Before being so quick to downvote or throw darts, please forgive my ignorance and inability to recall basic calculus atm.
Consider the limit $\lim \limits_{x \to \infty}\frac{3x^2+14x-5}{x^2+x-12}$. It can quickly be determined that the $x$ approaches $3$ using L'Hospital's rule.
The same answer can be derived, however, by using this shortcut (I am unaware if it has a specific name):
$\lim \limits_{x \to \infty}\frac{3x^2+14x-5}{x^2+x-12}=\lim \limits_{x \to \infty}\frac{3x^2/x^2+14x/x^2-5/x^2}{x^2/x^2+x/x^2-12/x^2}$
Every term is divided by the highest degree of $x$ in the denominator. The terms with $x^2$ in both the numerator and denominator simplify. All other terms go to $0$. Therefore:
$\lim \limits_{x \to \infty}\frac{3x^2/x^2+14x/x^2-5/x^2}{x^2/x^2+x/x^2-12/x^2}=\frac{3}{1}=3$
1) What are the explicit conditions in which may I use this shortcut?
2) How do I know when to use it over L'Hospital's rule, as both techniques can be used only when working with quotients?
3) What is the shortcuts name, if any?
Shorcut can be used in quotient limits anytime there exist some leading term at the numerator and denominator which becomes dominant in the limit with respect to the others terms that is, indicating with g(x) the dominant term
$$\lim \limits_{x \to \infty}\frac{f(x)}{g(x)}=0$$
To individuate the dominant term, recall that
$\frac{x^a}{x^b} \to 0$ for $b>a$
$\frac{x^a}{b^x} \to 0$ for $b>1$
$\frac{\log x}{x^a} \to 0$ for $a>0$
and for sequences
$\frac{a^n}{n!} \to 0$ for $a>1$
$\frac{n!}{n^n} \to 0$
Recall that l'Hopital rule can be applied to limits which are expressed (or can be expressed) by quotient which are in the indeterminate form $\frac 0 0$ or $\frac{\pm \infty}{\pm \infty} $.
I don't think there is a specific name for the shorcut.
As indicated in the comment another way for rational expression can be the following
$$\frac{3x^2+14x-5}{x^2+x-12}=\frac{3x^2+3x-12+11x+7}{x^2+x-12}=3+\frac{11x+7}{x^2+x-12}$$