Gold Coast Final Exam Study Set For 4/11// Newest 2025 Verified A+ Graded

Gold Coast Final Exam Study Set For 4/11// Newest 2025 Verified A+ Graded what are the the areas a realtor should be an expert in? - CORRECT ANSWER Marketing If all lien holders have been paid from the proceeds of the foreclosure sale, any surplus funds remaining are paid to? - CORRECT ANSWER Mortgagor (borrower) FHA - CORRECT ANSWER insures and has a max loan what are 3 layers of the secondary market? - CORRECT ANSWER -Federal National Mortgage Association (FNMA or Fannie Mae) -Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) -Government National Mortgage Association (GNMA or Ginnie Mae) all of these are actions of the primary market except? - CORRECT ANSWER -Federal National Mortgage Association (FNMA or Fannie Mae) -Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) -Government National Mortgage Association (GNMA or Ginnie Mae) Real Estate Settlement Procedures Act (RESPA) - CORRECT ANSWER law that requires lenders to provide a loan estimate of settlement costs Abstract Continuation - CORRECT ANSWER history of title provided by seller Doc Stamp on Deed located outside of Miami Dade? - CORRECT ANSWER .70/100 intangible tax - CORRECT ANSWER applies to new mortgage Liquidation Value - CORRECT ANSWER value of failing business Market Value - CORRECT ANSWER most probable price Principle of Substitution - CORRECT ANSWER pay no more for a property than for an equally desirable alternative property Principle of highest and best use - CORRECT ANSWER most profitable use, produces the greatest net return on land External Obsolescence - CORRECT ANSWER loss of value caused by factors beyond the boundaries of the subject property Functional Obsolescence - CORRECT ANSWER adding a swimming pool that cost you 20k even though it only provides 10k in value Principles of Value - CORRECT ANSWER rate stays the same, value goes up - interest goes up Static Risk - CORRECT ANSWER can be offset with insurance, such as fire, flood, robbery, etc Immune Property - CORRECT ANSWER properties that are owned by local, state, and federal gov all apply to homestead except? - CORRECT ANSWER property is immune Veteran who became 20% disabled in the war - CORRECT ANSWER 30k Residential Zoning - CORRECT ANSWER based on density Valuation & Market Conditions Property Transfer "MVP" Does one need to be a resident of the state or a citizen of the U.S. to get a FL real estate license? - CORRECT ANSWER to get a FL real estate license, you don't need to be a citizen What must an applicant for a real estate license do if he has been convicted of a crime? - CORRECT ANSWER must disclose all convictions Employment - CORRECT ANSWER an associate can only have one employer at a time What's the grace period for a Sales associate's first renewal? Post Licensing - CORRECT ANSWER no grace period, void and null Individuals who are exempt from licensure - CORRECT ANSWER Salaried Employees How long can one stay involuntary inactive? - CORRECT ANSWER 2 years What happens to an associates license if a broker's license is void, suspended, or revoked? - CORRECT ANSWER their license automatically becomes inactive Multiple Licenses - CORRECT ANSWER issued only to active brokers if it is clearly shown that such additional licenses are necessary to the conduct of legitimate business What is a Transaction broker - CORRECT ANSWER a broker who provides limited representation to a buyer, seller, or both, in a real estate transaction *not an AGENT* Presenting Offers - CORRECT ANSWER must present all offers A broker is entitled to compensation if they... - CORRECT ANSWER bring a buyer who brings an offer the seller was looking for Listing Contract - CORRECT ANSWER broker's employment contract that states the terms and conditions that the broker must meet to become eligible for compensation Referral Fees: I as the sellers agent promise kickback commission. Is this allowed? - CORRECT ANSWER yes, as long as this is disclosed to all interested parties what if an attorney asks for a fee because they referred a client to you? - CORRECT ANSWER you cannot give him a referral fee for sending you a client Principal Brokerage office - CORRECT ANSWER -registration is good for 2 years -can switch locations branch brokerage office - CORRECT ANSWER -registration is good for 2 years -cannot move locations if not the principal location... in order to move it would need a new registration for the new location and must pays fees associated with it What are the requirements for a Principal Office? - CORRECT ANSWER -at least one enclosed room in a building of stationary construction -must maintain documents for a minimum of 5 years What are the requirements for an associate advertising with a website? - CORRECT ANSWER -must have brokerage name and his/her last name Advertising - CORRECT ANSWER must have name of brokerage When should one disclose that they are a licensed agent? - CORRECT ANSWER prior to entering serious negotiations Escrow Account pg.75**** - CORRECT ANSWER ESCROW ACCOUNT PG 75**** Earnest Money Deposit - CORRECT ANSWER provide written verification within 10 days of request A buyer drops off an escrow check on Monday. To avoid any trouble with FREC, the broker must deposit the check by close of business on which day? - CORRECT ANSWER Thursday Which of the following 4 uses/has an interpleader? Mediation Escrow Disbursement Order Arbitration Litigation - CORRECT ANSWER Litigation Escrow Disbursement Exemptions - CORRECT ANSWER when a sales contract is subject to a contingency (financing/appraisal/etc) and it's not met When a sales associate has not received his compensation, what can they do? - CORRECT ANSWER sue employing broker only How many days does one have to notify the commission of a change of address or employer - CORRECT ANSWER 60 Real Estate Brokerage Partnership - CORRECT ANSWER -all must register w. DBPR If all the partners in a Real Estate Brokerage Partnership want to be active in real estate sales, what must they do/be? - CORRECT ANSWER all must be a licensed broker Does a corporation for profit between a broker and associate dealing with