Florida Real Estate State Exam: Gold Coast
Q&A CRAM EXAM 3&4
Sue the broker
Sales associate, Tim, received a signed contract from a buyer and ailed it to the seller. The seller
agreed to the terms and the escrow deposit was deposited safely in the brokers escrow account. Tim
has a disagreement with his broker and quits. The broker refuses to pau a commission since tim was
not in his employ when the contact was actually received and signed. What should tim to?
The one who engages the broker in a single agency relationship
Who is the principal or employer?
The listing did not give Bob the right to obligate Owen to Percy's offer.
Homowner owen signed an exlusive right of sale listing with Bob, a registered broker. The listing
states that Bob is employed to find a purchaser and that Owen agrees to pay a 10% commission to
Bob or any person, partnership, Corporation or firm that sells the property, The remainger of the
listing deals with the terms and conditions of the sale and duration of the listing. While owen was
away on vacantion, Percy made a written offer to urchase the property at the listed price, terms and
conditions. Bob, on behalf of owner Owen, accepted Percy's offer and signed it for Owen. which
statement is correct?
The broker is not entitled to a commission
Sales associate John attends a cocktail party with his friend Bill to another friend, Jack. It turns out
that Jack has a house for sale, and Bill agrees to purchase it. Sales associate John makes it clear that
he want no commission. Which statement is correct?
say nothing about the seller, and ask the buyer to make an offer
A broker, while looking for a deal for his best friend, gets a listing. The seller must sell because of
family emergency. What should the broker say to his best friend?
submit the offer to a seller
If an oral offer is made to a broker on a property the broker has listed, what should be the broker's
response?
Tell the buyer before going into contact
If a broker is aware of a construction lien on apeice of property, what should he or she do?
The broker is guilty of concealment
A broker lists a proeprty for 30,000. The broker learnes of a new developmetn which will be built
beside the listed propery. The broker purchases the porperty from the seller for the full lisred price
and discloses the fact that he is a licensed broker. The broker then sells the property to the developer
for 50,000 which sttment is correct?
t1n, r1w
Which township is immediately west of t1n, r1e
branch office
,John smith is the broker of ABC realty. He is preparing to open a branch office. All of the following
items are required on the branch office sign, except
the broker could be disciplined for concealment
Broker Jones takes a listing on a condominium from Mr.Charles, he notified jones that the roof leaks.
Jones negotiations the sale of the condominium to smoth withiut disclosing the leak. Smith, a year
later, sells the condominium for a profit. Which statement applies?
law of agency
Which of the following limits the actions of brokers?
He is guilty of a third degree felony
To help his customers sell their property a morthahe broker agrees to hold an open house and
prepares an offer to purchase on a standard contract for a fee of 250. Which statement is correct
submit both offers to the principal
a brokers principal is away on vacation. The broker received an offer of 75,999 for his principal's
property. Before the principals returns, theborker receives a second offer of 72,000. What should the
broker do?
Broker Browns license may be suspended for not telling Smith
Broker brown lisrs Smith's property for 20,000. broker brown hears from a friend on the planning
commission that they are intending to put a highway right next to mr smiths property, making it a
corner lot. he doesnt tell him and lets his friend buy for profit. Which is correct?
the broker cannot tell the buyer of the lower price
A seller lisrs a property at 75000 but tells the broker he will go as low as 72,000
trust and confidence when accepted
A fiduciary relationship is one of:
yes providing both parties are advised and approve
Can a broker be entitled to two commissions when consummating an exchange?
concealment and fraud
A seller listed a property at a price that the broker knew was below market value. The broker had his
wife buy the property in her maiden nane and subsequently resold the property at a profit, What
could the broker be charged with?
an arms length relationship
What kind of relationship can a buyer and seller expect to have?
dual agent
what is a lecensee with ful representation to both parties referred as?
, Consent to transition to transaction broker
Which of the following documents not only recommends that the principal sign it, bur requires it?
misrepresentation
Whichterm refers to the misstatement, omission or concealment of a factual matter?
expect to receive a referral fee because he is recognized as a broker in illinois
An illinoise corp is tranfer. to FL. The firm got a broker to find homes for their employees. The
attorney representing the illimoise corp notifies the FL broker that in the syaye of Illinois, an attorney
is recognized as a real estate broker. Therefore, the arrouey wanrs a referral fee. What should the
illinois attorney do?
a joint venture
A licensed broker and one his employed sales associates purchase a parcel of real estate together.
What relationship have they formed?
apply for and obtain a new registration for the new branch and pay the proper fee
When moving from one branch office to another, what musr a broker do?
cannot have two registered emmployers
Broker and and b are working exlusively for one developer on adjoinging projects. They agree to gure
a sales associate between them for a half a week each. The sales associate:
felony of the third degree
Unless exempt, performing a srvice of real estate for someone else for compensation in FL without an
active license is considered to be which of the following criminal violation
the profits may be divided equally
Broker Davis, broker ben and broker boone form a partnership. The partnerhip buys, develops and
sells land. Sales associate Jerry becomes an equal partner in the firm. A sale is made, resulting in a
40,000 profit. Which statement is correct?
name of the brokerage firm
What must be included on a real estate brokerage sign?
that they all be licensed as active brokers
six brokers wish to become partners in a real estate agnency and each be active in real estate sales.
