Gold Coast End of chapter Questions
1-19
A borrower is consistently late on their mortgage payment so the bank exercises it's right to
raise the interest rate. Which clause in the mortgage document allows the lender to do this?
- ANS-Escalation clause
\A broker has appointed two sales associates to act as agents in a nonresidential
transaction, one for the seller and one for the buyer. Which statement is correct? - ANS-The
sales associated are referred to as designated sales associates
\A buyer drops off an escrow check on Tuesday. To avoid any trouble with FREC, on which
day must the broker deposit the check by close of business? - ANS-Friday
\A five-year lease of a 10,000-square-foot warehouse prohibits assignment. After two years
the tenant is unable to continue with the full rent payments and arranges with another tenant
to take over one half of the space and pay one half of the rent for the remaining term. This
arrangement is: - ANS-A sublease
\A georgia broker with extensive experience in conducting auctions was asked by a local real
estate broker to auction did not result in a sale. The florida broker paid the georgia broker for
out if pocket expenses, but did not pay a commission. Which of the following statements is
correct? - ANS-The georgia broker violated license law.
\A new airport built in proximity to a residential neighborhood may cause properties to lose
value due to which of the following - ANS-External obsolescence
\A potential purchaser of a new time sure can cancel the contract without penalty within how
many days? - ANS-10
\A property description which reads in part run North 73 a distance of 26.8: sense run E a
distance of 100.43: is being described using which method of legal description - ANS-metes
and bounds
\A property owner is registered on both the state and federal "do not call" lists. Which of the
statement correctly applied to soliciation calls to this owner by a licensee? - ANS-Calls are
not permitted when attempting to obtain a listing
\A prospective tenant pays a licensee for a rental information list. What percentage of the fee
paid may the prospective tenant recieve if the licensee provides inaccurate information? -
ANS-100%
\A real estate appraiser's fee for professional service is based on which of the following? -
ANS-The time and difficulty of the appraisal
\A real estate brokerage firm advertises a listed property. Which of the following is correct? -
ANS-The name of the brokerage must be included in the ad
\A real estate licensee attempts to induce sellers to list and sell their properties by starting
rumors that minorities are taking over a neighborhood. What could the licensee be charged
with? - ANS-Blockbusting
\A real estate licensee is legally allowed to prepare all of the following types of documents,
except: - ANS-leases
\A real estate licensee refuses to show properties in high-end neighborhoods to minority
buyers. The licensee is engaged in which illegal practice? - ANS-Steering
, \A sales associate failed to complete the required post-license education prior to renewal.
What is the status of the license? - ANS-Placing and keeping on record the sales associates
name, home address and business address of his or her employing broker
\A sales associate is employed by a broke Monday through Friday and for a builder on the
weekends. The sales associate feels the added experience is beneficial especially since
both employers pay an attractive commission split. Which statement is correct? - ANS-This
arrangement violated the license law
\A sales associate licensed with a real estate brokerage corporation can be which of the
following? - ANS-A stockholder
\A sales contract specifies that the buyer will pay a secondary deposit by March 15th. The
sales associate neglected to collect the deposit on time. Which of the following statements is
correct? - ANS-By forgetting to collect the deposit, the sales associate may cause harm to
the seller, and could be charged with culpable negligence
\Able, who holds title and fees sample, did land to Baker to enjoy until his death. At that time,
Charlie is to receive title to the land. Bakers interest in the land is known as which of the
following? - ANS-Life estate
\according to Floridas save our homes act, the assessed value of homestead property
cannot be increased in any one year by more than which of the following? - ANS-the lesser
of 3% or the CPI
\According to the Brokerage Relationship Disclosure Act, which is the only brokerage
relationship form that must be signed or initialed? - ANS-Consent to transition to transaction
broker
\adequate infrastructure available to support growth and development was mandated by
Florida's growth management act is specified in which of the following? - ANS-concurrency
rules
\After all liens have been paid following a foreclosure sale, to whom to any remaining funds
belong to? - ANS-The mortgagor
\After being active in the real estate business for over five years, a licensee's license expired
on September 30th. What is the status of the license on October 1st? - ANS-Involuntary
inactive
\All of the following actions are authorized alternatives for a broker to use in order to resolve
an escrow dispute, EXCEPT: - ANS-Obtain an attorneys opinion
\All of the following activities are exempt from the requirement to provide disclosures under
the Brokerage Relationship Disclosure Act, EXCEPT: - ANS-Showing properties to a party
that is not being represented
\all of the following are considered business assets, except: - ANS-notes payable
\All of the following are correct regarding the americans with disabilities act, except: -
ANS-Owners must make all accessibility modifications who no regard to the cost of
improvement
\All of the following are protected classes under the 1988 Amendment to the 1968 Fair
Housing Act EXCEPT: - ANS-People with physical or mental impairments that do not limit
major life activities
\All of the following are responsibilities of a property manager, EXCEPT: - ANS-Preparing
Leases
\All of the following business formations can register to conduct real estate transactions,
EXCEPT: - ANS-Corporation Sole
\All of the following businesses are required to file documents with the state, EXCEPT: -
ANS-Corporation Sole
1-19
A borrower is consistently late on their mortgage payment so the bank exercises it's right to
raise the interest rate. Which clause in the mortgage document allows the lender to do this?
