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Gold Coast 45 Hour Exam Questions and Answers
2023 – 2024 (Verified Answers)
1.Property managers who are employed and compensated by
community associations are required to obtain and maintain which type
of license ANS – CAM
2.What term is used for the practice of specializing in one particular
residen- tial neighborhood or type of property ANS Farming
3.upon closing a sales transaction who pays the sales associate their
con- tracted commission ANS Employing Broker
4.Home sold for $250k with a garage, a home sold in the area for $230k
with no garage. From this information what can you determine the
approximate value of the garage is ANS $20000
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5.which source will most likely produce the greatest # of potential buyers
for a listing ANS Putting your listing on the MLS
6.The NAR code of ethics specifies duties of real-estate professionals
ac- cording to ethical standard of conduct. All of the following except
ANS Duties
7.What is primary purpose of building code regulations ANS to protect
public health, safety and general welfare
8.which auction system is involved with the enforcement of liens due
to borrower default ANS Courthouse Auction
- Which type of listing allows an owner to list his or her property with
more than one broker ANS Open Listing
10.Which investment term refers to an asset that cannot be sold
quickly without lowering the price ANS illiquid
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Gold Coast Final Exam Study Guide 2023 – 2024
1.what are the the areas a realtor should be an expert in?:
Marketing Valuation & Market Conditions
Property Transfer
“MVP”
2.Does one need to be a resident of the state or a citizen of the U.S. to get
a FL real estate license?: to get a FL real estate license, you don’t need
to be a citizen
3.What must an applicant for a real estate license do if he has been
convicted of a crime?: must disclose all convictions
4.Employment: an associate can only have one employer at a time
5.What’s the grace period for a Sales associate’s first renewal? Post
Licens- ing: no grace period, void and null
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6.Individuals who are exempt from licensure: Salaried Employees
7.How long can one stay involuntary inactive?: 2 years
8.What happens to an associates license if a broker’s license is void,
sus- pended, or revoked?: their license automatically becomes
inactive
9.Multiple Licenses: issued only to active brokers if it is clearly shown
that such additional licenses are necessary to the conduct of
legitimate business
10.What is a Transaction broker: a broker who provides limited
representation to a buyer, seller, or both, in a real estate transaction
not an AGENT
11.Presenting Offers: must present all offers
12.A broker is entitled to compensation if they…: bring a buyer who
brings an offer the seller was looking for
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Gold Coast Final Exam Questions and Answers
2023 – 2024 (Verified Answers)
1.What is the form you sign that says you will pay the loan back ? ANS
promissory note
2.What is the post licensing grace period after first expiration ? ANS none
3.Deposits is a form of… ANS valuable consideration
4.Physical land and improvements ANS real property
5.Is it a violation if a sales associate work for two brokers MondayFriday, and Saturday and Sunday and getting paid commission from both
ANS Yes
6.What is the maximum fine per offense ? ANS $5,000 per fine
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7.Out of state broker sends a customer, and had no part in the
transaction and requests a referral fee, should he expect a commission ?
ANS yes.
8.How many acres in one quarter of a section ? ANS 160
9.What do you do when there is conflict in who escrow goes to ANS notify
FREC
10.When do you NOT have to notify FREC about conflict of escrow ? ANS
contin- gent on the contract
11.T/F Grantee and Grantor has to sign the deed ANS False
12.What statute has to deal with contracts being in writing ? ANS
Statute of Frauds
13.T/F A broker can have an office an office in a motorhome ANS false
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Gold Coast Real Estate Study Guide
1.Tract building: When a dev. Acquired land, records a plat map and
uses a model center from which sales may be made
2.Local level: Planning, zoning, property taxation, building and health
codes and regulations, and building moratoriums that affect
development play a significant role in the cost and desirability of real
estate
3.Broker associate: A licensed broker working for another broker
4.False: A florida real estate license applicant must be a resident and
citizen (true or false)
5.Application Denial: You have 21 days to send a formal letter to the
department for a hearing if:
6.One: How mang brokers can a sales or broker associate work for
7.Post license requirements: No grace period
8.Sales associate first renewal: No grace period
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9.Exempt from licensure: Attorney in fact/ Attorney at Law
10.Attorneys at law: My perform legal services on behalf ofntheir
clients; they may prepare documents, handle closings, and give
legal advice.
11.Involuntary inactive: An individual who does not request renewal of
their second or subsequent lecense, pay the required fees, or maintain
their continuing education requirements will have their license placed
in
12.2 years: A license may remain in involuntary inactive status for no
longer than
13.Special Agent: A special agent is authorized under agency law by
the employ- er to perform a single act. The employment contract
between the employer and agent establishes the limit of authority
granted
14.Presenting offers: A broker has a buty to transmit any and all
offers to the employer including oral offers or offers made without a
binder deposit
15.Limited: A transaction broker provides what kind of representation
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16.Single agent: this agency relationship is created when a broker
accepts em- ployment under a single agency agreement. A broker
may represent a seller or buyer , or a landlord or tenant.
