Gold Coast final exam
actual notice - ANSown it
Constructive notice - ANSrecord something in public records
How Is Real Estate Recovery Funded ? - ANSby fees & fines
Eminent Domain - ANSgovernment has right to take away public use citizens can't refuse to
sell)
immune properties - ANSgovernment owned
lot & block - ANSresidential sub-division surgery system
Metes and Bounds - ANSoldest method of land description & provides the most accurate type of
legal descriptions
What does the Real estate recovery fund do ? - ANSreimburse members of the public
what is a township... - ANSa township is 6 miles square contains 36 square miles
Each township contains ____ acres - ANS640 acres
How many square feet are in an acre? - ANS43,560
kickbacks are illegal unless.. - ANSsomeone has a licensed
Offer and Acceptance - ANSMeeting of the minds or mutual agreement- all parties concerned
understand and agree to all the terms of the contract
Overimprovement - ANSAn addition or change to property not in line with its highest and best
use
statue of frauds - ANSprovides 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) - ANSif contract is entirely oral, action must be brought
within 4 years
statue of limitations (written contracts) - ANSif contract is entirely written, action must be brought
within five years
, Sufficient Consideration - ANSeither valuable or good consideration may be sufficient
WILD CARD - ANSWithdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
option contract define - ANSright to buy a property during a specified period-of-time, at a
specified price.
contract for deed define - ANSaka 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 - ANSexists when some or all of the terms and conditions can be
assumed by the nature of the government
Suit for cancellation (rescission) - ANSThe 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 - ANSA lawsuit to hold the defaulting party to his duties under a
contract
assignment - ANSthe sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSA 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? - ANSthe
seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - ANSoptionor
What are the three basic remedies for a breach of contract? - ANSsuit fr cancellation
(recession), suit for specific performance, and suit for damages
Define promissory note - ANSevidences the debt, and states the interest rate, term, payment
requirement, & other information related to that loan
When a loan has been paid in full in a lien theory state, what happens next ? - ANSthe
mortgagor should receive a letter of satisfaction from the mortgagee within 60 days of the loan
payoff
Which clause in a mortgage requires the lender to acknowledge performance by the borrower? -
ANSDefeasance clause
actual notice - ANSown it
Constructive notice - ANSrecord something in public records
How Is Real Estate Recovery Funded ? - ANSby fees & fines
Eminent Domain - ANSgovernment has right to take away public use citizens can't refuse to
sell)
immune properties - ANSgovernment owned
lot & block - ANSresidential sub-division surgery system
Metes and Bounds - ANSoldest method of land description & provides the most accurate type of
legal descriptions
What does the Real estate recovery fund do ? - ANSreimburse members of the public
what is a township... - ANSa township is 6 miles square contains 36 square miles
Each township contains ____ acres - ANS640 acres
How many square feet are in an acre? - ANS43,560
kickbacks are illegal unless.. - ANSsomeone has a licensed
Offer and Acceptance - ANSMeeting of the minds or mutual agreement- all parties concerned
understand and agree to all the terms of the contract
Overimprovement - ANSAn addition or change to property not in line with its highest and best
use
statue of frauds - ANSprovides 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) - ANSif contract is entirely oral, action must be brought
within 4 years
statue of limitations (written contracts) - ANSif contract is entirely written, action must be brought
within five years
, Sufficient Consideration - ANSeither valuable or good consideration may be sufficient
WILD CARD - ANSWithdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
option contract define - ANSright to buy a property during a specified period-of-time, at a
specified price.
contract for deed define - ANSaka 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 - ANSexists when some or all of the terms and conditions can be
assumed by the nature of the government
Suit for cancellation (rescission) - ANSThe 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 - ANSA lawsuit to hold the defaulting party to his duties under a
contract
assignment - ANSthe sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSA 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? - ANSthe
seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - ANSoptionor
What are the three basic remedies for a breach of contract? - ANSsuit fr cancellation
(recession), suit for specific performance, and suit for damages
Define promissory note - ANSevidences the debt, and states the interest rate, term, payment
requirement, & other information related to that loan
When a loan has been paid in full in a lien theory state, what happens next ? - ANSthe
mortgagor should receive a letter of satisfaction from the mortgagee within 60 days of the loan
payoff
Which clause in a mortgage requires the lender to acknowledge performance by the borrower? -
ANSDefeasance clause
