Gold Coast Questions With Redefined Solutions.
In which area of brokerage has absentee ownership increased the demand? -
accurate answer-Property management
How is a real estate appraiser typically paid? - accurate answer-A fee based
upon time and difficulty of the appraisal
What does the local planning agency have the authority to approve? - accurate
answer-A subdivision plat map
What is it called when a developer gives land to a governmental body? -
accurate answer-Dedication
What business is a licensee engaged in who markets, leases and maintains
property for someone else? - accurate answer-Property management
In which service of real estate must a licensee disclose the agency relationship
and the responsibilities of that relationship to the public? - accurate answer-
residential sales
Which power authorizes the FREC to pass or revise rules? - accurate answer-
quasi-legislative
All of the following would be grounds for suspension or revocation of a real
estate license EXCEPT - accurate answer-not being a resident of Florida
Sandy works as a sales associate for a broker and has been asked to work
weekends for a developer to sell new homes on commission. What must
Sandy do to work for the developer? - accurate answer-transfer her license
from the broker to the owner developer
What does the license law require that a licensee complete before the first
renewal of a FL real estate license? - accurate answer-A post licensing course
In a brokerage corporation, the officers and directors can be active or inactive
brokers or non-licensed registered persons. If someone who is non-licensed
and registered wants to become a broker, what must he or she do? - accurate
answer-Qualify for broker license in the same way as anyone else
,Who would be exempt from the real estate licensing law? - accurate answer-a
person who rents mobile home lots
Which entity provides the best protection for the public during a real estate
transaction? - accurate answer-FREC and the license law
Which of the following is a characteristic of group license? - accurate answer-
it may be held by a sales associate or broker associate
All of the following are exempt from F.S. 475 except - accurate answer-
business brokers
Complete the sentence. A broker who holds more than one broker license... -
accurate answer-holds multiple licenses
Complete the sentence: general partners in a brokerage partnership that are
not qualified to perform the services of real estate must be registered -
accurate answer-For identification purposes
Bill's license expired on September 30, 2013. On February 14, 2014, he wants
to renew it. If it is not his first renewal, what must Bill do? - accurate answer-
Pay a late fee and complete 14 hours of CE
Ron and his wife each have real estate licenses before he enters the
military.Ron is stationed in Washington DC and his wife accompanies him
there.if they make their licenses inactive - accurate answer-Ron and his wife
are exempt from the renewal requirements until six months after Ron's
discharge
What is the status of a sales associate's license if the sales associate works for
a broker, and that broker loses his license? - accurate answer-Involuntary
inactive
Florida Real Estate Commission (FREC) may do all of the following EXCEPT -
accurate answer-Impose imprisonment as a penalty
,Karl's license expired on September 30th, 2010. On February 10, 2014 he
wants to activate it again. Which is correct? - accurate answer-His license is
null and void.
A real estate broke has entered into a single Agency Relationship with the
sellers of a three-bedroom, two bath house. One of the agents in that broker's
office has found an investor wanting to hire the brokerage firm as a single
agent. For the investor to be shown this seller's house: - accurate answer-Both
the seller and the investor must agree to transition to transaction broker
status.
What must be given to a seller who is about to enter into a fiduciary
relationship with a brokerage firm? - accurate answer-Single Agency Notice
What should a sales associate do if his employing broker instructs him or her
not to show properties to people of a certain race? - accurate answer-find a
new employer
If the grantor is insolvent, which of the following beads would be the best
from the buyers point of view? - accurate answer-any deed
Due to possible problems with clear and marketable title, a broker should
avoid properties owned by which of the type of business? - accurate answer-
Corporation sole
Which type of lien may be retroactive to an earlier date, thus taking priority
over other liens?
A) Construction lien
B) judgment lien
C) Vendor Lien
D) IRS lien - accurate answer-A) construction lien
If you owed one section of land described as S25, T2S, R2W, what section
would be two sections to the. west of your section? - accurate answer-A) S27,
T2S, R2W
FL law requires that brokers place escrow deposits into an escrow account.
What else is required by the law regarding that account?
A) The broker be a signer on the account
, B) the office a manger be a signer on the account
C) The broker must appoint someone to oversee the escrow account
D) FREC must be informed of the location of the escrow account - accurate
answer-A) the broker be a signer on the account
Which clause in a deed contains the grantor's name and the legal description?
A) Habendum clause
B) Tenendum clause
C) Defeasance clause
D) Granting or premises clause - accurate answer-D) Granting or premises
clause
A broker listed five condos for rent on the beach in FL. Three of the units
rented for $1,000 per month, and two of the units rented for $500 per month
during the season. The broker placed an ad in a Chicago newspaper, reading
"Beachfront condos for rent. Call Ocean Front Realty 407 368 0044. The two
$500 units were not available at the time the ad ran. Is this legal?
A) No, as the $500 units were not available
B) Yes, the broker has done nothing wrong.
C) Yes, but would be a violation if the ad was in a FL paper.
D) No, because FL brokers are not permitted to run ads in out of state
newspapers. - accurate answer-A) No, as the $500 units were not available
What terms is used to refer to damages that are specified in a contract?
A) liquidated damages
B) unliquidated damages
C) punitive damages
D) compensatory damages - accurate answer-A) liquidated damages
How can defects or clouds on a title be cleared?
A) a quitclaim deed
B) title insurance
C) An abstract
D) a random gas disclosure - accurate answer-A) a quit claim deed
Which action by a broker is an example of commingling?
