GoldCoast Real Estate Exam Questions With
Verified Answers.
A developer contracts to build a home according to the buyer's specifications. This is an example
of which 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
Real estate licensees are expected to be knowledgeable in all of the following, EXCEPT: -
answer✔Accounting
A sales associate failed to complete the required post-license education prior to renewal. What is
the status of the license? - answer✔Void
How may a licensed sales associate be paid by their 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 brokers license? - answer✔Employed for 24 months under one or more actively
licensed broker
All of the following services require a real estate license, EXCEPT: - answer✔Mortgaging
What must an applicant for a real estate license do if the have been convicted of a crime? -
answer✔The applicant must disclose all convictions on the application
Which condition must exists 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.
What is a brokers associate? - answer✔A broker who is employed as a sales associate
The Department of business and Professional Regulation has the authority to issue all of the
following, EXCEPT: - answer✔An injunction
Which of the following entities issues real estate licenses? - answer✔The Department of
Business and Professional Regulation
After being active in the real estate business for over five years, a licensee's license expired on
September 30th. What is the status of the license on October 1st? - answer✔Involuntary Inactive
What action may the Department take if it determines that an unlicensed person has operated in
violation of a law or rule under its administration? - answer✔An administrative fine of up to
$5,000 may be imposed
A sales associate is employed by a broker Monday through Friday and for a builder on the
weekends. The sales associate feels the added experience is beneficial especially since both
employers pay an attractive commission split. Which statement is correct? - answer✔This
arrangement violates the license law
The DBPR is created by which statute? - answer✔F.S. 455
Who owes fiduciary duties in a single agency relationship? - answer✔The broker only
In which of the following situations does a general agency relationship exist? - answer✔When a
sales associate is employed by a broker
Broker Joan just received an oral offer to purchase a listed property. No earnest money
accompanied the oral offer. Which of the following statements is correct? - answer✔Joan must
present the offer.
Which of the following statements best describes a transaction broker? - answer✔A transaction
broker may provide limited representation to both parties.
Mary, an Ohio broker, accompanied a customer to Florida and met with broker Stan in his office
in Miami. While Stan showed the customer property and obtained a binding contract for the
purchase of a condominium, Mary took some time off and went to the beach. When Mary
returned to Stan's office, she discovered that Stan had written a contract and demanded a share of
the commission. Which statement is correct? - answer✔Stan may share the commission with
Mary.
When can both parties in a transaction pay a broker a commission? - answer✔When both parties
agree to the dual commission.
In which circumstance are licensees expected to act with fairness and honesty? - answer✔Any
real estate transaction
Six individuals decide to form a real estate brokerage partnership. All six individuals are
planning to be active in real estate sales. Which statement best applies? - answer✔The
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