investments need to be registered? - CORRECT ANSWER No, a for profit corporation dealing w. investments does not need to be registered with any department What are the 7 businesses that may register with the department to perform brokerage services? - CORRECT ANSWER 6 of 7 have the letter P... the only one that doesn't is LLC -sole Proprietorship -corporation for Profit -Not-for-Profit corporation -LLC -general Partnership -limited Partnership -limited liability Partnership what do the following businesses that may not register to broker real estate have in common - CORRECT ANSWER they don't have the letter P in it or LLC culpable negligence - CORRECT ANSWER occurs if a broker operates in a reckless, careless, and excessively negligent manner. negligence for which one can be held legally accountable misrepresentation - CORRECT ANSWER omission or misstatement of facts Appeal a final order - CORRECT ANSWER request review with district court of APPEAL Where does the money come from for the Recovery Fund? - CORRECT ANSWER fees and fines Steering or Channeling - CORRECT ANSWER ___ an individual, directly or indirectly, into or away from a neighborhood or location in a multi-unit building on the bases of race, color, religion, sex, or national origin Redlining - CORRECT ANSWER refusal by a lender to approve a mortgage loan based on a property being located in a certain geographical area, the age of the property, the income level of the residents, or the racial composition of the area Blockbusting - CORRECT ANSWER consists of inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons When a landlord is holding a security deposit, which can't he do? - CORRECT ANSWER cannot hold money in an out of state banking institution Do Not Call List "DNC" - CORRECT ANSWER -cannot call someone before 8am and after 9pm -can call someone from the DNC if you have a buyer interested in purchasing the property -CANNOT Solicit for sale by owner -can face a 40k fine Which term refers to physical land, improvements, & intangible rights? - CORRECT ANSWER Real Property Riparian Rights - CORRECT ANSWER rights of an owner whose property borders a flowing waterway (RIVER) Fee Simple - CORRECT ANSWER the owner has a complete bundle of rights Estate in Severalty - CORRECT ANSWER sole ownership of entire bundle of rights Tenancy in Common - CORRECT ANSWER -2 or more people own it -undivided interest -can be left in a will -may sell his interest without consent Joint Tenancy - CORRECT ANSWER -right of survivorship Tenancy by the entireties - CORRECT ANSWER husband and wife only if a husband and wife get divorced, the property that was once tenancy by the entireties becomes? - CORRECT ANSWER tenancy in common Jef owns a property, Jeff deeds it to Maggy but only for the duration of Maggys' life. When Maggy dies, the estate goes to Ray. What is this called? - CORRECT ANSWER Remainder Estate Tenancy at Will - CORRECT ANSWER -month to month -must give other party 15 days notice Property owned in one spouse's name before the marriage or acquired by gift or inheritance during the marriage is considered? - CORRECT ANSWER Separate Property Tenancy for Years - CORRECT ANSWER -specific time period -has a specific start and end date A spouse who is left out of a will can claim? - CORRECT ANSWER Elective share 30% Constructive Notice - CORRECT ANSWER achieved by recording documents in the public records Voluntary Alienation - CORRECT ANSWER deed and will Involuntary Alienation - CORRECT ANSWER escheat, eminent domain, adverse possession, descent and distribution Habendum Clause - CORRECT ANSWER specifies the legal right being conveyed/received When transferring a title, whose signature is required? - CORRECT ANSWER Grantor All are examples of an eminent domain except? - CORRECT ANSWER mall eminent domain - CORRECT ANSWER -allows local, state or federal gov., railroads, public utilities, and public housing authorities to obtain ownership to private property -the "taking" must only be for public use Net Lease - CORRECT ANSWER fixed rent + portion of operating cost like taxes, insurance, and maintenance Which township is North of Section 1? - CORRECT ANSWER 36 Check - CORRECT ANSWER the intersection of guide meridians and correction lines from a 24-mile-square area Lot and Block - CORRECT ANSWER used to identify small parcels of property Parcel Number - CORRECT ANSWER assigned to a parcel of real property by a county property assessor to identify that property 1 acre is how many square feet? - CORRECT ANSWER 43,560 one section is how many acres - CORRECT ANSWER 640 what is required for a valid contract? - CORRECT ANSWER Offer and Acceptance Consideration - CORRECT ANSWER Promise of future money Statute of Frauds - CORRECT ANSWER in writing to be enforceable If a contract is entirely oral, action must be brought within - CORRECT ANSWER 4 years Inferred - CORRECT ANSWER implied contract All are ways to terminate an offer except? Novation acceptance withdrawal rejection and counter - CORRECT ANSWER Novation Assignment of Contracts - CORRECT ANSWER the sale, transfer, or subrogation of rights in a contract Suit for Specific Performance - CORRECT ANSWER if seller promises to sell and a few weeks later he doesn't want to sell As is Contract - CORRECT ANSWER must DISCLOSE any material defects What type of listing best protects the broker? - CORRECT ANSWER exclusive right of sale Option Contract - CORRECT ANSWER right to buy during a specified period of time When does a mortgager (borrower) become Legal Owner? - CORRECT ANSWER day of closing Promissory Note - CORRECT ANSWER document specifies money owed, payment schedule, and interest When a loan is paid off, a lender provides the mortgagor what? - CORRECT ANSWER satisfaction of mortgage Defeasance Clause - CORRECT ANSWER protection to borrower Equal Credit Opportunity Act - CORRECT ANSWER requires lenders to judge every loan applicant on the basis of the applicant's own credit rating and income Housing Expense Ratio & Total Obligations Ratio - CORRECT ANSWER 31% 43% Equity of Redemption - CORRECT ANSWER right to redeem interest by paying off lender what they are owed in full