Gold Coast final exam Questions With Verified Answers.
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Course
Gold Coast Real Estate
Institution
Gold Coast Real Estate
Gold Coast final exam Questions With
Verified Answers.
Actual notice - answerown it
Constructive notice - answerrecord something in public records
How Is Real Estate Recovery Funded ? - answerby fees & fines
Eminent Domain - answergovernment has right to take away public use citizens can't ref...
Gold Coast final exam Questions With
Verified Answers.
Actual notice - answer✔own it
Constructive notice - answer✔record something in public records
How Is Real Estate Recovery Funded ? - answer✔by fees & fines
Eminent Domain - answer✔government has right to take away public use citizens can't refuse to
sell)
immune properties - answer✔government owned
lot & block - answer✔residential sub-division surgery system
Metes and Bounds - answer✔oldest method of land description & provides the most accurate
type of legal descriptions
What does the Real estate recovery fund do ? - answer✔reimburse members of the public
what is a township... - answer✔a township is 6 miles square contains 36 square miles
Each township contains ____ acres - answer✔640 acres
How many square feet are in an acre? - answer✔43,560
kickbacks are illegal unless.. - answer✔someone has a licensed
Offer and Acceptance - answer✔Meeting of the minds or mutual agreement- all parties
concerned understand and agree to all the terms of the contract
Overimprovement - answer✔An addition or change to property not in line with its highest and
best use
statue of frauds - answer✔provides 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) - answer✔if contract is entirely oral, action must be brought
within 4 years
statue of limitations (written contracts) - answer✔if contract is entirely written, action must be
brought within five years
Sufficient Consideration - answer✔either valuable or good consideration may be sufficient
WILD CARD - answer✔Withdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
option contract define - answer✔right to buy a property during a specified period-of-time, at a
specified price.
contract for deed define - answer✔aka 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 - answer✔exists when some or all of the terms and conditions can be
assumed by the nature of the government
Suit for cancellation (rescission) - answer✔The 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 - answer✔A lawsuit to hold the defaulting party to his duties under
a contract
assignment - answer✔the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - answer✔A 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? - answer✔the
seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - answer✔optionor
What are the three basic remedies for a breach of contract? - answer✔suit fr cancellation
(recession), suit for specific performance, and suit for damages
Define promissory note - answer✔evidences 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 ? - answer✔the
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? -
answer✔Defeasance clause
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