GOLD COAST PRACTICE EXAMS Complete Questions with A+ Graded Answers UPDATED 2024

GOLD COAST PRACTICE EXAMS Complete Questions with A+ Graded Answers UPDATED 2024 Which statement provides the basic justification for zoning? A. There must be regulations in place to prevent pollution B. The government does not want to encourage land development C. The inappropriate use of one's property may affect the value of another D. Professional planners want to control development C. The inappropriate use of one's property may affect the value of another What is the rationale behind government planning of real estate development? A. To manage future real estate growth B. To encourage more landscaping C. To limit commercial areas D. To maintain the character of the community A. To manage future real estate growth In Florida which entity is primarily responsible for establishing and implementing the roles, processes, and powers of comprehensive planning and future development? A. Florida's governor B. Local government and planning agencies C. Regional planning councils D. State comprehensive planning administrators under the Florida department of economic opportunity B. Local government and planning agencies Which zoning classification typically includes single-family homes, small family structures, condominiums, and apartments? A. Commercial B. Residential C. Industrial D. Special use B. Residential Which statement best describes the master plan? A. It must be inflexible B. It is prepared by the state legislator C. It stops growth D. It serves as a guide for an area's future growth D. It serves as a guide for an area's future growth Which of the following would a church need in order to build in a residential neighborhood? A. Public zoning permit B. Special exception C. Variance D. Nonconforming use permit B. Special exception What is the purpose of the zoning board of adjustment? A. To settle monetary claims by property owners B. To grant variances and special exceptions C. To develop the comprehensive plan D. To determine infrastructure requirements B. To grant variances and special exceptions Which term is used to describe a property use that predates the current zoning ordinance but is allowed to exist for at least a period of time? A. Legally conforming B. Progressive C. Legally nonconforming D. Capitalized C. Legally nonconforming Which statement which best describes a Planned Unit Development (PUD)? A. A PUD offers fewer amenities than are possible with more traditional forms of zoning B. A PUD impacts the environment to a greater degree than most zoning classifications C. A PUD prohibits the use of zero lot line development D. A PUD is also called cluster zoning C. A PUD is also called cluster zoning Which statement is correct with respect to a Development of Regional Impact (DRI)? A. A DRI is defined as any development that substantially affects health, safety, or welfare of the citizens of more than one county B. The state of Florida as no authority concerning guidelines for development or review of a developments of regional impact C. The review process for a new DRI is concerned only with residential construction D. The federal government has no influence on local development A. A DRI is defined as any development that substantially affects health, safety or welfare of citizens of more than one county Adequate infrastructure available to support growth and development was mandated by Florida's Growth Management Act and is specified in which of the following? A. DRI reviews B. Concurrency rules C. County zoning ordinances D. Local building codes B. Concurrency rules What is the category of a business that meets payroll expense by using dollars a generated by persons who live in the immediate vicinity? A. Service B. Basic C. Export D. Regenerative A. Service Which of the following would be considered a basic industry when performing an economic base analysis. A. Florist shop B. Fire station C. University D. Movie theatre C. University With regard to residential properties located within a flood hazard Zone V, which statement is correct? A. Base-elevation requirements can be achieved by using fill dirt B. The structure use be on elevated construction C. Flood insurance is always required D. There is a 1 in 500 percent probability of a flood in any given year B. The structure must be on elevated construction Which standard or process establishes the minimum standards for design and construction of buildings or structures? A. Comprehensive planning D. DRI reviews C. Zoning D. Building codes D. Building codes To which organization is real estate tax most important? A. The federal government B. The state government C. The local government D. Local nonprofit organizations C. The local government What does the county property appraiser determine? A. Tax rate B. Market value C. Assessed value D. Just value C. Assessed value Which of the following statements best describes the Greenbelt laws? A. They limit the assessed value on agricultural land in or near urban areas B. They help to raise the tax base C. They provide for the best use of land D. They prevent land from being used for development A. They limit assessed value on agricultural land in or near urban areas What discount percentage is given to property owners who pay their real estate tax bill in November? A. 1% B. 2% C. 3% D. 4% D. 4% Which statement would be correct regarding a single homeowner who sold a principal residence and itemized deductions on his or her federal income tax return? A. Any capital gain realized from the sale is taxable at a reduced rate B. All capital gain would be subject to tax at the tax payer's marginal rate C. A loss of up to $3,000 on the sale may be deducted from adjusted income D. Up to $25,000 may be excluded from taxation if the taxpayer had occupied the residence for at least two of the past five years D. Up to $25,000 may be excluded from taxation if the taxpayer had occupied the residence for at least two of the past five years What must am individual do to qualify for a homestead tax exemption? A. Own the property B. Own and use the home as a primary residence C. File for a homestead tax exemption by March 31st D. Live in their principal residence for the entire year B. Own and use the home as a primary residence Complete this statement. In Florida, the owner of a homestead property located in outside of the city limits is required to pay property taxes levied ___________________? A. On the total assessed value of the property B. By the nearest city C. By the county and school board D. By the state of Florida C. By the county and school board Who can appraise property for purposes of taxation? A. The county property appraiser B. The local school board C. The city in which the property is located D. Special taxing districts A. The county property appraiser How is 10 mills expressed as a decimal? A. 1.00 B. .100 C. .010 D. .001 C. .010 Special assessments are used to pay for which of the following? A. School boards B. Sidewalks, sewers and other public improvements that benefit the property owner C. City services in excess of operating revenues D. New public structures, such as sport facilities B. Sidewalks, sewers, and other public improvements that benefit the property owner Complete this statement. If a property owner fails to pay property taxes, the resulting lien is _________? A. Held by the county until the certificate is sold B. Owned by the county property appraiser C. Foreclosed on by the sheriff D. Sold at public auction for the highest interest rate A. Held by the county until the certificate is sold According to Florida's Save amour Homes Act, the assessed value of homestead property cannot be increased in any one year by more than which of the following? A. The lesser of 3% or the CPI B. the greater of 3% or the CPI C. 10 mills D. An amount determined by the county property appraiser A. The lesser of 3% or the CPI Homeowners who file itemized tax returns are allowed deductions for which of the following items? A. Real estate taxes and repairs B. Hazard insurance and depreciation C. Real estate taxes and mortgage interest D. Mortgage interest and utilities C. Real estate taxes and mortgage interest Which statement is correct with respect to homeowner insurance coverage? A. All losses are covered B. Flood losses are limited to $25,000 C. Personal property is not covered D. Homeowners with multiple policies will not receive the full amount of their loss for each insurer D. Homeowners with multiple policies will not receive the full amount of their loss for each insurer Which statement best describes the interest that is payable on tax certificates? A. It is based on the lowest bid received B. It is never lower than 18% C. It is negotiable between property owner and bidder D. It is established by law A. It is based on the lowest bid received Why is the process of real estate investment analysis important to an investor? A. It helps an investor select properties that meet personal objectives B. It determines the amount of taxes due on income producing property C. It determines the exact cash flow from an investment property D. It makes possible the best use for a property based on zoning A. It helps an investor select properties that meet personal objectives Fixed expenses typically include which of the following? A. Real estate taxes and hazard insurance B. Management fees and depreciation C. Utilities and repairs D. Mortgage payments and income taxes A. Real estate taxes and hazard insurance Which of the following statements regarding reserves for replacements is correct? A. They are a cash expense B. They should not be considered in a residential income property C. They are used to pay for normal maintenance of the property D. They are a non cash expense that is used to replace short lived components that wear out from time to time D. They are a non cash expense that is used to replace short lived components that wear out from time to time