** Chapter 5 Gold Coast Real Estate
Homework Questions and Answers
A sales associate licensed with a real estate brokerage corporation can be which of the
following?
(a) An officer
(b) A stockholder
(c) A director
(d) An officer and a director – Answer- (b) A stockholder
Six individuals decide to form a real estate brokerage partnership. All six individuals are
planning to be active in real estate sales. Which statement best applies?
(a) The partnership must be registered with the Commission,
and all six partners must be active real estate brokers.
(b) At least one partner must be licensed as an active
broker.
(c) Only two partners must have a real estate license.
(d) A partnership cannot be formed as a brokerage
business. – Answer- (a) The partnership must be registered with the Commission, and
all six partners must be active real estate brokers.
Which of the following statements is correct regarding a licensed broker associate who
is with a real estate brokerage partnership?
(a) The broker associate may be a member of the
partnership.
(b) The broker associate may make earnest money deposits
with the broker’s permission.
(c) The broker associate must hold an active broker’s
license.
(d) The broker associate may not provide real estate
brokerage services to others. – Answer- (b) The broker associate may make earnest
money deposits with the broker’s permission.
All of the following business formations can register to conduct real estate transactions,
EXCEPT:
(a) Corporation for profit
(b) Not-for-profit corporation
(c) Corporation sole
(d) Limited partnership – Answer- (c) Corporation sole
If a broker has conflicting demands on money held in escrow, what is the first thing the
broker should do?
(a) Consult with a real estate attorney who is experienced in
handling escrow problems.
(b) Refer the parties to FREC.
(c) Give the escrow money to the closing agent.
(d) Notify the Florida Real Estate Commission in writing. – Answer- (d) Notify the Florida
Real Estate Commission in writing.
If a sales associate receives a post-dated check, which of the following actions is the
most appropriate?
(a) The sales associate should deliver the check to her
employing broker by the end of then next business day.
(b) The sales associate should refuse to submit the offer
without a cashier’s check.
(c) The sales associate should hold the check, and give the
check to her employing broker when it becomes valid.
(d) The sales associate should cash the check, and deposit
the funds into her broker’s escrow account. – Answer- (a) The sales associate should
deliver the check to her employing broker by the end of then next business day.
Which of the following statements regarding an ostensible partnership is correct?
(a) An ostensible partnership is required to file documents
with the Secretary of State.
(b) An ostensible partnership is not a true partnership.
(c) An ostensible partnership cannot be created by real
estate brokers.
(d) An ostensible partnership will not be treated as though
the participants were partners. – Answer- (b) An ostensible partnership is not a true
partnership.
Who has the right to inspect a broker’s escrow account records?
(a) The parties to a real estate transaction
(b) The Department of Business and Professional Regulation
or its authorized representatives
(c) The state Attorney General
(d) A public defender – Answer- (b) The Department of Business and Professional
Regulation or its authorized representatives
All of the following businesses are required to file documents with the state, EXCEPT:
(a) Corporation for profit
GOLD COAST 2023 PRACTICE EXAMS
QUESTIONS AND ANSWERS
Which statement provides the basic justification for zoning?
A. There must be regulations in place to prevent pollution
B. The government does not want to encourage land development
C. The inappropriate use of one’s property may affect the value of another
D. Professional planners want to control development – Answer- C. The inappropriate
use of one’s property may affect the value of another
What is the rationale behind government planning of real estate development?
A. To manage future real estate growth
B. To encourage more landscaping
C. To limit commercial areas
D. To maintain the character of the community – Answer- A. To manage future real
estate growth
In Florida which entity is primarily responsible for establishing and implementing the
roles, processes, and powers of comprehensive planning and future development?
A. Florida’s governor
B. Local government and planning agencies
C. Regional planning councils
D. State comprehensive planning administrators under the Florida department of
economic opportunity – Answer- B. Local government and planning agencies
Which zoning classification typically includes single-family homes, small family
structures, condominiums, and apartments?
A. Commercial
B. Residential
C. Industrial
D. Special use – Answer- B. Residential
Which statement best describes the master plan?
A. It must be inflexible
B. It is prepared by the state legislator
C. It stops growth
D. It serves as a guide for an area’s future growth – Answer- D. It serves as a guide for
an area’s future growth
Which of the following would a church need in order to build in a residential
neighborhood?
A. Public zoning permit
B. Special exception
C. Variance
D. Nonconforming use permit – Answer- B. Special exception
What is the purpose of the zoning board of adjustment?
A. To settle monetary claims by property owners
B. To grant variances and special exceptions
C. To develop the comprehensive plan
D. To determine infrastructure requirements – Answer- B. To grant variances and
special exceptions
Which term is used to describe a property use that predates the current zoning
ordinance but is allowed to exist for at least a period of time?
A. Legally conforming
B. Progressive
C. Legally nonconforming
D. Capitalized – Answer- C. Legally nonconforming
Which statement which best describes a Planned Unit Development (PUD)?
A. A PUD offers fewer amenities than are possible with more traditional forms of zoning
B. A PUD impacts the environment to a greater degree than most zoning classifications
C. A PUD prohibits the use of zero lot line development
D. A PUD is also called cluster zoning – Answer- C. A PUD is also called cluster zoning
Which statement is correct with respect to a Development of Regional Impact (DRI)?
A. A DRI is defined as any development that substantially affects health, safety, or
welfare of the citizens of more than one county
B. The state of Florida as no authority concerning guidelines for development or review
of a developments of regional impact
C. The review process for a new DRI is concerned only with residential construction
D. The federal government has no influence on local development – Answer- A. A DRI is
defined as any development that substantially affects health, safety or welfare of
citizens of more than one county
Adequate infrastructure available to support growth and development was mandated by
Florida’s Growth Management Act and is specified in which of the following?
A. DRI reviews
B. Concurrency rules
C. County zoning ordinances
D. Local building codes – Answer- B. Concurrency rules
What is the category of a business that meets payroll expense by using dollars a
generated by persons who live in the immediate vicinity?
A. Service
B. Basic
C. Export
D. Regenerative – Answer- A. Service
Which of the following would be considered a basic industry when performing an
economic base analysis.
A. Florist shop
B. Fire station
C. University
D. Movie theatre – Answer- C. University
With regard to residential properties located within a flood hazard Zone V, which
statement is correct?
A. Base-elevation requirements can be achieved by using fill dirt
B. The structure use be on elevated construction
C. Flood insurance is always required
D. There is a 1 in 500 percent probability of a flood in any given year – Answer- B. The
structure must be on elevated construction
Which standard or process establishes the minimum standards for design and
construction of buildings or structures?
A. Comprehensive planning
D. DRI reviews
C. Zoning
D. Building codes – Answer- D. Building codes
To which organization is real estate tax most important?
A. The federal government
B. The state government
C. The local government
D. Local nonprofit organizations – Answer- C. The local government
What does the county property appraiser determine?
A. Tax rate
B. Market value
C. Assessed value
D. Just value – Answer- C. Assessed value
Which of the following statements best describes the Greenbelt laws?
A. They limit the assessed value on agricultural land in or near urban areas
B. They help to raise the tax base
C. They provide for the best use of land
D. They prevent land from being used for development – Answer- A. They limit
assessed value on agricultural land in or near urban areas
What discount percentage is given to property owners who pay their real estate tax bill
in November?
