Gold Coast final exam UPDATED ACTUAL
Exam Questions and CORRECT Answers
actual notice - CORRECT ANSWER - own it
Constructive notice - CORRECT ANSWER - record something in public records
How Is Real Estate Recovery Funded ? - CORRECT ANSWER - by fees & fines
Eminent Domain - CORRECT ANSWER - government has right to take away public use
citizens can't refuse to sell)
immune properties - CORRECT ANSWER - government owned
lot & block - CORRECT ANSWER - residential sub-division surgery system
Metes and Bounds - CORRECT ANSWER - oldest method of land description & provides
the most accurate type of legal descriptions
What does the Real estate recovery fund do ? - CORRECT ANSWER - reimburse
members of the public
what is a township... - CORRECT ANSWER - a township is 6 miles square contains 36
square miles
Each township contains ____ acres - CORRECT ANSWER - 640 acres
How many square feet are in an acre? - CORRECT ANSWER - 43,560
, kickbacks are illegal unless.. - CORRECT ANSWER - someone has a licensed
Offer and Acceptance - CORRECT ANSWER - Meeting of the minds or mutual
agreement- all parties concerned understand and agree to all the terms of the contract
Overimprovement - CORRECT ANSWER - An addition or change to property not in line
with its highest and best use
statue of frauds - CORRECT ANSWER - provides 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) - CORRECT ANSWER - if contract is entirely oral,
action must be brought within 4 years
statue of limitations (written contracts) - CORRECT ANSWER - if contract is entirely
written, action must be brought within five years
Sufficient Consideration - CORRECT ANSWER - either valuable or good consideration
may be sufficient
WILD CARD - CORRECT ANSWER - Withdrawal, insanity, lapse of time, death of
either party ,counteroffer, acceptance,rejection,destruction of property
option contract define - CORRECT ANSWER - right to buy a property during a specified
period-of-time, at a specified price.
contract for deed define - CORRECT ANSWER - aka 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
Exam Questions and CORRECT Answers
actual notice - CORRECT ANSWER - own it
Constructive notice - CORRECT ANSWER - record something in public records
How Is Real Estate Recovery Funded ? - CORRECT ANSWER - by fees & fines
Eminent Domain - CORRECT ANSWER - government has right to take away public use
citizens can't refuse to sell)
immune properties - CORRECT ANSWER - government owned
lot & block - CORRECT ANSWER - residential sub-division surgery system
Metes and Bounds - CORRECT ANSWER - oldest method of land description & provides
the most accurate type of legal descriptions
What does the Real estate recovery fund do ? - CORRECT ANSWER - reimburse
members of the public
what is a township... - CORRECT ANSWER - a township is 6 miles square contains 36
square miles
Each township contains ____ acres - CORRECT ANSWER - 640 acres
How many square feet are in an acre? - CORRECT ANSWER - 43,560
, kickbacks are illegal unless.. - CORRECT ANSWER - someone has a licensed
Offer and Acceptance - CORRECT ANSWER - Meeting of the minds or mutual
agreement- all parties concerned understand and agree to all the terms of the contract
Overimprovement - CORRECT ANSWER - An addition or change to property not in line
with its highest and best use
statue of frauds - CORRECT ANSWER - provides 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) - CORRECT ANSWER - if contract is entirely oral,
action must be brought within 4 years
statue of limitations (written contracts) - CORRECT ANSWER - if contract is entirely
written, action must be brought within five years
Sufficient Consideration - CORRECT ANSWER - either valuable or good consideration
may be sufficient
WILD CARD - CORRECT ANSWER - Withdrawal, insanity, lapse of time, death of
either party ,counteroffer, acceptance,rejection,destruction of property
option contract define - CORRECT ANSWER - right to buy a property during a specified
period-of-time, at a specified price.
contract for deed define - CORRECT ANSWER - aka 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
