Gold Coast School Real Estate Questions Chapter 1 - 19 questions verified, Exams of Real Estate Management

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Gold Coast School Real Estate Questions

Chapter 1 - 19

1. 1. The real estate market is local in nature what does that mean?: Informa- tion about real estate can best be found through local sources, which makes the real estate market local in nature 2. 2. You would expect a real estate licensee to perform all of the following activities, EXCEPT: A. Providing expert knowledge about construction methods and materials B. Providing expert knowledge to members of the public in the performance of specified services of real estate C. Following up with customers and clients after a transaction has been completed D. Acting as an intermediary, or agent, between two or more people in the negotiation of the sale, purchase, or lease of real estate: A. Providing expert knowledge about construction methods and materials

3. 3. A real estate licensee is expected to have expert knowledge in what three areas? A. Valuation, marketing, and property transfer B. Mortgages, property taxes, and homeowners' insurance policies C. Residential real estate, commercial real estate, and surveys D. Area schools, local crime rates, and proximity to potential employers: A. Valuation, marketing, and property transfer 4. 4. What is a comparative market analysis? A. A comparison of assessed values in the same neighborhood B. A value estimate based on recent sales of identical properties in the same neighborhood C. A value estimate based in recent sales of similar properties in the same neighborhood D. An appraisal of the value of a property: C. A value estimate based in recent sales of similar properties in the same neighborhood 5. 5. Which type of valuation must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) A. Appraisal in a federally-related transaction B. Broker price opinion (BPO) C. Comparative market analysis (CMA) D. None of the above: A. Appraisal in a federally-related transaction

6. 6. Many real estate licensees engage in "farming". Which of the following best describes what that means? A. They conduct open houses on weekends

B. They use marketing vehicles such as direct mailing and advertisements in real estate magazines C. They concentrate on the sale of agricultural properties D. They concentrate on one type of property or in a particular neighborhood- : D. They concentrate on one type of property or in a particular neighborhood

7. All of the following would be considered commercial property, EXCEPT A. an office building that accommodates three tenants B. A high-rise apartment building in the downtown area of the city C. A shopping center that adjoins a residential neighborhood D. A large house that has been subdivided into four apartments: D. A large house that has been subdivided into four apartments 8. If the sale of a business involves the transfer of ownership of shares of stock, what additional requirement is imposed? A. The real estate licensee must be associated with a brokerage firm B. A brokerage firm must be brought in to handle the transaction C. The real estate licensee must have a securities license D. The real estate licensee must have experience as a stockbroker: C. The real estate licensee must have a securities license 9. Which real estate professional is expected to have the greatest level of knowledge and experience?: a real estate counselor

10. all of the following are responsibilities of a property manager, EXCEPT A. Handling the payment of taxes, insurance, and operating expenses for the property B. Evaluating the investment value of the property C. Locating tenants, collecting rents, maintaining records, and scheduling maintenance D. Protecting the owner's investment and maximizing the profitability of the investment: B. Evaluating the investment value of the property 11. According to F.S. 475, all of the following transactions are considered residential transactions, EXCEPT: A. A lease on a unit in a duplex, with an option to purchase the unit B. The sale of a 10-unit apartment building C. The sale of an eight-acre strawberry farm D. The sale of a lot that is zoned for a single-family home: B. The sale of a 10- unit apartment building 12. Which of the following best defines appraising? A. The process of determining the amount of equity in real property

B. The process of establishing the asking price of real property C. The process of establishing the firm value of real property D. The process of developing an opinion of the value of real property: D. The process of developing an opinion of the value of real property

13. On what is an appraisal fee based? A. An average of the fees charged for appraisals of similar properties B. The time, effort, and expense involved in conducting the appraisal C. The value of the property D. The amount of time the appraiser spends, according to the prevailing hourly rate in the area: B. The time, effort, and expense involved in conducting the appraisal

15. Ch.2: 16. In what year did Florida enact its first real estate license law? A. 1923 B. 1919 C. 1925 D. 1941: A. 1923 17. What government entity was created for the purpose of administering and enforcing real estate license law? A. The division of real estate licensing B. the Florida real estate licensing board

C. The Florida real estate commission D. The division of regulation: C. the Florida real estate commission

18. Which of the following best describes the overall purpose of F.S. 475? A. to protect consumers B. to create the entities that regulate the real estate market C. to establish regulations and penalties for violations D. to define the qualifications for real estate licensees and appraisers: A. to protect consumers 19. "The department" refers to which government entity?: The department of business and professional regulation (DBPR)