A. 1%
B. 2%
C. 3%
D. 4% – Answer- D. 4%
Which statement would be correct regarding a single homeowner who sold a principal
residence and itemized deductions on his or her federal income tax return?
A. Any capital gain realized from the sale is taxable at a reduced rate
B. All capital gain would be subject to tax at the tax payer’s marginal rate
C. A loss of up to $3,000 on the sale may be deducted from adjusted income
D. Up to $25,000 may be excluded from taxation if the taxpayer had occupied the
residence for at least two of the past five years – Answer- D. Up to $25,000 may be
excluded from taxation if the taxpayer had occupied the residence for at least two of the
past five years
What must am individual do to qualify for a homestead tax exemption?
A. Own the property
B. Own and use the home as a primary residence
C. File for a homestead tax exemption by March 31st
D. Live in their principal residence for the entire year – Answer- B. Own and use the
home as a primary residence
Complete this statement. In Florida, the owner of a homestead property located in
outside of the city limits is required to pay property taxes levied
_______?
A. On the total assessed value of the property
B. By the nearest city
C. By the county and school board
D. By the state of Florida – Answer- C. By the county and school board
Who can appraise property for purposes of taxation?
A. The county property appraiser
B. The local school board
C. The city in which the property is located
D. Special taxing districts – Answer- A. The county property appraiser
How is 10 mills expressed as a decimal?
A. 1.00
B. .100
C. .010
D. .001 – Answer- C. .010
Special assessments are used to pay for which of the following?
A. School boards
B. Sidewalks, sewers and other public improvements that benefit the property owner
C. City services in excess of operating revenues
D. New public structures, such as sport facilities – Answer- B. Sidewalks, sewers, and
other public improvements that benefit the property owner
Gold Coast FINAL EXAM STUDY SET for
4/11
what are the the areas a realtor should be an expert in? – Answer- Marketing
Valuation & Market Conditions
Property Transfer
“MVP”
Does one need to be a resident of the state or a citizen of the U.S. to get a FL real
estate license? – Answer- to get a FL real estate license, you don’t need to be a citizen
What must an applicant for a real estate license do if he has been convicted of a crime?
- Answer- must disclose all convictions
Employment – Answer- an associate can only have one employer at a time
What’s the grace period for a Sales associate’s first renewal? Post Licensing – Answerno grace period, void and null
Individuals who are exempt from licensure – Answer- Salaried Employees
How long can one stay involuntary inactive? – Answer- 2 years
What happens to an associates license if a broker’s license is void, suspended, or
revoked? – Answer- their license automatically becomes inactive
Multiple Licenses – Answer- issued only to active brokers if it is clearly shown that such
additional licenses are necessary to the conduct of legitimate business
What is a Transaction broker – Answer- a broker who provides limited representation to
a buyer, seller, or both, in a real estate transaction
not an AGENT
Presenting Offers – Answer- must present all offers
A broker is entitled to compensation if they… – Answer- bring a buyer who brings an
offer the seller was looking for
Listing Contract – Answer- broker’s employment contract that states the terms and
conditions that the broker must meet to become eligible for compensation
Referral Fees:
I as the sellers agent promise kickback commission. Is this allowed? – Answer- yes, as
long as this is disclosed to all interested parties
what if an attorney asks for a fee because they referred a client to you? – Answer- you
cannot give him a referral fee for sending you a client
Principal Brokerage office – Answer- -registration is good for 2 years
-can switch locations
branch brokerage office – Answer- -registration is good for 2 years
-cannot move locations if not the principal location… in order to move it would need a
new registration for the new location and must pays fees associated with it
What are the requirements for a Principal Office? – Answer- -at least one enclosed room
in a building of stationary construction
-must maintain documents for a minimum of 5 years
What are the requirements for an associate advertising with a website? – Answer- -must
have brokerage name and his/her last name
Advertising – Answer- must have name of brokerage
When should one disclose that they are a licensed agent? – Answer- prior to entering
serious negotiations
Escrow Account pg.75* – Answer- ESCROW ACCOUNT PG 75*
Earnest Money Deposit – Answer- provide written verification within 10 days of request
A buyer drops off an escrow check on Monday. To avoid any trouble with FREC, the
broker must deposit the check by close of business on which day? – Answer- Thursday
Which of the following 4 uses/has an interpleader?
Mediation
Escrow Disbursement Order
Arbitration
Litigation – Answer- Litigation
Escrow Disbursement Exemptions – Answer- when a sales contract is subject to a
contingency (financing/appraisal/etc) and it’s not met
When a sales associate has not received his compensation, what can they do? –
Answer- sue employing broker only
Gold Coast Real Estate Exam with
Verified Answers
Tract building – Answer- When a dev. Acquired land, records a plat map and uses a
model center from which sales may be made
Local level – Answer- 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
Broker associate – Answer- A licensed broker working for another broker
False – Answer- A florida real estate license applicant must be a resident and citizen
(true or false)
Application Denial – Answer- You have 21 days to send a formal letter to the department
for a hearing if:
One – Answer- How mang brokers can a sales or broker associate work for
Post license requirements – Answer- No grace period
Sales associate first renewal – Answer- No grace period
Exempt from licensure – Answer- Attorney in fact/ Attorney at Law
Attorneys at law – Answer- My perform legal services on behalf ofntheir clients; they
may prepare documents, handle closings, and give legal advice.
Involuntary inactive – Answer- 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
2 years – Answer- A license may remain in involuntary inactive status for no longer than
Special Agent – Answer- A special agent is authorized under agency law by the
employer to perform a single act. The employment contract between the employer and
agent establishes the limit of authority granted
Presenting offers – Answer- A broker has a buty to transmit any and all offers to the
employer including oral offers or offers made without a binder deposit
Limited – Answer- A transaction broker provides what kind of representation
Single agent – Answer- this agency relationship is created when a broker accepts
employment under a single agency agreement. A broker may represent a seller or
buyer , or a landlord or tenant.
Principal – Answer- In a single agency relationship, the employer becomes the
For sale By owner – Answer- Non Representation or (No Brokerage Relationship can
also be called)
FSBO – Answer- For sale by owner can also be called
Stationary Construction – Answer- An active broker is required to have this open which
must be registered with the department of Business and Professional Regulation where
Negotiations and the closing of real estate transactions can be conducted with privacy
Others – Answer- Licencees should make clear that they are dealing on their own
account and not acting on the behalf of
Public – Answer- Licencees should make known their status as licencees to members of
the
Serious negotiations – Answer- This Disclosure should be made prior to entering into
Deposit – Answer- A form of Money, personal property, real property, or anything of
value that is capable of being converted into cash.
Closing – Answer- Typically the deposit is intended as partial payment of the purchase
price at?
Post dated checks – Answer- Are considered to be promissory notes and can be
accepted as earnest money with the seller’s approval.
