Real Estate Gold Coast test UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Prorating Rent - CORRECT ANSWER - paid in advance
monthly rent collected by the seller for the month must be divided between seller and buyer
Areas of expert knowledge required for all real estate licensees? - CORRECT ANSWER -
1. Property Transfer
2. Valuation
3. Marketing
(Not accounting or construction)
Real estate licensees can perform valuations under the real estate license law if the valuation is
not to be used _________. - CORRECT ANSWER - in a federally related transation
real estate licensees usually prepare... - CORRECT ANSWER - CMAs or give a BPO.
They do NOT perform appraisals
Does Florida have a reciprocity with any other state with regard to real estate licensing? -
CORRECT ANSWER - No, but they do have mutual recognition
what is question 1 on the background questions for the application for sales associate license -
CORRECT ANSWER - asks if you have ever been convicted or found guilty of, or entered
a plea of nolo contender (no contest) or guilty to, regardless of adjudication, a crime in any
jurisdiction, or are you currently under criminal investigation
Application Denial - CORRECT ANSWER - If an application to take the state exam is
denied by the Department, the applicant will be notified in writing. The notification will identify
the reasons for denial and advise the applicant that he or she has 21 days from the date of receipt
,to request a formal hearing before an administrative law judge in accordance with F.S. 120, The
Administrative Procedure Act
The law requires sales associates or broker associates to be .. - CORRECT ANSWER -
employed as an agent of either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? - CORRECT
ANSWER - their employing broker or owner-developer
Employment by an owner-developer - CORRECT ANSWER - - individual who is in the
businesses of buying, owning, or developing real estate
-The owner developer must register with the department but does not receive a real estate license
Who can owner-developers hire? - CORRECT ANSWER - -They can hire unlicensed
sales persons to sell property they own, as long as the sales persons are PAID A SALARY.
-If they pay commissions or transaction based fees, they MUST hire licensed sales associates or
broker associates
CH.2 - CORRECT ANSWER -
1919
1925 - CORRECT ANSWER - California enacted first real estate license law
FREC was created
The purpose of the Florida Real Estate License Law, F.S. 475 is - CORRECT ANSWER -
to protect the public.
The most common services of real estate are: - CORRECT ANSWER - A= appraising
B= buying
A= auctioning
,R= renting
S= selling
A= advertising
L= leasing
E= exchanging
Those who may also qualify to apply for a brokers license: - CORRECT ANSWER -
Actively licensed real estate sales associates rom another state or nation who have been licensed
for at least 24 months during the preceding 5 years
Broker Associate - CORRECT ANSWER - Broker who is working as a sales associate
A sales associate or broker associate cannot receive compensation for performing real estate
services from - CORRECT ANSWER - Anyone other than his employing broker
If an owner developer pays commissions or transaction-based fees, - CORRECT
ANSWER - They must hire licensed sales associates or broker associates
Post license (First Renewal) Requirements - CORRECT ANSWER - -All licensees, must
satisfactorily complete a Commission-prescribed post-licensing course prior to the first renewal
expiry following initial licensure.
-The renewal form includes an affirmation that the licensee must sign to indicate that he has
satisfied this requirement prior to the application for renewal
Sales associate first renewal - CORRECT ANSWER - - a 45 hr post-license course must
be complete prior to the expiration dat on the initial lice period,
- if a sales associate fails to complete this requirement the license will become VOID
Continuing Education - CORRECT ANSWER - 14 hr of CE and pay renewal fees during
each license renewal period, not including the first renewal period. If the CE requirement is not
met the licensee's license status will be changed to INVOLUNTARY INACTIVE
, Individuals exempt from real estate licensure include: - CORRECT ANSWER - - attorneys
in fact ( persons who are granted authority under a power of attorney to act for others in some
capacity, like signing documents)
- salaried employees ( of an owner, or of a registered broker for an owner, of an apartment
community who work in an onsite rental office of the apartment community in a leasing
capacity)
Powers of the Department - CORRECT ANSWER - The Department may SEEK an
injunction from a court against a licensee for failure to follow an order. They do NOT have the
authority to issue injunctions against unlicensed persons.
CH.3 - CORRECT ANSWER -
The commissions specific powers include: - CORRECT ANSWER - Executive Powers-
these powers include:
-the publication of books and newsletters to keep licensees and the public informed of new and
changing laws/ rules governing real estate,
-furthering the education of potential/current licensees, -and the investigation of complaints
against licensees
- The executive powers can be exercised by the chairs-person acting alone or an be delegated bu
quorum vote to any other Commission member
First Renewal - CORRECT ANSWER - failure to renew will result in a null and void
license status.
Multiple Licenses - CORRECT ANSWER - -Brokers can be issued additional licenses in 2
or more capacities by requesting multiple licenses. They must show that the additional licenses
are necessary for legitimate business reasons.
- The request for issuance of multiple licenses cannot be prejudicial to the brokers business
associates or the public.
