Gold Coast Real Estate Exam Prep UPDATED
ACTUAL Questions and CORRECT Answers
• Registered with DBPR, at least one room, records kept there, may be in broker's home
if zoning permits -✓✓ Broker office requirements
• Deposit accompanying offer -✓✓ Earnest money
• Commercial bank, title company having trust powers, credit union, or savings
association located in the state of FL -✓✓ Broker's escrow account or trust account
• Max for broker sales escrow account -✓✓ $1,000
• How long to fill out Irrevocable consent to service -✓✓ 60 days
• Max for broker property management escrow account -✓✓ $5,000
• Unathorized control or use of another person's personal funds -✓✓ Conversion
• Broker either cannot or will not produce money or property belonging to another when
required -✓✓ Failure to account
• When must sales associates and broker associates deliver earnest money to broker -
✓✓ Immediately (no later than end of next business day)
• When must broker deposit earnest money in escrow trust account -✓✓ Immediately
(no later than end of the 3rd business day)
• With escrow dispute, how long does broker have to notify FREC -✓✓ 15 days
• How long does broker have to institue an authorized settlment procedure with escrow
dispute -✓✓ 30 business days
• Where does broker's sign need to be -✓✓ On or near the entrance to the office
• Firm name, broker name, Lic. RE broker -✓✓ What's on a broker office sign
• What must be on an advertisement -✓✓ Brokerage firm name (associate name not
required, but last name if used must be same as registered with DBPR)
• Ad with only phone number and address -✓✓ Blind ad (illlegal in FL unless selling own
house)
,• Illegal practice of mixing the broker's personal funds with the escrow funds -✓✓
Commingling
• Rentals, can get refund within 30 days, __% if rental not obtained, __% if not current
or is inaccurate -✓✓ 75% not obtained, 100% not current
• When a broker fails to disclose information to a party, to whom to broker has such a
duty, and tht is material to his or her decision -✓✓ Concealment
• When a broker operates in a reckless, careless and excessively negligent manner -✓✓
Culpable negligence
• The misstatement or omission of facts -✓✓ Misrepresentation
• Selling (a charge) chances to induce someone to buy real estate -✓✓ Lotteries
• Provides brokerage services for others and at least one partner must be a broker
(none can be sales associates) -✓✓ Real estate brokerage partnership
• One general partner and at least one limited partner -✓✓ Limited partnership
• Temporary business involving a single transaction or a predetermined number of
transactions, joint and several liability -✓✓ Joint venture (adventure)
• Up to 1 year in jail and/or $1000 fine -✓✓ First degree misdemeanor, false advertising,
culpable negligence
• Up to $500 and/or 60 days jail -✓✓ Second degree misdemeanor, rental information
violations
• Up to $5000 fine and/or 5 years jail, acting as broker or sales associate without license
-✓✓ 3rd degree felony
• Maximum administrative penalty (per offense) -✓✓ $5,000
• Maximum suspension of license -✓✓ 10 years
• Can FREC deny payment of comission or imprison? -✓✓ no
• Intermediary between FREC and DBPR -✓✓ DRE
• How long to correct notice of noncompliance -✓✓ 15 days
, • Max real estate recovery fund (compensatory) -✓✓ $50k for single transaction or
$150k for multiple transactions againstone licensee
• An act contrary to honesty, good morals or accepted customs -✓✓ Moral turpitude
• How many days to replace loss of active broker -✓✓ 14 days
• No partnership exists, but public has reason to believe that one does -✓✓ Ostensible
(quasi) partnership
• Prohibits discrimination on the basis of race only -✓✓ Civil rights act of 1866
• Prohibits discrimination based on race, color, religion, sex, national origin, handicap,
family status -✓✓ Cvil rights act of 1968 (fair housing act)
• Inducing owners to sell based on the entry of members of a protected class moving
into neighborhood -✓✓ Blockbusting
• Limiting housing choices based on protected class -✓✓ Steering (channeling)
• Denying loans or insurance in certain neighborhood based on protected class -✓✓
Redlining
• Tenant pays fixed rent; landlord is responsible for all expenses -✓✓ Gross lease
• Tenant pays fixed rent plus expenses (taxes, insurance, maintenance) -✓✓ Net lease
• Tenant pays a base rent and a percentage of monthly or annual gross sales -✓✓
Percentage lease
• Tenant pays specified rent increases at set future date -✓✓ Index lease
• Lease with option to purchase the property or lease longer -✓✓ Lease option
• Owner sells to investor then immediately leases back -✓✓ Sale-leaseback
• Transfer of lease rights, new lessee is obligated -✓✓ Assignment
• Transfer for shorter period, original lessee obligated -✓✓ Sublease
• Do not call fine -✓✓ $11,000 per offense
