Gold Coast Final Exam
What is the form you sign that says you will pay the loan back ? - ✔✔ correct answer promissory note
What is the post licensing grace period after first expiration ? - ✔✔ correct answer none
Deposits is a form of... - ✔✔ correct answer valuable consideration
Physical land and improvements - ✔✔ correct 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 - ✔✔ correct answer Yes
What is the maximum fine per offense ? - ✔✔ correct 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 ? - ✔✔ correct answer yes.
How many acres in one quarter of a section ? - ✔✔ correct answer 160
What do you do when there is conflict in who escrow goes to - ✔✔ correct answer notify FREC
When do you NOT have to notify FREC about conflict of escrow ? - ✔✔ correct answer contingent on the
contract
T/F Grantee and Grantor has to sign the deed - ✔✔ correct answer False
What statute has to deal with contracts being in writing ? - ✔✔ correct answer Statute of Frauds
T/F A broker can have an office an office in a motorhome - ✔✔ correct answer false
, Gold Coast Final Exam
Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? - ✔✔ correct
answer commingling
What is the best deed from the grantors POV? - ✔✔ correct answer Quitclaims Deed
What is the law that states that lenders have to tell you the truth about the interest rate ? - ✔✔ correct
answer Truth in Lending
What law puts a time limit on contracts ? - ✔✔ correct answer Statute of Limitation
What is the Statute of Limitation on oral contracts ? - ✔✔ correct answer 4 years
What is used when you exceed 80% loan amount, to insure funds? - ✔✔ correct answer Private
Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - ✔✔ correct answer Highest and Best Use
Which entities that would fund a shopping center ? - ✔✔ correct answer Life insurance companies
Someone gives you a property to enjoy till you die is what type of estate ? - ✔✔ correct answer life
estate
What type of estate reverses back after a life estate ? - ✔✔ correct answer reversion estate
Limited representation of a buyer or seller - ✔✔ correct answer transaction Broker
Single Agent that represents both seller and buyer ? - ✔✔ correct answer dual agency
What is dual agency a violation of ? - ✔✔ correct answer violation of F.S 475
What is the form you sign that says you will pay the loan back ? - ✔✔ correct answer promissory note
What is the post licensing grace period after first expiration ? - ✔✔ correct answer none
Deposits is a form of... - ✔✔ correct answer valuable consideration
Physical land and improvements - ✔✔ correct 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 - ✔✔ correct answer Yes
What is the maximum fine per offense ? - ✔✔ correct 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 ? - ✔✔ correct answer yes.
How many acres in one quarter of a section ? - ✔✔ correct answer 160
What do you do when there is conflict in who escrow goes to - ✔✔ correct answer notify FREC
When do you NOT have to notify FREC about conflict of escrow ? - ✔✔ correct answer contingent on the
contract
T/F Grantee and Grantor has to sign the deed - ✔✔ correct answer False
What statute has to deal with contracts being in writing ? - ✔✔ correct answer Statute of Frauds
T/F A broker can have an office an office in a motorhome - ✔✔ correct answer false
, Gold Coast Final Exam
Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? - ✔✔ correct
answer commingling
What is the best deed from the grantors POV? - ✔✔ correct answer Quitclaims Deed
What is the law that states that lenders have to tell you the truth about the interest rate ? - ✔✔ correct
answer Truth in Lending
What law puts a time limit on contracts ? - ✔✔ correct answer Statute of Limitation
What is the Statute of Limitation on oral contracts ? - ✔✔ correct answer 4 years
What is used when you exceed 80% loan amount, to insure funds? - ✔✔ correct answer Private
Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - ✔✔ correct answer Highest and Best Use
Which entities that would fund a shopping center ? - ✔✔ correct answer Life insurance companies
Someone gives you a property to enjoy till you die is what type of estate ? - ✔✔ correct answer life
estate
What type of estate reverses back after a life estate ? - ✔✔ correct answer reversion estate
Limited representation of a buyer or seller - ✔✔ correct answer transaction Broker
Single Agent that represents both seller and buyer ? - ✔✔ correct answer dual agency
What is dual agency a violation of ? - ✔✔ correct answer violation of F.S 475
