GOLD COAST FINAL EXAM 2023 REAL EXAMS GUARANTEED QUESTIONS AND EXPERT VERIFIED ANSWERS

GOLD COAST FINAL EXAM 2023 REAL EXAMS GUARANTEED QUESTIONS AND EXPERT VERIFIED 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 consideratio n 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 pe r 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 sig n 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 fun ds 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 The least effective method of the Federal Reserve System ? - COR RECT ANSWER make changes to discount rate A developer is sending out keys to people to view a home they building, and says if their key fits they are gifted a home, is this promotional give aways legal? - CORRECT ANSWER yes Neighbor bringing the value of a home down - CORRECT ANSWER external obsolescence