ACTUAL Questions and CORRECT Answers
• Registered with DBPR, at least one room, records kept there, may be in broker's home
if zoning permits -✓✓ Broker office requirements
• Deposit accompanying offer -✓✓ Earnest money
• Commercial bank, title company having trust powers, credit union, or savings
association located in the state of FL -✓✓ Broker's escrow account or trust account
• Max for broker sales escrow account -✓✓ $1,000
• How long to fill out Irrevocable consent to service -✓✓ 60 days
• Max for broker property management escrow account -✓✓ $5,000
• Unathorized control or use of another person's personal funds -✓✓ Conversion
• Broker either cannot or will not produce money or property belonging to another when
required -✓✓ Failure to account
• When must sales associates and broker associates deliver earnest money to broker -
✓✓ Immediately (no later than end of next business day)
• When must broker deposit earnest money in escrow trust account -✓✓ Immediately
(no later than end of the 3rd business day)
• With escrow dispute, how long does broker have to notify FREC -✓✓ 15 days
• How long does broker have to institue an authorized settlment procedure with escrow
dispute -✓✓ 30 business days
• Where does broker's sign need to be -✓✓ On or near the entrance to the office
• Firm name, broker name, Lic. RE broker -✓✓ What's on a broker office sign
• What must be on an advertisement -✓✓ Brokerage firm name (associate name not
required, but last name if used must be same as registered with DBPR)
• Ad with only phone number and address -✓✓ Blind ad (illlegal in FL unless selling own
house)
,• Illegal practice of mixing the broker's personal funds with the escrow funds -✓✓
Commingling
• Rentals, can get refund within 30 days, __% if rental not obtained, __% if not current
or is inaccurate -✓✓ 75% not obtained, 100% not current
• When a broker fails to disclose information to a party, to whom to broker has such a
duty, and tht is material to his or her decision -✓✓ Concealment
• When a broker operates in a reckless, careless and excessively negligent manner -✓✓
Culpable negligence
• The misstatement or omission of facts -✓✓ Misrepresentation
• Selling (a charge) chances to induce someone to buy real estate -✓✓ Lotteries
• Provides brokerage services for others and at least one partner must be a broker
(none can be sales associates) -✓✓ Real estate brokerage partnership
• One general partner and at least one limited partner -✓✓ Limited partnership
• Temporary business involving a single transaction or a predetermined number of
transactions, joint and several liability -✓✓ Joint venture (adventure)
• Up to 1 year in jail and/or $1000 fine -✓✓ First degree misdemeanor, false advertising,
culpable negligence
• Up to $500 and/or 60 days jail -✓✓ Second degree misdemeanor, rental information
violations
• Up to $5000 fine and/or 5 years jail, acting as broker or sales associate without license
-✓✓ 3rd degree felony
• Maximum administrative penalty (per offense) -✓✓ $5,000
• Maximum suspension of license -✓✓ 10 years
• Can FREC deny payment of comission or imprison? -✓✓ no
• Intermediary between FREC and DBPR -✓✓ DRE
• How long to correct notice of noncompliance -✓✓ 15 days
, • Max real estate recovery fund (compensatory) -✓✓ $50k for single transaction or
$150k for multiple transactions againstone licensee
• An act contrary to honesty, good morals or accepted customs -✓✓ Moral turpitude
• How many days to replace loss of active broker -✓✓ 14 days
• No partnership exists, but public has reason to believe that one does -✓✓ Ostensible
(quasi) partnership
• Prohibits discrimination on the basis of race only -✓✓ Civil rights act of 1866
• Prohibits discrimination based on race, color, religion, sex, national origin, handicap,
family status -✓✓ Cvil rights act of 1968 (fair housing act)
• Inducing owners to sell based on the entry of members of a protected class moving
into neighborhood -✓✓ Blockbusting
• Limiting housing choices based on protected class -✓✓ Steering (channeling)
• Denying loans or insurance in certain neighborhood based on protected class -✓✓
Redlining
• Tenant pays fixed rent; landlord is responsible for all expenses -✓✓ Gross lease
• Tenant pays fixed rent plus expenses (taxes, insurance, maintenance) -✓✓ Net lease
• Tenant pays a base rent and a percentage of monthly or annual gross sales -✓✓
Percentage lease
• Tenant pays specified rent increases at set future date -✓✓ Index lease
• Lease with option to purchase the property or lease longer -✓✓ Lease option
• Owner sells to investor then immediately leases back -✓✓ Sale-leaseback
• Transfer of lease rights, new lessee is obligated -✓✓ Assignment
• Transfer for shorter period, original lessee obligated -✓✓ Sublease
• Do not call fine -✓✓ $11,000 per offense
