Gold Coast 45 Hour Post Licensing Exam Questions and Answers 100%
Correct
Question 1
A new sales associate wants to generate business by calling homeowners in a specific
neighborhood to ask if they are interested in selling. To comply with federal and state
telemarketing laws, what must the associate do first?
A) Obtain a special telemarketing license from the DBPR.
B) Check the phone numbers against the National Do Not Call Registry.
C) Call only between the hours of 9:00 AM and 5:00 PM.
D) Confirm that the homeowners are not currently working with another agent.
Correct Answer: B) Check the phone numbers against the National Do Not Call Registry.
Rationale: The Telephone Consumer Protection Act (TCPA) and Florida law require any
professional making unsolicited business calls to first scrub their list against the National
Do Not Call Registry. Violations can result in significant fines.
Question 2
Under an Exclusive Right of Sale listing agreement, when is a broker most likely to be owed a
commission?
A) Only when the listing broker personally finds the buyer.
B) Whenever a ready, willing, and able buyer is procured during the listing term, regardless of
who finds them.
C) Only if the property sells for the full asking price.
D) Only if the seller agrees to the closing costs proposed by the buyer.
Correct Answer: B) Whenever a ready, willing, and able buyer is procured during the listing
term, regardless of who finds them.
Rationale: The Exclusive Right of Sale is the most protective type of listing for a broker. It
entitles the broker to a commission if the property is sold by anyone—the listing broker, a
cooperating broker, or even the seller themselves—during the term of the agreement.
Question 3
According to the FR/Bar "AS IS" Residential Contract, if the number of days for the inspection
period is left blank, what is the default time frame?
A) 10 days
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B) 15 days
C) 20 days
D) 30 days
Correct Answer: B) 15 days
Rationale: The FR/Bar "AS IS" contract specifies default timeframes for critical dates if
they are not filled in. The default for the Property Inspection and Right to Cancel period is
15 days after the Effective Date.
Question 4
A sales associate creates a Comparative Market Analysis (CMA) for a seller. To be compliant,
the CMA must include a statement that it is:
A) "A certified appraisal and can be used for financing."
B) "Not an appraisal and should not be used for financing purposes."
C) "A Broker Price Opinion (BPO) valid for 90 days."
D) "An estimate of value guaranteed by the brokerage."
Correct Answer: B) "Not an appraisal and should not be used for financing purposes."
Rationale: Florida law requires that a CMA, BPO, or any other estimate of value prepared
by a real estate licensee must clearly state that it is not an appraisal and cannot be used for
the purpose of obtaining a loan. This is to avoid the unauthorized practice of appraising.
Question 5
A property in a standard Florida county (not Miami-Dade) sells for $325,120. What is the
amount of the documentary stamp tax on the deed?
A) $2,275.00
B) $2,275.84
C) $2,276.40
D) $3,251.20
Correct Answer: C) $2,276.40
Rationale: The doc stamp tax on the deed is $0.70 per $100 or fraction thereof. First, divide
the price by 100: $325, = 3,251.20. Since there is a fraction (0.20), you must round
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up to the next whole number, which is 3,252. Then, multiply by the tax rate: 3,252 x $0.70 =
$2,276.40.
Question 6
A buyer asks their sales associate for legal advice on the ramifications of waiving the financing
contingency in their contract. If the associate provides this advice, they would be guilty of:
A) Misrepresentation
B) Culpable negligence
C) The unauthorized practice of law
D) A second-degree misdemeanor
Correct Answer: C) The unauthorized practice of law
Rationale: Real estate licensees are strictly prohibited from providing legal advice or
interpreting the legal consequences of contract clauses. Doing so constitutes the
unauthorized practice of law, which is a third-degree felony in Florida.
Question 7
What is the primary purpose of a property manager's fidelity bond?
A) To protect the property owner against theft or mishandling of funds by the property manager.
B) To insure the property against damage from tenants.
C) To cover the property manager's liability for personal injury on the property.
D) To guarantee that the property will be profitable.
Correct Answer: A) To protect the property owner against theft or mishandling of funds by
the property manager.
Rationale: A fidelity bond is a form of insurance that protects a business or individual from
financial losses resulting from fraudulent or dishonest acts committed by an employee or
other specified individual. For property managers, it protects the owner's funds (rents,
security deposits) from embezzlement.
Question 8
Under a conventional loan, the lender requires the borrower to pay for Private Mortgage
Insurance (PMI) if the loan-to-value (LTV) ratio is above what percentage?
