Gold Coast Final Exam 2023 Questions and Answers

What is the form you sign that says you will pay the loan back ? - ANSWER - promissory note What is the post licensing grace period after first expiration ? - ANSWER - none Deposits is a form of... - ANSWER - valuable consideration Physical land and improvements - 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 - ANSWER - Yes What is the maximum fine per offense ? - 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 ? - ANSWER - yes. How many acres in one quarter of a section ? - ANSWER - 160 What do you do when there is conflict in who escrow goes to - ANSWER - notify FREC When do you NOT have to notify FREC about conflict of escrow ? - ANSWER - contingent on the contract T/F Grantee and Grantor has to sign the deed - ANSWER - False What statute has to deal with contracts being in writing ? - ANSWER - Statute of Frauds T/F A broker can have an office an office in a motorhome - ANSWER - false Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? - ANSWER - commingling What is the best deed from the grantors POV? - ANSWER - Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate ? - ANSWER - Truth in Lending What law puts a time limit on contracts ? - ANSWER - Statute of Limitation What is the Statute of Limitation on oral