GOLD COAST FINAL EXAM STUDY SET for 4/11 [100% Correct]

GOLD COAST FINAL EXAM STUDY SET for 4/11 [100% Correct] 1 acre is how many square feet? *Ans* 43,560 A broker is entitled to compensation if they... *Ans* bring a buyer who brings an offer the seller was looking for A buyer drops off an escrow check on Monday. To avoid any trouble with FREC, the broker must deposit the check by close of business on which day? *Ans* Thursday A spouse who is left out of a will can claim? *Ans* Elective share 30% Abstract Continuation *Ans* history of title provided by seller Advertising *Ans* must have name of brokerage all apply to homestead except? *Ans* property is immune All are examples of an eminent domain except? *Ans* mall All are ways to terminate an offer except? Novation acceptance withdrawal rejection and counter *Ans* Novation all of these are actions of the primary market except? *Ans* -Federal National Mortgage Association (FNMA or Fannie Mae) -Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) -Government National Mortgage Association (GNMA or Ginnie Mae) Appeal a final order *Ans* request review with district court of APPEAL As is Contract *Ans* must DISCLOSE any material defects Assignment of Contracts *Ans* the sale, transfer, or subrogation of rights in a contract Blockbusting *Ans* consists of inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons branch brokerage office *Ans* -registration is good for 2 years -cannot move locations if not the principal location... in order to move it would need a new registration for the new location and must pays fees associated with it Check *Ans* the intersection of guide meridians and correction lines from a 24-mile-square area Consideration *Ans* Promise of future money Constructive Notice *Ans* achieved by recording documents in the public records culpable negligence *Ans* occurs if a broker operates in a reckless, careless, and excessively negligent manner. negligence for which one can be held legally accountable Defeasance Clause *Ans* protection to borrower Do Not Call List "DNC" *Ans* -cannot call someone before 8am and after 9pm -can call someone from the DNC if you have a buyer interested in purchasing the property -CANNOT Solicit for sale by owner -can face a 40k fine Doc Stamp on Deed located outside of Miami Dade? *Ans* .70/100 Does a corporation for profit between a broker and associate dealing with investments need to be registered? *Ans* No, a for profit corporation dealing w. investments does not need to be registered with any department Does one need to be a resident of the state or a citizen of the U.S. to get a FL real estate license? *Ans* to get a FL real estate license, you don't need to be a citizen Earnest Money Deposit *Ans* provide written verification within 10 days of request eminent domain *Ans* -allows local, state or federal gov., railroads, public utilities, and public housing authorities to obtain ownership to private property -the "taking" must only be for public use Employment *Ans* an associate can only have one employer at a time Equal Credit Opportunity Act *Ans* requires lenders to judge every loan applicant on the basis of the applicant's own credit rating and income Equity of Redemption *Ans* right to redeem interest by paying off lender what they are owed in full Escrow Account pg.75**** *Ans* ESCROW ACCOUNT PG 75***