Gold Coast school UPDATED ACTUAL
Exam Questions and CORRECT Answers
Real property - CORRECT ANSWER - Physical land and improvements together with
legal rights tobowj or use a property
accretion - CORRECT ANSWER - Increase in land area as moving water deposits soil in
other than its original location
Security deposit - CORRECT ANSWER - 15 days if no intention for claim
Redlining - CORRECT ANSWER - A discriminatory real estate practice in North America
in which members of minority groups are prevented from obtaining money to purchase homes or
property in predominantly white neighborhoods. The practice derived its name from the red lines
depicted on cadastral maps used by real estate agents and developers. Today, redlining is
officially illegal.
Blockbusting - CORRECT ANSWER - Illegal practice of inducing homeowners to sell
their properties by telling them that a certain people of a certain race, national origin or religion
are moving into the area
What can a judge do to compel attendance of a witness? - CORRECT ANSWER - Issue a
subpoena
When does a concealment occur? - CORRECT ANSWER - When a broker fails to
disclose info
Title insurance is not what ? - CORRECT ANSWER - Prorated or required by law
Following business may not register to broker real estate ? - CORRECT ANSWER -
Corporate sole, cooperative association, business trust
, Following business may register with department to perform brokerage services? - CORRECT
ANSWER - Sole proprietorship, corporation for profit , limited partnership
What is arbitration? - CORRECT ANSWER - All parties give written consent they abide
by arbitrators decision
Mediation is what ? - CORRECT ANSWER - Non binding and all parties give written
consent cannot impose a decision
When to deposit escrow fund ? - CORRECT ANSWER - Immediately no later then end of
third business day
What is escrow dispute? - CORRECT ANSWER - When buyer or seller demand broker of
release if escrowed funds , give written consent within 15 days resolve within 30
What is escrow account ? - CORRECT ANSWER - Not allowed to commingle it's a trust
account savings account , bank , title company , credit union in Florida
Can we receive a post dated check ? - CORRECT ANSWER - Can be accepted as earnest
money with sellers approval and immediately given to broker
What is a principle office requirement ? - CORRECT ANSWER - Office must have one
enclosed room in a building on stationary construction it is transferable
Can you share a brokerage compensation ? - CORRECT ANSWER - Yes can share with a
party to the transaction with full disclosure to all interested parties not a violation of fs 475
What is a single agent ? - CORRECT ANSWER - A broker represents a seller OR buyer
can't represent both illegal dual agency
Exam Questions and CORRECT Answers
Real property - CORRECT ANSWER - Physical land and improvements together with
legal rights tobowj or use a property
accretion - CORRECT ANSWER - Increase in land area as moving water deposits soil in
other than its original location
Security deposit - CORRECT ANSWER - 15 days if no intention for claim
Redlining - CORRECT ANSWER - A discriminatory real estate practice in North America
in which members of minority groups are prevented from obtaining money to purchase homes or
property in predominantly white neighborhoods. The practice derived its name from the red lines
depicted on cadastral maps used by real estate agents and developers. Today, redlining is
officially illegal.
Blockbusting - CORRECT ANSWER - Illegal practice of inducing homeowners to sell
their properties by telling them that a certain people of a certain race, national origin or religion
are moving into the area
What can a judge do to compel attendance of a witness? - CORRECT ANSWER - Issue a
subpoena
When does a concealment occur? - CORRECT ANSWER - When a broker fails to
disclose info
Title insurance is not what ? - CORRECT ANSWER - Prorated or required by law
Following business may not register to broker real estate ? - CORRECT ANSWER -
Corporate sole, cooperative association, business trust
, Following business may register with department to perform brokerage services? - CORRECT
ANSWER - Sole proprietorship, corporation for profit , limited partnership
What is arbitration? - CORRECT ANSWER - All parties give written consent they abide
by arbitrators decision
Mediation is what ? - CORRECT ANSWER - Non binding and all parties give written
consent cannot impose a decision
When to deposit escrow fund ? - CORRECT ANSWER - Immediately no later then end of
third business day
What is escrow dispute? - CORRECT ANSWER - When buyer or seller demand broker of
release if escrowed funds , give written consent within 15 days resolve within 30
What is escrow account ? - CORRECT ANSWER - Not allowed to commingle it's a trust
account savings account , bank , title company , credit union in Florida
Can we receive a post dated check ? - CORRECT ANSWER - Can be accepted as earnest
money with sellers approval and immediately given to broker
What is a principle office requirement ? - CORRECT ANSWER - Office must have one
enclosed room in a building on stationary construction it is transferable
Can you share a brokerage compensation ? - CORRECT ANSWER - Yes can share with a
party to the transaction with full disclosure to all interested parties not a violation of fs 475
What is a single agent ? - CORRECT ANSWER - A broker represents a seller OR buyer
can't represent both illegal dual agency