True – Answer- When a deposit is placed, or is to be placed, with a title company or an
attorney, the licensee who prepared or presented the sales contract must indicate on
that contract the name, address, and telephone number of the title company or attorney
with whom the deposit was placed (True or False)
Escrow or trust account – Answer- May be held in a commercial bank, title company
which has trust powers, credit union, or savings and loan association located in the
state of Florida
cannot – Answer- The escrow account __ be held in a stock or bond brokerage
house
Gold Coast School Real Estate
Questions Ch.1-19 with correct Answers
- The real estate market is local in nature what does that mean? – Answer- Information
about real estate can best be found through local sources, which makes the real estate
market local in nature - 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 – Answer- A. Providing expert knowledge
about construction methods and materials - 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 – Answer- A.
Valuation, marketing, and property transfer - 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 – Answer- C. A value estimate based in recent
sales of similar properties in the same neighborhood - 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 – Answer- A. Appraisal in a federally-related transaction - Many real estate licensees engage in “farming”. Which of the following best describes
what that means?
A. They conduct open houses on weekends
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 – AnswerD. 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 – Answer- 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 – Answer- C. The
real estate licensee must have a securities license
Which real estate professional is expected to have the greatest level of knowledge and
experience? – Answer- a real estate counselor
all of the following are responsibilities of a property manager, EXCEPT
A. Handling the payment of taxes, insurance, and operating expenses for the property
B. Evaluating the investment value of the property
C. Locating tenants, collecting rents, maintaining records, and scheduling maintenance
D. Protecting the owner’s investment and maximizing the profitability of the investment –
Answer- B. Evaluating the investment value of the property
According to F.S. 475, all of the following transactions are considered residential
transactions, EXCEPT:
A. A lease on a unit in a duplex, with an option to purchase the unit
B. The sale of a 10-unit apartment building
C. The sale of an eight-acre strawberry farm
D. The sale of a lot that is zoned for a single-family home – Answer- B. The sale of a 10-
unit apartment building
Which of the following best defines appraising?
A. The process of determining the amount of equity in real property
B. The process of establishing the asking price of real property
C. The process of establishing the firm value of real property
D. The process of developing an opinion of the value of real property – Answer- D. The
process of developing an opinion of the value of real property
On what is an appraisal fee based?
A. An average of the fees charged for appraisals of similar properties
B. The time, effort, and expense involved in conducting the appraisal
C. The value of the property
D. The amount of time the appraiser spends, according to the prevailing hourly rate in
the area – Answer- B. The time, effort, and expense involved in conducting the appraisal
Which statement about insurance is accurate?
A. Most homeowner’s insurance policies include home warranty coverage
B.
C.
D. – AnswerCh.2 – AnswerIn what year did Florida enact its first real estate license law?
A. 1923
B. 1919
C. 1925
D. 1941 – Answer- A. 1923
What government entity was created for the purpose of administering and enforcing real
estate license law?
A. The division of real estate licensing
B. the Florida real estate licensing board
C. The Florida real estate commission
D. The division of regulation – Answer- C. the Florida real estate commission
Which of the following best describes the overall purpose of F.S. 475?
A. to protect consumers
B. to create the entities that regulate the real estate market
C. to establish regulations and penalties for violations
D. to define the qualifications for real estate licensees and appraisers – Answer- A. to
protect consumers
“The department” refers to which government entity? – Answer- The department of
business and professional regulation (DBPR)
What is “the division”? – Answer- The Division of real estate (DRE)
All of the following persons require a Florida real estate license, EXCEPT:
A. A person who negotiates the sale of a house in Delray Beach, Florida on behalf of a
friend who inherited the house from his deceased mother, without receiving any
compensation
Gold Coast RE 1001 Cram, Practice Math
and Final Exam with complete solutions
- Florida has established three authorized brokerage relationships. Unless otherwise
established by agreement, what is the broker’s relationship with the public?
a. Nonrepresentation
b. Single agency
c. Dual agency
d. Transaction brokerage – Answer- D. Transaction brokerage - A broker has been found guilty of mail fraud by a court and sent to jail. The
broker’s license will:
a. Automatically be revoked
b. Automatically be suspended
c. Probably be revoked because of the
conviction
d. Be renewed while he is in jail – Answer- C. Probably be revoked because of the
conviction - What is it called when a developer gives land to a governmental body?
a. Eminent domain
b. Condemnation
c. Lis pendens
d. Dedication – Answer- D. dedication - What business is a licensee engaged in who markets, leases and maintains property
for someone else?
a. Property management
b. Business brokerage
c. Universal agency
d. Estoppel – Answer- A. property management - In which service of real estate must a licensee disclose the agency relationship and
the responsibilities of that relationship to the public?
a. Residential sales
b. Residential leasing
c. Real estate appraisals
d. Real estate auctions – Answer- A. residential sales - Which power authorizes the FREC to pass or revise rules?
a. Ministerial powers
b. Quasi-executive
c. Quasi-judicial
d. Quasi-legislative – Answer- D. quasi-legislative - All of the following would be grounds for suspension or revocation of a real estate
license, EXCEPT:
a. Not giving the proper agency disclosure
b. Falsifying information on a license
application
c. Not being a resident of Florida
d. False advertising – Answer- C. not being a resident of Florida - Sandy works as a sales associate for a broker and has been asked to work
weekends for a developer to sell new homes on commission. What must Sandy do to
work for the developer?
a. Transfer her license from the broker to the owner-developer
b. Notify the broker where she can be found on weekends
c. Contact the state and be issued a group license
d. Contact the state and be issued multiple licenses – Answer- A. transfer her license
from the broker to the owner developer - What does the license law require that a licensee complete before the first renewal
of a Florida real estate license?
a. A continuing education course
b. A minimum number of transactions
c. A post-licensing course
d. A REALTOR® orientation course – Answer- C. post-licensing course - In a brokerage corporation, the officers
and directors can be active or inactive brokers or nonlicensed registered persons. If
someone who is nonlicensed and registered wants to become a broker, what must he or
she do?
a. File an application with the secretary of state
b. Only take a 40-question law exam
c. Qualify for a broker license in the same
way as anyone else
d. Demonstrate 2 years of experience in the
real estate business – Answer- C. Qualify for a broker license in the same
way as anyone else.
- Who would be exempt from the real estate licensing law?
a. An apartment manager in an on-site
rental office renting for 2 years
b. A condominium manager leasing units for
2 years on salary
c. A mortgage broker negotiating a lease for
1 year
d. A person who rents mobile home lots – Answer- D. a person who rents mobile home
lots - Which entity provides the best protection for the public during a real estate
transaction?
a. The National and State Association of
REALTORS®
b. The punishment of licensees dealing
dishonestly
c. The NAR Code of Ethics
d. FREC and the license law – Answer- D. FREC and the license law - Which of the following is a characteristic of group license?
a. It allows a broker to have branch offices.
b. It allows a sales associate to work for
more than one broker.
c. It may be held by a sales associate or
broker associate.
d. It allows a broker to qualify for more than
one brokerage firm. – Answer- C. it may be held by a sales associate or broker
associate - Complete the sentence. A broker who holds more than one broker license:
a. Holds multiple licenses
b. Is in violation of the license law
c. Must register one as a branch license
d. Can have only one active at a time – Answer- A. holds multiple licenses - Complete the sentence. General partners in a brokerage partnership that are not
qualified to perform the services of real estate must be registered:
a. As inactive sales associates
b. As ostensible partners
c. As inactive broker associates
d. For identification purposes – Answer- D. For identification purposes
- Bill’s license expired on September 30. On February 14, of the following year, he
wants to renew it. If it is not his first renewal, what must Bill do?
