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Gold Coast End of chapter Questions 1-19 with Correct Answers

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Gold Coast End of chapter Questions 1-19 with Correct Answers Which of the following statements is true regarding a mortgage loan originator? - Answer-A mortgage loan originator must have a separate license. A real estate appraiser's fee for professional service is based on which of the followi...

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  • 15 octobre 2024
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EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024.




Gold Coast End of chapter Questions 1-19
with Correct Answers

Which of the following statements is true regarding a mortgage loan originator? - Answer✔✔-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? -

Answer✔✔-The time and difficulty of the appraisal


Which of the following best describes the real estate brokerage business? - Answer✔✔-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? -

Answer✔✔-Dedication


All of the following are responsibilities of a property manager, EXCEPT: - Answer✔✔-Preparing

Leases


What does the term "farming" refer to in real estate? - Answer✔✔-Specializing in one

geographic area


Which insurance policies can a real estate licensee offer to the public without additional state

licensing? - Answer✔✔-None of the Above


Page 1/37

,EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024.



What is the purpose of the National Association of REALTORS®? - Answer✔✔-Preserve the right

of individuals to own real property through of an exchange of information


What does the designation of REALTOR® signify? - Answer✔✔-The designation identifies the

real estate professional as a member of NAR


developer contracts to build a home according to the buyer's This is an example of which

specifications. type of building? - Answer✔✔-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? - Answer✔✔-

Property taxes, building moratoriums, and zoning


Which of the following best describes licensees who are involved in business opprtunity

brokerage? - Answer✔✔-They must be able to analyze financial statements and understand

balance sheets


Real estate licensees are expected to be knowledgeable in all of the following areas, EXCEPT: -

Answer✔✔-Accounting


Which service provided by real estate licensees requires the most experience and knowledge? -

Answer✔✔-Counceling


An appraiser, who is registered, licensed, or certified under F.S. 475, Part II, must be utilized in

which of the following? - Answer✔✔-All appraisals


In what year was the Florida Real Estate Commission created? - Answer✔✔-1925

Page 2/37

,EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024.



What is the purpose of the real estate license law? - Answer✔✔-To protect the public


Why was the Florida Real Estate Commission created? - Answer✔✔-To administer and enforce

the law


A sales associate failed to complete the required post-license education prior to renewal. What

is the status of the license? - Answer✔✔-Placing and keeping on record the sales associates

name, home address and business address of his or her employing broker


How may a licensed sales associate be paid by his or her owner-developer? - Answer✔✔-On a

commission or salary basis


What are the minimum employment requirements for a licensed sales associate to qualify for a

real estate broker's license? - Answer✔✔-Employed for 24 months under one or more actively

licensed brokers


How many hours of post-license education are required to renew a broker license? -

Answer✔✔-60


All of the following services require a real estate license, EXCEPT: - Answer✔✔-Mortgaging


All of the following information appears on a Florida real estate license, EXCEPT: - Answer✔✔-

The signature of the Governer


What must an applicant for a real estate license do if he or she has been convicted of a crime? -

Answer✔✔-The applicant must disclose all convictions on the application




Page 3/37

, EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024.



Which condition must exist for an applicant to qualify for a florida real estate license? -

Answer✔✔-The applicant must have a high school education or equivalent


Which of the following statements best describes an attorney-in-fact? - Answer✔✔-An attorney

in fact is authorized by a power of attorney to act for another


Which individual is exempt from the licensing requirements of Florida Statute 475? -

Answer✔✔-An attorney who performs legal duties in connection with a real estate transaction


Complete this statement. An actively licensed attorney who is a member in good standing with

the Florida Bar - Answer✔✔-Is excempt from continuing education requirements to maintain a

real estate license


What is a broker associate - Answer✔✔-A broker who is employed as a sales associate


Florida has an agreement with some other states that for licensees. What is the agreement

education and experience requirements recognizes the similarity in called? - Answer✔✔-Mutual

recognition


Which of the following statements is true regarding a plumber who has been appointed by a

court to appraise a small business? - Answer✔✔-The plumber may do so, and be paid a fee


All of the following individuals are exempt from the real estate license law, EXCEPT: -

Answer✔✔-Funeral directors performing duties of real estate for commission


A georgia broker with extensive experience in conducting auctions was asked by a local real

estate broker to auction did not result in a sale. The florida broker paid the georgia broker for


Page 4/37

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