GOLD COAST Real Estate Actual
Exam Questions With Reviewed
100% Correct Detailed Answers
Guaranteed Pass!!
1. Sole Proprietor Broker - ANSWER Can register and operate as a real estate broker if
her or she has a current active and valid brokers license
2. General Partnership - ANSWER "Partnership"
Business formation in which two or more people agree to share the profits or losses of a
business.
Agreement Can be expressed, implied, orally, or in writing
No documents need to be filed with the state to create a partnership
3. Real Estate Brokerage Partnership - ANSWER Must have at least one partner licensed
as an active broker.
Anyone who provides real estate services to the public, directly or indirectly must have
brokers license
Sales or brokers associate CANNOT be in this partnership.
4. Limited Partnership - ANSWER Consists of at least one General Partner- jointly and
severally liable just as a general partner in a general partnership and at least one Limited
Partner- has limited liability.
,5. Real Estate Brokerage Limited Partnership - ANSWER Must have at least one general
partnership
Only brokers
6. Limited Liability Partnership (LLP) - ANSWER Must register with the Secretary of
State
- Words " Limited Liability Partnership, or L.L.P, LLP" must be included in the name of the
partnership
- Required to carry liability insurance in a minimum amount equal to 100,000 for each
partner
7. Limited Liability Brokerage Partnership - ANSWER May register with the department
and operate as a brokerage partnership under the same requirements as a general
partnership
8. Joint Venture - ANSWER A temporary business that involves a single transaction or a
predetermined number of transactions
- No documents must be filed with the Secretary of State and not required to register with
the department since the brokers are already licensed and permitted to perform
services of real estate
9. Corporation For Profit - ANSWER An artificial person created by law.
- Owners of the corp are issued shares of stock in the corp and are known as "STOCK
HOLDERS"
- if created under Florida law, known as Domestic Corporation ( any other state, "foreign
corporation" ,other country "alien corporation")
- Name must include words "Corporation", "company" , "incorporated" or the abbrev.
Corp, Inc, or Co
,- No business is allowed to use the word "Company" in its name, unless it is formed legally
as a corporation or unless the words "not inc" are added
10. Real Estate Brokerage Corporation - ANSWER The corporation and the names of all
officers and directors of the corporation use be registered.
- At least 1 corporate officer must have an active brokers license.
- If that only broker is removed from the position (any reason), the vacancy must be filled
within 14 calendar days.
- During this time period, the corp. may not acquire any new business until a new broker
is appointed, but may conclude existing business.
- Failure to appoint new broker within 14 Day period, will result in cancellation of the
corporation register
- Real estate licenses of corporate officers, directors, and sales associates will
automatically be placed in an involuntarily inactive status.
11. Real Estate Corporation Vs Real Estate Brokerage Corporation - ANSWER Real estate
corp. may buy and sell real estate for its owns purposes, but may not provide real estate
brokerage services
12. Businesses that may perform Brokerage services - ANSWER ONCE REGISTERED WITH
THE DEPARTMENT
Sole Proprietorship
Corporation For Profit
Not For Profit Corporation
Limited Liability Company
General Partnership
Limited Partnership
Limited Liability Partnership
, 13. Real Property - ANSWER Includes the physical land, and improvements (real estate)
together with legal rights to own or use the property
14. Riparian Rights - ANSWER The rights of an owner whose property borders a flowing
waterway such as a river or stream
Littoral Rights - ANSWER The rights of a owners property bordering non flowing water, such
as an ocean, sea or lake.
Theses rights generally give the property owner rights only to the shoreline or high water mark.
In case of ocean or gulf front properties, the ownership extends to the mean high tide mark.
Acretion - ANSWER An increase in land area as solid deposits in other than its original
location. Opposite of erosion
Reliction - ANSWER The exposure of dry land once covered by water when the level in a
lake recedes, or a river or stream changes course
IRMA: Four tests used by courts to distinguish between real and personal property. - ANSWER
INTENT OF THE PARTIES-
by reviewing the listing and sales contract, the courts may be able to decide what was intended.
The words before during and after the sale may be considered in making decision
RELATIONSHIP-
Terms of a lease.
METHOD OF ANNEXATION-
How an article is attached to the property. Typically if tools are used for removal, or damage
may occur, it is classified as part of the real estate
Exam Questions With Reviewed
100% Correct Detailed Answers
Guaranteed Pass!!