a. Start over with a pre-license course
b. Pay a late fee and complete two 14-hour
continuing education classes
c. Pay a late fee and complete 14 hours of
continuing education
d. Pay a late fee and complete 45 hours of
post-license education – Answer- C. Pay a late fee and complete 14 hours of
continuing education. - Ron and his wife each have real estate licenses before he enters the military. Ron is
stationed in Washington, D.C., and his wife accompanies him there. If they make their
licenses inactive:
a. Only Ron is exempt from renewal requirements until 6 months after he is discharged.
b. Only Ron is exempt from renewal requirements until 12 months after he is
discharged.
c. Ron and his wife are exempt from renewal requirements until 6 months after Ron’s
discharge.
d. Ron and his wife are exempt from renewal requirements until 12 months after Ron’s
discharge. – Answer- C. Ron and his wife are exempt from renewal requirements until 6
months after Ron’s discharge - What is the status of a sales associate’s license if the sales associate works for a
broker, and that broker loses his license?
a. Unaffected
b. Suspended
c. Revoked
d. Involuntary inactive – Answer- D. Involuntary inactive - The Florida Real Estate Commission may do all of the following, EXCEPT:
a. Impose imprisonment as a penalty
b. Pass rules to implement the license law c. Make determination of violations
d. Establish licensing fees – Answer- A. impose imprisonment as a penalty - Karl’s license expired on September 30, 2015. On February 10, 2019 he wants to
activate it again. Which is correct?
a. He must complete 28 hours of continuing
Real estate sale associate pre license
course exam prep (GOLD COAST
HIGHLIGHTS)
Farming – Answer- licensee concentrate on one type or style of property or on one
particular neighborhood
Farm area or target market – Answer- Finding and specializing in a particular
neighborhood or type of property. Considered to be one of the best ways to succeed in
the real estate business
Tract building – Answer- 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 – Answer- Government Regulation:
At the local level, planning and 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
Purpose of the law – Answer- F.S. 475 to protect the public
Commission or FREC – Answer- Refers to the Florida real estate commission
Department or DBPR – Answer- Refers to the department of business and professional
regulation
Division or DRE – Answer- Refers to the division of real estate
License – Answer- Means any permit, registration, certificate, or license issued by the
department
Licensee – Answer- Refers to any person to whom a permit, registration, certificate or
license is issued by the department
A BAR SALE – Answer- The most common services of real estate:
Appraising
Buying
Auctioning
Renting
Selling
Advertising
Leasing
Exchanging
Sales associate – Answer- Must be employed by a real estate broker or owner
developer to practice real estate
*must complete all pre license requirements to obtain their initial license as a sales
associate
Broker – Answer- A person who performs services of real estate as an agent for another
and receives compensation for those services either directly or indirectly
A Sales Associate transitioning to a Broker – Answer- Must have been employed under
one or more actively licensed brokers for at least 24 months writhing the last 5 yrs
before becoming eligible to take the state broker examination
Additional applicants who qualify to apply for a brokers license [F.A.C.61J2-2.027(1)(b)]
- Answer- Actively licensed real estate sales associates from another STATE OR
NATION who have been Licensed for at least 24 months during the preceding 5 yrs
Broker Associate – Answer- Someone who is qualified to receive a broker license but
chooses instead to be employed under the direction, control and management of an
actively licensed broker or owner developer.
In this capacity the broker acts as a sales associate NOT as a broker
Florida real estate license requirements – Answer- An applicant for a Florida real estate
license requirements is NOT required to be a resident of the state of Florida, or to be a
citizen of the United States
Florida Mutual recognition – Answer- Florida has entered into “Contractual agreements”
with 7 states that recognize the similarity in the content of their mutual education and
experience requirements for real estate licensing.
Alabama
Arkansas
Connecticut
Georgia
Mississippi
Illinois
Nebraska
Form #1 DBPR RE 1
“Have you ever been convicted 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 under criminal investigation?”
The question further defines which offenses are covered – Answer- For practical
purposes, this question requires the disclosure of any criminal convictions, including
felony or misdemeanor convictions or pleas ( other than minor traffic offenses).
DUI is not a minor traffic offense and must be disclosed
Application Denial – Answer- If an application to take state exam is denied, the applicant
will be notified in writing.
The notification will identify the reasons for denial and advise the applicant they they
have 21 days from the date of receipt to request a formal hearing before an
administrative law judge
Compensating broker or sales associate – Answer- 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 – Answer- The owner developer must register with the
department but does not receive a real estate license
Post licensing course – Answer- 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 – Answer- 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 – Answer- 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 – Answer- Persons who are granted authority under a power of attorney
to act for others in some capacity, such as signing documents
Salaried employees – Answer- 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” – Answer- 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 – Answer- Can be exercised by the chairperson acting alone or can
be delegated by quorum vote to any other commission member
Quasi judicial powers – Answer- 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 – Answer- 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 – Answer- 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 – Answer- 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 – Answer- 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 – Answer- If a licensee no longer wishes to practice real estate, they
can return their license to the department. The license would be…
Group license – Answer- 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 – Answer- 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
Gold Coast Real Estate Final Exam 2023
Questions and Answers
What is Farming? – Answer- Agent dominates specific area/neighborhood/town Also
known as door to door.
What are the three areas sales associates must be experts in? – Answer- Must be
experts in Valuation, Marketing, and Property Transfer
What key knowledge must you have to be involved in Industrial Sales? (Not needed for
commercial sales) – Answer- Government Law (Environmental)
What is It called when a Developer builds a center in track where sales are made? –
Answer- Track Building
What is the period of time called when a Developer holds off approval on project ? –
Answer- Building Moratorium
How long must a sales associate be active to be able to take Broker exam? – Answer24mos within a 60mos period
What is a broker associate? – Answer- Broker that is licensed but working under another
broker
What do you need to qualify for FL Real Estate License? – Answer- 18yrs of age and no
criminal history, you dont need to be FL resident or US citizen
What is mutual recognition? – Answer- When you take the real estate license in one
state and want It to account for the state your moving to.
What are the five steps that happens when your application is denied by DBPR? –
Answer- Notification from DBPR, written notice, 21 days, request formal hearing, sit in
front of judge
What is the name of the course to become a broker? – Answer- FREC 2
What is the name of the course to become a sales associate? – Answer- FREC 1
How many hours for FREC 1 and how many for FREC 2 – Answer- 62 Sales Associate
72 Broker
What does a licensed real estate associate working for a license make for pay? –
Answer- Comision
Gold Coast real estate, Practice final
Exam.
