GOLD COAST REAL ESTATE EXAM
One type of a residential sales transaction involves the sale of any improved residential property of (________) units or less
Four
The term __________ is registered trademark of the National Association of Realtors and may be used only by members of the organizat...
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GOLD COAST REAL ESTATE EXAM
One type of a residential sales transaction involves the sale of any improved residential property of
(________) units or less
Four
The term __________ is registered trademark of the National Association of Realtors and may be
used only by members of the organization
Realtor
Most real estate licensees are involved in ______________ brokerage
Residential
An estimate of the value of property developed by a real estate licensee for use in listing or selling
property is known as a _______________ ________________ _______________.
Comparative Market Analysis
After completion of construction of a subdivision, the streets, sidewalks, and common areas are
frequently conveyed to the city or county in a process called ___________
Dedication
Appraising is the process of developing an _____________ of value
Opinion
The 3 areas of expertise real estate licensees bring to the transaction relate to
Property Transfer
Valuation
Marketing
A real estate _________ is a business in which real estate related activities are performed under the
authority of a licensed real estate broker. A sales associate works for the ________, providing services
to prospective buyers and sellers on behalf of the ________
Brokerage
Broker
Broker
A real estate appraiser's fee for professional service is based on which of the following?
A percentage of the property's gross income
a percentage of the fair market value of the property
The time and difficulty of the appraisal
A percentage of the property's sales price
The time and difficulty of the appraisal
When a developer completes construction of a new subdivision, all streets, electric, water, and sewer
installation are finished and deeded to the city or county. What is this process called?
Dedication
,What does the term "farming" refer to in Real estate?
Specializing in one geographical area
A developer contracts to build a home according to the buyer's specification. This is an example of?
Custom
The federal, state, and local governments all play a role in which of the regulation of real estate.
Which of the following area would the local government have the most impact?
Property taxes, building moratoriums, and zoning
A sales associate license will be ________ is they do not complete the required post-license education
during the initial license period
Void
The first real estate license law in Florida was enacted in
1923
Florida does not reciprocate with other states, but does have _________ _________ with some states
that have educational requirements that are similar.
Mutual recognition
The continuing education requirement consists of ________ hours
14
The notice of satisfactory completion of a pre-license course is valid for _____
2 years
A tenant in an apartment complex may recieve up to ______ for refferal of a new tenant for the same
complex.
$50
Legal authority to sign a document on behalf of another requires
Power of attorney
What is the purpose of the real estate license law?
To protect the public
Which of the following statements best describes an attorney-in-fact?
An attorney-in-fact is authorized by a power of attorney to act for another
Which individual is exempt from the licensing requirements of Florida Statute 475?
An attorney who performs legal duties in connection with a real estate transaction
,Complete this statement: An actively licensed attorney who is a member in good standing with the
Florida Bar ______________.
is exempt from continuing education requirements to maintain a real estate license
What is a broker associate?
A broker who is employed as a sales associate
The department Business and Professional Regulation has the authority to issue all of the following
EXCEPT:
An injunction
What is the maximum number of years a member may serve on the Florida Real Estate Commission?
No Maximum
The Division of Real Estate is an administrative part of which of the following?
The Department of Business and Professional Regulation
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?
Involuntary Inactive
The Florida Real Estate Commission held a meeting for the purpose of passing a new rule/ This is an
exercise of which Commission power?
Quasi-Legislative
The Department of Business and Professional Regulation is created by which statute?
F.S. 455
If an applicant for a Florida Real Estate license provides false information, they commit which of the
following criminal violations?
Third-degree felony
Educational requirements of applicants for a real estate license are promulgated under what
authority of the Florida Real Estate Commission?
Executive
When does a real estate license expire?
On the date shown on the license
Which of the following best describes certificates that are entered into court as evidence?
Prima Facie Evidence
A sales associate is a(n) _________ of the broker's principle
Subagent
, The consent to Transition to Transaction Broker notice is required to be ___________ or __________
for transition to occur.
Initialed, Signed
If the principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form,
the broker is required to act as a ___________ _________.
Single agent
The only brokerage relationship that includes fiduciary duties is the ______ ______.
Single agency
Brokers in a nonresidential sale are not required to use _____________.
Written disclosures
Agency relationships are legally based on ___________ and ___________.
Trust, Confidence
Who owes fiduciary duties in a single agency relationship?
The broker only
As an agent, a broker is employed by and acts on behalf of whom?
A principal
Broker Joan just received an oral offer to purchase listed property. No earnest money accompanied
the oral offer. Which of the following statements is correct?
Joan must present the offer
Which of the following statements best describes a transaction broker?
A transaction broker may provide limited representation to both parties.
An agent failed to advise a principal regarding the value of the owner's property prior to accepting a
listing. Which fiduciary duty did the agent breach?
Disclosure
What is n agent required to do in an agency relationship?
Attempt to obtain the most favorable price and terms on behalf of the principal
When can an agent disclose confidential or harmful information about a principal?
Never
Each of the following is contained in the definition of a residential transaction, EXCEPT?
Dispositions of business interests involving property of five or more residential units
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