Gold Coast School Real Estate Questions Ch.1-19||Complete Questions with 100% Correct Answers

Gold Coast School Real Estate Questions Ch.1-19||Complete Questions with 100% Correct Answers 1. The real estate market is local in nature what does that mean? Information about real estate can best be found through local sources, which makes the real estate market local in nature 2. You would expect a real estate licensee to perform all of the following activities, EXCEPT: A. Providing expert knowledge about construction methods and materials B. Providing expert knowledge to members of the public in the performance of specified services of real estate C. Following up with customers and clients after a transaction has been completed D. Acting as an intermediary, or agent, between two or more people in the negotiation of the sale, purchase, or lease of real estate A. Providing expert knowledge about construction methods and materials 3. A real estate licensee is expected to have expert knowledge in what three areas? A. Valuation, marketing, and property transfer B. Mortgages, property taxes, and homeowners' insurance policies C. Residential real estate, commercial real estate, and surveys D. Area schools, local crime rates, and proximity to potential employers A. Valuation, marketing, and property transfer 4. What is a comparative market analysis? A. A comparison of assessed values in the same neighborhood B. A value estimate based on recent sales of identical properties in the same neighborhood C. A value estimate based in recent sales of similar properties in the same neighborhood D. An appraisal of the value of a property C. A value estimate based in recent sales of similar properties in the same neighborhood 5. Which type of valuation must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) A. Appraisal in a federally-related transaction B. Broker price opinion (BPO) C. Comparative market analysis (CMA) D. None of the above A. Appraisal in a federally-related transaction 6. Many real estate licensees engage in "farming". Which of the following best describes what that means? A. They conduct open houses on weekends B. They use marketing vehicles such as direct mailing and advertisements in real estate magazines C. They concentrate on the sale of agricultural properties D. They concentrate on one type of property or in a particular neighborhood D. They concentrate on one type of property or in a particular neighborhood All of the following would be considered commercial property, EXCEPT A. an office building that accommodates three tenants B. A high-rise apartment building in the downtown area of the city C. A shopping center that adjoins a residential neighborhood D. A large house that has been subdivided into four apartments D. A large house that has been subdivided into four apartments If the sale of a business involves the transfer of ownership of shares of stock, what additional requirement is imposed? A. The real estate licensee must be associated with a brokerage firm B. A brokerage firm must be brought in to handle the transaction C. The real estate licensee must have a securities license D. The real estate licensee must have experience as a stockbroker C. The real estate licensee must have a securities license Which real estate professional is expected to have the greatest level of knowledge and experience? a real estate counselor all of the following are responsibilities of a property manager, EXCEPT A. Handling the payment of taxes, insurance, and operating expenses for the property B. Evaluating the investment value of the property C. Locating tenants, collecting rents, maintaining records, and scheduling maintenance D. Protecting the owner's investment and maximizing the profitability of the investment B. Evaluating the investment value of the property According to F.S. 475, all of the following transactions are considered residential transactions, EXCEPT: A. A lease on a unit in a duplex, with an option to purchase the unit B. The sale of a 10-unit apartment building C. The sale of an eight-acre strawberry farm D. The sale of a lot that is zoned for a single-family home B. The sale of a 10-unit apartment building Which of the following best defines appraising? A. The process of determining the amount of equity in real property B. The process of establishing the asking price of real property C. The process of establishing the firm value of real property D. The process of developing an opinion of the value of real property D. The process of developing an opinion of the value of real property On what is an appraisal fee based? A. An average of the fees charged for appraisals of similar properties B. The time, effort, and expense involved in conducting the appraisal C. The value of the property D. The amount of time the appraiser spends, according to the prevailing hourly rate in the area B. The time, effort, and expense involved in conducting the appraisal Which statement about insurance is accurate? A. Most homeowner's insurance policies include home warranty coverage B. C. D. Ch.2 In what year did Florida enact its first real estate license law? A. 1923 B. 1919 C. 1925 D. 1941 A. 1923 What government entity was created for the purpose of administering and enforcing real estate license law? A. The division of real estate licensing B. the Florida real estate licensing board C. The Florida real estate commission D. The division of regulation C. the Florida real estate commission Which of the following best describes the overall purpose of F.S. 475? A. to protect consumers B. to create the entities that regulate the real estate market C. to establish regulations and penalties for violations D. to define the qualifications for real estate licensees and appraisers A. to protect consumers "The department" refers to which government entity? The department of business and professional regulation (DBPR) What is "the division"? The Division of real estate (DRE) All of the following persons require a Florida real estate license, EXCEPT: A. A person who negotiates the sale of a house in Delray Beach, Florida on behalf of a friend who inherited the house from his deceased mother, without receiving any compensation B. A person who lives and. Works in Atlanta, Georgia, who negotiates the sale of a relatives auto dealing business in Palm Beach County, and receives a flat fee for the service C. A person who is paid to advise a real estate investor about the relative merits of two Parcels of land in Orlando, FL, for future development D. A person who is paid a salary and is employed by a developer to sell timeshare units in a new condominium development in Naples, Florida A. A person who negotiates the sale of a house in Delray Beach, Florida on behalf of a friend who inherited the house from his deceased mother, without receiving any compensation Which person requires a Florida real estate license? A. A person who helps a client locate and purchase a facility in Jacksonville, Florida, for the client's veterinary practice, and receives 3% of the purchase price for their services B. A person who lists for sale a lakefront home on Lake Tuscaloosa, in Alabama, for a longtime client and receives 5% of the selling price for their services C. A person who negotiates the sale of a 20-acre parcel of land that they own in Ocala, Florida D. A person who lives in Tallahassee who helps a friend purchase a duplex in Pensacola, Florida as an investment property but does not receive any compensation for their help A. A person who helps a client locate and purchase a facility in Jacksonville, Florida, for the client's veterinary practice, and receives 3% of the purchase price for their services Which of the following most accurately defines "compensation" with respect to real estate licensees? A. Anything or any service of value that is paid, received, or expected to be paid or received in exchange for a performed service B. A flat fee or percentage commission that is paid in exchange for a performed service C. Money that is paid, received, or expected to be paid or received in exchange for a performed service D. Money that is paid in exchange for a performed service A. Anything or any service of value that is paid, received, or expected to be paid or received in exchange for a performed service All of the following are services that require a current, valid Florida real estate license, EXCEPT: A. Appraising in federally-related transactions, developing, constructing, selling homeowner's insurance, and lending money to finance home purchases B. Auctioning, counseling, advertising real estate services, and soliciting real estate business C. Property management, business brokerage, selling timeshare units, and providing leads or referrals for compensation D..buying, selling, listing, renting, and showing property A. Appraising in federally-related transactions, developing, constructing, selling homeowner's insurance, and lending money to finance home purchases What is the minimum age requirement for a real estate licensee in Florida? A. 21 years B. 25 years C. 18 years D. 23 years C. 18 years Which of the following is a requirement for a person to become a real estate licensee in Florida? A. United States citizenship B. Residency in the state of Florida C. A social security number D. A valid Florida drivers license or other state issued identification C. A social security number In addition to taking and passing this pre-license course and the state exam, what else must you do to obtain an ACTIVE sales associate license and PRACTICE real estate? A. Complete the post-license education requirements B. Wait for confirmation from the Department that you have passed the state exam C. Pay an activation fee to the Department D. Obtain employment with a broker or owner-developer and file employment information with the Department D. Obtain employment with a broker or owner-developer and file employment information with the Department After you renew your license for the first time, how frequently must you continue to renew it? A. Every 2 years, but every 4 years if i have a four-year degree in real estate B. Every three years C. Every four years D. Every two years D. Every two years