GOLD COAST 45 HOUR STUDY EXAMS GUIDE
QUESTIONS AND ANSWERS SET A+
✔✔Fixed expenses - ✔✔Does not change with occupancy levels. Examples of fixed
expenses are property taxes and hazard insurance.
✔✔Variable expenses - ✔✔change with occupancy levels. Examples of variable
expenses are maintanance, utilities, trash removal, janitorial expenses, and
management fees.
✔✔Operating expenses - ✔✔do not include mortgage payments, tax depreciation,
capital improvements, personal expenses unrelated to operation of the property, and
income taxes.
✔✔one mill - ✔✔expressed as the decimal number .001, the equivalent of 1/1,000 of a
dollar
✔✔assessed value - ✔✔The estimate of value that is determined by the county property
tax appraiser is called the
✔✔step 1 - ✔✔Protest the tax assessment by requesting an informal conference with
the county appraiser. This conference can be conducted at any time throughout the
year, but is usually not very effective until the assessment for the current tax period is
known. What step in the process is this?
✔✔Homestead tax exemption - ✔✔All qualifying owners can deduct up to 25,000 from
the assessed value of the property
✔✔500 - ✔✔Tax exempt amount for blind and/or widows or widowers
✔✔5,000 - ✔✔Tax exemption for veterans of military service with atleast 10% military
disability
, ✔✔Real estate property tax decuction - ✔✔deductible as an expense when calculating
federal income taxes for all homeowners who file itemized returns
✔✔Mortgage interest deduction - ✔✔Taxpayers can deduct this for acquiring,
constructing, or substantially improving a principal or secondary residence up to
1,000,000 of acquisition indebtedness
✔✔Residential zoning - ✔✔Based on density, density limits the number of dwelling units
that are allowed per acre
✔✔Building codes - ✔✔while zoning laws dictate how a bulding may be used, these
establish the minimum standards for design and structure
✔✔Involuntary inactive - ✔✔Max 2 years
✔✔Group - ✔✔Multiple licenses
✔✔Single agent - ✔✔Representing buyers or sellers
✔✔Transaction broker - ✔✔Representing buyers and sellers
✔✔Special - ✔✔Single act
✔✔Fiduciary - ✔✔Confidentiality, obedience, loyalty, and full disclosure are duties of
what type of relationship
✔✔Sue seller - ✔✔Broker not paid by seller
✔✔Brokerage office - ✔✔Enclosed and stationary
✔✔Broker - ✔✔End of third business day
✔✔Escrow dispute - ✔✔15 days to notify FREC for
✔✔Culpable negligence - ✔✔Excessively negligent
✔✔Brokerage partnership - ✔✔Atleast one active broker providing RE services
✔✔Joint venture - ✔✔Not required to register eith DBPR
✔✔Limited partnership - ✔✔Whoch of the following may register with the Dept to
perform brokerage services
QUESTIONS AND ANSWERS SET A+
✔✔Fixed expenses - ✔✔Does not change with occupancy levels. Examples of fixed
expenses are property taxes and hazard insurance.
✔✔Variable expenses - ✔✔change with occupancy levels. Examples of variable
expenses are maintanance, utilities, trash removal, janitorial expenses, and
management fees.
✔✔Operating expenses - ✔✔do not include mortgage payments, tax depreciation,
capital improvements, personal expenses unrelated to operation of the property, and
income taxes.
✔✔one mill - ✔✔expressed as the decimal number .001, the equivalent of 1/1,000 of a
dollar
✔✔assessed value - ✔✔The estimate of value that is determined by the county property
tax appraiser is called the
✔✔step 1 - ✔✔Protest the tax assessment by requesting an informal conference with
the county appraiser. This conference can be conducted at any time throughout the
year, but is usually not very effective until the assessment for the current tax period is
known. What step in the process is this?
✔✔Homestead tax exemption - ✔✔All qualifying owners can deduct up to 25,000 from
the assessed value of the property
✔✔500 - ✔✔Tax exempt amount for blind and/or widows or widowers
✔✔5,000 - ✔✔Tax exemption for veterans of military service with atleast 10% military
disability
, ✔✔Real estate property tax decuction - ✔✔deductible as an expense when calculating
federal income taxes for all homeowners who file itemized returns
✔✔Mortgage interest deduction - ✔✔Taxpayers can deduct this for acquiring,
constructing, or substantially improving a principal or secondary residence up to
1,000,000 of acquisition indebtedness
✔✔Residential zoning - ✔✔Based on density, density limits the number of dwelling units
that are allowed per acre
✔✔Building codes - ✔✔while zoning laws dictate how a bulding may be used, these
establish the minimum standards for design and structure
✔✔Involuntary inactive - ✔✔Max 2 years
✔✔Group - ✔✔Multiple licenses
✔✔Single agent - ✔✔Representing buyers or sellers
✔✔Transaction broker - ✔✔Representing buyers and sellers
✔✔Special - ✔✔Single act
✔✔Fiduciary - ✔✔Confidentiality, obedience, loyalty, and full disclosure are duties of
what type of relationship
✔✔Sue seller - ✔✔Broker not paid by seller
✔✔Brokerage office - ✔✔Enclosed and stationary
✔✔Broker - ✔✔End of third business day
✔✔Escrow dispute - ✔✔15 days to notify FREC for
✔✔Culpable negligence - ✔✔Excessively negligent
✔✔Brokerage partnership - ✔✔Atleast one active broker providing RE services
✔✔Joint venture - ✔✔Not required to register eith DBPR
✔✔Limited partnership - ✔✔Whoch of the following may register with the Dept to
perform brokerage services