ACTUAL Exam Questions and CORRECT
Answers
Prorating Rent - CORRECT ANSWER - paid in advance
monthly rent collected by the seller for the month must be divided between seller and buyer
Areas of expert knowledge required for all real estate licensees? - CORRECT ANSWER -
1. Property Transfer
2. Valuation
3. Marketing
(Not accounting or construction)
Real estate licensees can perform valuations under the real estate license law if the valuation is
not to be used _________. - CORRECT ANSWER - in a federally related transation
real estate licensees usually prepare... - CORRECT ANSWER - CMAs or give a BPO.
They do NOT perform appraisals
Does Florida have a reciprocity with any other state with regard to real estate licensing? -
CORRECT ANSWER - No, but they do have mutual recognition
what is question 1 on the background questions for the application for sales associate license -
CORRECT ANSWER - asks if you have ever been convicted or found guilty of, or entered
a plea of nolo contender (no contest) or guilty to, regardless of adjudication, a crime in any
jurisdiction, or are you currently under criminal investigation
Application Denial - CORRECT ANSWER - If an application to take the state exam is
denied by the Department, the applicant will be notified in writing. The notification will identify
the reasons for denial and advise the applicant that he or she has 21 days from the date of receipt
,to request a formal hearing before an administrative law judge in accordance with F.S. 120, The
Administrative Procedure Act
The law requires sales associates or broker associates to be .. - CORRECT ANSWER -
employed as an agent of either a broker or an owner developer
sales associates and broker associates can ONLY be compensated by? - CORRECT
ANSWER - their employing broker or owner-developer
Employment by an owner-developer - CORRECT ANSWER - - individual who is in the
businesses of buying, owning, or developing real estate
-The owner developer must register with the department but does not receive a real estate license
Who can owner-developers hire? - CORRECT ANSWER - -They can hire unlicensed
sales persons to sell property they own, as long as the sales persons are PAID A SALARY.
-If they pay commissions or transaction based fees, they MUST hire licensed sales associates or
broker associates
CH.2 - CORRECT ANSWER -
1919
1925 - CORRECT ANSWER - California enacted first real estate license law
FREC was created
The purpose of the Florida Real Estate License Law, F.S. 475 is - CORRECT ANSWER -
to protect the public.
The most common services of real estate are: - CORRECT ANSWER - A= appraising
B= buying
A= auctioning
,R= renting
S= selling
A= advertising
L= leasing
E= exchanging
Those who may also qualify to apply for a brokers license: - CORRECT ANSWER -
Actively licensed real estate sales associates rom another state or nation who have been licensed
for at least 24 months during the preceding 5 years
Broker Associate - CORRECT ANSWER - Broker who is working as a sales associate
A sales associate or broker associate cannot receive compensation for performing real estate
services from - CORRECT ANSWER - Anyone other than his employing broker
If an owner developer pays commissions or transaction-based fees, - CORRECT
ANSWER - They must hire licensed sales associates or broker associates
Post license (First Renewal) Requirements - CORRECT ANSWER - -All licensees, must
satisfactorily complete a Commission-prescribed post-licensing course prior to the first renewal
expiry following initial licensure.
-The renewal form includes an affirmation that the licensee must sign to indicate that he has
satisfied this requirement prior to the application for renewal
Sales associate first renewal - CORRECT ANSWER - - a 45 hr post-license course must
be complete prior to the expiration dat on the initial lice period,
- if a sales associate fails to complete this requirement the license will become VOID
Continuing Education - CORRECT ANSWER - 14 hr of CE and pay renewal fees during
each license renewal period, not including the first renewal period. If the CE requirement is not
met the licensee's license status will be changed to INVOLUNTARY INACTIVE
, Individuals exempt from real estate licensure include: - CORRECT ANSWER - - attorneys
in fact ( persons who are granted authority under a power of attorney to act for others in some
capacity, like signing documents)
- salaried employees ( of an owner, or of a registered broker for an owner, of an apartment
community who work in an onsite rental office of the apartment community in a leasing
capacity)
Powers of the Department - CORRECT ANSWER - The Department may SEEK an
injunction from a court against a licensee for failure to follow an order. They do NOT have the
authority to issue injunctions against unlicensed persons.
CH.3 - CORRECT ANSWER -
The commissions specific powers include: - CORRECT ANSWER - Executive Powers-
these powers include:
-the publication of books and newsletters to keep licensees and the public informed of new and
changing laws/ rules governing real estate,
-furthering the education of potential/current licensees, -and the investigation of complaints
against licensees
- The executive powers can be exercised by the chairs-person acting alone or an be delegated bu
quorum vote to any other Commission member
First Renewal - CORRECT ANSWER - failure to renew will result in a null and void
license status.
Multiple Licenses - CORRECT ANSWER - -Brokers can be issued additional licenses in 2
or more capacities by requesting multiple licenses. They must show that the additional licenses
are necessary for legitimate business reasons.
- The request for issuance of multiple licenses cannot be prejudicial to the brokers business
associates or the public.
