GOLD COAST REAL ESTATE FINALS PAPER UPDATED EXAM
QUESTIONS AND ANSWERS GRADED A+
✔✔Closing - ✔✔Typically the deposit is intended as partial payment of the purchase
price at?
✔✔Post dated checks - ✔✔Are considered to be promissory notes and can be accepted
as earnest money with the seller's approval.
✔✔True - ✔✔When a deposit is placed, or is to be placed, with a title company or an
attorney, the licensee who prepared or presented the sales contract must indicate on
that contract the name, address, and telephone number of the title company or attorney
with whom the deposit was placed (True or False)
✔✔Escrow or trust account - ✔✔May be held in a commercial bank, title company which
has trust powers, credit union, or savings and loan association located in the state of
Florida
✔✔cannot - ✔✔The escrow account ______ be held in a stock or bond brokerage
house
✔✔Commingle - ✔✔A broker is not allowed to _________ or deposit the personal funds
of any person with any funds being held in escrow, trust or on condition
✔✔Next business day - ✔✔A sales associate or broker associate who receives an
earnest money deposit on behalf of his or her employer must deliver the deposit to the
employer no later than the _________________ following the receipt
✔✔True - ✔✔A broker must immediately place the earnest money deposit in a escrow
or trust account. (True or False)
✔✔Immadiately - ✔✔Defined as "No later than the end of the third business day
following receipt"
✔✔escrow dispute - ✔✔Conflicting requests in which both the buyer and the seller
demand that the broker release escrowed funds is called an
✔✔written notification - ✔✔If a broker receives conflicting demansafor escrowed funds,
or if the broker has good-faith doubt as to which person is entitled to the escrow
property, the broker must give _______________ to the commission
✔✔15 days - ✔✔Notification to the commission must be made within ________ from the
date of the last party's demand.
, ✔✔10 days - ✔✔A sales associate must report any change of employer or change of
address within _____ of the change to the Department on a form prescribed for such
use.
✔✔60 days - ✔✔Any resident licensee who becomes a nonresident must notify the
Commission of the change in residency within
✔✔False - ✔✔A non- US Citizen can be denied (True or False)
✔✔Real estate brokerage partnership - ✔✔Must have at least one partner licensed as
an active broker
✔✔Brokers license - ✔✔Each partner who provides real estate services to the public
either ditectly or indirectly must hold an active __________
✔✔Joint venture - ✔✔a temporary business that involves a single transaction or a
predetermined number of transactions.
✔✔temporary - ✔✔The participants of a joint venture cannot bind one another to any
new transactions because their relationship is
✔✔Corporation for profit - ✔✔Must include the word "Corporation, Company,
incorporated, or the abbreviation "Corp" "Inc." or "Co."
✔✔Company - ✔✔No business is allowed to use the word ________ unless it is formed
legally as a corporation for profit or unless the words are "not Inc."
✔✔Second degree misdemeanor - ✔✔Dissementing false or misleading advertising is a
✔✔500 60 - ✔✔A second degree misdemeanor is punishable by a criminal fine of up to
___ dollars and imprisonment of up to __ days
✔✔Concealment - ✔✔occurs when a broker fails to disclose information to a party, to
whom the borker has such a duty, and that is material to his or her decision.
✔✔Culpable negligence - ✔✔Occurs if a broker operaties in a reckless, careless, and
excessively negligent manner.
✔✔Administrative - ✔✔may be imposed by the Commission for violations of law or rules
in amounts of up to 5,000 per offense
✔✔Legally sufficient - ✔✔A complaint analyst reviews the complaint form or letter that
describes the alleged violation to determine if the complaint is
QUESTIONS AND ANSWERS GRADED A+
✔✔Closing - ✔✔Typically the deposit is intended as partial payment of the purchase
price at?
✔✔Post dated checks - ✔✔Are considered to be promissory notes and can be accepted
as earnest money with the seller's approval.
✔✔True - ✔✔When a deposit is placed, or is to be placed, with a title company or an
attorney, the licensee who prepared or presented the sales contract must indicate on
that contract the name, address, and telephone number of the title company or attorney
with whom the deposit was placed (True or False)
✔✔Escrow or trust account - ✔✔May be held in a commercial bank, title company which
has trust powers, credit union, or savings and loan association located in the state of
Florida
✔✔cannot - ✔✔The escrow account ______ be held in a stock or bond brokerage
house
✔✔Commingle - ✔✔A broker is not allowed to _________ or deposit the personal funds
of any person with any funds being held in escrow, trust or on condition
✔✔Next business day - ✔✔A sales associate or broker associate who receives an
earnest money deposit on behalf of his or her employer must deliver the deposit to the
employer no later than the _________________ following the receipt
✔✔True - ✔✔A broker must immediately place the earnest money deposit in a escrow
or trust account. (True or False)
✔✔Immadiately - ✔✔Defined as "No later than the end of the third business day
following receipt"
✔✔escrow dispute - ✔✔Conflicting requests in which both the buyer and the seller
demand that the broker release escrowed funds is called an
✔✔written notification - ✔✔If a broker receives conflicting demansafor escrowed funds,
or if the broker has good-faith doubt as to which person is entitled to the escrow
property, the broker must give _______________ to the commission
✔✔15 days - ✔✔Notification to the commission must be made within ________ from the
date of the last party's demand.
, ✔✔10 days - ✔✔A sales associate must report any change of employer or change of
address within _____ of the change to the Department on a form prescribed for such
use.
✔✔60 days - ✔✔Any resident licensee who becomes a nonresident must notify the
Commission of the change in residency within
✔✔False - ✔✔A non- US Citizen can be denied (True or False)
✔✔Real estate brokerage partnership - ✔✔Must have at least one partner licensed as
an active broker
✔✔Brokers license - ✔✔Each partner who provides real estate services to the public
either ditectly or indirectly must hold an active __________
✔✔Joint venture - ✔✔a temporary business that involves a single transaction or a
predetermined number of transactions.
✔✔temporary - ✔✔The participants of a joint venture cannot bind one another to any
new transactions because their relationship is
✔✔Corporation for profit - ✔✔Must include the word "Corporation, Company,
incorporated, or the abbreviation "Corp" "Inc." or "Co."
✔✔Company - ✔✔No business is allowed to use the word ________ unless it is formed
legally as a corporation for profit or unless the words are "not Inc."
✔✔Second degree misdemeanor - ✔✔Dissementing false or misleading advertising is a
✔✔500 60 - ✔✔A second degree misdemeanor is punishable by a criminal fine of up to
___ dollars and imprisonment of up to __ days
✔✔Concealment - ✔✔occurs when a broker fails to disclose information to a party, to
whom the borker has such a duty, and that is material to his or her decision.
✔✔Culpable negligence - ✔✔Occurs if a broker operaties in a reckless, careless, and
excessively negligent manner.
✔✔Administrative - ✔✔may be imposed by the Commission for violations of law or rules
in amounts of up to 5,000 per offense
✔✔Legally sufficient - ✔✔A complaint analyst reviews the complaint form or letter that
describes the alleged violation to determine if the complaint is
