Gold Coast FINAL EXAM STUDY SET (Questions and Answers, 100% Verified
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
Offer and Acceptance - (answer)Meeting of the minds or mutual agreement- all parties concerned
understand and agree to all the terms of the contract
, Gold Coast FINAL EXAM STUDY SET (Questions and Answers, 100% Verified
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
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
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
Offer and Acceptance - (answer)Meeting of the minds or mutual agreement- all parties concerned
understand and agree to all the terms of the contract
, Gold Coast FINAL EXAM STUDY SET (Questions and Answers, 100% Verified
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
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