Realtor – Answer- 100 test
A 40,000 mortgage for a term of 20 years was originated at an 8%interest rate,with
monthly mortgage payments of 334.58 what is the principal balance remaining after the
second monthly payment ? – Answer- $39,863.72
If the price of a lot $9 per square food how many square feet are contained in a lot that
sells for 27000 – Answer- 3,000
what is the tax levy of a non-homestead property that is as seed at 36000 with a tax rate
of 11 mills? – Answer- $396
When must a written no brokerage relationship notice be provided to customers? –
Answer- Before showing homes that are listed
Which of the following cannot be used by the federal reserve to change or control tHe
money supply – Answer- Alter income tax rates
A broker has an exclusive right of sale listing to sell an owner,s propertY with no others
authority granted .what type of agency does the broker have with the principal? –
Answer- Special agency
A licensee is being disciplined by the FREC for multiple violations of f.s.475 which
penalty may the commission not impose? – Answer- A fine not go exceed 5,000 and or
imprisonment not to exceed one year
A judgment is awardes against a licensee for 100,000.what is rhe maximum the
complainnant may be compensated fromthe realestate recovery fund? – Answer- 50%
What terms is applies to the practice of keepi low-income people out of a psrticular
neighborhood? – Answer- Exclusionary zoning
A transactionbroker – Answer- Owes limited confidentiality to both parties
Foreclosureon the propedty teenan redeem in home what is term – Answer- Statutory
right of redemption
Which term is used to refer to the difference between: current market value of for a
property and the amount the owner still owes on the mortgage – Answer- Equity
Who determines the form for the closing states – Answer- The closing agent
Gold Coast Florida Real Estate Exam –
Chapter 9 Questions and Answers
Title to Real Property
Title means – Answer- ownership.
Constructive Notice
also called legal notice, is achieved by – Answer- recording documents in the public
records.
Marketable or merchantable title is
title in – Answer- fee simple that is free from litigation and defects
A search of the public records, linking all past owners of a parcel of land, from the root
of the title to the present day, is called – Answer- chain of title or an Abstract
When an attorney conducts such a review and renders an opinion, it is called an –
Answer- opinion of title
Title Insurance
Provides protection against losses as the result of a – Answer- defective title.
The policy is not – Answer- transferrable
Transferring or conveying ownership from one party to another is called – Answer-
“alienation of title”.
Alienation may be – Answer- voluntary or involuntary.
Define a Public Grant – Answer- Transfer of title from the government to an individual
Define a Deed – Answer- A document that conveys title from one party to another
Define a Will – Answer- A document that provides for the transfer of title upon death
Define Adverse Possession – Answer- A legal principle under which an owner may lose
title to another person who has taken control of the property.
In adverse possession, the person taking possession must enter into – Answer- -Open
-Adverse
-Hostile
-Exclusive
-For 7 years
Define Estoppell – Answer- A legal principle under which ownership may be lost
because of the owner’s failure to provide public notice of ownership.
Eminent Domain – Answer- The government’s right to take private property for public
benefit
Escheat – Answer- Reversion of property to the state if someone dies intestate and with
no heirs
Transferring or conveying ownership from one party to another is called – AnswerAlienation of Title
Alienation of title is accomplished by executing a document called a – Answer- deed.
Clauses in Deeds
A Premises Clause is – Answer- the only legally necessary clause required in a deed
Names the Parties
Contains Words of Conveyance
States a Consideration
Includes Date of Transfer
And provides the Legal Description
Clauses in Deeds
A Habendum Clause – Answer- Aka To have and to hold
Specifies legal rights to be conveyed
A Quitclaim Deed contains what kind of warrants? – Answer- Contains no warrants of
any kind
In a Quitclaim Deed the grantor does what? – Answer- relinquishes any interest to the
grantee
A quitclaim is most frequently used to – Answer- cure defects in title
A Bargain and Sale Deed contains only one warrant. What warrant is that? – Answer- a
warrant of seisin
In a Bargain and Sale Deed, a warrant of seisin assures the grantee that – Answer- the
grantor does own and have legal right to the property
A Special Warranty Deed offers protection to the grantee only for – Answer- claims
made by the grantor or other’s representing them
Florida Real Estate State Exam: Gold
Coast Q&A CRAM EXAM 3&4
Sue the broker – Answer- Sales associate, Tim, received a signed contract from a buyer
and ailed it to the seller. The seller agreed to the terms and the escrow deposit was
deposited safely in the brokers escrow account. Tim has a disagreement with his broker
and quits. The broker refuses to pau a commission since tim was not in his employ
when the contact was actually received and signed. What should tim to?
The one who engages the broker in a single agency relationship – Answer- Who is the
principal or employer?
The listing did not give Bob the right to obligate Owen to Percy’s offer. – AnswerHomowner owen signed an exlusive right of sale listing with Bob, a registered broker.
The listing states that Bob is employed to find a purchaser and that Owen agrees to pay
a 10% commission to Bob or any person, partnership, Corporation or firm that sells the
property, The remainger of the listing deals with the terms and conditions of the sale
and duration of the listing. While owen was away on vacantion, Percy made a written
offer to urchase the property at the listed price, terms and conditions. Bob, on behalf of
owner Owen, accepted Percy’s offer and signed it for Owen. which statement is correct?
The broker is not entitled to a commission – Answer- Sales associate John attends a
cocktail party with his friend Bill to another friend, Jack. It turns out that Jack has a
house for sale, and Bill agrees to purchase it. Sales associate John makes it clear that
he want no commission. Which statement is correct?
say nothing about the seller, and ask the buyer to make an offer – Answer- A broker,
while looking for a deal for his best friend, gets a listing. The seller must sell because of
family emergency. What should the broker say to his best friend?
submit the offer to a seller – Answer- If an oral offer is made to a broker on a property
the broker has listed, what should be the broker’s response?
Tell the buyer before going into contact – Answer- If a broker is aware of a construction
lien on apeice of property, what should he or she do?
The broker is guilty of concealment – Answer- A broker lists a proeprty for 30,000. The
broker learnes of a new developmetn which will be built beside the listed propery. The
broker purchases the porperty from the seller for the full lisred price and discloses the
fact that he is a licensed broker. The broker then sells the property to the developer for
50,000 which sttment is correct?
t1n, r1w – Answer- Which township is immediately west of t1n, r1e
branch office – Answer- John smith is the broker of ABC realty. He is preparing to open
a branch office. All of the following items are required on the branch office sign, except
the broker could be disciplined for concealment – Answer- Broker Jones takes a listing
on a condominium from Mr.Charles, he notified jones that the roof leaks. Jones
negotiations the sale of the condominium to smoth withiut disclosing the leak. Smith, a
year later, sells the condominium for a profit. Which statement applies?
law of agency – Answer- Which of the following limits the actions of brokers?
He is guilty of a third degree felony – Answer- To help his customers sell their property a
morthahe broker agrees to hold an open house and prepares an offer to purchase on a
standard contract for a fee of 250. Which statement is correct
submit both offers to the principal – Answer- a brokers principal is away on vacation.
The broker received an offer of 75,999 for his principal’s property. Before the principals
returns, theborker receives a second offer of 72,000. What should the broker do?