1. Sole Proprietor Broker - ANSWER Can register and operate as a real estate broker if
her or she has a current active and valid brokers license
2. General Partnership - ANSWER "Partnership"
Business formation in which two or more people agree to share the profits or losses of a
business.
Agreement Can be expressed, implied, orally, or in writing
No documents need to be filed with the state to create a partnership
3. Real Estate Brokerage Partnership - ANSWER Must have at least one partner licensed
as an active broker.
Anyone who provides real estate services to the public, directly or indirectly must have
brokers license
Sales or brokers associate CANNOT be in this partnership.
4. Limited Partnership - ANSWER Consists of at least one General Partner- jointly and
severally liable just as a general partner in a general partnership and at least one Limited
Partner- has limited liability.
,5. Real Estate Brokerage Limited Partnership - ANSWER Must have at least one general
partnership
Only brokers
6. Limited Liability Partnership (LLP) - ANSWER Must register with the Secretary of
State
- Words " Limited Liability Partnership, or L.L.P, LLP" must be included in the name of the
partnership
- Required to carry liability insurance in a minimum amount equal to 100,000 for each
partner
7. Limited Liability Brokerage Partnership - ANSWER May register with the department
and operate as a brokerage partnership under the same requirements as a general
partnership
8. Joint Venture - ANSWER A temporary business that involves a single transaction or a
predetermined number of transactions
- No documents must be filed with the Secretary of State and not required to register with
the department since the brokers are already licensed and permitted to perform
services of real estate
9. Corporation For Profit - ANSWER An artificial person created by law.
- Owners of the corp are issued shares of stock in the corp and are known as "STOCK
HOLDERS"
- if created under Florida law, known as Domestic Corporation ( any other state, "foreign
corporation" ,other country "alien corporation")
- Name must include words "Corporation", "company" , "incorporated" or the abbrev.
Corp, Inc, or Co
,- No business is allowed to use the word "Company" in its name, unless it is formed legally
as a corporation or unless the words "not inc" are added
10. Real Estate Brokerage Corporation - ANSWER The corporation and the names of all
officers and directors of the corporation use be registered.
- At least 1 corporate officer must have an active brokers license.
- If that only broker is removed from the position (any reason), the vacancy must be filled
within 14 calendar days.
- During this time period, the corp. may not acquire any new business until a new broker
is appointed, but may conclude existing business.
- Failure to appoint new broker within 14 Day period, will result in cancellation of the
corporation register
- Real estate licenses of corporate officers, directors, and sales associates will
automatically be placed in an involuntarily inactive status.
11. Real Estate Corporation Vs Real Estate Brokerage Corporation - ANSWER Real estate
corp. may buy and sell real estate for its owns purposes, but may not provide real estate
brokerage services
12. Businesses that may perform Brokerage services - ANSWER ONCE REGISTERED WITH
THE DEPARTMENT
Sole Proprietorship
Corporation For Profit
Not For Profit Corporation
Limited Liability Company
General Partnership
Limited Partnership
Limited Liability Partnership
, 13. Real Property - ANSWER Includes the physical land, and improvements (real estate)
together with legal rights to own or use the property
14. Riparian Rights - ANSWER The rights of an owner whose property borders a flowing
waterway such as a river or stream
Littoral Rights - ANSWER The rights of a owners property bordering non flowing water, such
as an ocean, sea or lake.
Theses rights generally give the property owner rights only to the shoreline or high water mark.
In case of ocean or gulf front properties, the ownership extends to the mean high tide mark.
Acretion - ANSWER An increase in land area as solid deposits in other than its original
location. Opposite of erosion
Reliction - ANSWER The exposure of dry land once covered by water when the level in a
lake recedes, or a river or stream changes course
IRMA: Four tests used by courts to distinguish between real and personal property. - ANSWER
INTENT OF THE PARTIES-
by reviewing the listing and sales contract, the courts may be able to decide what was intended.
The words before during and after the sale may be considered in making decision
RELATIONSHIP-
Terms of a lease.
METHOD OF ANNEXATION-
How an article is attached to the property. Typically if tools are used for removal, or damage
may occur, it is classified as part of the real estate
