantial portion of the purchase price is paid. Installment contract. The two parties here are the vendor (owner) and the vendee (buyer).Florida Real Estate License Law F.S 475 (Ch. 2) the purpose is to protect the public A broker can be issued addtl licenses in two or more

capacities by: (Ch. 3)

requesting multiple licenses Sales Associate (Ch. 2)a person who performs real estate activities while employed by a licensed real estate broker Multiple licenses are not available to: (Ch. 3) sales associates or broker associates An agency relationship is created when: (Ch.4) a broker accepts employment under a single agency agreementThe broker represents the buyer and any attempt to represent both parties in a transaction would create an illegal dual agency Subsequent renewals (Ch. 3)For all biennial renewal periods following the initial license, licensees must renew by completing the 14-hour CE requirements. Failure to renew a license prior to the expiration, in other than the initial license period, will put the license into "involuntary inactive" status. It can remain in this status for up to 2 years.Sellers of residential property in Florida are required to disclose and material.. (Ch. 11) defects Disciplinary Authority of the Commission (Ch. 3) A licensee who is found guilty of a violation may be issued a reprimand or an administrative fine up to $5,000 per offense, be placed on probation, or have their license suspended for up to 10 years or permanently revoked.