GOLD COAST REAL ESTATE EXAM

GOLD COAST REAL ESTATE EXAM One type of a residential sales transaction involves the sale of any improved residential property of (________) units or less Four The term __________ is registered trademark of the National Association of Realtors and may be used only by members of the organization Realtor Most real estate licensees are involved in ______________ brokerage Residential An estimate of the value of property developed by a real estate licensee for use in listing or selling property is known as a _______________ ________________ _______________. Comparative Market Analysis After completion of construction of a subdivision, the streets, sidewalks, and common areas are frequently conveyed to the city or county in a process called ___________ Dedication Appraising is the process of developing an _____________ of value Opinion The 3 areas of expertise real estate licensees bring to the transaction relate to Property Transfer Valuation Marketing A real estate _________ is a business in which real estate related activities are performed under the authority of a licensed real estate broker. A sales associate works for the ________, providing services to prospective buyers and sellers on behalf of the ________ Brokerage Broker Broker A real estate appraiser's fee for professional service is based on which of the following? A percentage of the property's gross income a percentage of the fair market value of the property The time and difficulty of the appraisal A percentage of the property's sales price The time and difficulty of the appraisal When a developer completes construction of a new subdivision, all streets, electric, water, and sewer installation are finished and deeded to the city or county. What is this process called? Dedication What does the term "farming" refer to in Real estate? Specializing in one geographical area A developer contracts to build a home according to the buyer's specification. This is an example of? Custom The federal, state, and local governments all play a role in which of the regulation of real estate. Which of the following area would the local government have the most impact? Property taxes, building moratoriums, and zoning A sales associate license will be ________ is they do not complete the required post-license education during the initial license period Void The first real estate license law in Florida was enacted in 1923 Florida does not reciprocate with other states, but does have _________ _________ with some states that have educational requirements that are similar. Mutual recognition The continuing education requirement consists of ________ hours 14 The notice of satisfactory completion of a pre-license course is valid for _____ 2 years A tenant in an apartment complex may recieve up to ______ for refferal of a new tenant for the same complex. $50 Legal authority to sign a document on behalf of another requires Power of attorney What is the purpose of the real estate license law? To protect the public Which of the following statements best describes an attorney-in-fact? An attorney-in-fact is authorized by a power of attorney to act for another Which individual is exempt from the licensing requirements of Florida Statute 475? An attorney who performs legal duties in connection with a real estate transaction Complete this statement: An actively licensed attorney who is a member in good standing with the Florida Bar ______________. is exempt from continuing education requirements to maintain a real estate license What is a broker associate? A broker who is employed as a sales associate The department Business and Professional Regulation has the authority to issue all of the following EXCEPT: An injunction What is the maximum number of years a member may serve on the Florida Real Estate Commission? No Maximum The Division of Real Estate is an administrative part of which of the following? The Department of Business and Professional Regulation After being active in the real estate business for over five years, a licensee's license expired on September 30th. What is the status of the license on October 1st? Involuntary Inactive The Florida Real Estate Commission held a meeting for the purpose of passing a new rule/ This is an exercise of which Commission power? Quasi-Legislative The Department of Business and Professional Regulation is created by which statute? F.S. 455 If an applicant for a Florida Real Estate license provides false information, they commit which of the following criminal violations? Third-degree felony Educational requirements of applicants for a real estate license are promulgated under what authority of the Florida Real Estate Commission? Executive When does a real estate license expire? On the date shown on the license Which of the following best describes certificates that are entered into court as evidence? Prima Facie Evidence A sales associate is a(n) _________ of the broker's principle Subagent The consent to Transition to Transaction Broker notice is required to be ___________ or __________ for transition to occur. Initialed, Signed If the principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form, the broker is required to act as a ___________ _________. Single agent The only brokerage relationship that includes fiduciary duties is the ______ ______. Single agency Brokers in a nonresidential sale are not required to use _____________. Written disclosures Agency relationships are legally based on ___________ and ___________. Trust, Confidence Who owes fiduciary duties in a single agency relationship? The broker only As an agent, a broker is employed by and acts on behalf of whom? A principal Broker Joan just received an oral offer to purchase listed property. No earnest money accompanied the oral offer. Which of the following statements is correct? Joan must present the offer Which of the following statements best describes a transaction broker? A transaction broker may provide limited representation to both parties. An agent failed to advise a principal regarding the value of the owner's property prior to accepting a listing. Which fiduciary duty did the agent breach? Disclosure What is n agent required to do in an agency relationship? Attempt to obtain the most favorable price and terms on behalf of the principal When can an agent disclose confidential or harmful information about a principal? Never Each of the following is contained in the definition of a residential transaction, EXCEPT? Dispositions of business interests involving property of five or more residential units Which of the following statements best describes policy and procedures manuals? Policy and procedures manuals are useful in maintaining food relations within a brokerage office. A broker has appointed two sales associates to act as agents in a nonresidential transaction, one for the seller and one for the buyer. Which statement is correct? The sales associates are referred to as designated sales associates. Each of the following relationships is adversarial, EXCEPT: Fiduciary In which circumstance are licensees expected to act with fairness and honesty? Any real estate transaction According to the Brokerage Relationship Disclosure Act, which is the only brokerage relationship form that must be signed or initialed? Consent to Transition to Transaction Broker Which of the following statements is correct regarding a broker's authority to act on behalf of the principal? A broker must follow all legal instructions of the principal or withdraw A trade name must be registered with the ___________ ________ at the Department of State Division of Corporations A sales associate can be a stockholder in a brokerage corporation but may not be a(n) ___________ or ___________ Officer, Director A real estate brokerage corporation must have at least ____________ active broker serving as a(n) _____________. One, Officer Two or more brokers who share office space but do not maintain their separate status as independent brokers could be charged as being _______________ _______________. Ostensible partners A sales associate and a broker associate must report any change of employer or address change to the department within _________ days on a form prescribed for such use. 10 When a broker has conflicting demands for funds held in escrow, they must report such conflict to the Commission within ________ days. 15 A broker who feels they are entitled to some of all of the escrowed funds that are the subject of a dispute may submit the dispute to the court by filing an action for a(n) __________ Declaratory decree A broker who places business or personal funds with escrowed funds has committed a form of fraud called ___________ Commingling A brokerage firm that operates under a fictitious name is require to register the name with the ________________ or ___________ Department, DBPR If rental information is sold to a prospective tenant, and the informaiton is found to be materially incorrect, the applicant may request a refund of ____, provided the request is made with _____ days of the date of the contract. 100%, 30 a Georgia broker with extensive experience in conducting auctions was asked by local estate broker to auction a small motel in Jacksonville. The auction did not result in a sale. The florida broker paid the Georgia broker for out-of-poket expenses, but did not pay a commission. Which statement is correct The Georgia broker violated license law To become a broker member of the Commission, a broker must have been actively licensed in Florida for a minimum of ______ 5 Years The offices of the Division of Real estate are located in _________. Orlando A sales associate is employed by a broker Monday through Friday and for a builder on weekends. The sales associate feels the added experience is beneficial especially since both employers pay an attractive commission split. Describe this situation This arrangement violates the law New Commission rules must be approved by who? No one How long may a license remain in voluntary inactive status? Indefinitely When a licensee changes employer, they should request a _________ of the license with a new employer before performing services of real estate for compensation Reissue After the inital license renewal, a licensee who fails to renew when required to do so will have their license placed on ______________ Status