Gold Coast Exam Questions With Accurate Solutions.
How long must a broker maintain records/files - accurate answers-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 - accurate answers-Broker office
requirements
Deposit accompanying offer - accurate answers-Earnest money
Commercial bank, title company having trust powers, credit union, or savings
association located in the state of FL - accurate answers-Broker's escrow
account or trust account
Max for broker sales escrow account - accurate answers-$1,000
How long to fill out Irrevocable consent to service - accurate answers-60 days
Max for broker property management escrow account - accurate answers-
$5,000
Unathorized control or use of another person's personal funds - accurate
answers-Conversion
Broker either cannot or will not produce money or property belonging to
another when required - accurate answers-Failure to account
When must sales associates and broker associates deliver earnest money to
broker - accurate answers-Immediately (no later than end of next business
day)
When must broker deposit earnest money in escrow trust account - accurate
answers-Immediately (no later than end of the 3rd business day)
With escrow dispute, how long does broker have to notify FREC - accurate
answers-15 days
,How long does broker have to institue an authorized settlment procedure
with escrow dispute - accurate answers-30 business days
Where does broker's sign need to be - accurate answers-On or near the
entrance to the office
Firm name, broker name, Lic. RE broker - accurate answers-What's on a
broker office sign
What must be on an advertisement - accurate answers-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 - accurate answers-Blind ad (illlegal
in FL unless selling own house)
Illegal practice of mixing the broker's personal funds with the escrow funds -
accurate answers-Commingling
Rentals, can get refund within 30 days, __% if rental not obtained, __% if not
current or is inaccurate - accurate answers-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 - accurate answers-
Concealment
When a broker operates in a reckless, careless and excessively negligent
manner - accurate answers-Culpable negligence
The misstatement or omission of facts - accurate answers-Misrepresentation
Selling (a charge) chances to induce someone to buy real estate - accurate
answers-Lotteries
Provides brokerage services for others and at least one partner must be a
broker (none can be sales associates) - accurate answers-Real estate
brokerage partnership
, One general partner and at least one limited partner - accurate answers-
Limited partnership
Temporary business involving a single transaction or a predetermined
number of transactions, joint and several liability - accurate answers-Joint
venture (adventure)
Up to 1 year in jail and/or $1000 fine - accurate answers-First degree
misdemeanor, false advertising, culpable negligence
Up to $500 and/or 60 days jail - accurate answers-Second degree
misdemeanor, rental information violations
Up to $5000 fine and/or 5 years jail, acting as broker or sales associate
without license - accurate answers-3rd degree felony
Maximum administrative penalty (per offense) - accurate answers-$5,000
Maximum suspension of license - accurate answers-10 years
Can FREC deny payment of comission or imprison? - accurate answers-no
Intermediary between FREC and DBPR - accurate answers-DRE
How long to correct notice of noncompliance - accurate answers-15 days
Max real estate recovery fund (compensatory) - accurate answers-$50k for
single transaction or $150k for multiple transactions againstone licensee
An act contrary to honesty, good morals or accepted customs - accurate
answers-Moral turpitude
How many days to replace loss of active broker - accurate answers-14 days
No partnership exists, but public has reason to believe that one does -
accurate answers-Ostensible (quasi) partnership
Prohibits discrimination on the basis of race only - accurate answers-Civil
rights act of 1866
How long must a broker maintain records/files - accurate answers-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 - accurate answers-Broker office
requirements
Deposit accompanying offer - accurate answers-Earnest money
Commercial bank, title company having trust powers, credit union, or savings
association located in the state of FL - accurate answers-Broker's escrow
account or trust account
Max for broker sales escrow account - accurate answers-$1,000
How long to fill out Irrevocable consent to service - accurate answers-60 days
Max for broker property management escrow account - accurate answers-
$5,000
Unathorized control or use of another person's personal funds - accurate
answers-Conversion
Broker either cannot or will not produce money or property belonging to
another when required - accurate answers-Failure to account
When must sales associates and broker associates deliver earnest money to
broker - accurate answers-Immediately (no later than end of next business
day)
When must broker deposit earnest money in escrow trust account - accurate
answers-Immediately (no later than end of the 3rd business day)
With escrow dispute, how long does broker have to notify FREC - accurate
answers-15 days
,How long does broker have to institue an authorized settlment procedure
with escrow dispute - accurate answers-30 business days
Where does broker's sign need to be - accurate answers-On or near the
entrance to the office
Firm name, broker name, Lic. RE broker - accurate answers-What's on a
broker office sign
What must be on an advertisement - accurate answers-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 - accurate answers-Blind ad (illlegal
in FL unless selling own house)
Illegal practice of mixing the broker's personal funds with the escrow funds -
accurate answers-Commingling
Rentals, can get refund within 30 days, __% if rental not obtained, __% if not
current or is inaccurate - accurate answers-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 - accurate answers-
Concealment
When a broker operates in a reckless, careless and excessively negligent
manner - accurate answers-Culpable negligence
The misstatement or omission of facts - accurate answers-Misrepresentation
Selling (a charge) chances to induce someone to buy real estate - accurate
answers-Lotteries
Provides brokerage services for others and at least one partner must be a
broker (none can be sales associates) - accurate answers-Real estate
brokerage partnership
, One general partner and at least one limited partner - accurate answers-
Limited partnership
Temporary business involving a single transaction or a predetermined
number of transactions, joint and several liability - accurate answers-Joint
venture (adventure)
Up to 1 year in jail and/or $1000 fine - accurate answers-First degree
misdemeanor, false advertising, culpable negligence
Up to $500 and/or 60 days jail - accurate answers-Second degree
misdemeanor, rental information violations
Up to $5000 fine and/or 5 years jail, acting as broker or sales associate
without license - accurate answers-3rd degree felony
Maximum administrative penalty (per offense) - accurate answers-$5,000
Maximum suspension of license - accurate answers-10 years
Can FREC deny payment of comission or imprison? - accurate answers-no
Intermediary between FREC and DBPR - accurate answers-DRE
How long to correct notice of noncompliance - accurate answers-15 days
Max real estate recovery fund (compensatory) - accurate answers-$50k for
single transaction or $150k for multiple transactions againstone licensee
An act contrary to honesty, good morals or accepted customs - accurate
answers-Moral turpitude
How many days to replace loss of active broker - accurate answers-14 days
No partnership exists, but public has reason to believe that one does -
accurate answers-Ostensible (quasi) partnership
Prohibits discrimination on the basis of race only - accurate answers-Civil
rights act of 1866
