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
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
