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Exam 2016-CE-D https://goldcoastschools.com/reg/cexam.php?com=1176&enroll=23...
Exam 2016-CE-D
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2. Which of the following methods is used for elections for Condo association board as provided in the
Condominium Act?
(a) Secret ballots or voting machines.
(b) A show of hands.
(c) By proxy.
(d) A combination of A, B, or C.
5. Which Act gives consumers access to the same information about themselves that lenders use when
reviewing a loan application?
(a) Equal Credit Opportunity Act (ECOA)
(b) Fair Credit Reporting Act
(c) Equal Credit Reporting Act
(d) Fair Consumer Reporting Act
7. Complete this statement: If substantial changes to a contract are required to insure conformity to the
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Exam 2016-CE-D https://goldcoastschools.com/reg/cexam.php?com=1176&enroll=23...
9. Complete this statement: Licensees must report criminal convictions to the DBPR:
(a) Only when applying for a license.
(b) Within 2 weeks of being found guilty to a crime in any jurisdiction.
(c) Within 30 days of being found guilty to a crime in any jurisdiction.
(d) Only if the conviction is real estate related.
10. Failure of a contractor to follow the EPA requirements for renovations of a building that contains lead
based paint could result in which of the following fines?
(a) $37,500 per week.
(b) $37,500 per month.
(c) $37,500 per day.
(d) $37,500 per year.
11. What is the frequency at which condo associations generally require unit owners to pay an assessment?
(a) Upon purchase of the unit.
(b) Once a month or quarterly.
(c) Twice a year.
(d) Once a year.
13. Ralph owns a condo unit that he rents out. He has not paid his maintenance fees for six months. What can
the condo association do?
(a) Only demand that Ralph pay the maintenance fees.
(b) Make written demand to the tenant to pay their rent directly to the association.
(c) Require the tenant to pay all fees due within 30 days.
(d) Sue the tenant for the outstanding fees.
14. Which Division of the Construction Industry Licensing Board (CILB) has jurisdiction over the examination
and regulation of Certified Residential Contractors?
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Exam 2016-CE-D https://goldcoastschools.com/reg/cexam.php?com=1176&enroll=23...
(a) Division I
(b) Division II
(c) Division III
(d) Division IV
15. Mortgage Loan Originators (MLOs) must pass which of the following?
(a) A Nationwide Mortgage Licensing System (NMLS) exam of 1,000 questions.
(b) Only a 60-question state-specific exam.
(c) Both a 125-question NMLS exam and a 60-question state-specific exam.
(d) A 100-question NMLS exam plus a 50-question state exam.
16. Which of the following statements regarding registered trainee appraisers is true?
(a) They are qualified to issue appraisal reports for any type of real property.
(b) They are only qualified to issue appraisal reports for residential real property of one to four residential
units.
(c) They cannot prepare appraisals without the supervision of a licensed or certified appraiser.
(d) They may have a personal interest in the property that they are appraising.
18. A sales associate presents an offer to lease to an owner. The owner asks about the race of the potential
renter. The sales associate responds by engaging in a discussion with the owner regarding the race of the
potential renter and the racial makeup of the neighborhood. Which of the following statements best describes
this situation?
(a) This is fine. The sales associate was not practicing discrimination.
(b) This is not a violation of the Civil Rights Act since it involves leasing, not purchasing the property.
(c) This is permissible, as long as the sales associate is honest and does not express any personal biases.
(d) This is a violation of the Civil Rights Act of 1866.
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Exam 2016-CE-D https://goldcoastschools.com/reg/cexam.php?com=1176&enroll=23...
22. The Statute of Frauds was violated. What does this mean?
(a) The contract conveying property rights was not in writing and may be unenforceable.
(b) The contract is legal.
(c) FREC will discipline the licensee.
(d) The real estate licensee committed fraud.
23. A real estate licensee tells home owners to list their home for sale because minorities are moving into the
neighborhood which will cause property values to decline. Which statement best describes this situation?
(a) This is channeling.
(b) This is acceptable as long as it is true.
(c) This is blockbusting and is in violation of federal law.
(d) This is redlining.
24. Which of the following statements regarding the Real Estate Settlement Procedures Act (RESPA) is NOT
correct?
(a) It requires that borrowers in a federally-related loan transaction receive disclosures to help educate them
on the amount and type of charges associated with the loan.
(b) It prohibits a person from accepting anything of value for referrals of settlement service business that are
related to a federally-related mortgage loan.
(c) It prohibits home sellers from requiring home buyers to purchase title insurance from a particular
company.
(d) RESPA applies to all types of loans.
25. Which of the following statements regarding the Equal Credit Opportunity Act (ECOA) is NOT correct?
(a) It prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status,
age, or receipt of public assistance.
(b) It ensures that everyone who applies for credit gets the same terms, regardless of income and credit
history.
(c) It requires loan originators to categorize and question borrowers relative to gender, race, and ethnicity.
(d) It is implemented by Regulation B (Consumer Finance Protection Bureau).
26. Condos with a corridor that provides an exterior means of egress are exempt from installing a manual fire
alarm system under which of the following circumstances?
(a) The condo is not designated as 55 and older housing.
(b) All units in the condo are equipped with properly-functioning smoke detectors.
(c) The condo has less than four stories.
(d) The condo board of directors determines that the manual fire alarm system is not necessary.
27. A lender refused to loan money to a single woman with a very low credit score and no income. Which of
the following statements about this situation is CORRECT?
(a) This is a violation of the Equal Credit Opportunity Act (ECOA).
(b) This is a violation of the Fair Housing Act.
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Exam 2016-CE-D https://goldcoastschools.com/reg/cexam.php?com=1176&enroll=23...
29. Which regulation requires lenders to keep records of applications, adverse action notices, documents used
to evaluate borrowers credit worthiness and communications alleging ECOA violations for 25 months?
(a) Regulation Z
(b) Regulation C
(c) Regulation E
(d) Regulation B
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