Gold Coast Final Review Questions With Accurate Solutions.
What is a Joint venture? - accurate answers-2 or more parties that agree to
combine their efforts
Who is Eminent domain used by? - accurate answers-Used by government to
acquire private property
Quitclaim deed is best for who? - accurate answers-Grantor
When is a claim from the Real Estate Recovery fund NOT an option? - accurate
answers-As a remedy in a Breach of Contract
When an applicant is denied, how are they notified? - accurate answers-They
must be notified in WRITING of the reason they were denied and advised their
rights
When is Going Concern used? - accurate answers-When appraising a
profitable business
Why is Exclusive right of sales listing is best for broker? - accurate answers-
They get paid regardless of who sells the property
Who is eminent domain NOT for? - accurate answers-Large shopping centers
or movie theater complexes
Who can sales associates bring legal action against in terms of unpaid
commission? - accurate answers-The broker that employed them only
What are the FHA ratios? - accurate answers-31% (HER) 43% (TOR)
What is the State Documentary Stamp Tax on a deed (outside of Dade
county)? - accurate answers-70 cents per 100 dollars of sales price + 70 cents
of any fractional part of sales price
What rights does Joint Tenacy include? - accurate answers-Possession,
interest, time, title (PITT) and equal rights of survivorship
, What does intangible tax apply to? What does it NOT apply to? - accurate
answers-Applies to NEW mortgage, does NOT apply to Assumed mortgage
What is the Cost-depreciation approach best used on? - accurate answers-
Government buildings like court houses
Is Ginnie Mae (GNMA) a primary lender? - accurate answers-NO
What 4 things does a promissory note specify? - accurate answers-(1) Loan
amount, (2) interest rate, (3) loan terms and (4) repayment schedule
Terms of Tenancy in Common - accurate answers-Can have equal OR unequal
shares of ownership AND can have acquired them by the same OR different
deed
Can over-improvement be a Functional Obsolescence? - accurate answers-YES
What is Illiquidity in real estate? - accurate answers-A real estate
disadvantage
Who is a broker associate employed by? - accurate answers-Active license
broker
What is an assignment transfer? - accurate answers-transferred contractual
rights from 1 person to another
What should a broker do when he has listed a property and finds out the title
is not merchantable? - accurate answers-He must immediately notify the
owner
When is a Letter of Satisfaction issued? - accurate answers-When a loan is
fully repaid
Can a motor-home be used as a broker's office? - accurate answers-NO
When is liquidation value used? - accurate answers-On a failing business
What is Blockbusting? - accurate answers-Telling homeowners that
MINORITIES are moving into the neighborhood
What is a Joint venture? - accurate answers-2 or more parties that agree to
combine their efforts
Who is Eminent domain used by? - accurate answers-Used by government to
acquire private property
Quitclaim deed is best for who? - accurate answers-Grantor
When is a claim from the Real Estate Recovery fund NOT an option? - accurate
answers-As a remedy in a Breach of Contract
When an applicant is denied, how are they notified? - accurate answers-They
must be notified in WRITING of the reason they were denied and advised their
rights
When is Going Concern used? - accurate answers-When appraising a
profitable business
Why is Exclusive right of sales listing is best for broker? - accurate answers-
They get paid regardless of who sells the property
Who is eminent domain NOT for? - accurate answers-Large shopping centers
or movie theater complexes
Who can sales associates bring legal action against in terms of unpaid
commission? - accurate answers-The broker that employed them only
What are the FHA ratios? - accurate answers-31% (HER) 43% (TOR)
What is the State Documentary Stamp Tax on a deed (outside of Dade
county)? - accurate answers-70 cents per 100 dollars of sales price + 70 cents
of any fractional part of sales price
What rights does Joint Tenacy include? - accurate answers-Possession,
interest, time, title (PITT) and equal rights of survivorship
, What does intangible tax apply to? What does it NOT apply to? - accurate
answers-Applies to NEW mortgage, does NOT apply to Assumed mortgage
What is the Cost-depreciation approach best used on? - accurate answers-
Government buildings like court houses
Is Ginnie Mae (GNMA) a primary lender? - accurate answers-NO
What 4 things does a promissory note specify? - accurate answers-(1) Loan
amount, (2) interest rate, (3) loan terms and (4) repayment schedule
Terms of Tenancy in Common - accurate answers-Can have equal OR unequal
shares of ownership AND can have acquired them by the same OR different
deed
Can over-improvement be a Functional Obsolescence? - accurate answers-YES
What is Illiquidity in real estate? - accurate answers-A real estate
disadvantage
Who is a broker associate employed by? - accurate answers-Active license
broker
What is an assignment transfer? - accurate answers-transferred contractual
rights from 1 person to another
What should a broker do when he has listed a property and finds out the title
is not merchantable? - accurate answers-He must immediately notify the
owner
When is a Letter of Satisfaction issued? - accurate answers-When a loan is
fully repaid
Can a motor-home be used as a broker's office? - accurate answers-NO
When is liquidation value used? - accurate answers-On a failing business
What is Blockbusting? - accurate answers-Telling homeowners that
MINORITIES are moving into the neighborhood
