GOLD COAST FINAL EXAM 2026
QUESTIONS AND ANSWERS GRADED A+
⩥ Registered with DBPR, at least one room, records kept there, may be
in broker's home if zoning permits. Answer: Broker office requirements
⩥ Deposit accompanying offer. Answer: Earnest money
⩥ Commercial bank, title company having trust powers, credit union, or
savings association located in the state of FL. Answer: Broker's escrow
account or trust account
⩥ Max for broker sales escrow account. Answer: $1,000
⩥ How long to fill out Irrevocable consent to service. Answer: 60 days
⩥ Max for broker property management escrow account. Answer:
$5,000
⩥ Unathorized control or use of another person's personal funds.
Answer: Conversion
,⩥ Broker either cannot or will not produce money or property belonging
to another when required. Answer: Failure to account
⩥ When must sales associates and broker associates deliver earnest
money to broker. Answer: Immediately (no later than end of next
business day)
⩥ When must broker deposit earnest money in escrow trust account.
Answer: Immediately (no later than end of the 3rd business day)
⩥ With escrow dispute, how long does broker have to notify FREC.
Answer: 15 days
⩥ How long does broker have to institue an authorized settlment
procedure with escrow dispute. Answer: 30 business days
⩥ Where does broker's sign need to be. Answer: On or near the entrance
to the office
⩥ Firm name, broker name, Lic. RE broker. Answer: What's on a broker
office sign
⩥ What must be on an advertisement. 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. Answer: Blind ad (illlegal in
FL unless selling own house)
⩥ Illegal practice of mixing the broker's personal funds with the escrow
funds. Answer: Commingling
⩥ Rentals, can get refund within 30 days, __% if rental not obtained,
__% if not current or is inaccurate. 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. Answer:
Concealment
⩥ When a broker operates in a reckless, careless and excessively
negligent manner. Answer: Culpable negligence
⩥ The misstatement or omission of facts. Answer: Misrepresentation
⩥ Selling (a charge) chances to induce someone to buy real estate.
Answer: Lotteries
, ⩥ Provides brokerage services for others and at least one partner must be
a broker (none can be sales associates). Answer: Real estate brokerage
partnership
⩥ One general partner and at least one limited partner. Answer: Limited
partnership
⩥ Temporary business involving a single transaction or a predetermined
number of transactions, joint and several liability. Answer: Joint venture
(adventure)
⩥ Up to 1 year in jail and/or $1000 fine. Answer: First degree
misdemeanor, false advertising, culpable negligence
⩥ Up to $500 and/or 60 days jail. Answer: Second degree misdemeanor,
rental information violations
⩥ Up to $5000 fine and/or 5 years jail, acting as broker or sales
associate without license. Answer: 3rd degree felony
⩥ Maximum administrative penalty (per offense). Answer: $5,000
⩥ Maximum suspension of license. Answer: 10 years
QUESTIONS AND ANSWERS GRADED A+
⩥ Registered with DBPR, at least one room, records kept there, may be
in broker's home if zoning permits. Answer: Broker office requirements
⩥ Deposit accompanying offer. Answer: Earnest money
⩥ Commercial bank, title company having trust powers, credit union, or
savings association located in the state of FL. Answer: Broker's escrow
account or trust account
⩥ Max for broker sales escrow account. Answer: $1,000
⩥ How long to fill out Irrevocable consent to service. Answer: 60 days
⩥ Max for broker property management escrow account. Answer:
$5,000
⩥ Unathorized control or use of another person's personal funds.
Answer: Conversion
,⩥ Broker either cannot or will not produce money or property belonging
to another when required. Answer: Failure to account
⩥ When must sales associates and broker associates deliver earnest
money to broker. Answer: Immediately (no later than end of next
business day)
⩥ When must broker deposit earnest money in escrow trust account.
Answer: Immediately (no later than end of the 3rd business day)
⩥ With escrow dispute, how long does broker have to notify FREC.
Answer: 15 days
⩥ How long does broker have to institue an authorized settlment
procedure with escrow dispute. Answer: 30 business days
⩥ Where does broker's sign need to be. Answer: On or near the entrance
to the office
⩥ Firm name, broker name, Lic. RE broker. Answer: What's on a broker
office sign
⩥ What must be on an advertisement. 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. Answer: Blind ad (illlegal in
FL unless selling own house)
⩥ Illegal practice of mixing the broker's personal funds with the escrow
funds. Answer: Commingling
⩥ Rentals, can get refund within 30 days, __% if rental not obtained,
__% if not current or is inaccurate. 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. Answer:
Concealment
⩥ When a broker operates in a reckless, careless and excessively
negligent manner. Answer: Culpable negligence
⩥ The misstatement or omission of facts. Answer: Misrepresentation
⩥ Selling (a charge) chances to induce someone to buy real estate.
Answer: Lotteries
, ⩥ Provides brokerage services for others and at least one partner must be
a broker (none can be sales associates). Answer: Real estate brokerage
partnership
⩥ One general partner and at least one limited partner. Answer: Limited
partnership
⩥ Temporary business involving a single transaction or a predetermined
number of transactions, joint and several liability. Answer: Joint venture
(adventure)
⩥ Up to 1 year in jail and/or $1000 fine. Answer: First degree
misdemeanor, false advertising, culpable negligence
⩥ Up to $500 and/or 60 days jail. Answer: Second degree misdemeanor,
rental information violations
⩥ Up to $5000 fine and/or 5 years jail, acting as broker or sales
associate without license. Answer: 3rd degree felony
⩥ Maximum administrative penalty (per offense). Answer: $5,000
⩥ Maximum suspension of license. Answer: 10 years