A) 60%
Correct
Question 1
A new sales associate wants to generate business by calling homeowners in a specific
neighborhood to ask if they are interested in selling. To comply with federal and state
telemarketing laws, what must the associate do first?
A) Obtain a special telemarketing license from the DBPR.
B) Check the phone numbers against the National Do Not Call Registry.
C) Call only between the hours of 9:00 AM and 5:00 PM.
D) Confirm that the homeowners are not currently working with another agent.
Correct Answer: B) Check the phone numbers against the National Do Not Call Registry.
Rationale: The Telephone Consumer Protection Act (TCPA) and Florida law require any
professional making unsolicited business calls to first scrub their list against the National
Do Not Call Registry. Violations can result in significant fines.
Question 2
Under an Exclusive Right of Sale listing agreement, when is a broker most likely to be owed a
commission?
A) Only when the listing broker personally finds the buyer.
B) Whenever a ready, willing, and able buyer is procured during the listing term, regardless of
who finds them.
C) Only if the property sells for the full asking price.
D) Only if the seller agrees to the closing costs proposed by the buyer.
Correct Answer: B) Whenever a ready, willing, and able buyer is procured during the listing
term, regardless of who finds them.
Rationale: The Exclusive Right of Sale is the most protective type of listing for a broker. It
entitles the broker to a commission if the property is sold by anyone—the listing broker, a
cooperating broker, or even the seller themselves—during the term of the agreement.
Question 3
According to the FR/Bar "AS IS" Residential Contract, if the number of days for the inspection
period is left blank, what is the default time frame?
A) 10 days
,[Type here]
B) 15 days
C) 20 days
D) 30 days
Correct Answer: B) 15 days
Rationale: The FR/Bar "AS IS" contract specifies default timeframes for critical dates if
they are not filled in. The default for the Property Inspection and Right to Cancel period is
15 days after the Effective Date.
Question 4
A sales associate creates a Comparative Market Analysis (CMA) for a seller. To be compliant,
the CMA must include a statement that it is:
A) "A certified appraisal and can be used for financing."
B) "Not an appraisal and should not be used for financing purposes."
C) "A Broker Price Opinion (BPO) valid for 90 days."
D) "An estimate of value guaranteed by the brokerage."
Correct Answer: B) "Not an appraisal and should not be used for financing purposes."
Rationale: Florida law requires that a CMA, BPO, or any other estimate of value prepared
by a real estate licensee must clearly state that it is not an appraisal and cannot be used for
the purpose of obtaining a loan. This is to avoid the unauthorized practice of appraising.
Question 5
A property in a standard Florida county (not Miami-Dade) sells for $325,120. What is the
amount of the documentary stamp tax on the deed?
A) $2,275.00
B) $2,275.84
C) $2,276.40
D) $3,251.20
Correct Answer: C) $2,276.40
Rationale: The doc stamp tax on the deed is $0.70 per $100 or fraction thereof. First, divide
the price by 100: $325, = 3,251.20. Since there is a fraction (0.20), you must round
, [Type here]
up to the next whole number, which is 3,252. Then, multiply by the tax rate: 3,252 x $0.70 =
$2,276.40.
Question 6
A buyer asks their sales associate for legal advice on the ramifications of waiving the financing
contingency in their contract. If the associate provides this advice, they would be guilty of:
A) Misrepresentation
B) Culpable negligence
C) The unauthorized practice of law
D) A second-degree misdemeanor
Correct Answer: C) The unauthorized practice of law
Rationale: Real estate licensees are strictly prohibited from providing legal advice or
interpreting the legal consequences of contract clauses. Doing so constitutes the
unauthorized practice of law, which is a third-degree felony in Florida.
Question 7
What is the primary purpose of a property manager's fidelity bond?
A) To protect the property owner against theft or mishandling of funds by the property manager.
B) To insure the property against damage from tenants.
C) To cover the property manager's liability for personal injury on the property.
D) To guarantee that the property will be profitable.
Correct Answer: A) To protect the property owner against theft or mishandling of funds by
the property manager.
Rationale: A fidelity bond is a form of insurance that protects a business or individual from
financial losses resulting from fraudulent or dishonest acts committed by an employee or
other specified individual. For property managers, it protects the owner's funds (rents,
security deposits) from embezzlement.
Question 8
Under a conventional loan, the lender requires the borrower to pay for Private Mortgage
Insurance (PMI) if the loan-to-value (LTV) ratio is above what percentage?
A) 60%
