Gold Coast Exam Questions And 100% Correct Answers 2024-2025, Exams of Real Estate Management

Download Gold Coast Exam Questions And 100% Correct Answers 2024-2025 and more Exams Real Estate Management in PDF only on Docsity!

Gold Coast Exam Questions And 100% Correct

Answers 2024-

What Do you call when different companies come together for a specific purpose? -ANSWER Joint Venture

What is called when the government can take your property to build a school? -ANSWER Eminent Domain

What is the best deed for the seller? - ANSWER Quick Claim Deed Is the real estate recovery fund one of the solutions/remedy for the breach? - ANSWERNo

If you apply for a realestate license and they deny you, do they have to tell you why? -ANSWER Yes

What is the term used for a profitable on-going business? - ANSWER Going ConcernValue

What is the name of the listing agreement where it doesnt matter who brings the buyerbut the listing broker gets paid? - ANSWER Exclusive Right Of Sale

Can the government take your property to build a movie theater? - ANSWER No if your broker doesn'y pay you wou can you sue? - ANSWER The broker How do you calculate the Doc stamps on the Deed? (math) - ANSWER 31 and 43

How do you calculate the Doc stamps on the Deed? (math) - ANSWER Divide by 100 andmultiply by.

If you have two brothers who buy a property together, if one brother die, how does theproperty go to the other? - ANSWER Joint Tenancy

What transfer tax does not apply to an assumable mortgage? - ANSWER Intangible Tax What evaluation will more than likely be used in a government building? - ANSWERCost-depreciation Approach

Is the government national mortgage association a primary lender? - ANSWER No,Secondary market

What is the name of the legal document that represents the details of the loan - ANSWERPromissory Notes

If two friends buy a piece of property together, how will they leave their portion to familywhen they pass? - ANSWER Tenancy In Common

What would be classified as an over-improvement with regard to depreciation? -ANSWER Functional Obsolesence

What is one major disadvantage in investing in real estate? - ANSWER Iliquidity What do you call a person who has a broker license but works under a broker? -ANSWER Broker Associate

What is it called when you can transfer your rights to another party on a contract? -ANSWER Assignment

If you found a problem with the title, what do you have to do? - ANSWER Notify theowner so they may cure

When you pay off your loan, what will the bank give you? - ANSWER A letter ofsatisfication

Could I have a real estate brokerage in my motorhome? - ANSWER No, it must be anenclosed room in a stationary building

What is a value you assign to a failing business? - ANSWER Liquidation Value What is it called to try to scare people to sell a house with a minority moving in? -ANSWER Block Busting

What is the opposite of erosion? - ANSWER Accretion What is a special assessment? - ANSWER A tax for improvement that will be in front ofyour house

A broker that is employed to find a purchaser, does there have to be a closing to bepaid? - ANSWER No

What is the legal name for the term that you can still sue? - ANSWER Statute ofLimitations

What is the name of the Federal Law that says the consumer must be informed of allcosts at closing? - ANSWER RESPA Real Estate Settlement Procedure Act

In a lien theory states who gets the deed? - ANSWER They Buyer (the Mortgagor) Appraisal concept that says people tend to buy the cheapest property? - ANSWERPrincipal of Substitution

An entity called ABC company what is that? - ANSWER Corporation For Profit If you are in section 8 and go west 2 sections what section are you in? - ANSWER Eight The name of a clause in the loan that the bank can't come after you personally? -ANSWER The Exculpatory Clause

If I am selling you my house as is, am I obligated to disclose any issues with theproperty? - ANSWER Yes

If a sales associate receives a post dated check what should they do with it? - ANSWERGive it to the broker

Married couple divorces, what happens to the property? - ANSWER Converts to atenancy in common

Three friends want to open up a real estate brokerage partnership. What must all threebe? - ANSWER Brokers if they want to be Partners

When you buy property from someone who lived there for many years, what happens toproperty taxes? - ANSWER They go UP

Name of the rights you have when you live by a river? - ANSWER Riparian Rights What is the name of the federal law that says you can't be discriminated against

someone applying for a loan based on your age? - ANSWER Equal Credit OpportunityAct

Are VA loans insured or guaranteed? - ANSWER guaranteed When can the landlord deposit security funds into their personal account? - ANSWERWhen they post a surety Bond

Can a limited partnership be a brokerage? - ANSWER Yes, they are just an entity withlimited partners who are investors.

