Gold Coast final exam Study Guide

Gold Coast final exam Study Guide 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 EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024. Page 2/8 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 EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024. Page 3/8 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 EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024. Page 4/8 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 which term refers to the right of a mortgagor in default to pay all money owed and prevent the sale of the property at foreclosure? - Answer-Exculpatory clause What is the primary purpose of discount point? - Answer-to dec