Broker Browns license may be suspended for not telling Smith – Answer- Broker brown
lisrs Smith’s property for 20,000. broker brown hears from a friend on the planning
commission that they are intending to put a highway right next to mr smiths property,
making it a corner lot. he doesnt tell him and lets his friend buy for profit. Which is
correct?
the broker cannot tell the buyer of the lower price – Answer- A seller lisrs a property at
75000 but tells the broker he will go as low as 72,000
trust and confidence when accepted – Answer- A fiduciary relationship is one of:
yes providing both parties are advised and approve – Answer- Can a broker be entitled
to two commissions when consummating an exchange?
concealment and fraud – Answer- A seller listed a property at a price that the broker
knew was below market value. The broker had his wife buy the property in her maiden
nane and subsequently resold the property at a profit, What could the broker be
charged with?
an arms length relationship – Answer- What kind of relationship can a buyer and seller
expect to have?
dual agent – Answer- what is a lecensee with ful representation to both parties referred
as?
Consent to transition to transaction broker – Answer- Which of the following documents
not only recommends that the principal sign it, bur requires it?
Gold Coast Florida Real Estate Exam –
Chapter 10 Questions with correct
Answers
Legal Descriptions
Legal Descriptions are used to identify – Answer- a parcel’s location.
There are four methods to describe property. Name those – Answer- Monuments
Method
Metes and Bounds
Government Survey
Plat or Lot and Block
Monuments Method Uses – Answer- landmarks to establish boundaries
Metes and Bounds
is also known as – Answer- the surveyor’s method
Metes are measurements of – Answer- distance such as feet, inches, yards and miles
Bounds refer to – Answer- compass directions
Metes and Bounds
The initial reference is known point is called a – Answer- monument
Metes and Bounds
The survey begins by giving directions from the monument to the edge of the property,
which is called the – Answer- point of beginning (POB)
Government Survey north/south and east/west lines are called – Answer- Meridian &
Baseline
Government Survey
Developed in – Answer- 1785
In Florida, the survey method begins in – Answer- Tallahassee
Government Survey
North/South line is called the – Answer- Tallahassee Principal Meridian
Government Survey
East/West line is called the – Answer- Tallahassee Baseline
Florida Real Estate State Exam: Gold
Coast Q&A CRAM EXAM 1&2
Property management – Answer- Abesntee ownership has increased the demand for
which area of brokerage
A fee based upon time and difficulty of appraisal – Answer- What is a real estate
appraiser is paid
A subdivision plat map – Answer- What does the local planning agency have the
authority to approve
Dedication – Answer- What is it called when a developer gives land to a governmental
body?
Property management – Answer- What business is a license engaged in who markets,
leases and maintains property for someone else?
Residential sales – Answer- In which service of real estate must a licensee disclosure
the agency relationship and the responsibilities of that relationship to the public
QUASI legislative – Answer- Which power authorizes the frec to pass or revise rules
Not being a resident of Florida – Answer- Would be grounds for suspension or
revocation of a real estate license except
Transfer her license from the broker to owner developer – Answer- Sandy works as a
sales associate for a broker and has been asked to work weekends for a developer to
sell new homes on commission. What must sandy do to work for the developers
A post licensing course – Answer- What does the license law require that a licensee
complete before the first renewal of a Florida real estate license
qualify just as anyone else – Answer- In a brokerage corp, the officers and directors can
be active or inactive brokers or non licensed registeres persons. if someone who is non
licensed and registered wants to become a broker, what must they do?
a person who rents mobile home lots – Answer- who would be exempt from the real
estate licensing law?
FREC and the license law – Answer- Which entity provides the best protection for the
public during a real estate transaction
it may be held by a sales associate or broker associate – Answer- Which of the following
is a characteristic of the group license
business brokers – Answer- All of the following are exempt from FS 475 EXCEPT
holds multiple licenses – Answer- Complete the sentence. A broker who holds more
than one broker license
for identification purposes – Answer- General partners in a brokerage partership that are
not qualified to perform the services of real estate must be registered:
late fee and 14 hours of continuing education – Answer- Bill’s license expired on Sept.
30, 2013. On Feburary 14, 2012 he wants to renew it. If it is not his first renewal, what
must bill do?
Ron and his wife are exempt from renewal – Answer- Ron and his wife each have real
estate licenses before he enters the military. Ron is stationed in Washington, DC. And
his wife accompanies him there, if they makw their licenses inactive>
involuntary inactive – Answer- what is the status of a sales associates license if the
sales associate works for a broker loses his license?
Impose imprisonment as a penalty – Answer- The Florida Real Estate Commission my
do all of the following except
His license is null and void – Answer- Karls license expired on sept 30 2010. on Feb 10
2014 he wants to activate it again. Which is correct?
Both the seller and investor must agree to transition to transaction broker – Answer- A
real estate broker has entered into a single agency relationship with the sellers of a
three bedroom, two-bath house. One of the agents in that brokers office has found an
investor wanting to hire the brokerage firm as a single-agent. For the investor to be
shown this seller’s house:
Single agency notice – Answer- What must be given to a seller who is about to enter into
a fiduciary relationship with a brokerage firm?
Find a new employer – Answer- What should sales associate do if his employing broker
instructs him or her not to show properties to people of a certain race?
Transition to transaction broker – Answer- Which form requires the signature of all
parties?
Residential sales – Answer- The agency disclosure forms developed by the state must
be used in which instance?
Real Estate Gold Coast Chapter 1-5
Questions with correct Answers
Licensees have to be experts in all the following? – Answer- Marketing, Valuation,
Property Transfer
What is farming? – Answer- When licensees concentrate on ONE type, style of property
or particular neighborhood
In a business brokerage, what is the “going concern value” ? – Answer- (COMBINED
ASSETS OF A BUSINESS) value of the business, which includes income, intangible vs
tangible, goodwill and value of real property
In Construction & Development, tract building is? – Answer- involves use of model
homes
Local government bodies can impose – Answer- mora*torium
To obtain a license, you do not have to be? – Answer- Florida resident or Citizen of the
US
Where do all convictions have to appear? – Answer- On the application
What happens after a state application denial – Answer- if they deny your application,
they have to inform you of your right to a formal hearing
Qualifications for Broker – Answer- Be active 2 years under one or more active licensed
broker within 5 year period, &
How many hours is the FREC II education course to be a Broker? – Answer- 72
Broker Associate – Answer- Sales Ass. with broker qualifications, working for a Broker
Employment by a Broker – Answer- CANNOT receive compensation from others & can
only work with ONE broker at a time
What can a broker do that a Sales Ass cant do? – Answer- NOTHING Except, Broker
can work independently, while a Sales Ass MUST work under a Broker
How does employment by an owner-developer works? – Answer- The owner-developer
has to register with the department as a sales ass’s owner. DOES NOT need real estate
license
What are three types of employment for sales ass? – Answer- By Broker, Ownerdeveloper, and Government Agency
What are the two dates to do your first renewal? – Answer- March 31
Sept. 30
If you get your license June 2019, when is your first renewal? – Answer- Considering its
your first renewal, you will renew it March 31, not June 2021
The second renewal consists of how many hours of CE? – Answer- 14
The first renewal consists of how many hours of post license? – Answer- 45
Is the CE requirement of 7 hours a year correct? – Answer- Yes
Attorney-in-fact – Answer- the person under the power of attorney to sign documentaries
Cemetery lot salesperson – Answer- Considered under the ground, not real estate..so it
is exempt
Salaried managers of condo or coop apt. complex – Answer- if the rental is arranged for
one year or less, and do not pay them a commission, licensure is not needed.. so it is
exempt
Can the Department issue injunctions against unlicensed persons? – Answer- No
Executive powers – Answer- can be exercised by chairperson acting alone
Before the first renewal of a Florida real estate license, the license law requires that the
licensee complete a…? – Answer- post- licensure
Failure to renew license second time around prior to expiration, will result in – Answerinvoluntary inactive status
Is there a grace period for the first renewal? – Answer- No there is not, once it expires.
