Gold Coast final exam UPDATED Exam
Questions and CORRECT Answers
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
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
Questions and CORRECT Answers
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
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
