Gold Coast Final Exam 2023 Questions and Answers (Graded A)
What is the form you sign that says you will pay the loan back ? -
(ANSWERS)promissory note
What is the post licensing grace period after first expiration ? - (ANSWERS)none
Deposits is a form of... - (ANSWERS)valuable consideration
Physical land and improvements - (ANSWERS)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 - (ANSWERS)Yes
What is the maximum fine per offense ? - (ANSWERS)$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 ? - (ANSWERS)yes.
How many acres in one quarter of a section ? - (ANSWERS)160
What do you do when there is conflict in who escrow goes to - (ANSWERS)notify
FREC
When do you NOT have to notify FREC about conflict of escrow ? -
(ANSWERS)contingent on the contract
T/F Grantee and Grantor has to sign the deed - (ANSWERS)False
What statute has to deal with contracts being in writing ? - (ANSWERS)Statute of
Frauds
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, Gold Coast Final Exam 2023 Questions and Answers (Graded A)
T/F A broker can have an office an office in a motorhome - (ANSWERS)false
Broker deposits $10,000 of personal funds into escrow account, what is he guilty of
? - (ANSWERS)commingling
What is the best deed from the grantors POV? - (ANSWERS)Quitclaims Deed
What is the law that states that lenders have to tell you the truth about the interest
rate ? - (ANSWERS)Truth in Lending
What law puts a time limit on contracts ? - (ANSWERS)Statute of Limitation
What is the Statute of Limitation on oral contracts ? - (ANSWERS)4 years
What is used when you exceed 80% loan amount, to insure funds? -
(ANSWERS)Private Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - (ANSWERS)Highest and
Best Use
Which entities that would fund a shopping center ? - (ANSWERS)Life insurance
companies
Someone gives you a property to enjoy till you die is what type of estate ? -
(ANSWERS)life estate
What type of estate reverses back after a life estate ? - (ANSWERS)reversion estate
2/7
What is the form you sign that says you will pay the loan back ? -
(ANSWERS)promissory note
What is the post licensing grace period after first expiration ? - (ANSWERS)none
Deposits is a form of... - (ANSWERS)valuable consideration
Physical land and improvements - (ANSWERS)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 - (ANSWERS)Yes
What is the maximum fine per offense ? - (ANSWERS)$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 ? - (ANSWERS)yes.
How many acres in one quarter of a section ? - (ANSWERS)160
What do you do when there is conflict in who escrow goes to - (ANSWERS)notify
FREC
When do you NOT have to notify FREC about conflict of escrow ? -
(ANSWERS)contingent on the contract
T/F Grantee and Grantor has to sign the deed - (ANSWERS)False
What statute has to deal with contracts being in writing ? - (ANSWERS)Statute of
Frauds
1/7
, Gold Coast Final Exam 2023 Questions and Answers (Graded A)
T/F A broker can have an office an office in a motorhome - (ANSWERS)false
Broker deposits $10,000 of personal funds into escrow account, what is he guilty of
? - (ANSWERS)commingling
What is the best deed from the grantors POV? - (ANSWERS)Quitclaims Deed
What is the law that states that lenders have to tell you the truth about the interest
rate ? - (ANSWERS)Truth in Lending
What law puts a time limit on contracts ? - (ANSWERS)Statute of Limitation
What is the Statute of Limitation on oral contracts ? - (ANSWERS)4 years
What is used when you exceed 80% loan amount, to insure funds? -
(ANSWERS)Private Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - (ANSWERS)Highest and
Best Use
Which entities that would fund a shopping center ? - (ANSWERS)Life insurance
companies
Someone gives you a property to enjoy till you die is what type of estate ? -
(ANSWERS)life estate
What type of estate reverses back after a life estate ? - (ANSWERS)reversion estate
2/7
