Gold Coast Real Estate Final Exam Questions with Verified Answers (Rated A+)

What is the form you sign that says you will pay the loan back ? - Answer-promissory note What is the post licensing grace period after first expiration ? - Answer-none Deposits is a form of... - Answer-valuable consideration Physical land and improvements - Answer-real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both - Answer-Yes What is the maximum fine per offense ? - Answer-$5,000 per fine Out of state broker sends a customer, and had no part in the transaction and requests a referral fee, should he expect a commission ? - Answer-yes. How many acres in one quarter of a section ? - Answer-160 What do you do when there is conflict in who escrow goes to - Answer-notify FREC When do you NOT have to notify FREC about conflict of escrow ? - Answer-contingent on the contract T/F Grantee and Grantor has to sign the deed - Answer-False What statute has to deal with contracts being in writing ? - Answer-Statute of Frauds T/F A broker can have an office an office in a motorhome - Answer-false Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? - Answer-commingling What is the best deed from the grantors POV? - Answer-Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate ? - Answer-Truth in Lending What law puts a time limit on contracts ? - Answer-Statute of Limitation