Gold Coast UPDATED Exam Questions
and CORRECT Answers
How long must a broker maintain records/files - CORRECT ANSWER- 5 years (2 years after
court proceeding)
Registered with DBPR, at least one room, records kept there, may be in broker's home if
zoning permits - CORRECT ANSWER- Broker office requirements
Deposit accompanying offer - CORRECT ANSWER- Earnest money
Commercial bank, title company having trust powers, credit union, or savings association
located in the state of FL - CORRECT ANSWER- Broker's escrow account or trust account
Max for broker sales escrow account - CORRECT ANSWER- $1,000
How long to fill out Irrevocable consent to service - CORRECT ANSWER- 60 days
Max for broker property management escrow account - CORRECT ANSWER- $5,000
Unathorized control or use of another person's personal funds - CORRECT ANSWER-
Conversion
Broker either cannot or will not produce money or property belonging to another when
required - CORRECT ANSWER- Failure to account
When must sales associates and broker associates deliver earnest money to broker -
CORRECT ANSWER- Immediately (no later than end of next business day)
When must broker deposit earnest money in escrow trust account - CORRECT ANSWER-
Immediately (no later than end of the 3rd business day)
,With escrow dispute, how long does broker have to notify FREC - CORRECT ANSWER- 15
days
How long does broker have to institue an authorized settlment procedure with escrow dispute
- CORRECT ANSWER- 30 business days
Where does broker's sign need to be - CORRECT ANSWER- On or near the entrance to the
office
Firm name, broker name, Lic. RE broker - CORRECT ANSWER- What's on a broker office
sign
What must be on an advertisement - CORRECT ANSWER- Brokerage firm name (associate
name not required, but last name if used must be same as registered with DBPR)
Ad with only phone number and address - CORRECT ANSWER- Blind ad (illlegal in FL
unless selling own house)
Illegal practice of mixing the broker's personal funds with the escrow funds - CORRECT
ANSWER- Commingling
Rentals, can get refund within 30 days, __% if rental not obtained, __% if not current or is
inaccurate - CORRECT ANSWER- 75% not obtained, 100% not current
When a broker fails to disclose information to a party, to whom to broker has such a duty, and
tht is material to his or her decision - CORRECT ANSWER- Concealment
When a broker operates in a reckless, careless and excessively negligent manner - CORRECT
ANSWER- Culpable negligence
The misstatement or omission of facts - CORRECT ANSWER- Misrepresentation
Selling (a charge) chances to induce someone to buy real estate - CORRECT ANSWER-
Lotteries
, Provides brokerage services for others and at least one partner must be a broker (none can be
sales associates) - CORRECT ANSWER- Real estate brokerage partnership
One general partner and at least one limited partner - CORRECT ANSWER- Limited
partnership
Temporary business involving a single transaction or a predetermined number of transactions,
joint and several liability - CORRECT ANSWER- Joint venture (adventure)
Up to 1 year in jail and/or $1000 fine - CORRECT ANSWER- First degree misdemeanor,
false advertising, culpable negligence
Up to $500 and/or 60 days jail - CORRECT ANSWER- Second degree misdemeanor, rental
information violations
Up to $5000 fine and/or 5 years jail, acting as broker or sales associate without license -
CORRECT ANSWER- 3rd degree felony
Maximum administrative penalty (per offense) - CORRECT ANSWER- $5,000
Maximum suspension of license - CORRECT ANSWER- 10 years
Can FREC deny payment of comission or imprison? - CORRECT ANSWER- no
Intermediary between FREC and DBPR - CORRECT ANSWER- DRE
How long to correct notice of noncompliance - CORRECT ANSWER- 15 days
Max real estate recovery fund (compensatory) - CORRECT ANSWER- $50k for single
transaction or $150k for multiple transactions againstone licensee
and CORRECT Answers
How long must a broker maintain records/files - CORRECT ANSWER- 5 years (2 years after
court proceeding)
Registered with DBPR, at least one room, records kept there, may be in broker's home if
zoning permits - CORRECT ANSWER- Broker office requirements
Deposit accompanying offer - CORRECT ANSWER- Earnest money
Commercial bank, title company having trust powers, credit union, or savings association
located in the state of FL - CORRECT ANSWER- Broker's escrow account or trust account
Max for broker sales escrow account - CORRECT ANSWER- $1,000
How long to fill out Irrevocable consent to service - CORRECT ANSWER- 60 days
Max for broker property management escrow account - CORRECT ANSWER- $5,000
Unathorized control or use of another person's personal funds - CORRECT ANSWER-
Conversion
Broker either cannot or will not produce money or property belonging to another when
required - CORRECT ANSWER- Failure to account
When must sales associates and broker associates deliver earnest money to broker -
CORRECT ANSWER- Immediately (no later than end of next business day)
When must broker deposit earnest money in escrow trust account - CORRECT ANSWER-
Immediately (no later than end of the 3rd business day)
,With escrow dispute, how long does broker have to notify FREC - CORRECT ANSWER- 15
days
How long does broker have to institue an authorized settlment procedure with escrow dispute
- CORRECT ANSWER- 30 business days
Where does broker's sign need to be - CORRECT ANSWER- On or near the entrance to the
office
Firm name, broker name, Lic. RE broker - CORRECT ANSWER- What's on a broker office
sign
What must be on an advertisement - CORRECT ANSWER- Brokerage firm name (associate
name not required, but last name if used must be same as registered with DBPR)
Ad with only phone number and address - CORRECT ANSWER- Blind ad (illlegal in FL
unless selling own house)
Illegal practice of mixing the broker's personal funds with the escrow funds - CORRECT
ANSWER- Commingling
Rentals, can get refund within 30 days, __% if rental not obtained, __% if not current or is
inaccurate - CORRECT ANSWER- 75% not obtained, 100% not current
When a broker fails to disclose information to a party, to whom to broker has such a duty, and
tht is material to his or her decision - CORRECT ANSWER- Concealment
When a broker operates in a reckless, careless and excessively negligent manner - CORRECT
ANSWER- Culpable negligence
The misstatement or omission of facts - CORRECT ANSWER- Misrepresentation
Selling (a charge) chances to induce someone to buy real estate - CORRECT ANSWER-
Lotteries
, Provides brokerage services for others and at least one partner must be a broker (none can be
sales associates) - CORRECT ANSWER- Real estate brokerage partnership
One general partner and at least one limited partner - CORRECT ANSWER- Limited
partnership
Temporary business involving a single transaction or a predetermined number of transactions,
joint and several liability - CORRECT ANSWER- Joint venture (adventure)
Up to 1 year in jail and/or $1000 fine - CORRECT ANSWER- First degree misdemeanor,
false advertising, culpable negligence
Up to $500 and/or 60 days jail - CORRECT ANSWER- Second degree misdemeanor, rental
information violations
Up to $5000 fine and/or 5 years jail, acting as broker or sales associate without license -
CORRECT ANSWER- 3rd degree felony
Maximum administrative penalty (per offense) - CORRECT ANSWER- $5,000
Maximum suspension of license - CORRECT ANSWER- 10 years
Can FREC deny payment of comission or imprison? - CORRECT ANSWER- no
Intermediary between FREC and DBPR - CORRECT ANSWER- DRE
How long to correct notice of noncompliance - CORRECT ANSWER- 15 days
Max real estate recovery fund (compensatory) - CORRECT ANSWER- $50k for single
transaction or $150k for multiple transactions againstone licensee
