GOLD COAST 45 HOUR UPDATED EXAM
QUESTIONS AND ANSWERS SET A+
✔✔Immadiately - ✔✔Defined as "No later than the end of the third business day
following receipt"
✔✔escrow dispute - ✔✔Conflicting requests in which both the buyer and the seller
demand that the broker release escrowed funds is called an
✔✔written notification - ✔✔If a broker receives conflicting demansafor escrowed funds,
or if the broker has good-faith doubt as to which person is entitled to the escrow
property, the broker must give _______________ to the commission
✔✔15 days - ✔✔Notification to the commission must be made within ________ from the
date of the last party's demand.
✔✔10 days - ✔✔A sales associate must report any change of employer or change of
address within _____ of the change to the Department on a form prescribed for such
use.
✔✔60 days - ✔✔Any resident licensee who becomes a nonresident must notify the
Commission of the change in residency within
✔✔False - ✔✔A non- US Citizen can be denied (True or False)
✔✔Real estate brokerage partnership - ✔✔Must have at least one partner licensed as
an active broker
✔✔Brokers license - ✔✔Each partner who provides real estate services to the public
either ditectly or indirectly must hold an active __________
✔✔Joint venture - ✔✔a temporary business that involves a single transaction or a
predetermined number of transactions.
, ✔✔temporary - ✔✔The participants of a joint venture cannot bind one another to any
new transactions because their relationship is
✔✔Corporation for profit - ✔✔Must include the word "Corporation, Company,
incorporated, or the abbreviation "Corp" "Inc." or "Co."
✔✔Company - ✔✔No business is allowed to use the word ________ unless it is formed
legally as a corporation for profit or unless the words are "not Inc."
✔✔Second degree misdemeanor - ✔✔Dissementing false or misleading advertising is a
✔✔500 60 - ✔✔A second degree misdemeanor is punishable by a criminal fine of up to
___ dollars and imprisonment of up to __ days
✔✔Concealment - ✔✔occurs when a broker fails to disclose information to a party, to
whom the borker has such a duty, and that is material to his or her decision.
✔✔Culpable negligence - ✔✔Occurs if a broker operaties in a reckless, careless, and
excessively negligent manner.
✔✔Administrative - ✔✔may be imposed by the Commission for violations of law or rules
in amounts of up to 5,000 per offense
✔✔Legally sufficient - ✔✔A complaint analyst reviews the complaint form or letter that
describes the alleged violation to determine if the complaint is
✔✔cannot - ✔✔A licensee ______ review a lease for a fee
✔✔Steering or channeling - ✔✔an individual, directly or indirectly, into or away from a
neighborhood or location in a multiunit building on the basis od race, color, religion, sex,
or national origin.
✔✔Redlining - ✔✔The refusal of a lender to approve a mortgage loan based on a
property being located in a certain geographical area, the age of the property, the
income level of the residents, or the racial composition.
✔✔americans with disabilities - ✔✔Act was passed in 1990 with the purpose of
providing the same employment oppurtunities to qualified individuals with disabilities.
✔✔Economically feasible - ✔✔For existing properties that do not comply with the ADA,
the owners are required to make necessary modifications whenever such changes are
readily acheivable and __________
QUESTIONS AND ANSWERS SET A+
✔✔Immadiately - ✔✔Defined as "No later than the end of the third business day
following receipt"
✔✔escrow dispute - ✔✔Conflicting requests in which both the buyer and the seller
demand that the broker release escrowed funds is called an
✔✔written notification - ✔✔If a broker receives conflicting demansafor escrowed funds,
or if the broker has good-faith doubt as to which person is entitled to the escrow
property, the broker must give _______________ to the commission
✔✔15 days - ✔✔Notification to the commission must be made within ________ from the
date of the last party's demand.
✔✔10 days - ✔✔A sales associate must report any change of employer or change of
address within _____ of the change to the Department on a form prescribed for such
use.
✔✔60 days - ✔✔Any resident licensee who becomes a nonresident must notify the
Commission of the change in residency within
✔✔False - ✔✔A non- US Citizen can be denied (True or False)
✔✔Real estate brokerage partnership - ✔✔Must have at least one partner licensed as
an active broker
✔✔Brokers license - ✔✔Each partner who provides real estate services to the public
either ditectly or indirectly must hold an active __________
✔✔Joint venture - ✔✔a temporary business that involves a single transaction or a
predetermined number of transactions.
, ✔✔temporary - ✔✔The participants of a joint venture cannot bind one another to any
new transactions because their relationship is
✔✔Corporation for profit - ✔✔Must include the word "Corporation, Company,
incorporated, or the abbreviation "Corp" "Inc." or "Co."
✔✔Company - ✔✔No business is allowed to use the word ________ unless it is formed
legally as a corporation for profit or unless the words are "not Inc."
✔✔Second degree misdemeanor - ✔✔Dissementing false or misleading advertising is a
✔✔500 60 - ✔✔A second degree misdemeanor is punishable by a criminal fine of up to
___ dollars and imprisonment of up to __ days
✔✔Concealment - ✔✔occurs when a broker fails to disclose information to a party, to
whom the borker has such a duty, and that is material to his or her decision.
✔✔Culpable negligence - ✔✔Occurs if a broker operaties in a reckless, careless, and
excessively negligent manner.
✔✔Administrative - ✔✔may be imposed by the Commission for violations of law or rules
in amounts of up to 5,000 per offense
✔✔Legally sufficient - ✔✔A complaint analyst reviews the complaint form or letter that
describes the alleged violation to determine if the complaint is
✔✔cannot - ✔✔A licensee ______ review a lease for a fee
✔✔Steering or channeling - ✔✔an individual, directly or indirectly, into or away from a
neighborhood or location in a multiunit building on the basis od race, color, religion, sex,
or national origin.
✔✔Redlining - ✔✔The refusal of a lender to approve a mortgage loan based on a
property being located in a certain geographical area, the age of the property, the
income level of the residents, or the racial composition.
✔✔americans with disabilities - ✔✔Act was passed in 1990 with the purpose of
providing the same employment oppurtunities to qualified individuals with disabilities.
✔✔Economically feasible - ✔✔For existing properties that do not comply with the ADA,
the owners are required to make necessary modifications whenever such changes are
readily acheivable and __________
