Gold Coast School Real Estate Questions Ch.1-19 Flashcards

Gold Coast School Real Estate Questions Ch.1-19 Flashcards 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 firmB. A brokerage firm must be brought in to handle the transactionC. The real estate licensee must have a securities licenseD. The real estate licensee must have experience as a stockbroker

• The real estate licensee must have a securities license

In addition to possible disciplinary action by the Commission, a broker or sales associate who is found guilty of providing inaccurate information about rental property is subject to what criminal penalty?A. First degree misdemeanorB. Third degree felonyC. Second degree felonyD. Second degree misdemeanor What are the four dispute settlement procedures?Which of the following statements about real estate licensure in Florida is accurate?A. Brokerage corporations and partnerships are licensed, but not registeredB.Owner-developers are license, but not registeredC.Brokers, broker associates, and sales associates are licensed and registeredD. Branch offices are licensed and registered

• Brokers, broker associates, and sales associates are

licensed and registered All of the following are services that require a current, valid

Florida real estate license, EXCEPT:A. Appraising in

federally-related transactions, developing, constructing, selling homeowner's insurance, and lending money to finance home purchasesB. Auctioning, counseling, advertising real estate services, and soliciting real estate businessC. Property management, business brokerage, selling timeshare units, and providing leads or referrals for compensationD..buying, selling, listing, renting, and showing property

• Appraising in federally-related transactions, developing,

constructing, selling homeowner's insurance, and lending money to finance home purchases

• The license of a sales associate or broker associate who

works for one owner-developer that has muttlple affiliates organizations that provide real estate services in different geographic areas A Civil court imposes what type of fine as a result of a measurable loss?A. Punitive damagesB. Statutory damagesC. Compensatory damagesD. Civil damages

• Five years from the date of execution, whether the

transaction closes or fails to close Ch.5 Real Estate Brokerage Activities and Procedures What happens if you fail the alternative pre-license course final exam?I must repeat the entire course Which of the following best defines appraising?A. The process of determining the amount of equity in real propertyB. The process of establishing the asking price of

real propertyC. The process of establishing the firm value of real propertyD. The process of developing an opinion of the value of real property

• The process of developing an opinion of the value of

real property

• General agentWhat is a universal agent?A. An agent with a group

licenseB. An agent who is authorized to act for and represent a principal in a specific trade or businessC. An agent who is authorized to perform a single act on behalf of a principalD. An agent who is authorized to act for and represent a principal in all matters What is mutual recognition?A. An agreement between Florida and certain other states that allows individuals licensed in that state to obtain a Florida license without taking any pre-licensing or examsB. An agreement between Florida and certain other states that allows individuals licensed in that state to practice real estate in Florida without a Florida licenseC. An agreement between Florida and certain other states that allows individuals licensed in that state to bypass Florida pre-licensing requirements to obtain a Florida licenseD. An agreement between Florida and certain other states that allows Florida licenses to practice real estate in that state without an additional license

• An agreement between Florida and certain other states

that allows individuals licensed in that state to bypass Florida pre-licensing requirements to obtain a Florida license

• A real estate licensee is expected to have expert

knowledge in what three areas?A. Valuation, marketing, and property transferB. Mortgages, property taxes, and homeowners' insurance policiesC. Residential real estate, commercial real estate, and surveysD. Area schools, local crime rates, and proximity to potential employers

• Valuation, marketing, and property transfer
• When the licensee obtains employment and files

employment information with the Division If an initial license became valid on November 1, 2021, when will it expireA. March 31, 2024B. September 30, 2023C. March 31, 2023D. November 1, 2023 Ch.3Which Florida Statute created the DBPRA. F.S. 544B. F.S.

120C. F.S. 475D. F.S. 455

• The power to make and pass rules that regulate

licensees and the real estate profession What are the ministerial powers of the Commission?A.Notifying licensees of continuing education and renewal requirementsB. Ensuring the equitable application of disciplinary actionsC. Record keeping and clerical FunctionsD. Reviewing and approving real estate school curricula

• An agent who is authorized to act for and represent a

principal in all matters What is a single agent?A. A broker who represents, as a fiduciary, either a buyer or a seller in a real estate transaction but never bothB. A broker who represents, as a fiduciary, a buyer, a seller, or both in a real estate transactionC. A broker who provides limited representation to either a buyer or a seller in a real estate transaction but never bothD. A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction

All of the following would be considered commercial property, EXCEPTA. an office building that accommodates three tenantsB. A high-rise apartment building in the downtown area of the cityC. A shopping center that adjoins a residential neighborhoodD. A large house that has been subdivided into four apartments

• A large house that has been subdivided into four

apartments What government entity was created for the purpose of administering and enforcing real estate license law?A. The division of real estate licensingB. the Florida real estate licensing boardC. The Florida real estate commissionD.The division of regulation

• the Florida real estate commission

all of the following are responsibilities of a property manager, EXCEPTA. Handling the payment of taxes, insurance, and operating expenses for the propertyB.Evaluating the investment value of the propertyC. Locating tenants, collecting rents, maintaining records, and scheduling maintenanceD. Protecting the owner's investment and maximizing the profitability of the investment

• Evaluating the investment value of the property
• F.S. 455All of the following statements about the Secretary of the

Department are accurate, EXCEPT:A. The Secretary is

responsible for activities related to the DepartmentB. The Secretary is appointed by the governorC. The Secretary is subject to confirmation by the Florida SenateD. The Secretary is limited to one six-year term

• A transaction brokerAll of the following statements about the Consent to

Transition to transaction broker Notice are accurate,

EXCEPT:A. It requires written consent by both parties in a

real estate transactionB. It changes the broker in a real estate transaction from a single agent to a transaction brokerC. It is the only brokerage relationship form that must be signedD. It allows a single agent with fiduciary duties to represent both the buyer and the seller in a real estate transaction What information about you that is received by the Department is a matter of public record?A. My end of course exam scoresB. My financial historyC. Information on my completed #DBPR RE 1 applicationD. My high school transcripts

• Information on my completed #DBPR RE 1 application

B.a third-degree felonyTheft or reproduction of state exam questions and answers is what class of offense?A. A third-degree felonyB. A second-degree misdemeanorC. A second-degree felonyD.A first-degree misdemeanor After you renew your license for the first time, how frequently must you continue to renew it?A. Every 2 years,