GOLD COAST PRACTICE FINAL EXAM
QUESTIONS AND ANSWERS (VERIFIED
AND UPDATED)
When must a written No Brokerage Relationship (nonrepresentation) Notice be provided to
customers?
a. Immediately upon the signing of a listing agreement
b. At an open house when providing a brochure containing information about the property
c. Before showing homes that are listed
d. In every real estate transaction
Reference: Ch. 4, Authorized Real Estate Brokerage Relationships, Nonrepresentation (No
Brokerage Relationship) - ANS Before showing homes that are listed
Which of the following cannot be used by the Federal Reserve to change or control the money
supply?
a. Change the discount rate
b. Alter income tax rates
c. Increase or decrease the reserve requirement
d. Buy or sell government notes
@2026/2027 ALLRIGHTS RESERVED.
,Reference: Ch. 13, Federal Reserve System - ANS Alter income tax rates
A broker has an exclusive right of sale listing to sell an owner's property, with no other authority
granted. What type of agency does the broker have with the principal?
a. General agency
b. Special agency
c. Universal agency
d. Trusteeship
Reference: Ch. 4, Agency Law; Ch. 11, Listing Contracts - ANS Special agency
A licensee is being disciplined by the FREC for multiple violations of F.S. 475. Which penalty may
the Commission NOT impose?
a. Revocation
b. Suspension for up to 10 years
c. A fine not to exceed $5,000 per offense
d. Imprisonment not to exceed one year
Reference: Ch. 6, Administrative Penalties, Range of Penalties - ANS Imprisonment not to
exceed one year
A judgment is awarded against a licensee for $100,000. What is the maximum the complainant
may be compensated from the Real Estate Recovery Fund?
@2026/2027 ALLRIGHTS RESERVED.
,a. 25%
b. 50%
c. 75%
d. 100%
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund - ANS 50%
6. What term is applied to the practice of keeping low-income people out of a particular
neighborhood?
a. Income zoning
b. Exclusionary zoning
c. Nonconforming use
d. Subdivision exception
Reference: Ch. 19, Zoning, Land Use Restrictions, and Building Codes, Purpose of Zoning -
ANS Exclusionary zoning
7. Complete this statement. A transaction broker _______________.
a. Owes full disclosure to both parties
b. Owes limited confidentiality to both parties
c. Must be compensated by both parties
d. Cannot work in a nonresidential transaction
@2026/2027 ALLRIGHTS RESERVED.
, Reference: Ch. 4, Authorized Real Estate Brokerage Relationships, Transaction Broker -
ANS Owes limited confidentiality to both parties
8. Broker Jones committed fraud in a real estate transaction that involved six investors in a
limited partnership. What is the maximum recovery possible from the Real Estate Recovery
Fund for a single judgment against the broker as a result of this fraudulent activity?
a. $25,000
b. $30,000
c. $50,000
d. $150,000
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund - ANS $50,000
A mortgagor defaulted on their loan payments. The lender foreclosed on the property. Some
states allow the party that was foreclosed the right to redeem the property following
foreclosure. What is the term used to describe this right?
a. Statutory right of redemption
b. Equitable right of redemption
c. Due-on-sale redemption
d. Declaratory redemption
Reference: Ch. 12, Default - ANS Statutory right of redemption
The sales comparison approach usually CANNOT be used when estimating the value of which of
the following?
@2026/2027 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS (VERIFIED
AND UPDATED)
When must a written No Brokerage Relationship (nonrepresentation) Notice be provided to
customers?
a. Immediately upon the signing of a listing agreement
b. At an open house when providing a brochure containing information about the property
c. Before showing homes that are listed
d. In every real estate transaction
Reference: Ch. 4, Authorized Real Estate Brokerage Relationships, Nonrepresentation (No
Brokerage Relationship) - ANS Before showing homes that are listed
Which of the following cannot be used by the Federal Reserve to change or control the money
supply?
a. Change the discount rate
b. Alter income tax rates
c. Increase or decrease the reserve requirement
d. Buy or sell government notes
@2026/2027 ALLRIGHTS RESERVED.
,Reference: Ch. 13, Federal Reserve System - ANS Alter income tax rates
A broker has an exclusive right of sale listing to sell an owner's property, with no other authority
granted. What type of agency does the broker have with the principal?
a. General agency
b. Special agency
c. Universal agency
d. Trusteeship
Reference: Ch. 4, Agency Law; Ch. 11, Listing Contracts - ANS Special agency
A licensee is being disciplined by the FREC for multiple violations of F.S. 475. Which penalty may
the Commission NOT impose?
a. Revocation
b. Suspension for up to 10 years
c. A fine not to exceed $5,000 per offense
d. Imprisonment not to exceed one year
Reference: Ch. 6, Administrative Penalties, Range of Penalties - ANS Imprisonment not to
exceed one year
A judgment is awarded against a licensee for $100,000. What is the maximum the complainant
may be compensated from the Real Estate Recovery Fund?
@2026/2027 ALLRIGHTS RESERVED.
,a. 25%
b. 50%
c. 75%
d. 100%
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund - ANS 50%
6. What term is applied to the practice of keeping low-income people out of a particular
neighborhood?
a. Income zoning
b. Exclusionary zoning
c. Nonconforming use
d. Subdivision exception
Reference: Ch. 19, Zoning, Land Use Restrictions, and Building Codes, Purpose of Zoning -
ANS Exclusionary zoning
7. Complete this statement. A transaction broker _______________.
a. Owes full disclosure to both parties
b. Owes limited confidentiality to both parties
c. Must be compensated by both parties
d. Cannot work in a nonresidential transaction
@2026/2027 ALLRIGHTS RESERVED.
, Reference: Ch. 4, Authorized Real Estate Brokerage Relationships, Transaction Broker -
ANS Owes limited confidentiality to both parties
8. Broker Jones committed fraud in a real estate transaction that involved six investors in a
limited partnership. What is the maximum recovery possible from the Real Estate Recovery
Fund for a single judgment against the broker as a result of this fraudulent activity?
a. $25,000
b. $30,000
c. $50,000
d. $150,000
Reference: Ch. 6, The Disciplinary Process, Florida Real Estate Recovery Fund - ANS $50,000
A mortgagor defaulted on their loan payments. The lender foreclosed on the property. Some
states allow the party that was foreclosed the right to redeem the property following
foreclosure. What is the term used to describe this right?
a. Statutory right of redemption
b. Equitable right of redemption
c. Due-on-sale redemption
d. Declaratory redemption
Reference: Ch. 12, Default - ANS Statutory right of redemption
The sales comparison approach usually CANNOT be used when estimating the value of which of
the following?
@2026/2027 ALLRIGHTS RESERVED.