A) placing escrow money into his or her personal account
B) failing to disclose material facts
C) failing to give an agency disclosure
In which area of brokerage has absentee ownership increased the demand? -
accurate answer-Property management
How is a real estate appraiser typically paid? - accurate answer-A fee based
upon time and difficulty of the appraisal
What does the local planning agency have the authority to approve? - accurate
answer-A subdivision plat map
What is it called when a developer gives land to a governmental body? -
accurate answer-Dedication
What business is a licensee engaged in who markets, leases and maintains
property for someone else? - accurate answer-Property management
In which service of real estate must a licensee disclose the agency relationship
and the responsibilities of that relationship to the public? - accurate answer-
residential sales
Which power authorizes the FREC to pass or revise rules? - accurate answer-
quasi-legislative
All of the following would be grounds for suspension or revocation of a real
estate license EXCEPT - accurate answer-not being a resident of Florida
Sandy works as a sales associate for a broker and has been asked to work
weekends for a developer to sell new homes on commission. What must
Sandy do to work for the developer? - accurate answer-transfer her license
from the broker to the owner developer
What does the license law require that a licensee complete before the first
renewal of a FL real estate license? - accurate answer-A post licensing course
In a brokerage corporation, the officers and directors can be active or inactive
brokers or non-licensed registered persons. If someone who is non-licensed
and registered wants to become a broker, what must he or she do? - accurate
answer-Qualify for broker license in the same way as anyone else
,Who would be exempt from the real estate licensing law? - accurate answer-a
person who rents mobile home lots
Which entity provides the best protection for the public during a real estate
transaction? - accurate answer-FREC and the license law
Which of the following is a characteristic of group license? - accurate answer-
it may be held by a sales associate or broker associate
All of the following are exempt from F.S. 475 except - accurate answer-
business brokers
Complete the sentence. A broker who holds more than one broker license... -
accurate answer-holds multiple licenses
Complete the sentence: general partners in a brokerage partnership that are
not qualified to perform the services of real estate must be registered -
accurate answer-For identification purposes
Bill's license expired on September 30, 2013. On February 14, 2014, he wants
to renew it. If it is not his first renewal, what must Bill do? - accurate answer-
Pay a late fee and complete 14 hours of CE
Ron and his wife each have real estate licenses before he enters the
military.Ron is stationed in Washington DC and his wife accompanies him
there.if they make their licenses inactive - accurate answer-Ron and his wife
are exempt from the renewal requirements until six months after Ron's
discharge
What is the status of a sales associate's license if the sales associate works for
a broker, and that broker loses his license? - accurate answer-Involuntary
inactive
Florida Real Estate Commission (FREC) may do all of the following EXCEPT -
accurate answer-Impose imprisonment as a penalty
,Karl's license expired on September 30th, 2010. On February 10, 2014 he
wants to activate it again. Which is correct? - accurate answer-His license is
null and void.
A real estate broke has entered into a single Agency Relationship with the
sellers of a three-bedroom, two bath house. One of the agents in that broker's
office has found an investor wanting to hire the brokerage firm as a single
agent. For the investor to be shown this seller's house: - accurate answer-Both
the seller and the investor must agree to transition to transaction broker
status.
What must be given to a seller who is about to enter into a fiduciary
relationship with a brokerage firm? - accurate answer-Single Agency Notice
What should a sales associate do if his employing broker instructs him or her
not to show properties to people of a certain race? - accurate answer-find a
new employer
If the grantor is insolvent, which of the following beads would be the best
from the buyers point of view? - accurate answer-any deed
Due to possible problems with clear and marketable title, a broker should
avoid properties owned by which of the type of business? - accurate answer-
Corporation sole
Which type of lien may be retroactive to an earlier date, thus taking priority
over other liens?
A) Construction lien
B) judgment lien
C) Vendor Lien
D) IRS lien - accurate answer-A) construction lien
If you owed one section of land described as S25, T2S, R2W, what section
would be two sections to the. west of your section? - accurate answer-A) S27,
T2S, R2W
FL law requires that brokers place escrow deposits into an escrow account.
What else is required by the law regarding that account?
A) The broker be a signer on the account
, B) the office a manger be a signer on the account
C) The broker must appoint someone to oversee the escrow account
D) FREC must be informed of the location of the escrow account - accurate
answer-A) the broker be a signer on the account
Which clause in a deed contains the grantor's name and the legal description?
A) Habendum clause
B) Tenendum clause
C) Defeasance clause
D) Granting or premises clause - accurate answer-D) Granting or premises
clause
A broker listed five condos for rent on the beach in FL. Three of the units
rented for $1,000 per month, and two of the units rented for $500 per month
during the season. The broker placed an ad in a Chicago newspaper, reading
"Beachfront condos for rent. Call Ocean Front Realty 407 368 0044. The two
$500 units were not available at the time the ad ran. Is this legal?
A) No, as the $500 units were not available
B) Yes, the broker has done nothing wrong.
C) Yes, but would be a violation if the ad was in a FL paper.
D) No, because FL brokers are not permitted to run ads in out of state
newspapers. - accurate answer-A) No, as the $500 units were not available
What terms is used to refer to damages that are specified in a contract?
A) liquidated damages
B) unliquidated damages
C) punitive damages
D) compensatory damages - accurate answer-A) liquidated damages
How can defects or clouds on a title be cleared?
A) a quitclaim deed
B) title insurance
C) An abstract
D) a random gas disclosure - accurate answer-A) a quit claim deed
Which action by a broker is an example of commingling?
A) placing escrow money into his or her personal account
B) failing to disclose material facts
C) failing to give an agency disclosure
