Gold Coast Practice Final Exam Questions With Accurate
Solutions.
When must a written No Brokerage Relationship (nonrepresentation) Notice
be provided to customers?
a. Immediately upon the signing of a listing agreement
b. At an open house when providing a brochure containing information about
the property
c. Before showing homes that are listed
d. In every real estate transaction
Reference: Ch. 4, Authorized Real Estate Brokerage Relationships,
Nonrepresentation (No Brokerage Relationship) - accurate answers-Before
showing homes that are listed
Which of the following cannot be used by the Federal Reserve to change or
control the money supply?
a. Change the discount rate
b. Alter income tax rates
c. Increase or decrease the reserve requirement
d. Buy or sell government notes
Reference: Ch. 13, Federal Reserve System - accurate answers-Alter income
tax rates
A broker has an exclusive right of sale listing to sell an owner's property, with
no other authority granted. What type of agency does the broker have with
the principal?
a. General agency
b. Special agency
c. Universal agency
d. Trusteeship
Reference: Ch. 4, Agency Law; Ch. 11, Listing Contracts - accurate answers-
Special agency
,A licensee is being disciplined by the FREC for multiple violations of F.S. 475.
Which penalty may the Commission NOT impose?
a. Revocation
b. Suspension for up to 10 years
c. A fine not to exceed $5,000 per offense
d. Imprisonment not to exceed one year
Reference: Ch. 6, Administrative Penalties, Range of Penalties - accurate
answers-Imprisonment not to exceed one year
A judgment is awarded against a licensee for $100,000. What is the maximum
the complainant may be compensated from the Real Estate Recovery Fund?
a. 25%
b. 50%
c. 75%
d. 100%
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund
- accurate answers-50%
6. What term is applied to the practice of keeping low-income people out of a
particular neighborhood?
a. Income zoning
b. Exclusionary zoning
c. Nonconforming use
d. Subdivision exception
Reference: Ch. 19, Zoning, Land Use Restrictions, and Building Codes, Purpose
of Zoning - accurate answers-Exclusionary zoning
7. Complete this statement. A transaction broker _______________.
a. Owes full disclosure to both parties
b. Owes limited confidentiality to both parties
c. Must be compensated by both parties
, d. Cannot work in a nonresidential transaction
Reference: Ch. 4, Authorized Real Estate Brokerage Relationships, Transaction
Broker - accurate answers-Owes limited confidentiality to both parties
8. Broker Jones committed fraud in a real estate transaction that involved six
investors in a limited partnership. What is the maximum recovery possible
from the Real Estate Recovery Fund for a single judgment against the broker
as a result of this fraudulent activity?
a. $25,000
b. $30,000
c. $50,000
d. $150,000
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund
- accurate answers-$50,000
A mortgagor defaulted on their loan payments. The lender foreclosed on the
property. Some states allow the party that was foreclosed the right to redeem
the property following foreclosure. What is the term used to describe this
right?
a. Statutory right of redemption
b. Equitable right of redemption
c. Due-on-sale redemption
d. Declaratory redemption
Reference: Ch. 12, Default - accurate answers-Statutory right of redemption
The sales comparison approach usually CANNOT be used when estimating the
value of which of the following?
a. Income-producing industrial property
b. Income-producing commercial property
c. Residential property
d. Special-purpose properties
Solutions.
When must a written No Brokerage Relationship (nonrepresentation) Notice
be provided to customers?
a. Immediately upon the signing of a listing agreement
b. At an open house when providing a brochure containing information about
the property
c. Before showing homes that are listed
d. In every real estate transaction
Reference: Ch. 4, Authorized Real Estate Brokerage Relationships,
Nonrepresentation (No Brokerage Relationship) - accurate answers-Before
showing homes that are listed
Which of the following cannot be used by the Federal Reserve to change or
control the money supply?
a. Change the discount rate
b. Alter income tax rates
c. Increase or decrease the reserve requirement
d. Buy or sell government notes
Reference: Ch. 13, Federal Reserve System - accurate answers-Alter income
tax rates
A broker has an exclusive right of sale listing to sell an owner's property, with
no other authority granted. What type of agency does the broker have with
the principal?
a. General agency
b. Special agency
c. Universal agency
d. Trusteeship
Reference: Ch. 4, Agency Law; Ch. 11, Listing Contracts - accurate answers-
Special agency
,A licensee is being disciplined by the FREC for multiple violations of F.S. 475.
Which penalty may the Commission NOT impose?
a. Revocation
b. Suspension for up to 10 years
c. A fine not to exceed $5,000 per offense
d. Imprisonment not to exceed one year
Reference: Ch. 6, Administrative Penalties, Range of Penalties - accurate
answers-Imprisonment not to exceed one year
A judgment is awarded against a licensee for $100,000. What is the maximum
the complainant may be compensated from the Real Estate Recovery Fund?
a. 25%
b. 50%
c. 75%
d. 100%
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund
- accurate answers-50%
6. What term is applied to the practice of keeping low-income people out of a
particular neighborhood?
a. Income zoning
b. Exclusionary zoning
c. Nonconforming use
d. Subdivision exception
Reference: Ch. 19, Zoning, Land Use Restrictions, and Building Codes, Purpose
of Zoning - accurate answers-Exclusionary zoning
7. Complete this statement. A transaction broker _______________.
a. Owes full disclosure to both parties
b. Owes limited confidentiality to both parties
c. Must be compensated by both parties
, d. Cannot work in a nonresidential transaction
Reference: Ch. 4, Authorized Real Estate Brokerage Relationships, Transaction
Broker - accurate answers-Owes limited confidentiality to both parties
8. Broker Jones committed fraud in a real estate transaction that involved six
investors in a limited partnership. What is the maximum recovery possible
from the Real Estate Recovery Fund for a single judgment against the broker
as a result of this fraudulent activity?
a. $25,000
b. $30,000
c. $50,000
d. $150,000
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund
- accurate answers-$50,000
A mortgagor defaulted on their loan payments. The lender foreclosed on the
property. Some states allow the party that was foreclosed the right to redeem
the property following foreclosure. What is the term used to describe this
right?
a. Statutory right of redemption
b. Equitable right of redemption
c. Due-on-sale redemption
d. Declaratory redemption
Reference: Ch. 12, Default - accurate answers-Statutory right of redemption
The sales comparison approach usually CANNOT be used when estimating the
value of which of the following?
a. Income-producing industrial property
b. Income-producing commercial property
c. Residential property
d. Special-purpose properties