Can a Branch office close and reopen? - ANSWER Yes, within the same licensing periodat the same address

What is the Right to buy a property for a fixed time? - ANSWER Option Option What type of tenancy is formed with a written contract with a specific beginning andending date? - ANSWER Tenancy for Years

What type of lease where you pay the tenant the monthly payment and the Landlordpays for all the other amenity payments? - ANSWER Gross Lease

What do you call a contract that cannot be enforced? - ANSWER Void Contract What is an alternate name for Power of Attorney? - ANSWER Attorney-in-fact In Planned Unit Development (PUD) can you have zero lot lines? - ANSWER Yes Of the powers of the Florida real estate commission which may be exercised by thechairperson singularly? - ANSWER The Executive Powers

Brokers holding escrow and there is a dispute. What is the Broker to do? - ANSWERThey are to notify FREC

What does an agent refer to as the studying of a particular area? ANSWER Farming What do you call the survey system used primarily for residential properties? ANSWERLot and Block

Can a broker from another state be legally paid for sending you a buyer? ANSWER Yes If I buy a house for 100,000 and I build an 80,0000 pool on it what is this an example of? -ANSWER Over improvement

What do you call it when only one person is on the deed? - ANSWER Estate in Severalty In the metes and bounds legal descriptions where does it start and end? - ANSWERPoint of Begining

When does your property taxes become delinquent? - ANSWER April 1st of the followingyear

Does Owner developer have to be licensed? - ANSWER No, but they must be registeredwith the department.

If a sales associate forgets to pick up an escrow check what can they be charged with? -ANSWER Culpable Negligence

How does a binder deposit show up on the closing disclosure? - ANSWER Credit to thebuyer

Cost Appreciation Approach In what age do you use to calculate appreciation?ANSWER Affective Age

What is the minimum that they had in a brokerage corporation? ANSWER One Broker What happens to your license if you forget to do your 45hour post? ANSWER It isRevoked

What do you call it if you fall behind on your mortgage payments but then get caught upbefore your foreclosure and the bank has to leave you alone? - ANSWER Equity of Redemption I tell you my buyer is my principal. What type of broker relationship do I have? - ANSWERSingle Agent

Must you present all offers? - ANSWER YES ALL OFFERS Escrow accounts must be placed where? - ANSWER A Florida Based Bank Insitution What is the term used to describe the land, the structure, and the legal bundle of rights?- ANSWER Real Property

Who does not have to sign the deed? - ANSWER The Grantee What is a special agent? - ANSWER An agent who performs one single transaction Can the department grant an injunction against a person not holding a license to deal inreal estate? - ANSWER No

What is the name of the legal principle you would like to enforce a contract in a court oflaw? - ANSWER Statute of Fraud

What type of deed can you utilize to cure a defect in a title? - ANSWER Quick Claim Deed With Americans with disabilities act are owners required to make all repairs regardlessof cost? - ANSWER No, only if its readily achievable and economically feasible

Contract based on the way you moved your shoulders - ANSWER Implied Contract Is an assumable mortgage a triggering term? - ANSWER No, a triggering mortgage willinclude numbers

Brokers tell a buyer they can represent the buyer and seller as a single agent. What isbreaking? - ANSWER F.S. 475

What are the requirements to become a broker? - ANSWER 24th months (2 years) activeworking under a broker and 72 hour course and pass the course

To have a valid contract do you have to have an offer and acceptance? - ANSWER Yes If a deal falls apart and the seller is after the escrow deposit what does this situationcall? - ANSWER Liquidating Damages

How will Purchase money mortgage (seller finance) appear on a closing statement(disclosure)? - ANSWER Credit to buyer, Debit to Seller

When a property sells at foreclosure and there is left over money. Who receives themoney? - ANSWER The Mortagor

Examples of Specific Lien? - ANSWER Ex. Mortgage Lien and a Construction Lien If a broker has fiduciary duties with a seller do the agents do too? - ANSWER Yes What is the name of a unique identifier for your property? - ANSWER Assessors ParcelNumber