Gold Coast Real Estate Final UPDATED
ACTUAL Questions and CORRECT Answers
• A residential transaction is defined as: -✓✓ Four units or less
• What 3 areas do real estate agents have to have expertise in? -✓✓ Marketing,
Valuation, Property Transfer
• Owners who buy income property as investments and depend on professionals to
manage them are called: -✓✓ Absentee Owners
• What is the process of developing an opinion of value of real property? -✓✓ Appraising
• Transfer of ownership is called: -✓✓ Dedication
• What is custom building? -✓✓ When a contractor is employed to build a structure
according to the customer's specifications
• What is speculative building? -✓✓ When a contractor builds a structure before
securing a buyer with the hope of selling the finished structure. (AKA building on spec)
• What is tract building? -✓✓ When a developer acquires a large tract of land, records a
subdivision plat map, and uses a model center from which sales may be made.
• What is the purpose of FREC? -✓✓ To protect the public
• What does "Commission" refer to? -✓✓ Florida Real Estate Commission (FREC)
• What does "Department" refer to? -✓✓ Department of Business and Professional
Regulation (DBPR)
• Real estate professionals practice real estate when licensed as one of the following: -
✓✓ Sales associate, broker, or broker associate
• How do you become eligible to become a broker? -✓✓ A licensed sales associate
must be employed under one or more actively licensed brokers for at least 24 months
within the preceding five years.
• What is a broker associate? -✓✓ Is a licensed broker who chooses to work as a sales
associate under the direction of another broker.
,• Is an applicant for a Florida real estate license required to be a resident of Florida? -
✓✓ No
• Is an applicant for a Florida real estate license required to be a citizen of the United
States? -✓✓ No
• For the application with the DBPR, are you required to disclose any criminal
convictions? Even misdemeanors? -✓✓ Yes
• When an applicant is denied, how many days do they have to request a formal hearing
after being informed by the DBPR? -✓✓ 21 days
• Who compensates real estate agents? -✓✓ By their employing brokers or owner-
developer
• Owner-developers are only...? -✓✓ Registered, not licensed
• What happens to your real estate license if you fail to complete the 45-hour post
license course? -✓✓ It becomes void
• What happens to your real estate license if you fail to complete the 14-hour continuing
education course? -✓✓ It becomes involuntary inactive
• ...are persons who are granted authority under power of attorney to act for others in
some capacity, such as signing documents. -✓✓ Attorneys-in-fact
• The DBPR is responsible for: -✓✓ Licensing and regulation of the real estate
professional.
• The DBPR delegates rule-making and disciplinary authority for real estate to who? -
✓✓ FREC
• The DBPR can do all of the following except: -✓✓ Issue injunctions
• The Florida Real Estate Commission has many duties and powers. Which of the
following is the category of power that can be exercised by the chairperson acting
alone? -✓✓ Executive powers
• What is the maximum amount of money someone can be fined by the Commission
PER OFFENSE? -✓✓ $5,000
• If a licensee fails to complete their first renewal, what happens to the status of their
license? -✓✓ It becomes void
, • What is the maximum amount of time that a licensee can have their license be
involuntary inactive? -✓✓ No more than 2 years
• If a broker's license is suspended, revoked, or otherwise void and ineffective, what
happens to the licensee's license that is employed under this broker? -✓✓ It becomes
automatically inactive
• Complete the sentence: Statutes can authorize the creation and operation of
administrative agencies to administer and....? -✓✓ Enforce certain laws
• What type of agent is authorized under agency law by the employer to perform a
single act? -✓✓ Special agent
• As an agent of the broker, a sales associate has the same duties to the broker's
principals, as does the broker. Is this true or false? -✓✓ True
• What is the name of the party with whom the real estate licensee has entered into a
single agent relationship? -✓✓ Principle
• A transaction broker provides what type of representation to a buyer, seller, or both, in
a real estate transaction, but does not represent either in a fiduciary capacity or as a
single agent? -✓✓ Limited representation
• You, as a real estate agent, have to do what's in regards of offers? -✓✓ Present all
offers
• When does an offer expire? -✓✓ Two days
• What type of brokerage relationship is automatically assumed unless a single agency
or no representation has been established with a customer? -✓✓ Transaction Broker
• When is an agency relationship created? -✓✓ When a broker accepts employment
under a single agency agreement.