- ANS-Escalation clause
\A broker has appointed two sales associates to act as agents in a nonresidential
transaction, one for the seller and one for the buyer. Which statement is correct? - ANS-The
sales associated are referred to as designated sales associates
\A buyer drops off an escrow check on Tuesday. To avoid any trouble with FREC, on which
day must the broker deposit the check by close of business? - ANS-Friday
\A five-year lease of a 10,000-square-foot warehouse prohibits assignment. After two years
the tenant is unable to continue with the full rent payments and arranges with another tenant
to take over one half of the space and pay one half of the rent for the remaining term. This
arrangement is: - ANS-A sublease
\A georgia broker with extensive experience in conducting auctions was asked by a local real
estate broker to auction did not result in a sale. The florida broker paid the georgia broker for
out if pocket expenses, but did not pay a commission. Which of the following statements is
correct? - ANS-The georgia broker violated license law.
\A new airport built in proximity to a residential neighborhood may cause properties to lose
value due to which of the following - ANS-External obsolescence
\A potential purchaser of a new time sure can cancel the contract without penalty within how
many days? - ANS-10
\A property description which reads in part run North 73 a distance of 26.8: sense run E a
distance of 100.43: is being described using which method of legal description - ANS-metes
and bounds
\A property owner is registered on both the state and federal "do not call" lists. Which of the
statement correctly applied to soliciation calls to this owner by a licensee? - ANS-Calls are
not permitted when attempting to obtain a listing
\A prospective tenant pays a licensee for a rental information list. What percentage of the fee
paid may the prospective tenant recieve if the licensee provides inaccurate information? -
ANS-100%
\A real estate appraiser's fee for professional service is based on which of the following? -
ANS-The time and difficulty of the appraisal
\A real estate brokerage firm advertises a listed property. Which of the following is correct? -
ANS-The name of the brokerage must be included in the ad
\A real estate licensee attempts to induce sellers to list and sell their properties by starting
rumors that minorities are taking over a neighborhood. What could the licensee be charged
with? - ANS-Blockbusting
\A real estate licensee is legally allowed to prepare all of the following types of documents,
except: - ANS-leases
\A real estate licensee refuses to show properties in high-end neighborhoods to minority
buyers. The licensee is engaged in which illegal practice? - ANS-Steering
, \A sales associate failed to complete the required post-license education prior to renewal.
What is the status of the license? - ANS-Placing and keeping on record the sales associates
name, home address and business address of his or her employing broker
\A sales associate is employed by a broke Monday through Friday and for a builder on the
weekends. The sales associate feels the added experience is beneficial especially since
both employers pay an attractive commission split. Which statement is correct? - ANS-This
arrangement violated the license law
\A sales associate licensed with a real estate brokerage corporation can be which of the
following? - ANS-A stockholder
\A sales contract specifies that the buyer will pay a secondary deposit by March 15th. The
sales associate neglected to collect the deposit on time. Which of the following statements is
correct? - ANS-By forgetting to collect the deposit, the sales associate may cause harm to
the seller, and could be charged with culpable negligence
\Able, who holds title and fees sample, did land to Baker to enjoy until his death. At that time,
Charlie is to receive title to the land. Bakers interest in the land is known as which of the
following? - ANS-Life estate
\according to Floridas save our homes act, the assessed value of homestead property
cannot be increased in any one year by more than which of the following? - ANS-the lesser
of 3% or the CPI
\According to the Brokerage Relationship Disclosure Act, which is the only brokerage
relationship form that must be signed or initialed? - ANS-Consent to transition to transaction
broker
\adequate infrastructure available to support growth and development was mandated by
Florida's growth management act is specified in which of the following? - ANS-concurrency
rules
\After all liens have been paid following a foreclosure sale, to whom to any remaining funds
belong to? - ANS-The mortgagor
\After being active in the real estate business for over five years, a licensee's license expired
on September 30th. What is the status of the license on October 1st? - ANS-Involuntary
inactive
\All of the following actions are authorized alternatives for a broker to use in order to resolve
an escrow dispute, EXCEPT: - ANS-Obtain an attorneys opinion
\All of the following activities are exempt from the requirement to provide disclosures under
the Brokerage Relationship Disclosure Act, EXCEPT: - ANS-Showing properties to a party
that is not being represented
\all of the following are considered business assets, except: - ANS-notes payable
\All of the following are correct regarding the americans with disabilities act, except: -
ANS-Owners must make all accessibility modifications who no regard to the cost of
improvement
\All of the following are protected classes under the 1988 Amendment to the 1968 Fair
Housing Act EXCEPT: - ANS-People with physical or mental impairments that do not limit
major life activities
\All of the following are responsibilities of a property manager, EXCEPT: - ANS-Preparing
Leases
\All of the following business formations can register to conduct real estate transactions,
EXCEPT: - ANS-Corporation Sole
\All of the following businesses are required to file documents with the state, EXCEPT: -
ANS-Corporation Sole
