GOLD COAST 45 HOUR NEWEST 2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
These liens take
|ALREADY precedence
GRADED A+ over all other liens - (ANSWER)Superior liens: Real
estate property taxes, special assessment lien, federal estate tax lien
These liens take precedence from date of recording in the public records -
(ANSWER)Junior liens: Mortgage lien, vendor's lien, judgement lien,
construction lien
These are specific liens - (ANSWER)superior: Real estate property taxes, Special
assessment taxes
Junior: Mortgage lien, vendor's lien, construction lien
These are general liens - (ANSWER)Superior: Federal estate tax lien,
Junior: Judgement lien, federal income tax lien, state corporate income tax
Gross lease - (ANSWER)A lease in which the tenant agrees to pay a fixed rental
amount and the landlord pays all expenses related to the property such as real
estate taxes, insurance, and maintenance costs. ex: residential lease
Net lease - (ANSWER)A lease in which the tenant pays a fixed rent plus all or a
portion of the operating costs such as real estate taxes, insurance, and
maintenance. ex: commercial and industrial lease
Percentage lease - (ANSWER)A lease in which the tenant pays a monthly base
plus a percentage of the annual or monthly gross sales of good sold on the
premises. ex: retail centers and malls
Eminent domain - (ANSWER)Allows local, state, or federal gov, railroads, public
utilities, and public housing authorities to obtain ownership to private
property; "taking". Owner will be paid "just compensation" for the property.
Process of eminent domain - (ANSWER)Owner may negotiate an agreeable
price. If owner refuses, they will implement a legal court proceeding in court
to exercise its right to acquire the property. The action of enforcing the sale is
called condemnation proceeding.
, GOLD COAST 45 HOUR NEWEST 2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
General
|ALREADYwarranty
GRADED deedA+
- (ANSWER)This is the most common type of deed and
provides the best protection to the grantee of any deed. The grantor promises
to defend the title against any and all claims. Best for the buyer.
Quitclaim deed - (ANSWER)A quitclaim deed contains no warrants of any kind
from the grantor and is considered the best type of deed from the grantor's
standpoint.
What is most commonly used to cure defects in title? - (ANSWER)Quitclaim
deed
Premises (granting) clause (deed) - (ANSWER)This clause is the only legally
necessary clause required in a deed.
Habendum clause (deed) - (ANSWER)to- have-and-to-hold clause, specifies the
legal rights being conveyed. The portion of the bundle of legal rights being
conveyed is described in this clause, such as "fee simple forever" or "in a life
estate"
When transferring a title... - (ANSWER)Consideration must be considered, the
sales price is not required and rarely ever included. "$10 and other good and
valuable consideration" most often used
A legal description must be provided
The deed must be signed by the grantor and witnessed by 2 persons. The
grantee is not required to sign.
The deed is voluntarily delivered and accepted to the grantee. Title does not
transfer until the is done.
Transfer by involuntary alienation: DESCENT AND DISTRIBUTION - (ANSWER)The
system provides for the transfer of title to legal descendants upon the death of
an individual who died intestate (no will). Goes through probate law.
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
These liens take
|ALREADY precedence
GRADED A+ over all other liens - (ANSWER)Superior liens: Real
estate property taxes, special assessment lien, federal estate tax lien
These liens take precedence from date of recording in the public records -
(ANSWER)Junior liens: Mortgage lien, vendor's lien, judgement lien,
construction lien
These are specific liens - (ANSWER)superior: Real estate property taxes, Special
assessment taxes
Junior: Mortgage lien, vendor's lien, construction lien
These are general liens - (ANSWER)Superior: Federal estate tax lien,
Junior: Judgement lien, federal income tax lien, state corporate income tax
Gross lease - (ANSWER)A lease in which the tenant agrees to pay a fixed rental
amount and the landlord pays all expenses related to the property such as real
estate taxes, insurance, and maintenance costs. ex: residential lease
Net lease - (ANSWER)A lease in which the tenant pays a fixed rent plus all or a
portion of the operating costs such as real estate taxes, insurance, and
maintenance. ex: commercial and industrial lease
Percentage lease - (ANSWER)A lease in which the tenant pays a monthly base
plus a percentage of the annual or monthly gross sales of good sold on the
premises. ex: retail centers and malls
Eminent domain - (ANSWER)Allows local, state, or federal gov, railroads, public
utilities, and public housing authorities to obtain ownership to private
property; "taking". Owner will be paid "just compensation" for the property.
Process of eminent domain - (ANSWER)Owner may negotiate an agreeable
price. If owner refuses, they will implement a legal court proceeding in court
to exercise its right to acquire the property. The action of enforcing the sale is
called condemnation proceeding.
, GOLD COAST 45 HOUR NEWEST 2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
General
|ALREADYwarranty
GRADED deedA+
- (ANSWER)This is the most common type of deed and
provides the best protection to the grantee of any deed. The grantor promises
to defend the title against any and all claims. Best for the buyer.
Quitclaim deed - (ANSWER)A quitclaim deed contains no warrants of any kind
from the grantor and is considered the best type of deed from the grantor's
standpoint.
What is most commonly used to cure defects in title? - (ANSWER)Quitclaim
deed
Premises (granting) clause (deed) - (ANSWER)This clause is the only legally
necessary clause required in a deed.
Habendum clause (deed) - (ANSWER)to- have-and-to-hold clause, specifies the
legal rights being conveyed. The portion of the bundle of legal rights being
conveyed is described in this clause, such as "fee simple forever" or "in a life
estate"
When transferring a title... - (ANSWER)Consideration must be considered, the
sales price is not required and rarely ever included. "$10 and other good and
valuable consideration" most often used
A legal description must be provided
The deed must be signed by the grantor and witnessed by 2 persons. The
grantee is not required to sign.
The deed is voluntarily delivered and accepted to the grantee. Title does not
transfer until the is done.
Transfer by involuntary alienation: DESCENT AND DISTRIBUTION - (ANSWER)The
system provides for the transfer of title to legal descendants upon the death of
an individual who died intestate (no will). Goes through probate law.
