Gold Coast Exam - Study Guide UPDATED
Exam Questions and CORRECT Answers
Tract Building - CORRECT ANSWER - When a developer acquires a large tract of land:
USES A MODEL CENTER (from which sales may be made)
records a subdivision plat map
Broker Associate - CORRECT ANSWER - Employment in a sales associate capacity.
Is an applicant for a real estate license required to be a florida resident? - CORRECT
ANSWER - No. But a non US citizen must have a social security number
What MUST an applicant for a florida real estate license disclose? - CORRECT
ANSWER - The applicant is required to disclose ANY criminal convictions, including
felony or misdemeanor convictions or pleas (other than minor traffic offenses).
Florida real estate license law requires a sales associate to work for ______ or ______ before
performing real estate services. - CORRECT ANSWER - They must be employed as an
agent for:
A Broker
An Owner-Developer
What is one way a lincensee's license status changes to Involuntary Inactive? - CORRECT
ANSWER - Failure to complete the 14-hour commission approved Continued Education
(CE) within the renewal deadline.
What happens to a licensee's license status if he/she fails to complete post licensing requirements
for FIRST RENEWAL? - CORRECT ANSWER - Failure to complete post licensing
requirements for first renewal will result in a:
,null and void license status.
Can a licensee practice real estate while his or her license is Involuntary Inactive? - CORRECT
ANSWER - NO
Under what circumstances may a sales associate or a broker associate obtain a GROUP
LICENSE? - CORRECT ANSWER - A group license can be obtained if the sales
associate or broker associate WORKS FOR AN OWNER- DEVELOPER WITH AFFILIATED
ORGANIZATIONS, which provide real estate services in different geographical areas.
Which offer's do brokers have a duty to present to their employers? - CORRECT
ANSWER - A broker MUST present ALL offers to their employer's.
Failure to do so could be considered concealment or a breach of trust.
In a single agent relationship, who can a broker represent? - CORRECT ANSWER - The
broker can represent a buyer OR a seller. Any attempt to represent both parties in a transaction
would create an illegal duel agency.
In a single agency relationship, the employer becomes the principle.
What are the 3 required duties of a licensee in a Non-representation (no brokerage) relationship?
- CORRECT ANSWER - 1. Deal honestly and fair
2. Account for all funds
3. Disclose ALL known facts that affect the value of residential property.
(Referral Fee's)
Under what circumstances may a licensee share their brokerage compensation? - CORRECT
ANSWER - Can:
, Sharing of compensation by a licensee with a party to the transaction (with full disclosure to all
interested parties)
Referral fee's between licensed agents/brokers. (without disclosure)
Referral fee' between a florida broker and a licensed out-of-state or foreign broker.
(Referral Fee's)
Under which circumstances can a licensee NOT share their brokerage compensation? -
CORRECT ANSWER - A florida broker may NOT pay compensation, fee's, or share
commission with unlicensed individuals in exchange for soliciting or referring business.
(thank you attorney)
(Earnest Money Deposits)
Postdated checks are considered to be... - CORRECT ANSWER - Promissory notes and
can be accepted as earnest money with the sellers approval.
(Earnest Money Deposits)
When a deposit is placed, or is to be placed, with a title company or an attorney, what is
required? 2 - CORRECT ANSWER - 1. Name, Address, and Telephone Number of the
title company or attorney
2. The licensee's broker must make a written request to the title company or attorney to provide
Verification of Receipt of the Deposit within 10 business days.
(Escrow Account)
Exam Questions and CORRECT Answers
Tract Building - CORRECT ANSWER - When a developer acquires a large tract of land:
USES A MODEL CENTER (from which sales may be made)
records a subdivision plat map
Broker Associate - CORRECT ANSWER - Employment in a sales associate capacity.
Is an applicant for a real estate license required to be a florida resident? - CORRECT
ANSWER - No. But a non US citizen must have a social security number
What MUST an applicant for a florida real estate license disclose? - CORRECT
ANSWER - The applicant is required to disclose ANY criminal convictions, including
felony or misdemeanor convictions or pleas (other than minor traffic offenses).
Florida real estate license law requires a sales associate to work for ______ or ______ before
performing real estate services. - CORRECT ANSWER - They must be employed as an
agent for:
A Broker
An Owner-Developer
What is one way a lincensee's license status changes to Involuntary Inactive? - CORRECT
ANSWER - Failure to complete the 14-hour commission approved Continued Education
(CE) within the renewal deadline.
What happens to a licensee's license status if he/she fails to complete post licensing requirements
for FIRST RENEWAL? - CORRECT ANSWER - Failure to complete post licensing
requirements for first renewal will result in a:
,null and void license status.
Can a licensee practice real estate while his or her license is Involuntary Inactive? - CORRECT
ANSWER - NO
Under what circumstances may a sales associate or a broker associate obtain a GROUP
LICENSE? - CORRECT ANSWER - A group license can be obtained if the sales
associate or broker associate WORKS FOR AN OWNER- DEVELOPER WITH AFFILIATED
ORGANIZATIONS, which provide real estate services in different geographical areas.
Which offer's do brokers have a duty to present to their employers? - CORRECT
ANSWER - A broker MUST present ALL offers to their employer's.
Failure to do so could be considered concealment or a breach of trust.
In a single agent relationship, who can a broker represent? - CORRECT ANSWER - The
broker can represent a buyer OR a seller. Any attempt to represent both parties in a transaction
would create an illegal duel agency.
In a single agency relationship, the employer becomes the principle.
What are the 3 required duties of a licensee in a Non-representation (no brokerage) relationship?
- CORRECT ANSWER - 1. Deal honestly and fair
2. Account for all funds
3. Disclose ALL known facts that affect the value of residential property.
(Referral Fee's)
Under what circumstances may a licensee share their brokerage compensation? - CORRECT
ANSWER - Can:
, Sharing of compensation by a licensee with a party to the transaction (with full disclosure to all
interested parties)
Referral fee's between licensed agents/brokers. (without disclosure)
Referral fee' between a florida broker and a licensed out-of-state or foreign broker.
(Referral Fee's)
Under which circumstances can a licensee NOT share their brokerage compensation? -
CORRECT ANSWER - A florida broker may NOT pay compensation, fee's, or share
commission with unlicensed individuals in exchange for soliciting or referring business.
(thank you attorney)
(Earnest Money Deposits)
Postdated checks are considered to be... - CORRECT ANSWER - Promissory notes and
can be accepted as earnest money with the sellers approval.
(Earnest Money Deposits)
When a deposit is placed, or is to be placed, with a title company or an attorney, what is
required? 2 - CORRECT ANSWER - 1. Name, Address, and Telephone Number of the
title company or attorney
2. The licensee's broker must make a written request to the title company or attorney to provide
Verification of Receipt of the Deposit within 10 business days.
(Escrow Account)
