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Gold Coast Final Exam 2024 with correct answers
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Gold Coast Final Exam 2024 with correct answers
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Gold Coast Final Exam 2024 with correctanswers
What is the form you sign that says you will pay the loan back ? - ANSWER: ➡ promissory note
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What is the post licensing grace period after first expiration ? - ANSWER: ➡ none
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Deposits is a form of... - ANSWER: ➡ valuable consideration
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Physical land and improvements - ANSWER: ➡ real property
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Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and
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Sunday and getting paid commission from both - ANSWER: ➡ Yes
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What is the maximum fine per offense ? - ANSWER: ➡ $5,000 per fine
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Out of state broker sends a customer, and had no part in the transaction and requests a referral
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fee, should he expect a commission ? - ANSWER: ➡ yes.
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How many acres in one quarter of a section ? - ANSWER: ➡ 160
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What do you do when there is conflict in who escrow goes to - ANSWER: ➡ notify FREC
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When do you NOT have to notify FREC about conflict of escrow ? - ANSWER: ➡ contingent on
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the contract
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T/F Grantee and Grantor has to sign the deed - ANSWER: ➡ False
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, What statute has to deal with contracts being in writing ? - ANSWER: ➡ Statute of Frauds
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T/F A broker can have an office an office in a motorhome - ANSWER: ➡ false
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Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? -
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ANSWER: ➡ commingling
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What is the best deed from the grantors POV? - ANSWER: ➡ Quitclaims Deed
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What is the law that states that lenders have to tell you the truth about the interest rate ? -
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ANSWER: ➡ Truth in Lending
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What law puts a time limit on contracts ? - ANSWER: ➡ Statute of Limitation
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What is the Statute of Limitation on oral contracts ? - ANSWER: ➡ 4 years
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What is used when you exceed 80% loan amount, to insure funds? - ANSWER: ➡ Private
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Mortgage Interest (PMI)
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The future use that brings in the highest return on land ? - ANSWER: ➡ Highest and Best Use
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Which entities that would fund a shopping center ? - ANSWER: ➡ Life insurance companies
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Someone gives you a property to enjoy till you die is what type of estate ? - ANSWER: ➡ life
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estate
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What type of estate reverses back after a life estate ? - ANSWER: ➡ reversion estate
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