20. What is "the division"?: The Division of real estate (DRE) 21. All of the following persons require a Florida real estate license, EXCEPT: A. A person who negotiates the sale of a house in Delray Beach, Florida on behalf of a friend who inherited the house from his deceased mother, without receiving any compensation B. A person who lives and. Works in Atlanta, Georgia, who negotiates the sale of a relatives auto dealing business in Palm Beach County, and receives a flat fee for the service C. A person who is paid to advise a real estate investor about the relative merits of two Parcels of land in Orlando, FL, for future development D. A person who is paid a salary and is employed by a developer to sell timeshare units in a new condominium development in Naples, Florida: A. A person who negotiates the sale of a house in Delray Beach, Florida on behalf of a friend who inherited the house from his deceased mother, without receiving any compensation 22. Which person requires a Florida real estate license? A. A person who helps a client locate and purchase a facility in Jacksonville, Florida, for the client's veterinary practice, and receives 3% of the purchase price for their services B. A person who lists for sale a lakefront home on Lake Tuscaloosa, in Alabama, for a longtime client and receives 5% of the selling price for their services C. A person who negotiates the sale of a 20-acre parcel of land that they own in Ocala, Florida

D. A person who lives in Tallahassee who helps a friend purchase a duplex in Pensacola, Florida as an investment property but does not receive any compensation for their help: A. A person who helps a client locate and purchase a facility in Jacksonville, Florida, for the client's veterinary practice, and receives 3% of the purchase price for their services

23. Which of the following most accurately defines "compensation" with respect to real estate licensees? A. Anything or any service of value that is paid, received, or expected to be paid or received in exchange for a performed service B. A flat fee or percentage commission that is paid in exchange for a per- formed service C. Money that is paid, received, or expected to be paid or received in ex- change for a performed service D. Money that is paid in exchange for a performed service: A. Anything or

any service of value that is paid, received, or expected to be paid or received in exchange for a performed service

24. All of the following are services that require a current, valid Florida real estate license, EXCEPT: A. Appraising in federally-related transactions, developing, constructing, selling homeowner's insurance, and lending money to finance home pur- chases B. Auctioning, counseling, advertising real estate services, and soliciting real estate business C. Property management, business brokerage, selling timeshare units, and providing leads or referrals for compensation D..buying, selling, listing, renting, and showing property: A. Appraising in federally-related transactions, developing, constructing, selling homeowner's in- surance, and lending money to finance home purchases 25. What is the minimum age requirement for a real estate licensee in Flori- da? A. 21 years B. 25 years C. 18 years D. 23 years: C. 18 years 26. Which of the following is a requirement for a person to become a real estate licensee in Florida? A. United States citizenship B. Residency in the state of Florida

C. A social security number D. A valid Florida drivers license or other state issued identification: C. A social security number

27. In addition to taking and passing this pre-license course and the state exam, what else must you do to obtain an ACTIVE sales associate license and PRACTICE real estate? A. Complete the post-license education requirements B. Wait for confirmation from the Department that you have passed the state exam C. Pay an activation fee to the Department D. Obtain employment with a broker or owner-developer and file employment information with the Department: D. Obtain employment with a broker or own- er-developer and file employment information with the Department

28. After you renew your license for the first time, how frequently must you continue to renew it? A. Every 2 years, but every 4 years if i have a four-year degree in real estate B. Every three years C. Every four years D. Every two years: D. Every two years 29. According to F.A.C. 61J2-26.002, which of the following persons would qualify for Florida residency? A. A person who lives in NYC and has stayed in The Breakers in Palm Beach, Florida for three continuous months in the past winter and in various other hotels in Palm Beach for a total of two months at other times in the past year B. A person who owns homes in Ocala and Melbourne Beach, Florida and has lived in his primary residency in Georgia for 9 oof the past 12 months C. A person from Texas who is living in an apartment in Pensacola, Florida on a 3 month temporary work assignment D. A person who spends summers in Michigan and lives in a motor home in an RV park in Vero Beach, Florida from November 1 through March 31 each year: D. A person who spends summers in Michigan and lives in a motor home in an RV park in Vero Beach, Florida from November 1 through March 31 each year 30. What is mutual recognition? A. An agreement between Florida and certain other states that allows indi- viduals licensed in that state to obtain a Florida license without taking any pre-licensing or exams B. An agreement between Florida and certain other states that allows individ-

uals licensed in that state to practice real estate in Florida without a Florida license C. An agreement between Florida and certain other states that allows indi- viduals licensed in that state to bypass Florida pre-licensing requirements to obtain a Florida license D. An agreement between Florida and certain other states that allows Florida licenses to practice real estate in that state without an additional license: C. An agreement between Florida and certain other states that allows individuals licensed in that state to bypass Florida pre-licensing requirements to obtain a Florida license

31. What information about you that is received by the Department is a matter of public record? A. My end of course exam scores B. My financial history

