Gold Coast Real Estate Practice UPDATED
ACTUAL Questions and CORRECT Answers
• What does eminent domain not include? -✓✓ Shopping center
• What is not a remedy for a breach of contract? -✓✓ Real estate recovery fund
• What must the DBPR do when they deny an application? -✓✓ Notify the applicant in
writing with reason for denial so they may request a formal hearing.
• How may a city acquire additional land for a school? -✓✓ Eminent domain
• What type of listing allows a broker to get paid regardless of who sells the property? -
✓✓ Exclusive right of sale
• Who can a sales associate receive their commission from? -✓✓ Only their employing
broker
• What is the best deed for a grantor? -✓✓ Quit claim deed
• What type of relationship is formed with a single business transaction? -✓✓ Joint
venture
• What document contains the mortgage loan interest rate and repayment schedule? -
✓✓ Promissory note
• What tax applies to new mortgages but not assumed mortgages? -✓✓ Intangible tax
• What type of ownership involves possession, interest, time, title, and survivorship? -
✓✓ Joint tenancy
• What does an over-improved property suffer from? -✓✓ Functional obsolescence
• What type of tenancy involves use and possession with same or different deeds? -✓✓
Tenancy in common
• What is the transfer tax on the deed? -✓✓ Page 266 line 34 through 36 (the longest
answer)
• What does the lender give when a loan is fully repaid? -✓✓ Letter of satisfaction
• What is the illegal practice of inducing homeowners to sell? -✓✓ Block busting
, • What is the opposite of erosion? -✓✓ Accretion
• What is a broker's license that operates as a sales associate called? -✓✓ Broker's
associate
• How may contractual rights be transferred to another? -✓✓ Assignment
• What is the value of a failing business? -✓✓ Liquidation value
• Where can a broker's office not be located? -✓✓ Motorhome
• What should a broker do when they find out a title is not merchantable? -✓✓
Immediately notify the owner
• What clause in a mortgage limits the lender's rights to the amount received at
foreclosure? -✓✓ Exculpatory clause
• In a lien theory state, who holds title to the mortgaged property? -✓✓ Mortgagor
• What statute stimulates the time period to enforce a contract? -✓✓ Statute of
limitations
• What is the broker entitled to if the seller refuses to accept an offer after the broker
finds a purchaser? -✓✓ Compensation because they brought a buyer who met the
seller's terms.
• How is a business known as XYZ company legally formed? -✓✓ Corporation for profit
• What principle states a buyer will pay no more for a property than they can acquire
elsewhere? -✓✓ Principle of substitution
• What right does an owner have whose property borders a river? -✓✓ Riparian rights
• What must all individuals in a brokerage partnership do to practice real estate? -✓✓ All
must be licensed as active brokers
• What is an estate by the entireties? -✓✓ A divorce terminates the estate and it
converts to tenancy in common.
• What should a sales associate do with a post-dated check? -✓✓ Immediately give it to
their employing broker
• What is a non-freehold estate with a specified time period? -✓✓ Tenancy for years
ACTUAL Questions and CORRECT Answers
• What does eminent domain not include? -✓✓ Shopping center
• What is not a remedy for a breach of contract? -✓✓ Real estate recovery fund
• What must the DBPR do when they deny an application? -✓✓ Notify the applicant in
writing with reason for denial so they may request a formal hearing.
• How may a city acquire additional land for a school? -✓✓ Eminent domain
• What type of listing allows a broker to get paid regardless of who sells the property? -
✓✓ Exclusive right of sale
• Who can a sales associate receive their commission from? -✓✓ Only their employing
broker
• What is the best deed for a grantor? -✓✓ Quit claim deed
• What type of relationship is formed with a single business transaction? -✓✓ Joint
venture
• What document contains the mortgage loan interest rate and repayment schedule? -
✓✓ Promissory note
• What tax applies to new mortgages but not assumed mortgages? -✓✓ Intangible tax
• What type of ownership involves possession, interest, time, title, and survivorship? -
✓✓ Joint tenancy
• What does an over-improved property suffer from? -✓✓ Functional obsolescence
• What type of tenancy involves use and possession with same or different deeds? -✓✓
Tenancy in common
• What is the transfer tax on the deed? -✓✓ Page 266 line 34 through 36 (the longest
answer)
• What does the lender give when a loan is fully repaid? -✓✓ Letter of satisfaction
• What is the illegal practice of inducing homeowners to sell? -✓✓ Block busting
, • What is the opposite of erosion? -✓✓ Accretion
• What is a broker's license that operates as a sales associate called? -✓✓ Broker's
associate
• How may contractual rights be transferred to another? -✓✓ Assignment
• What is the value of a failing business? -✓✓ Liquidation value
• Where can a broker's office not be located? -✓✓ Motorhome
• What should a broker do when they find out a title is not merchantable? -✓✓
Immediately notify the owner
• What clause in a mortgage limits the lender's rights to the amount received at
foreclosure? -✓✓ Exculpatory clause
• In a lien theory state, who holds title to the mortgaged property? -✓✓ Mortgagor
• What statute stimulates the time period to enforce a contract? -✓✓ Statute of
limitations
• What is the broker entitled to if the seller refuses to accept an offer after the broker
finds a purchaser? -✓✓ Compensation because they brought a buyer who met the
seller's terms.
• How is a business known as XYZ company legally formed? -✓✓ Corporation for profit
• What principle states a buyer will pay no more for a property than they can acquire
elsewhere? -✓✓ Principle of substitution
• What right does an owner have whose property borders a river? -✓✓ Riparian rights
• What must all individuals in a brokerage partnership do to practice real estate? -✓✓ All
must be licensed as active brokers
• What is an estate by the entireties? -✓✓ A divorce terminates the estate and it
converts to tenancy in common.
• What should a sales associate do with a post-dated check? -✓✓ Immediately give it to
their employing broker
• What is a non-freehold estate with a specified time period? -✓✓ Tenancy for years
