Exam (elaborations)
Gold Coast School Real Estate Questions 1-19
Gold Coast School Real Estate Questions 1-19
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Gold Coast End of chapter Questions 1-19Which of the following statements is true regarding a mortgage loan originator? - ANS-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?
- ANS-The time and difficulty of the appraisal
Which of the following best describes the real estate brokerage business? -
ANS-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? - ANS-Dedication
All of the following are responsibilities of a property manager, EXCEPT: -
ANS-Preparing Leases
What does the term "farming" refer to in real estate? - ANS-Specializing in one
geographic area
Which insurance policies can a real estate licensee offer to the public without additional
state licensing? - ANS-None of the Above
What is the purpose of the National Association of REALTORS®? - ANS-Preserve the
right of individuals to own real property through of an exchange of information
What does the designation of REALTOR® signify? - ANS-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? - ANS-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? -
ANS-Property taxes, building moratoriums, and zoning
,Which of the following best describes licensees who are involved in business opprtunity
brokerage? - ANS-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: - ANS-Accounting
Which service provided by real estate licensees requires the most experience and
knowledge? - ANS-Counceling
An appraiser, who is registered, licensed, or certified under F.S. 475, Part II, must be
utilized in which of the following? - ANS-All appraisals
In what year was the Florida Real Estate Commission created? - ANS-1925
What is the purpose of the real estate license law? - ANS-To protect the public
Why was the Florida Real Estate Commission created? - ANS-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? - ANS-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? - ANS-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? - ANS-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? -
ANS-60
All of the following services require a real estate license, EXCEPT: - ANS-Mortgaging
All of the following information appears on a Florida real estate license, EXCEPT: -
ANS-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? - ANS-The applicant must disclose all convictions on the application
Which condition must exist for an applicant to qualify for a florida real estate license? -
ANS-The applicant must have a high school education or equivalent
Which of the following statements best describes an attorney-in-fact? - ANS-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? -
ANS-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 - ANS-Is excempt from continuing education requirements
to maintain a real estate license
What is a broker associate - ANS-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? -
ANS-Mutual recognition
Which of the following statements is true regarding a plumber who has been appointed
by a court to appraise a small business? - ANS-The plumber may do so, and be paid a
fee
All of the following individuals are exempt from the real estate license law, EXCEPT: -
ANS-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 out if pocket expenses, but did not pay a commission. Which of the following
statements is correct? - ANS-The georgia broker violated license law.
The Department of Business and to issue Professional Regulation has the authority all
of the following, EXCEPT: - ANS-An injuction
What is the maximum number of years a member may serve on the Florida Real Estate
Commission? - ANS-No maximum
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