C. Information on my completed #DBPR RE 1 application D. My high school transcripts: C. Information on my completed #DBPR RE 1 application

32. For what reason might your application to take the state licensing exam be denied without prejudice? A. I forget to indicate on my completed application that i have previously had a real estate license revoked in another state B. I fail to mention a criminal conviction on my completed application C.I forget to sign my completed application D. I wrongly state on my completed application that I hold a 4 year degree in real estate: C.I forget to sign my completed application 33. All of the following persons are eligible to apply for a Florida real estate broker license, EXCEPT: A. A sales associate who has been employed by a licensed broker for at least 24 months within the preceding 5 years B. A salaried employee of a governmental agency who has performed ser- vices similar to those that real estate licensees perform for at least 24 months within the preceding 5 years C. An investigator for the Department who has at least 24 months experience dealing with real estate license violations D. A sales associate who has been employed by an owner-developer for at least 24 months within the preceding 5 years: D. A sales associate who has been employed by an owner-developer for at least 24 months within the preceding 5 years

34. All of the following are possible options if you fail the pre-license and end-of-course final exam, EXCEPT: A. Within 30 days of failing the final exam, I may take an alternate final exam without having to take the entire course again B. After waiting a minimum of 30 days, I may take an alternate final exam without having to take the entire course again C. Immediately after failing the final exam, I may take the entire course again from the beginning D. I may take the alternate final exam within one year of the date of the original final exam to avoid having to take the entire course again: B. After waiting a minimum of 30 days, I may take an alternate final exam without having to take the entire course again 35. What happens if you fail the alternative pre-license course final exam?: I must repeat the entire course

36. All of the following statements are accurate regarding the pre-license course Certificate of completion, EXCEPT: A. I must present the certificate to the exam vendor when I take the initial license state exam B. I must include the certificate with my application to take the initial license state exam C. The certificate is required for me to take the initial license state exam D. The certificate is valid for 2 years from the Date of issue: B. I must include the certificate with my application to take the initial license state exam 37. What is the status of your license after you pass the state exam and obtain your initial license? A. My license is active, i May begin providing real estate services immediately on my own B. My license is inactive, to activate my license, I must pay a fee and register with the Department C. My license is inactive, to activate my license, i must obtain employment with an active broker or owner-developer and register with the Department D. My license is active, I may begin providing real estate services imme- diately; however, I must obtain employment within 30 days with an active broker: C. My license is inactive, to activate my license, i must obtain employment with an active broker or owner-developer and register with the Department 38. Which of the following statements about real estate licensure in Florida is accurate? A. Brokerage corporations and partnerships are licensed, but not registered

B. Owner-developers are license, but not registered C. Brokers, broker associates, and sales associates are licensed and regis- tered D. Branch offices are licensed and registered: C. Brokers, broker associates, and sales associates are licensed and registered

39. What is post-licensing? A. The registration of an initial license with the Department B. The conversion of a real estate license from inactive status to active status C. The education requirement upon the first renewal of an initial real estate license D. The renewal of a real estate license every 2 years: C. The education require- ment upon the first renewal of an initial real estate license 40. What post-licensing education is required for a Florida real estate sales associate?

A. A 14-hour continuing education course B. A 45-hour post-licensing course and an end-of-course final exam C. A 72-hour FREC 11 course and an end-of-course final exam D. A 60-hour post-licensing course and an end-of-course final exam: B. A 45- hour post-licensing course and an end-of-course final exam

41. What post-licensing education is required for a Florida real estate bro- ker? A. A 72-hour FREC 111 course and an end-of-course final exam B. A 14-hour continuing education course and an end-of-course final exam C. One or more courses that total 60 hours of post-licensing education D. A 45-hour post-licensing course and an end of course final exam: C. One or more courses that total 60 hours of post-licensing education

42. Ch.3: 43. Which Florida Statute created the DBPR A. F.S. 544 B. F.S. 120 C. F.S. 475 D. F.S. 455: D. F.S. 455 44. All of the following statements about the Secretary of the Department are accurate, EXCEPT: A. The Secretary is responsible for activities related to the Department B. The Secretary is appointed by the governor C. The Secretary is subject to confirmation by the Florida Senate D. The Secretary is limited to one six-year term: D. The Secretary is limited to

one six-year term

45. What is the role of the Division of Real Estate (DRE or the Division? A. To protect the public by developing federal rules and regulations that affect the real estate profession B. To protect real estate brokers from prosecution C. To protect the public by regulating real estate and appraisal licensees through education and compliance D. To protect real estate licensees from litigation: C. To protect the public by regulating real estate and appraisal licensees through education and compliance 46. Which of the following statements about F.S. 475, Part 1, is accurate? A. It defines the Florida Real Estate Appraisal board and is supplemented by rules in F.A.C 61J B. It defines the FREC and is supplemented by rules in F.A.C. 61J

