Gold Coast Real Estate School UPDATED
Exam Questions and CORRECT Answers
Farming - CORRECT ANSWER- A practice where a licensee consintrates on one type or
style of property or one particular neighborhood
Listing Contract - CORRECT ANSWER- When a broker is employed to find a purchaser, he
or she is entitled to compensation when a ready, willing, and able buyer has met all of the
seller's requirements. This is accomplished when the buyer makes an offer in accordance with
the terms of the listing agreement, whether or not a sale is consummated.
Federal Real Estate Settlement Procedures Act (RESPA) - CORRECT ANSWER- Allows
brokers to pay referral fees between real estate agents and brokers without disclosure. Page
62-20-31
Principal Office Requirements - CORRECT ANSWER- Must consist of at least one enclosed
room in a building of stationary construction where negotiations and the closing of real estate
transactions can be conducted with privacy.
Branch Office Requirements - CORRECT ANSWER- Page 72-20-22, 25-27
Advertising - CORRECT ANSWER- Must be in the name and under the supervision of the
broker. Page 73-3-7
Summary of Brokerage Relationship Duties (Residential Sales) - CORRECT ANSWER-
Duty
No Representation
Transaction Broker
Single Agent
Duty
Account for all funds - CORRECT ANSWER- No Representation
Transaction Broker
, Single Agent
Duty
Deal honestly & fairly - CORRECT ANSWER- No Representation
Transaction Broker
Single Agent
Duty
Disclose all known facts that affect the value of residential property - CORRECT ANSWER-
No Representation
Transaction Broker
Single Agent
Duty
Skill, care, and diligence - CORRECT ANSWER- Transaction Broker
Single Agent
Duty
Present all offers and counteroffers - CORRECT ANSWER- Transaction Broker
Single Agent
Duty
Limited confidentiality - CORRECT ANSWER- Transaction Broker
Duty
Additional agreed duties - CORRECT ANSWER- Transaction Broker
Duty
Confidentiality - CORRECT ANSWER- Single Agent
Duty
Exam Questions and CORRECT Answers
Farming - CORRECT ANSWER- A practice where a licensee consintrates on one type or
style of property or one particular neighborhood
Listing Contract - CORRECT ANSWER- When a broker is employed to find a purchaser, he
or she is entitled to compensation when a ready, willing, and able buyer has met all of the
seller's requirements. This is accomplished when the buyer makes an offer in accordance with
the terms of the listing agreement, whether or not a sale is consummated.
Federal Real Estate Settlement Procedures Act (RESPA) - CORRECT ANSWER- Allows
brokers to pay referral fees between real estate agents and brokers without disclosure. Page
62-20-31
Principal Office Requirements - CORRECT ANSWER- Must consist of at least one enclosed
room in a building of stationary construction where negotiations and the closing of real estate
transactions can be conducted with privacy.
Branch Office Requirements - CORRECT ANSWER- Page 72-20-22, 25-27
Advertising - CORRECT ANSWER- Must be in the name and under the supervision of the
broker. Page 73-3-7
Summary of Brokerage Relationship Duties (Residential Sales) - CORRECT ANSWER-
Duty
No Representation
Transaction Broker
Single Agent
Duty
Account for all funds - CORRECT ANSWER- No Representation
Transaction Broker
, Single Agent
Duty
Deal honestly & fairly - CORRECT ANSWER- No Representation
Transaction Broker
Single Agent
Duty
Disclose all known facts that affect the value of residential property - CORRECT ANSWER-
No Representation
Transaction Broker
Single Agent
Duty
Skill, care, and diligence - CORRECT ANSWER- Transaction Broker
Single Agent
Duty
Present all offers and counteroffers - CORRECT ANSWER- Transaction Broker
Single Agent
Duty
Limited confidentiality - CORRECT ANSWER- Transaction Broker
Duty
Additional agreed duties - CORRECT ANSWER- Transaction Broker
Duty
Confidentiality - CORRECT ANSWER- Single Agent
Duty
