Gold Coast Final Review UPDATED
ACTUAL Exam Questions and CORRECT
Answers
What is a Joint venture? - CORRECT ANSWER - 2 or more parties that agree to combine
their efforts
Who is Eminent domain used by? - CORRECT ANSWER - Used by government to
acquire private property
Quitclaim deed is best for who? - CORRECT ANSWER - Grantor
When is a claim from the Real Estate Recovery fund NOT an option? - CORRECT
ANSWER - As a remedy in a Breach of Contract
When an applicant is denied, how are they notified? - CORRECT ANSWER - They must
be notified in WRITING of the reason they were denied and advised their rights
When is Going Concern used? - CORRECT ANSWER - When appraising a profitable
business
Why is Exclusive right of sales listing is best for broker? - CORRECT ANSWER - They
get paid regardless of who sells the property
Who is eminent domain NOT for? - CORRECT ANSWER - Large shopping centers or
movie theater complexes
Who can sales associates bring legal action against in terms of unpaid commission? - CORRECT
ANSWER - The broker that employed them only
, What are the FHA ratios? - CORRECT ANSWER - 31% (HER) 43% (TOR)
What is the State Documentary Stamp Tax on a deed (outside of Dade county)? - CORRECT
ANSWER - 70 cents per 100 dollars of sales price + 70 cents of any fractional part of sales
price
What rights does Joint Tenacy include? - CORRECT ANSWER - Possession, interest,
time, title (PITT) and equal rights of survivorship
What does intangible tax apply to? What does it NOT apply to? - CORRECT ANSWER -
Applies to NEW mortgage, does NOT apply to Assumed mortgage
What is the Cost-depreciation approach best used on? - CORRECT ANSWER -
Government buildings like court houses
Is Ginnie Mae (GNMA) a primary lender? - CORRECT ANSWER - NO
What 4 things does a promissory note specify? - CORRECT ANSWER - (1) Loan amount,
(2) interest rate, (3) loan terms and (4) repayment schedule
Terms of Tenancy in Common - CORRECT ANSWER - Can have equal OR unequal
shares of ownership AND can have acquired them by the same OR different deed
Can over-improvement be a Functional Obsolescence? - CORRECT ANSWER - YES
What is Illiquidity in real estate? - CORRECT ANSWER - A real estate disadvantage
Who is a broker associate employed by? - CORRECT ANSWER - Active license broker
ACTUAL Exam Questions and CORRECT
Answers
What is a Joint venture? - CORRECT ANSWER - 2 or more parties that agree to combine
their efforts
Who is Eminent domain used by? - CORRECT ANSWER - Used by government to
acquire private property
Quitclaim deed is best for who? - CORRECT ANSWER - Grantor
When is a claim from the Real Estate Recovery fund NOT an option? - CORRECT
ANSWER - As a remedy in a Breach of Contract
When an applicant is denied, how are they notified? - CORRECT ANSWER - They must
be notified in WRITING of the reason they were denied and advised their rights
When is Going Concern used? - CORRECT ANSWER - When appraising a profitable
business
Why is Exclusive right of sales listing is best for broker? - CORRECT ANSWER - They
get paid regardless of who sells the property
Who is eminent domain NOT for? - CORRECT ANSWER - Large shopping centers or
movie theater complexes
Who can sales associates bring legal action against in terms of unpaid commission? - CORRECT
ANSWER - The broker that employed them only
, What are the FHA ratios? - CORRECT ANSWER - 31% (HER) 43% (TOR)
What is the State Documentary Stamp Tax on a deed (outside of Dade county)? - CORRECT
ANSWER - 70 cents per 100 dollars of sales price + 70 cents of any fractional part of sales
price
What rights does Joint Tenacy include? - CORRECT ANSWER - Possession, interest,
time, title (PITT) and equal rights of survivorship
What does intangible tax apply to? What does it NOT apply to? - CORRECT ANSWER -
Applies to NEW mortgage, does NOT apply to Assumed mortgage
What is the Cost-depreciation approach best used on? - CORRECT ANSWER -
Government buildings like court houses
Is Ginnie Mae (GNMA) a primary lender? - CORRECT ANSWER - NO
What 4 things does a promissory note specify? - CORRECT ANSWER - (1) Loan amount,
(2) interest rate, (3) loan terms and (4) repayment schedule
Terms of Tenancy in Common - CORRECT ANSWER - Can have equal OR unequal
shares of ownership AND can have acquired them by the same OR different deed
Can over-improvement be a Functional Obsolescence? - CORRECT ANSWER - YES
What is Illiquidity in real estate? - CORRECT ANSWER - A real estate disadvantage
Who is a broker associate employed by? - CORRECT ANSWER - Active license broker
