GOLD COAST FINAL EXAM LATEST ACTUAL EXAM 300+
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |AGRADE
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
What is the Statute of Limitation on oral contracts ? - ANSWER: 4 years
, What is used when you exceed 80% loan amount, to insure funds? - ANSWER:
Private Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - ANSWER: Highest and
Best Use
Which entities that would fund a shopping center ? - ANSWER: Life insurance
companies
Someone gives you a property to enjoy till you die is what type of estate ? -
ANSWER: life estate
What type of estate reverses back after a life estate ? - ANSWER: reversion estate
Limited representation of a buyer or seller - ANSWER: transaction Broker
Single Agent that represents both seller and buyer ? - ANSWER: dual agency
What is dual agency a violation of ? - ANSWER: violation of F.S 475
The least effective method of the Federal Reserve System ? - ANSWER: 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? - ANSWER:
yes
Neighbor bringing the value of a home down - ANSWER: external obsolescence
The government's right to take property to build a school ? - ANSWER: eminent
domain
Seller keeps the deposit - ANSWER: liquidated damages
2 main deductions of home owners - ANSWER: mortgage interest and property taxes
What is filed on your behalf once you complete paying you mortgage in lien theory
states ? - ANSWER: letter of satisfaction
Sales associate quits before sale closes and request to have commission, but the
broker refuses. what can the sales associate do ? - ANSWER: sue the broker
What type of estate is it when 3 people that get involve in investing on a property at
different times ? - ANSWER: tenancy in common
What type of lease is it when portion of profit goes to - ANSWER: percentage lease
QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |AGRADE
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
What is the Statute of Limitation on oral contracts ? - ANSWER: 4 years
, What is used when you exceed 80% loan amount, to insure funds? - ANSWER:
Private Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - ANSWER: Highest and
Best Use
Which entities that would fund a shopping center ? - ANSWER: Life insurance
companies
Someone gives you a property to enjoy till you die is what type of estate ? -
ANSWER: life estate
What type of estate reverses back after a life estate ? - ANSWER: reversion estate
Limited representation of a buyer or seller - ANSWER: transaction Broker
Single Agent that represents both seller and buyer ? - ANSWER: dual agency
What is dual agency a violation of ? - ANSWER: violation of F.S 475
The least effective method of the Federal Reserve System ? - ANSWER: 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? - ANSWER:
yes
Neighbor bringing the value of a home down - ANSWER: external obsolescence
The government's right to take property to build a school ? - ANSWER: eminent
domain
Seller keeps the deposit - ANSWER: liquidated damages
2 main deductions of home owners - ANSWER: mortgage interest and property taxes
What is filed on your behalf once you complete paying you mortgage in lien theory
states ? - ANSWER: letter of satisfaction
Sales associate quits before sale closes and request to have commission, but the
broker refuses. what can the sales associate do ? - ANSWER: sue the broker
What type of estate is it when 3 people that get involve in investing on a property at
different times ? - ANSWER: tenancy in common
What type of lease is it when portion of profit goes to - ANSWER: percentage lease
