Exam (elaborations)
Gold Coast final exam 2024/2025 (100% verified) graded A+ by experts
- Course
- Institution
Gold Coast final exam 2024/2025 (100% verified) graded A+ by experts
[Show more]
Content preview
Gold Coast final examactual notice - ANSown it
Constructive notice - ANSrecord something in public records
How Is Real Estate Recovery Funded ? - ANSby fees & fines
Eminent Domain - ANSgovernment has right to take away public use citizens can't refuse to
sell)
immune properties - ANSgovernment owned
lot & block - ANSresidential sub-division surgery system
Metes and Bounds - ANSoldest method of land description & provides the most accurate
type of legal descriptions
What does the Real estate recovery fund do ? - ANSreimburse members of the public
what is a township... - ANSa township is 6 miles square contains 36 square miles
Each township contains ____ acres - ANS640 acres
How many square feet are in an acre? - ANS43,560
kickbacks are illegal unless.. - ANSsomeone has a licensed
Offer and Acceptance - ANSMeeting of the minds or mutual agreement- all parties
concerned understand and agree to all the terms of the contract
Overimprovement - ANSAn addition or change to property not in line with its highest and
best use
statue of frauds - ANSprovides protection against fraud in the sale of real property. requires
contract for the transfer of a right or interest in land
statute of limitations (oral contracts) - ANSif contract is entirely oral, action must be brought
within 4 years
statue of limitations (written contracts) - ANSif contract is entirely written, action must be
brought within five years
Sufficient Consideration - ANSeither valuable or good consideration may be sufficient
, WILD CARD - ANSWithdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
option contract define - ANSright to buy a property during a specified period-of-time, at a
specified price.
contract for deed define - ANSaka an agreement between a property owner & potential
buyer in which the owner agrees to deliver a deed to the purchaser after certain conditions
been met
Define implied contract - ANSexists when some or all of the terms and conditions can be
assumed by the nature of the government
Suit for cancellation (rescission) - ANSThe party who is not in breach of contract can bring a
suit in court to cancel the contract and ask the court to put the parties back in their original
positions.
Suit for Specific Performance - ANSA lawsuit to hold the defaulting party to his duties under
a contract
assignment - ANSthe sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSA bilateral contract in which the property owner promises
to pay a commission regardless of who sells the listed property.
which of the following is correct regarding the "as is" provision in a sales contract? - ANSthe
seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - ANSoptionor
What are the three basic remedies for a breach of contract? - ANSsuit fr cancellation
(recession), suit for specific performance, and suit for damages
Define promissory note - ANSevidences the debt, and states the interest rate, term, payment
requirement, & other information related to that loan
When a loan has been paid in full in a lien theory state, what happens next ? - ANSthe
mortgagor should receive a letter of satisfaction from the mortgagee within 60 days of the
loan payoff
Which clause in a mortgage requires the lender to acknowledge performance by the
borrower? - ANSDefeasance clause
which term refers to the right of a mortgagor in default to pay all money owed and prevent
the sale of the property at foreclosure? - ANSExculpatory clause
What is the primary purpose of discount point? - ANSto decrease monthly payment required
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Qualitydocs. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now