Its gone!
What is it called when you return your license? – Answer- Cancel
When you don’t renew your second license, you go into? – Answer- Involuntary inactive
How long can you stay in involuntary inactive? – Answer- no more than 2 years
If a broker’s license is suspended, the licenses of all sales associates working for that
broker are – Answer- Inactive
Chapter 1 – Gold Coast Real Estate
Homework Questions and Answers
(Graded A)
Which of the following statements is true regarding a mortgage loan originator (MLO)?
(a) A mortgage loan originator is the same as a mortgage broker.
(b) A mortgage loan originator must have a separate license.
(c) A mortgage loan originator makes loans.
(d) A mortgage loan originator must have a real estate license. – Answer- (b) A
mortgage loan originator must have a separate license.
A real estate appraiser’s fee for professional service is based on which of the following?
(a) A percentage of the property’s gross income.
(b) A percentage of the fair market value of the property.
(c) The time and difficulty of the appraisal.
(d) A percentage of the property’s sales price. – Answer- (c) The time and difficulty of the
appraisal.
Which of the following best describes the real estate brokerage business?
(a) Service business
(b) Simple business
(c) Business with few opportunities available
(d) Construction business – Answer- (a) Service business
When a developer completes construction of a new subdivision, all streets, electric,
water, and sewer installation are finished and deeded to the city or county. What is this
process called?
(a) A quit claim deed
(b) An easement
(c) Dedication
(d) Annexation – Answer- (c) Dedication
All of the following are responsibilities of a property manager, EXCEPT:
(a) Renting property for an absentee owner
(b) Collecting rent
(c) Overseeing maintenance
(d) Preparing leases – Answer- (d) Preparing leases
What does the term “farming” refer to in real estate?
(a) Specializing in one geographic area
(b) Working in a cooperative manner
(c) Specializing in agricultural properties
(d) Specializing in the sales of orange groves or cattle farms – Answer- (a) Specializing
in one geographic area
Which insurance policies can a real estate licensee offer to the public without additional
state licensing?
(a) Flood insurance
(b) Fire insurance
(c) Renter’s insurance
(d) None of the above – Answer- (d) None of the above
What is the purpose of the National Association of REALTORS®?
(a) Preserve the right of individuals to own real property through an exchange of
information.
(b) Organize antigovernment activities.
(c) Promote unethical practice of real estate professionals.
(d) Award unearned educational designations. – Answer- (a) Preserve the right of
individuals to own real property through an exchange of information
What does the designation of REALTOR® signify?
(a) Anyone in possession of real estate license is a REALTOR®.
(b) The designation identifies the real estate professional as a member of the the NAR.
(c) The designation is evidence that the licensee has an extensive background in the
reat estate profession.
(d) The designation is evidence that the licensee has completed extensive real estate
studies. – Answer- (b) The designation identifies the real estate professional as a
member of the the NAR.
A developer contracts to build a home according to the buyer’s specifications. This is an
example of which type of building?
(a) Tract
(b) Custom
(c) Speculative
(d) Subdivision – Answer- (b) Custom
The federal, state, and local governments all play a role in the regulation of real estate.
In which of the following areas would the local government have the most impact?
EOC test for gold coast real estate
course (Graded A)
what are the 3 areas that a licensee are required to have expert knowledge? – Answerproperty transfer, valuation, marketing
when a developer acquires a large tract of land and records a subdivision play map, and
uses a model center from which sales are made is called? – Answer- tract building
focusing on one type or style of property or a particular neighborhood – Answerfarming/farm area
sales associate who wishes to apply to be a broker must have – Answer- 24 months
under one or more actively licensed brokers within the preceding 5 years
an applicant for a broker license may choose to continue employment in a sales
associate capacity with a current employer is called – Answer- broker associate
if a broker associate become inactive, their license status will be changed to – Answerinactive broker license
an applicant for a florida real estate is not required to be a – Answer- resident of florida
or a citizen of the U.S.
if application is denied, the applicant will be notified in writing and it will identify what? –
Answer- reasons for denial and state that they have 21 days to request a formal hearing
brokers are and _ with the department – Answer- registered,
licensed
an owner-developer may register with the department but does not receive a ? –
Answer- license
sales associate must complete hour many hour post license course – Answer- 45 hour
if failure to complete 45-hour post license course there is _ __. –
Answer- no grace period
all active or inactive licensees must complete – Answer- 14 hours of continued
education and pay a renewal fee
persons who are granted authority under a power of attorney to act for others in some
capacity – Answer- attorneys-in-fact
a tenant of an apartment community may receive up to 50$ cash, personal property or
credit toward rent for ? – Answer- a referral of a new tenant
the department may seek an __ from a court against a licensee for failure to
follow a department order. – Answer- injunction
administrative fines from the department may not exceed – Answer- $5000 per offense
first renewal following initial license, licensees must renew by completing the postlicensing requirements prior to? – Answer- the expiration date of the initial license
failure to renew license for first renewal will result in – Answer- null and void license
status
failure to renew a license prior to expiration will put the license into – Answerinvoluntary inactive status
biennial – Answer- every two years
biannual – Answer- twice a year
if a licensee decides to no longer practice real estate, they could return the license to
the department, the license would be – Answer- cancelled
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 – Answer- group license
broker can be issued additional license in 2 or more capacities by requesting – Answermultiple licenses
authorized under agency law by the employer to perform a single acf – Answer- special
agent
a party who has been granted authority to act on behalf of another agent – Answersubagent
a broker who provides limited representation – Answer- transaction broker
broker must present – Answer- ALL offers
any attempt to represent both parties in a transaction as an agent would create an –
Answer- illegal dual agency
buyer beware, acting in own best interesy – Answer- arms length relationship
when both buyer and seller have assets of $1 million or more – Answer- can both
request single agent representation
procuring of cause – Answer- broker who first produces a purchaser
person can receive compensation for referrals if – Answer- they have a license or a part
of transaction
broker is required to have a _ on it about the entrance to the office and all branch offices – Answer- sign all legal advertising must be in the name and under the supervision of the – Answerbroker sales associate or broker associates name may appear in the ad in addition to the name of the brokerage but must include – Answer- first and last name as registered with the commission internet advertising – Answer- any advertisement that is placed online any real estate advertisement that DOES NOT contain the registered or trade name of the broker – Answer- blind ad Default by the buyer usually requires the deposit to be forfeited in favor of the seller to compensate for having removed the property from the market, this is called: – Answerliquidated damages post dated checks are considered to be _ _ and can be accepted as earnest money with the sellers approval. – Answer- promissory notes escrow account or trust accounts may be held in – Answer- a commercial bank or title company escrow account cannot be held in a – Answer- stock or bond brokerage house depositing the personal funds of any person with funds being held in escrow, trust, or on condition – Answer- commingle A broker is authorized to place and maintain up to of personal or business funds
in a sales escrow account and up to of personal or business funds in a
property management escrow account for the purposes of opening the account, keeping
the account open and paying for ordinary service charges – Answer- $1000; $5000
escrowed funds must be maintained separately from the brokers __ and
__ funds – Answer- business, personal
Real Estate Gold Coast test 2023
(solved)
Prorating Rent – Answer- paid in advance
monthly rent collected by the seller for the month must be divided between seller and
buyer
Areas of expert knowledge required for all real estate licensees? – Answer- 1. Property
Transfer
- Valuation
- Marketing
(Not accounting or construction)
Real estate licensees can perform valuations under the real estate license law if the
valuation is not to be used _. – Answer- in a federally related transation
real estate licensees usually prepare… – Answer- CMAs or give a BPO. They do NOT
perform appraisals
Does Florida have a reciprocity with any other state with regard to real estate licensing?