17.Principal: In a single agency relationship, the employer becomes the
18.For sale By owner: Non Representation or (No Brokerage
Relationship can also be called)
19.FSBO: For sale by owner can also be called
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Gold Coast Real Estate Review
1.Farming: Specialized in one geographic area. (Ch1)
2.They must be able to analyze financial statements and understand
balance sheets: Licensees involved in business opportunity brokerages
(Ch1)
3.Accounting: Real Estate licensees are expected to be knowledgable
in all of the following EXCEPT: Marketing, Valuation, Property Transfer,
Accounting (Ch1)
4.Local Level: Planning Zoning Property Taxation, building and health
codes and regulations, and building moratoriums that affect
development, play a significant role in the cost and desirability of real
estate. (Ch1)
5.Tract Building: Is when a developer acquires a large tract of land,
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records subdivision plat map, and uses a model center from which
sales can be made. (Ch1)
6.Biennial: License Associates must practice ongoing education on a
basis. (Ch2)
7.Broker License requirements: Actively a real estate associate under a
broker- age for at least 24 months during the preceding 5 years (Ch2)
8.Broker Associate: Has a broker license but continues as
employment as a sales associate under a broker. (Ch2)
9.Qualifications for Licensure: Must have a Social Security Number, 18
years of age, high school diploma, Must be honest, truthful,
trustworthy, and of good character, and have a good reputation for fair
dealing. Is not required to be a Florida Resident. (Ch2)
10.Real Estate Application Question: Requires disclosure of any criminal
con- victions, including felony and mister misdemeanor. (Ch2)
11.Application Denial: You will be notified in writing, the reasons for
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denial, 21 days to request a hearing before an administrative law
judge in account of the Administrative Procedure Act. (Ch2)
12.Employment Broker Compensation: A Sales associate or a broker
associate cannot receive compensation for performing real estate
services from anyone other than his or her employing broker. (Ch2)
13.Employment by Owner Developer Requirements: The owner-developer
must register with the department but does not receive a real estate
license. (Ch2)
14.Sales Associate 1st Renewal: 45 Hour post License Course, prior to
expira- tion (2 Years). Failure to do so will result in VOID. (Ch2)
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Gold Coast School Real Estate Questions
Chapter 1 – 19
1.1. The real estate market is local in nature what does that mean?:
Informa- tion about real estate can best be found through local
sources, which makes the real estate market local in nature
- 2. You would expect a real estate licensee to perform all of the
following activities, EXCEPT:
A. Providing expert knowledge about construction methods and materials
B. Providing expert knowledge to members of the public in the
performance of specified services of real estate
C. Following up with customers and clients after a transaction has
been completed
D. Acting as an intermediary, or agent, between two or more people in the
negotiation of the sale, purchase, or lease of real estate: A. Providing
expert knowledge about construction methods and materials
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- 3. A real estate licensee is expected to have expert knowledge in what
three areas?
A.Valuation, marketing, and property transfer
B. Mortgages, property taxes, and homeowners’ insurance policies
C. Residential real estate, commercial real estate, and surveys
D. Area schools, local crime rates, and proximity to potential employers:
A. Valuation, marketing, and property transfer - 4. What is a comparative market analysis?
A. A comparison of assessed values in the same neighborhood
B. A value estimate based on recent sales of identical properties in the
same neighborhood
C. A value estimate based in recent sales of similar properties in the
same neighborhood
D. An appraisal of the value of a property: C. A value estimate based in
recent sales of similar properties in the same neighborhood - 5. Which type of valuation must be performed in accordance with
the Uniform Standards of Professional Appraisal Practice (USPAP)
A. Appraisal in a federally-related transaction
B. Broker price opinion (BPO)
C. Comparative market analysis (CMA)
D. None of the above: A. Appraisal in a federally-related transaction
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- 6. Many real estate licensees engage in “farming”. Which of the
following best describes what that means?
A.They conduct open houses on weekends
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B.They use marketing vehicles such as direct mailing and
advertisements in real estate magazines
C.They concentrate on the sale of agricultural properties
D.They concentrate on one type of property or in a particular
neighborhood-
: D. They concentrate on one type of property or in a particular
neighborhood
- All of the following would be considered commercial property, EXCEPT
A. an office building that accommodates three tenants
B. A high-rise apartment building in the downtown area of the city
C. A shopping center that adjoins a residential neighborhood
D. A large house that has been subdivided into four apartments: D. A
large house that has been subdivided into four apartments - If the sale of a business involves the transfer of ownership of shares
of stock, what additional requirement is imposed?
A.The real estate licensee must be associated with a brokerage firm
B. A brokerage firm must be brought in to handle the transaction
C.The real estate licensee must have a securities license
D.The real estate licensee must have experience as a stockbroker: C. The
real estate licensee must have a securities license
9.Which real estate professional is expected to have the greatest level