• Can a broker represent both parties (buyer and seller) when in single agency
relationship? -✓✓ No
• What relationship is the only one that establishes a fiduciary relationship? -✓✓ Single
agency relationship
• What 3 duties are the same with no representation, transaction broker, and single
agent? -✓✓ DAD: Deal honestly and fairly, Account for all funds, Disclose all known
facts that affect the value of residential property
ACTUAL Questions and CORRECT Answers
• A residential transaction is defined as: -✓✓ Four units or less
• What 3 areas do real estate agents have to have expertise in? -✓✓ Marketing,
Valuation, Property Transfer
• Owners who buy income property as investments and depend on professionals to
manage them are called: -✓✓ Absentee Owners
• What is the process of developing an opinion of value of real property? -✓✓ Appraising
• Transfer of ownership is called: -✓✓ Dedication
• What is custom building? -✓✓ When a contractor is employed to build a structure
according to the customer's specifications
• What is speculative building? -✓✓ When a contractor builds a structure before
securing a buyer with the hope of selling the finished structure. (AKA building on spec)
• What is tract building? -✓✓ When a developer acquires a large tract of land, records a
subdivision plat map, and uses a model center from which sales may be made.
• What is the purpose of FREC? -✓✓ To protect the public
• What does "Commission" refer to? -✓✓ Florida Real Estate Commission (FREC)
• What does "Department" refer to? -✓✓ Department of Business and Professional
Regulation (DBPR)
• Real estate professionals practice real estate when licensed as one of the following: -
✓✓ Sales associate, broker, or broker associate
• How do you become eligible to become a broker? -✓✓ A licensed sales associate
must be employed under one or more actively licensed brokers for at least 24 months
within the preceding five years.
• What is a broker associate? -✓✓ Is a licensed broker who chooses to work as a sales
associate under the direction of another broker.
,• Is an applicant for a Florida real estate license required to be a resident of Florida? -
✓✓ No
• Is an applicant for a Florida real estate license required to be a citizen of the United
States? -✓✓ No
• For the application with the DBPR, are you required to disclose any criminal
convictions? Even misdemeanors? -✓✓ Yes
• When an applicant is denied, how many days do they have to request a formal hearing
after being informed by the DBPR? -✓✓ 21 days
• Who compensates real estate agents? -✓✓ By their employing brokers or owner-
developer
• Owner-developers are only...? -✓✓ Registered, not licensed
• What happens to your real estate license if you fail to complete the 45-hour post
license course? -✓✓ It becomes void
• What happens to your real estate license if you fail to complete the 14-hour continuing
education course? -✓✓ It becomes involuntary inactive
• ...are persons who are granted authority under power of attorney to act for others in
some capacity, such as signing documents. -✓✓ Attorneys-in-fact
• The DBPR is responsible for: -✓✓ Licensing and regulation of the real estate
professional.
• The DBPR delegates rule-making and disciplinary authority for real estate to who? -
✓✓ FREC
• The DBPR can do all of the following except: -✓✓ Issue injunctions
• The Florida Real Estate Commission has many duties and powers. Which of the
following is the category of power that can be exercised by the chairperson acting
alone? -✓✓ Executive powers
• What is the maximum amount of money someone can be fined by the Commission
PER OFFENSE? -✓✓ $5,000
• If a licensee fails to complete their first renewal, what happens to the status of their
license? -✓✓ It becomes void
, • What is the maximum amount of time that a licensee can have their license be
involuntary inactive? -✓✓ No more than 2 years
• If a broker's license is suspended, revoked, or otherwise void and ineffective, what
happens to the licensee's license that is employed under this broker? -✓✓ It becomes
automatically inactive
• Complete the sentence: Statutes can authorize the creation and operation of
administrative agencies to administer and....? -✓✓ Enforce certain laws
• What type of agent is authorized under agency law by the employer to perform a
single act? -✓✓ Special agent
• As an agent of the broker, a sales associate has the same duties to the broker's
principals, as does the broker. Is this true or false? -✓✓ True
• What is the name of the party with whom the real estate licensee has entered into a
single agent relationship? -✓✓ Principle
• A transaction broker provides what type of representation to a buyer, seller, or both, in
a real estate transaction, but does not represent either in a fiduciary capacity or as a
single agent? -✓✓ Limited representation
• You, as a real estate agent, have to do what's in regards of offers? -✓✓ Present all
offers
• When does an offer expire? -✓✓ Two days
• What type of brokerage relationship is automatically assumed unless a single agency
or no representation has been established with a customer? -✓✓ Transaction Broker
• When is an agency relationship created? -✓✓ When a broker accepts employment
under a single agency agreement.
• Can a broker represent both parties (buyer and seller) when in single agency
relationship? -✓✓ No
• What relationship is the only one that establishes a fiduciary relationship? -✓✓ Single
agency relationship
• What 3 duties are the same with no representation, transaction broker, and single
agent? -✓✓ DAD: Deal honestly and fairly, Account for all funds, Disclose all known
facts that affect the value of residential property
