Chapter 1 - Gold Coast Real Estate
Homework Exam Questions With Verified
Answers.
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®?
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