UPDATED Gold Coast 45 Hour Exam Questions(exam version H 2023) With complete verified solution
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1. Property managers who are employed and compensated by community associations are required to obtain and maintain which type of license?: - CAM
2. What term is used for the practice of specializing in one particular residen- tial neighborhood or type of property?: Farming
3. empty:
4. upon clo...
Gold Coast 45 Hour Exam Questions(exam version
H 2023) With complete verified solution
1. Property managers who are employed and compensated by community associations are
required to obtain and maintain which type of license?: -CAM
2. What term is used for the practice of specializing in one particular residen-tial neighborhood or
type of property?: Farming
3. empty:
4. upon closing a sales transaction who pays the sales associate their con-tracted commission?:
Employing Broker
5. Home sold for $250k with a garage, a home sold in the area for $230k withno garage. From this
information what can you determine the approximate value of the garage is?: $20000
6. which source will most likely produce the greatest # of potential buyers fora listing?: Putting your
listing on the MLS
7. The NAR code of ethics specifies duties of real-estate professionals ac-cording to ethical
standard of conduct. All of the following except?: Duties
8. What is primary purpose of building code regulations?: to protect publichealth, safety and
general welfare
9. which auction system is involved with the enforcement of liens due toborrower default?:
Courthouse Auction
10. Which type of listing allows an owner to list his or her property with morethan one broker?:
Open Listing
11. Which investment term refers to an asset that cannot be sold quicklywithout lowering the
price?: illiquid
12. Which home staging and prep tip is suggested to help make home moreappealing?: Brighten
room, cleaning window & turning on lights
13. What does a "double entry" refer to on a closing disclosure statement?-
: Expenses between two parties to the transaction, with no third party involved.
14. What are the benefits of using a VA loan in a transaction?: little to no moneydown and low interest
rates
15. What type of brokerage business specializes in selling or leasing in- come-producing
properties such as malls, offices, restaurants, gas stations,and office towers?: Commercial
Brokerage
16. Which of the following statement best describes the practice of steer- ing?: Is the practice of
directing homebuyers toward or away from homes in certain
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, Gold Coast 45 Hour Exam Questions(exam version
H 2023) With complete verified solution
neighborhoods or in a multiunit building in order to preserve or alter the makeupof that
neighborhood with respect to race, religion, sex, or national origin.
17. It is important to qualify a seller by asking questions to understand there motive and
expectations. All of the following would be good questionsexcept?:
18. Which is always actually paid by a buyer?:
19. A pool cost $25,000 to install on a property, but only adds $15,000 to the appraised value of
the p[roperty. This is an example of which appraisalprinciple?: Contribution appraisal
20. What two elements must be present in a contract to achieve completeagreement?:
Meeting of Minds
21. What kind of roof is susceptible to wear of standing water?: Flat Roof
22. Why is it important for you to begin qualifying a potential buyer uponinitial contact?: So
you don't waist your time
23. The Americans with disability act provides all of the following protec-tions, EXCEPT?:
24. All of the following types of insurance are typically associated with theclosing of a real
estate transaction except?:
25. When can a lender obtain a deficiency judgment against a borrower?: -When a mortgage
foreclosure sale does not produce sufficient funds to pay the loan in full, the lender can obtain a
deficiency judgment.
26. Who is responsible for governing a condominium?: Governed by a boardof directors or board
of managers that maintains the common elements and enforces the regulations.
27. What are fair housing laws designed to do?: Are to protect the public, prospective renters, and
buyers of real estate from discrimination; however, theselaws also offer protection for real estate
professionals who are members of the protected classes.
28. Before a Lender will approve a short sale, the borrower must usually demonstrate all of the
following except?: Requires that the real property hasbeen offered for sale on the market for a
certain number of days at a reasonableprice in order for the lender to feel confident that the short
sale offers being presented are legitimate offers from legitimate buyers in that real estate market.
29. Which type of property provides the owner with a deed and a fractionshare of ownership
for a specified interval of use?: Timeshare
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