GOLD COAST REAL ESTATE - ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
What is the term when a real estate agent specializes in one geographic area? -
Farming
A residential transaction is defined as: - Four units or less
What 3 areas do real estate agents have to have expertise in? - Marketing,
Valuation, Property Transfer
Owners who buy income property as investments and depend on professionals to
manage them are called: - Absentee Owners
What is the process of developing an opinion of value of real property? -
Appraising
Transfer of ownership is called: - Dedication
What is custom building? - When a contractor is employed to build a
structure according to the customer's specifications
,What is speculative building? - When a contractor builds a structure before
securing a buyer with the hope of selling the finished structure. (AKA building on
spec)
What is tract building? - When a developer acquires a large tract of land,
records a subdivision plat map, and uses a model center from which sales may be
made.
What is the purpose of FREC? - To protect the public
What does "Commission" refer to? - Florida Real Estate Commission (FREC)
What does "Department" refer to? - Department of Business and
Professional Regulation (DBPR)
Real estate professionals practice real estate when licensed as one of the
following: - Sales associate, broker, or broker associate
How do you become eligible to become a broker? - A licensed sales
associate must be employed under one or more actively licensed brokers for at
least 24 months within the preceding five years.
What is a broker associate? - Is a licensed broker who chooses to work as a
sales associate under the direction of another broker.
Is an applicant for a Florida real estate license required to be a resident of
Florida? - No
,Is an applicant for a Florida real estate license required to be a citizen of the
United States? - No
For the application with the DBPR, are you required to disclose any criminal
convictions? Even misdemeanors? - Yes
When an applicant is denied, how many days do they have to request a formal
hearing after being informed by the DBPR? - 21 days
Who compensates real estate agents? - By their employing brokers or
owner-developer
Owner-developers are only...? - Registered, not licensed
What happens to your real estate license if you fail to complete the 45-hour post
license course? - It becomes void
What happens to your real estate license if you fail to complete the 14-hour
continuing education course? - It becomes involuntary inactive
...are persons who are granted authority under power of attorney to act for
others in some capacity, such as signing documents. - Attorneys-in-fact
The DBPR is responsible for: - Licensing and regulation of the real estate
professional.
, The DBPR delegates rule-making and disciplinary authority for real estate to who?
- FREC
The DBPR can do all of the following except: - Issue injunctions
The Florida Real Estate Commission has many duties and powers. Which of the
following is the category of power that can be exercised by the chairperson acting
alone? - Executive powers
What is the maximum amount of money someone can be fined by the
Commission PER OFFENSE? - $5,000
If a licensee fails to complete their first renewal, what happens to the status of
their license? - It becomes void
What is the maximum amount of time that a licensee can have their license be
involuntary inactive? - No more than 2 years
If a broker's license is suspended, revoked, or otherwise void and ineffective,
what happens to the licensee's license that is employed under this broker? -
It becomes automatically inactive
Complete the sentence: Statutes can authorize the creation and operation of
administrative agencies to administer and....? - Enforce certain laws
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
What is the term when a real estate agent specializes in one geographic area? -
Farming
A residential transaction is defined as: - Four units or less
What 3 areas do real estate agents have to have expertise in? - Marketing,
Valuation, Property Transfer
Owners who buy income property as investments and depend on professionals to
manage them are called: - Absentee Owners
What is the process of developing an opinion of value of real property? -
Appraising
Transfer of ownership is called: - Dedication
What is custom building? - When a contractor is employed to build a
structure according to the customer's specifications
,What is speculative building? - When a contractor builds a structure before
securing a buyer with the hope of selling the finished structure. (AKA building on
spec)
What is tract building? - When a developer acquires a large tract of land,
records a subdivision plat map, and uses a model center from which sales may be
made.
What is the purpose of FREC? - To protect the public
What does "Commission" refer to? - Florida Real Estate Commission (FREC)
What does "Department" refer to? - Department of Business and
Professional Regulation (DBPR)
Real estate professionals practice real estate when licensed as one of the
following: - Sales associate, broker, or broker associate
How do you become eligible to become a broker? - A licensed sales
associate must be employed under one or more actively licensed brokers for at
least 24 months within the preceding five years.
What is a broker associate? - Is a licensed broker who chooses to work as a
sales associate under the direction of another broker.
Is an applicant for a Florida real estate license required to be a resident of
Florida? - No
,Is an applicant for a Florida real estate license required to be a citizen of the
United States? - No
For the application with the DBPR, are you required to disclose any criminal
convictions? Even misdemeanors? - Yes
When an applicant is denied, how many days do they have to request a formal
hearing after being informed by the DBPR? - 21 days
Who compensates real estate agents? - By their employing brokers or
owner-developer
Owner-developers are only...? - Registered, not licensed
What happens to your real estate license if you fail to complete the 45-hour post
license course? - It becomes void
What happens to your real estate license if you fail to complete the 14-hour
continuing education course? - It becomes involuntary inactive
...are persons who are granted authority under power of attorney to act for
others in some capacity, such as signing documents. - Attorneys-in-fact
The DBPR is responsible for: - Licensing and regulation of the real estate
professional.
, The DBPR delegates rule-making and disciplinary authority for real estate to who?
- FREC
The DBPR can do all of the following except: - Issue injunctions
The Florida Real Estate Commission has many duties and powers. Which of the
following is the category of power that can be exercised by the chairperson acting
alone? - Executive powers
What is the maximum amount of money someone can be fined by the
Commission PER OFFENSE? - $5,000
If a licensee fails to complete their first renewal, what happens to the status of
their license? - It becomes void
What is the maximum amount of time that a licensee can have their license be
involuntary inactive? - No more than 2 years
If a broker's license is suspended, revoked, or otherwise void and ineffective,
what happens to the licensee's license that is employed under this broker? -
It becomes automatically inactive
Complete the sentence: Statutes can authorize the creation and operation of
administrative agencies to administer and....? - Enforce certain laws
