GOLD COAST PRACTICE FINAL EXAM
Questions and Answers
1.When must a written No Brokerage Relationship
(nonrepresentation) Notice be provided to customers?
a. Immediately upon the signing of a listing agreement
b. At an open house when providing a brochure containing
information about the property
c. Before showing homes that are listed
d. In every real estate transaction
Reference; Ch. 4, Authorized Real Estate Brokerage
Relationships, Nonrepresentation (No Brokerage Relationship)
Answer Before showing homes that are listed
2.Which of the following cannot be used by the Federal Reserve
to change or control the money supply?
a. Change the discount rate
b. Alter income tax rates
c. Increase or decrease the reserve requirement
d. Buy or sell government notes
,Reference Ch. 13, Federal Reserve System
Answer Alter income tax rates
3.A broker has an exclusive right of sale listing to sell an
owner's property, with no other authority granted. What type
of agency does the broker have with the principal?
a. General agency
b. Special agency
c. Universal agency
d. Trusteeship
Reference Ch. 4, Agency Law; Ch. 11, Listing Contracts
Answer Special agency
4.A licensee is being disciplined by the FREC for multiple
violations of F.S.
475. Which penalty may the Commission NOT impose?
a. Revocation
b. Suspension for up to 10 years
c. A fine not to exceed $5,000 per offense
d. Imprisonment not to exceed one year
Reference Ch. 6, Administrative Penalties, Range of Penalties
Answer Imprisonment not to exceed one year
,5.A judgment is awarded against a licensee for $100,000.
What is the maxi- mum the complainant may be compensated
from the Real Estate Recovery Fund?
a. 25%
b. 50%
c. 75%
d. 100%
Reference Ch. 6, The Disciplinary Process, Florida Real Estate
Recovery Fund
Answer 50%
6.6. What term is applied to the practice of keeping low-income
people out of a particular neighborhood?
a. Income zoning
b. Exclusionary zoning
c. Nonconforming use
d. Subdivision exception
Reference Ch. 19, Zoning, Land Use Restrictions, and Building
Codes, Purpose of Zoning
Answer Exclusionary zoning
, 7.7. Complete this statement. A transaction broker .
a. Owes full disclosure to both parties
b. Owes limited confidentiality to both parties
c. Must be compensated by both parties
d. Cannot work in a nonresidential transaction
Reference Ch. 4, Authorized Real Estate Brokerage Relationships,
Transaction Broker
Answer Owes limited confidentiality to both parties
8.8. Broker Jones committed fraud in a real estate transaction
that involved six investors in a limited partnership. What is the
maximum recovery possible from the Real Estate Recovery
Fund for a single judgment against the broker as a result of this
fraudulent activity?
a. $25,000
b. $30,000
c. $50,000
d. $150,000
Reference Ch. 6, The Disciplinary Process, Florida Real Estate
Recovery Fund
Answer $50,000
Questions and Answers
1.When must a written No Brokerage Relationship
(nonrepresentation) Notice be provided to customers?
a. Immediately upon the signing of a listing agreement
b. At an open house when providing a brochure containing
information about the property
c. Before showing homes that are listed
d. In every real estate transaction
Reference; Ch. 4, Authorized Real Estate Brokerage
Relationships, Nonrepresentation (No Brokerage Relationship)
Answer Before showing homes that are listed
2.Which of the following cannot be used by the Federal Reserve
to change or control the money supply?
a. Change the discount rate
b. Alter income tax rates
c. Increase or decrease the reserve requirement
d. Buy or sell government notes
,Reference Ch. 13, Federal Reserve System
Answer Alter income tax rates
3.A broker has an exclusive right of sale listing to sell an
owner's property, with no other authority granted. What type
of agency does the broker have with the principal?
a. General agency
b. Special agency
c. Universal agency
d. Trusteeship
Reference Ch. 4, Agency Law; Ch. 11, Listing Contracts
Answer Special agency
4.A licensee is being disciplined by the FREC for multiple
violations of F.S.
475. Which penalty may the Commission NOT impose?
a. Revocation
b. Suspension for up to 10 years
c. A fine not to exceed $5,000 per offense
d. Imprisonment not to exceed one year
Reference Ch. 6, Administrative Penalties, Range of Penalties
Answer Imprisonment not to exceed one year
,5.A judgment is awarded against a licensee for $100,000.
What is the maxi- mum the complainant may be compensated
from the Real Estate Recovery Fund?
a. 25%
b. 50%
c. 75%
d. 100%
Reference Ch. 6, The Disciplinary Process, Florida Real Estate
Recovery Fund
Answer 50%
6.6. What term is applied to the practice of keeping low-income
people out of a particular neighborhood?
a. Income zoning
b. Exclusionary zoning
c. Nonconforming use
d. Subdivision exception
Reference Ch. 19, Zoning, Land Use Restrictions, and Building
Codes, Purpose of Zoning
Answer Exclusionary zoning
, 7.7. Complete this statement. A transaction broker .
a. Owes full disclosure to both parties
b. Owes limited confidentiality to both parties
c. Must be compensated by both parties
d. Cannot work in a nonresidential transaction
Reference Ch. 4, Authorized Real Estate Brokerage Relationships,
Transaction Broker
Answer Owes limited confidentiality to both parties
8.8. Broker Jones committed fraud in a real estate transaction
that involved six investors in a limited partnership. What is the
maximum recovery possible from the Real Estate Recovery
Fund for a single judgment against the broker as a result of this
fraudulent activity?
a. $25,000
b. $30,000
c. $50,000
d. $150,000
Reference Ch. 6, The Disciplinary Process, Florida Real Estate
Recovery Fund
Answer $50,000