C. It addresses real estate brokers, sales associates, and schools and is supplemented by rules in F.A.C 61J D. It addresses real estate appraisers and is supplemented by rules in F.A.C. 61J1: C. It addresses real estate brokers, sales associates, and schools and is supplemented by rules in F.A.C 61J

47. What is the administrative fine for violations of rules and laws under the administration of the Department? A. A minimum of $5,000 per offense B. A maximum of $1000 per offense, not to exceed $5, C. A maximum total of $5, D. A maximum of $5,000 per offense: D. A maximum of $5,000 per offense 48. How does the Department cover the cost of investigating and prosecuting unlicensed activity? A. Through property taxes B. Through the state's general fund C. Through a fee that is charged at the closing of every real estate transaction D. Through a $5 fee collected from applicants for licensure and renewal: D. Through a $5 fee collected from applicants for licensure and renewal 49. Giving false information when applying for or renewing a license is what class of offense? A. A second-degree felony B.a third-degree felony C. A first-degree misdemeanor D. A second-degree misdemeanor: B.a third-degree felony

50. Theft or reproduction of state exam questions and answers is what class of offense? A. A third-degree felony B. A second-degree misdemeanor C. A second-degree felony D. A first-degree misdemeanor: A. A third-degree felony 51. What are the quasi-legislative powers of the Commission? A. The power to make and pass rules that regulate licensees and the real estate profession B. The power to make rules that supersede laws of the state of Florida C. The power to make and pass rules in F.A.C. 61J1 D. The power to make and pass laws that regulate licensees and the real estate profession: A. The power to make and pass rules that regulate licensees and the real estate profession

52. What are the ministerial powers of the Commission? A. Notifying licensees of continuing education and renewal requirements B. Ensuring the equitable application of disciplinary actions C. Record keeping and clerical Functions D. Reviewing and approving real estate school curricula: C. Record keeping and clerical Functions 53. Which power allows the Commission to impose disciplinary action for violations of Florida real estate laws and rules? A. Executive power B. Quasi-legislative power C. Ministerial power D. Quasi-judicial power: D. Quasi-judicial power 54. Which of the following statements about a Commission member's term limits is accurate? A. There is no maximum number of years, as long as no more than two four-year terms are consecutive B. There are no limits on the number of years or consecutive terms of office C. A commission member may serve no more than eight years D. A Commission member may serve no more than two four-year terms: A. There is no maximum number of years, as long as no more than two four-year terms are consecutive 55. How frequently and where does the Commission usually meet? A. At least twice a month, in the Division offices in Tallahassee B. At least once a month, in the Division offices in Orlando

C. At least twice a month, in the Division offices in Orlando D. At least once a month, in the Division offices in Tallahassee: B. At least once a month, in the Division offices in Orlando

56. What is prima facie evidence? A. Evidence that is presumed to be true and correct and shows that the defendant is innocent of any claims alleging fraud or misrepresentation B. Evidence that is presumed to be true and correct if there is additional evidence that supports it C. Evidence that is presumed to be true and correct unless there is other evidence that contradicts its authenticity D. Evidence that is presumed to be true and correct, regardless of other evidence that might be presented: C. Evidence that is presumed to be true and correct unless there is other evidence that contradicts its authenticity

57. When does a real estate license become active? A. On the date the applicant receives official notification that he or she has passed the state exam B. When the licensee obtains employment and files employment information with the Division C. On the date the licensee receives official notification that his or her license is active D. When the licensee files a request with the Division to activate his or her license: B. When the licensee obtains employment and files employment information with the Division 58. If an initial license became valid on November 1, 2021, when will it expire A. March 31, 2024 B. September 30, 2023 C. March 31, 2023 D. November 1, 2023: B. September 30, 2023 59. What is the status of a sales associates license if he or she fails to renew their initial license prior to expiration? A. Suspended B. Null and void C. Involuntary inactive D. Inactive: B. Null and void 60. All of the following are circumstances under which a real estate license must be reissued, EXCEPT: A. The license is lost or destroyed

B. The licensee's address is changed C. The licensee's name is changed D. The licensee changes employers: D. The licensee changes employers

61. What may a broker do to continue practicing real estate after failing to complete his or her post-licensing requirements prior to initial incense expiry? A. Resume practicing as a broker after completing the 14-hr CE within 6 months of their initial license expiration B. Obtain employment under an actively licensed broker or owner-developer and complete the post-licensing requirements within 6 months of their initial license expiration C. Revert to a sales associate by completing the 14-hour CE within 6 months of their initial license expiration D. Nothing. The broker must start over by taking the sales associate pre-li-