Gold Coast final exam Questions And Answers

Gold Coast final exam Questions And Answers actual notice - ANS own it Constructive notice - ANS record something in public records How Is Real Estate Recovery Funded ? - ANS by fees & fines Eminent Domain - ANS government has right to take away public use citizens can't refuse to sell) immune properties - ANS government owned lot & block - ANS residential subdivision surgery system Metes and Bounds - ANS oldest method of land description & provides the most accurate type of legal descriptions What does the Real estate recovery fund do ? - ANS reimburse members of the public what is a township... - ANS a township is 6 miles square contains 36 square miles Each township contains ____ acres - ANS 640 acres How many square feet are in an acre? - ANS 43,560 kickbacks are illegal unless.. - ANS someone has a licensed Offer and Acceptance - ANS Meeting of the minds or mutual agreement- all parties concerned understand and agree to all the terms of the contract Overimprovement - ANS An addition or change to property not in line with its highest and best use statue of frauds - ANS 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) - ANS if contract is entirely oral, action must be brought within 4 years statue of limitations (written contracts) - ANS if contract is entirely written, action must be brought within five years Sufficient Consideration - ANS either valuable or good consideration may be sufficient WILD CARD - ANS Withdrawal, insanity, lapse of time, death of either party ,counteroffer, acceptance,rejection,destruction of property option contract define - ANS right to buy a property during a specified period-of-time, at a specified price. contract for deed define - ANS 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 - ANS exists when some or all of the terms and conditions can be assumed by the nature of the government Suit for cancellation (rescission) - ANS 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 - ANS A lawsuit to hold the defaulting party to his duties under a contract assignment - ANS the sale, transfer, or subrogation of rights in a contract exclusive right of sale listing - ANS 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? - ANS the seller is still required to disclose all known defects