What is required?
refund 100 immediately
Rick sold janey a list of rentals for 100 and she inspected all only to find they are all unavailible and
requests a refund, rick should
illegal because is constitutes price fixing among the sales associates
broker has opened office in town. Two sales associates from full-time, full service offices agree not to
show the discount broker's listings. this practice is:
Q&A CRAM EXAM 3&4
Sue the broker
Sales associate, Tim, received a signed contract from a buyer and ailed it to the seller. The seller
agreed to the terms and the escrow deposit was deposited safely in the brokers escrow account. Tim
has a disagreement with his broker and quits. The broker refuses to pau a commission since tim was
not in his employ when the contact was actually received and signed. What should tim to?
The one who engages the broker in a single agency relationship
Who is the principal or employer?
The listing did not give Bob the right to obligate Owen to Percy's offer.
Homowner owen signed an exlusive right of sale listing with Bob, a registered broker. The listing
states that Bob is employed to find a purchaser and that Owen agrees to pay a 10% commission to
Bob or any person, partnership, Corporation or firm that sells the property, The remainger of the
listing deals with the terms and conditions of the sale and duration of the listing. While owen was
away on vacantion, Percy made a written offer to urchase the property at the listed price, terms and
conditions. Bob, on behalf of owner Owen, accepted Percy's offer and signed it for Owen. which
statement is correct?
The broker is not entitled to a commission
Sales associate John attends a cocktail party with his friend Bill to another friend, Jack. It turns out
that Jack has a house for sale, and Bill agrees to purchase it. Sales associate John makes it clear that
he want no commission. Which statement is correct?
say nothing about the seller, and ask the buyer to make an offer
A broker, while looking for a deal for his best friend, gets a listing. The seller must sell because of
family emergency. What should the broker say to his best friend?
submit the offer to a seller
If an oral offer is made to a broker on a property the broker has listed, what should be the broker's
response?
Tell the buyer before going into contact
If a broker is aware of a construction lien on apeice of property, what should he or she do?
The broker is guilty of concealment
A broker lists a proeprty for 30,000. The broker learnes of a new developmetn which will be built
beside the listed propery. The broker purchases the porperty from the seller for the full lisred price
and discloses the fact that he is a licensed broker. The broker then sells the property to the developer
for 50,000 which sttment is correct?
t1n, r1w
Which township is immediately west of t1n, r1e
branch office
,John smith is the broker of ABC realty. He is preparing to open a branch office. All of the following
items are required on the branch office sign, except
the broker could be disciplined for concealment
Broker Jones takes a listing on a condominium from Mr.Charles, he notified jones that the roof leaks.
Jones negotiations the sale of the condominium to smoth withiut disclosing the leak. Smith, a year
later, sells the condominium for a profit. Which statement applies?
law of agency
Which of the following limits the actions of brokers?
He is guilty of a third degree felony
To help his customers sell their property a morthahe broker agrees to hold an open house and
prepares an offer to purchase on a standard contract for a fee of 250. Which statement is correct
submit both offers to the principal
a brokers principal is away on vacation. The broker received an offer of 75,999 for his principal's
property. Before the principals returns, theborker receives a second offer of 72,000. What should the
broker do?
Broker Browns license may be suspended for not telling Smith
Broker brown lisrs Smith's property for 20,000. broker brown hears from a friend on the planning
commission that they are intending to put a highway right next to mr smiths property, making it a
corner lot. he doesnt tell him and lets his friend buy for profit. Which is correct?
the broker cannot tell the buyer of the lower price
A seller lisrs a property at 75000 but tells the broker he will go as low as 72,000
trust and confidence when accepted
A fiduciary relationship is one of:
yes providing both parties are advised and approve
Can a broker be entitled to two commissions when consummating an exchange?
concealment and fraud
A seller listed a property at a price that the broker knew was below market value. The broker had his
wife buy the property in her maiden nane and subsequently resold the property at a profit, What
could the broker be charged with?
an arms length relationship
What kind of relationship can a buyer and seller expect to have?
dual agent
what is a lecensee with ful representation to both parties referred as?
, Consent to transition to transaction broker
Which of the following documents not only recommends that the principal sign it, bur requires it?
misrepresentation
Whichterm refers to the misstatement, omission or concealment of a factual matter?
expect to receive a referral fee because he is recognized as a broker in illinois
An illinoise corp is tranfer. to FL. The firm got a broker to find homes for their employees. The
attorney representing the illimoise corp notifies the FL broker that in the syaye of Illinois, an attorney
is recognized as a real estate broker. Therefore, the arrouey wanrs a referral fee. What should the
illinois attorney do?
a joint venture
A licensed broker and one his employed sales associates purchase a parcel of real estate together.
What relationship have they formed?
apply for and obtain a new registration for the new branch and pay the proper fee
When moving from one branch office to another, what musr a broker do?
cannot have two registered emmployers
Broker and and b are working exlusively for one developer on adjoinging projects. They agree to gure
a sales associate between them for a half a week each. The sales associate:
felony of the third degree
Unless exempt, performing a srvice of real estate for someone else for compensation in FL without an
active license is considered to be which of the following criminal violation
the profits may be divided equally
Broker Davis, broker ben and broker boone form a partnership. The partnerhip buys, develops and
sells land. Sales associate Jerry becomes an equal partner in the firm. A sale is made, resulting in a
40,000 profit. Which statement is correct?
name of the brokerage firm
What must be included on a real estate brokerage sign?
that they all be licensed as active brokers
six brokers wish to become partners in a real estate agnency and each be active in real estate sales.
What is required?
refund 100 immediately
Rick sold janey a list of rentals for 100 and she inspected all only to find they are all unavailible and
requests a refund, rick should
illegal because is constitutes price fixing among the sales associates
broker has opened office in town. Two sales associates from full-time, full service offices agree not to
show the discount broker's listings. this practice is:
