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Gold Coast Final Exam 2024 Questions and Answers (Graded A)
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Gold Coast Final Exam 2024 Questions and Answers (Graded A)
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Gold Coast Final Exam 2024 Questionsand Answers (Graded A)
What is the form you sign that says you will pay the loan back ? - -
promissory note
-What is the post licensing grace period after first expiration ? - -none
-Deposits is a form of... - -valuable consideration
-Physical land and improvements - -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 - -Yes
-What is the maximum fine per offense ? - -$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 ? - -yes.
-How many acres in one quarter of a section ? - -160
-What do you do when there is conflict in who escrow goes to - -notify FREC
-When do you NOT have to notify FREC about conflict of escrow ? - -
contingent on the contract
-T/F Grantee and Grantor has to sign the deed - -False
-What statute has to deal with contracts being in writing ? - -Statute of
Frauds
-T/F A broker can have an office an office in a motorhome - -false
-Broker deposits $10,000 of personal funds into escrow account, what is he
guilty of ? - -commingling
-What is the best deed from the grantors POV? - -Quitclaims Deed
-What is the law that states that lenders have to tell you the truth about the
interest rate ? - -Truth in Lending
-What law puts a time limit on contracts ? - -Statute of Limitation
, -What is the Statute of Limitation on oral contracts ? - -4 years
-What is used when you exceed 80% loan amount, to insure funds? - -
Private Mortgage Interest (PMI)
-The future use that brings in the highest return on land ? - -Highest and
Best Use
-Which entities that would fund a shopping center ? - -Life insurance
companies
-Someone gives you a property to enjoy till you die is what type of estate ? -
-life estate
-What type of estate reverses back after a life estate ? - -reversion estate
-Limited representation of a buyer or seller - -transaction Broker
-Single Agent that represents both seller and buyer ? - -dual agency
-What is dual agency a violation of ? - -violation of F.S 475
-The least effective method of the Federal Reserve System ? - -make
changes to discount rate
-A developer is sending out keys to people to view a home they building,
and says if their key fits they are gifted a home, is this promotional give
aways legal? - -yes
-Neighbor bringing the value of a home down - -external obsolescence
-The government's right to take property to build a school ? - -eminent
domain
-Seller keeps the deposit - -liquidated damages
-2 main deductions of home owners - -mortgage interest and property taxes
-What is filed on your behalf once you complete paying you mortgage in lien
theory states ? - -letter of satisfaction
-Sales associate quits before sale closes and request to have commission,
but the broker refuses. what can the sales associate do ? - -sue the broker
-What type of estate is it when 3 people that get involve in investing on a
property at different times ? - -tenancy in common
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