Gold Coast Real Estate Actual Exam
Questions With Reviewed 100%
Correct Detailed Answers
Guaranteed Pass!!
1. What is a blind ad? - ANSWER An illegal advertisement that does not
contain the registered or trade name of the broker. It is misleading to the
public.
2. If a real estate agent is selling his/her own home, do they have to disclose
to the seller that they are a real estate agent. If so, when? - ANSWER
Yes and when there is serious negotiations
3. What are escrow funds? - ANSWER Funds held by a third party on
behalf of two parties in a transaction
4. What two parties can hold escrow funds? - ANSWER Title company or
the broker
5. What are postdated checks considered to be? - ANSWER Promissory
notes and can be accepted as earnest money with the seller's approval
6. When does the broker have to deposit an escrow check? - ANSWER
Immediately (at the end of the 3rd business day)
,7. Where can an escrow account be held in? - ANSWER A commercial
bank, title company, credit union, or savings and loan association located in
the state of Florida
8. What does commingle mean? - ANSWER When a broker/agent mixes
their own personal funds with clients funds
9. What is commingling also known as? - ANSWER Conversion
10.What does a broker have to do when he/she receives conflicting demands
for escrowed funds? - ANSWER Notify FREC in writing within 15 days
11.If a broker is filing a bill of interpleader, what dispute settlement procedure
is he/she using? - ANSWER Litigation
12.What are the four dispute settlement procedures? - ANSWER MEAL:
Mediation, Escrow disbursement order, Arbitration, and Litigation
13.If a seller is presented a full price cash offer and the seller does not accept
and back out, what happens? - ANSWER The broker gets paid anyway
14.What is the only thing an attorney can receive from a real estate agent for a
referral? - ANSWER A thank you note
,15.What happens if a broker refuses to pay an agents commission? - ANSWER
The agent sues that broker
16.As a Florida resident and real estate agent, how long do you have to notify
FREC if you move to another state or country? - ANSWER Within 60
days
17.How long do you have to notify FREC if you switch employers? - ANSWER
Within 10 days
18.What is a joint venture? - ANSWER A temporary business that involves a
single transaction or a predetermined number of transactions
19.What is a corporation for profit? - ANSWER An artificial person created
by law. It's asset protection
20.If a company includes the word "corp," "company," or "inc," then what
business entity does this company have? - ANSWER Corporation
21.Billy and his 6 friends decide to open up their own brokerage. None of them
are brokers, and just are sales associates. Can they open a brokerage? Why
or why not? - ANSWER No because at least one person needs to have
an active broker's license
22.Can a limited partnership register with the DBPR? - ANSWER Yes
, 23.When does concealment occur? - ANSWER When a broker fails to
disclose information to a party
24.What can a sales associate be charged with if he/she forgets to collect an
escrow deposit? - ANSWER Culpable negligence
25.If a question relating to title of property arises, a broker is required by law
to advise what to a prospective purchaser? - ANSWER To advise
obtaining title insurance or to recommended getting an attorney's title
opinion
26.What do sales associates have to do when they are showing a property with
a lien to a prospective buyer? - ANSWER Disclose it
27.What is a lien? - ANSWER Defect on title
28.Licensees who are convicted or found guilty of or having pled nolo
contenders or guilty to a crime in any jurisdiction are required to submit
what? - ANSWER A "Criminal Self-Reporting Document" to the
Department within 30 days
29.What is a "legally sufficient" complaint? - ANSWER A compliant that
alleges a violation of law or rule has occurred and contains sufficient
supporting evidence
Questions With Reviewed 100%
Correct Detailed Answers
Guaranteed Pass!!
1. What is a blind ad? - ANSWER An illegal advertisement that does not
contain the registered or trade name of the broker. It is misleading to the
public.
2. If a real estate agent is selling his/her own home, do they have to disclose
to the seller that they are a real estate agent. If so, when? - ANSWER
Yes and when there is serious negotiations
3. What are escrow funds? - ANSWER Funds held by a third party on
behalf of two parties in a transaction
4. What two parties can hold escrow funds? - ANSWER Title company or
the broker
5. What are postdated checks considered to be? - ANSWER Promissory
notes and can be accepted as earnest money with the seller's approval
6. When does the broker have to deposit an escrow check? - ANSWER
Immediately (at the end of the 3rd business day)
,7. Where can an escrow account be held in? - ANSWER A commercial
bank, title company, credit union, or savings and loan association located in
the state of Florida
8. What does commingle mean? - ANSWER When a broker/agent mixes
their own personal funds with clients funds
9. What is commingling also known as? - ANSWER Conversion
10.What does a broker have to do when he/she receives conflicting demands
for escrowed funds? - ANSWER Notify FREC in writing within 15 days
11.If a broker is filing a bill of interpleader, what dispute settlement procedure
is he/she using? - ANSWER Litigation
12.What are the four dispute settlement procedures? - ANSWER MEAL:
Mediation, Escrow disbursement order, Arbitration, and Litigation
13.If a seller is presented a full price cash offer and the seller does not accept
and back out, what happens? - ANSWER The broker gets paid anyway
14.What is the only thing an attorney can receive from a real estate agent for a
referral? - ANSWER A thank you note
,15.What happens if a broker refuses to pay an agents commission? - ANSWER
The agent sues that broker
16.As a Florida resident and real estate agent, how long do you have to notify
FREC if you move to another state or country? - ANSWER Within 60
days
17.How long do you have to notify FREC if you switch employers? - ANSWER
Within 10 days
18.What is a joint venture? - ANSWER A temporary business that involves a
single transaction or a predetermined number of transactions
19.What is a corporation for profit? - ANSWER An artificial person created
by law. It's asset protection
20.If a company includes the word "corp," "company," or "inc," then what
business entity does this company have? - ANSWER Corporation
21.Billy and his 6 friends decide to open up their own brokerage. None of them
are brokers, and just are sales associates. Can they open a brokerage? Why
or why not? - ANSWER No because at least one person needs to have
an active broker's license
22.Can a limited partnership register with the DBPR? - ANSWER Yes
, 23.When does concealment occur? - ANSWER When a broker fails to
disclose information to a party
24.What can a sales associate be charged with if he/she forgets to collect an
escrow deposit? - ANSWER Culpable negligence
25.If a question relating to title of property arises, a broker is required by law
to advise what to a prospective purchaser? - ANSWER To advise
obtaining title insurance or to recommended getting an attorney's title
opinion
26.What do sales associates have to do when they are showing a property with
a lien to a prospective buyer? - ANSWER Disclose it
27.What is a lien? - ANSWER Defect on title
28.Licensees who are convicted or found guilty of or having pled nolo
contenders or guilty to a crime in any jurisdiction are required to submit
what? - ANSWER A "Criminal Self-Reporting Document" to the
Department within 30 days
29.What is a "legally sufficient" complaint? - ANSWER A compliant that
alleges a violation of law or rule has occurred and contains sufficient
supporting evidence