- Answer- No, but they do have mutual recognition
what is question 1 on the background questions for the application for sales associate
license – Answer- asks if you have ever been convicted or found guilty of, or entered a
plea of nolo contender (no contest) or guilty to, regardless of adjudication, a crime in
any jurisdiction, or are you currently under criminal investigation
Application Denial – Answer- If an application to take the state exam is denied by the
Department, the applicant will be notified in writing. The notification will identify the
reasons for denial and advise the applicant that he or she has 21 days from the date of
receipt to request a formal hearing before an administrative law judge in accordance
with F.S. 120, The Administrative Procedure Act
The law requires sales associates or broker associates to be .. – Answer- employed as
an agent of either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? – Answer- their
employing broker or owner-developer
Employment by an owner-developer – Answer- – individual who is in the businesses of
buying, owning, or developing real estate
-The owner developer must register with the department but does not receive a real
estate license
Who can owner-developers hire? – Answer- -They can hire unlicensed sales persons to
sell property they own, as long as the sales persons are PAID A SALARY.
-If they pay commissions or transaction based fees, they MUST hire licensed sales
associates or broker associates
CH.2 – Answer1919
1925 – Answer- California enacted first real estate license law
FREC was created
The purpose of the Florida Real Estate License Law, F.S. 475 is – Answer- to protect
the public.
The most common services of real estate are: – Answer- A= appraising
B= buying
A= auctioning
R= renting
S= selling
A= advertising
L= leasing
E= exchanging
Those who may also qualify to apply for a brokers license: – Answer- Actively licensed
real estate sales associates rom another state or nation who have been licensed for at
least 24 months during the preceding 5 years
Broker Associate – Answer- Broker who is working as a sales associate
A sales associate or broker associate cannot receive compensation for performing real
estate services from – Answer- Anyone other than his employing broker
If an owner developer pays commissions or transaction-based fees, – Answer- They
must hire licensed sales associates or broker associates
Post license (First Renewal) Requirements – Answer- -All licensees, must satisfactorily
complete a Commission-prescribed post-licensing course prior to the first renewal
expiry following initial licensure.
-The renewal form includes an affirmation that the licensee must sign to indicate that he
has satisfied this requirement prior to the application for renewal
Sales associate first renewal – Answer- – a 45 hr post-license course must be complete
prior to the expiration dat on the initial lice period,
- if a sales associate fails to complete this requirement the license will become VOID
Continuing Education – Answer- 14 hr of CE and pay renewal fees during each license
renewal period, not including the first renewal period. If the CE requirement is not met
the licensee’s license status will be changed to INVOLUNTARY INACTIVE
Individuals exempt from real estate licensure include: – Answer- – attorneys in fact
( persons who are granted authority under a power of attorney to act for others in some
capacity, like 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 – Answer- The Department may SEEK an injunction from a
court against a licensee for failure to follow an order. They do NOT have the authority to
issue injunctions against unlicensed persons.
CH.3 – AnswerThe commissions specific powers include: – Answer- Executive Powers- these powers
include:
-the publication of books and newsletters to keep licensees and the public informed of
new and changing laws/ rules governing real estate,
-furthering the education of potential/current licensees, -and the investigation of
complaints against licensees - The executive powers can be exercised by the chairs-person acting alone or an be
delegated bu quorum vote to any other Commission member
First Renewal – Answer- failure to renew will result in a null and void license status.
Multiple Licenses – Answer- -Brokers can be issued additional licenses in 2 or more
capacities by requesting multiple licenses. They must show that the additional licenses
are necessary for legitimate business reasons. - The request for issuance of multiple licenses cannot be prejudicial to the brokers
business associates or the public.
-NOT available to sales associates or broker associates
CH.4 – Answer3 types of agency relationships in the law of agency? – Answer- 1. special agent
- general agent
- universal agent
Statutory Law – Answer- Based on written statutes have been enacted by an
appropriate unit government
Gold Coast Real Estate Final Exam
Study Guide (only contains highlights
from Ch’s 1, 2,3,4 and some of 11)
Real Estate Brokerage (Ch. 1) – Answer- A business in which real estate-related
activities are performed under the authority of a licensed real estate broker
Farming (Ch. 1) – Answer- concentrating on one type or style of property in one
particular area of neighborhood
Property Transfer, Valuation & Marketing (Ch. 1) – Answer- areas of expert knowledge
that are required for all real estate licensees
Residential Transaction (Ch. 1) – Answer- F.S 475
The 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
Tract Building (Ch. 1) – Answer- 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) – Answer- control planning and zoning, property
taxation, building and health code regulations
also impose a moratorium or temporary delay for a building project
building permits would be held until the situations are corrected
Florida Real Estate License Law F.S 475 (Ch. 2) – Answer- the purpose is to protect the
public
Commission (Ch. 2) – Answer- Florida Real Estate Commission (FREC)
Department (Ch. 2) – Answer- Department of Business and Professional Regulation
(DBPR)
Licensee (Ch. 2) – Answer- any person that has a permit, registration, certificate, or
license that’s issued by the Department
Sales Associate (Ch. 2) – Answer- a person who performs real estate activities while
employed by a licensed real estate broker
Broker (Ch. 2) – Answer- a person who performs services of real estate for another and
receives compensation for those services either directly or indirectly
A sales associate who wishes to a broker must: (Ch. 2) – Answer- have been employed
under one or more actively licensed brokers for at least 24 months within the previous 5
years
Broker Associate (Ch. 2) – Answer- 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
exam
an individual who meets the requirements of a broker but who chooses to work in real
estate under the direction (employ) of another broker.
An applicant for a Florida real estate license is not required to be a: (Ch. 2) – Answerresident of Florida or be a citizen of the U.S
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) – Answer- “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?”
Application Denial (Ch. 2) – Answer- If an application to take the state exam is denied by
the Department, the applicant will be notified in writing. The notification will identify the
reasons for denial and advise the applicant that he or she has 21 days from the date of
receipt to request a formal hearing before an administrative law judge
in accordance with F.S. 120, The Administrative Procedure Act
Florida real estate license law requires sales associates or broker associates to: (Ch. 2)
- Answer- 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.
Employment by a broker: (Ch. 2) – Answer- 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.
Employment by an owner-developer (Ch. 2) – Answer- The owner developer must
register with the department but does not receive a real estate license