Gold Coast Final Exam Questions With Correct Solutions.
What is the form you sign that says you will pay the loan back ? - accurate
answers-promissory note
What is the post licensing grace period after first expiration ? - accurate
answers-none
Deposits is a form of... - accurate answers-valuable consideration
Physical land and improvements - accurate answers-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 - accurate
answers-Yes
What is the maximum fine per offense ? - accurate answers-$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 ? - accurate answers-
yes.
How many acres in one quarter of a section ? - accurate answers-160
What do you do when there is conflict in who escrow goes to - accurate
answers-notify FREC
When do you NOT have to notify FREC about conflict of escrow ? - accurate
answers-contingent on the contract
T/F Grantee and Grantor has to sign the deed - accurate answers-False
What statute has to deal with contracts being in writing ? - accurate answers-
Statute of Frauds
T/F A broker can have an office an office in a motorhome - accurate answers-
false
, Broker deposits $10,000 of personal funds into escrow account, what is he
guilty of ? - accurate answers-commingling
What is the best deed from the grantors POV? - accurate answers-Quitclaims
Deed
What is the law that states that lenders have to tell you the truth about the
interest rate ? - accurate answers-Truth in Lending
What law puts a time limit on contracts ? - accurate answers-Statute of
Limitation
What is the Statute of Limitation on oral contracts ? - accurate answers-4
years
What is used when you exceed 80% loan amount, to insure funds? - accurate
answers-Private Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - accurate answers-
Highest and Best Use
Which entities that would fund a shopping center ? - accurate answers-Life
insurance companies
Someone gives you a property to enjoy till you die is what type of estate ? -
accurate answers-life estate
What type of estate reverses back after a life estate ? - accurate answers-
reversion estate
Limited representation of a buyer or seller - accurate answers-transaction
Broker
Single Agent that represents both seller and buyer ? - accurate answers-dual
agency
What is dual agency a violation of ? - accurate answers-violation of F.S 475
What is the form you sign that says you will pay the loan back ? - accurate
answers-promissory note
What is the post licensing grace period after first expiration ? - accurate
answers-none
Deposits is a form of... - accurate answers-valuable consideration
Physical land and improvements - accurate answers-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 - accurate
answers-Yes
What is the maximum fine per offense ? - accurate answers-$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 ? - accurate answers-
yes.
How many acres in one quarter of a section ? - accurate answers-160
What do you do when there is conflict in who escrow goes to - accurate
answers-notify FREC
When do you NOT have to notify FREC about conflict of escrow ? - accurate
answers-contingent on the contract
T/F Grantee and Grantor has to sign the deed - accurate answers-False
What statute has to deal with contracts being in writing ? - accurate answers-
Statute of Frauds
T/F A broker can have an office an office in a motorhome - accurate answers-
false
, Broker deposits $10,000 of personal funds into escrow account, what is he
guilty of ? - accurate answers-commingling
What is the best deed from the grantors POV? - accurate answers-Quitclaims
Deed
What is the law that states that lenders have to tell you the truth about the
interest rate ? - accurate answers-Truth in Lending
What law puts a time limit on contracts ? - accurate answers-Statute of
Limitation
What is the Statute of Limitation on oral contracts ? - accurate answers-4
years
What is used when you exceed 80% loan amount, to insure funds? - accurate
answers-Private Mortgage Interest (PMI)
The future use that brings in the highest return on land ? - accurate answers-
Highest and Best Use
Which entities that would fund a shopping center ? - accurate answers-Life
insurance companies
Someone gives you a property to enjoy till you die is what type of estate ? -
accurate answers-life estate
What type of estate reverses back after a life estate ? - accurate answers-
reversion estate
Limited representation of a buyer or seller - accurate answers-transaction
Broker
Single Agent that represents both seller and buyer ? - accurate answers-dual
agency
What is dual agency a violation of ? - accurate answers-violation of F.S 475
