Gold Coast Real Estate EXAM LATEST UPDATED
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
Are real estate property taxes a specific lien or general lien? - answer>>>Specific lien
What's priority when it comes to a property w/ a lien? (Meaning they have to be first
ALWAYS) - answer>>>Property Taxes
What is used to identify a parcel's location on the face of the Earth in a manner that rules
out duplication or confusion with any other parcel? - answer>>>Legal descriptions
What are the three methods that are used to legally describe property? -
answer>>>Metes and bounds method, government surgery method, and lot and block
method
What is the metes and bounds method also known as? - answer>>>Surveyor's method
What is the lot and block method also known as? - answer>>>Plat method or recorded
plat method
What is the most accurate type of legal description? - answer>>>Metes and bounds
method
What is the starting reference point for the metes and bounds method? -
answer>>>Point of beginning (POB)
1 township = ___ sections. - answer>>>36
,1 section = ____ acres - answer>>>640
1 acre = ______ square feet - answer>>>43,560
What is the 24-mile-square area formed by the intersection of guide meridians and
correction lines called? - answer>>>Check
Which section is two sections west of section 10? - answer>>>8
What method is used for residential subdivisions? - answer>>>Lot and block
An assessor's parcel number (AON) is a number that is assigned to a parcel of real
property by who? - answer>>>A county property assessor
What are the four essential elements necessary to create a valid contract? -
answer>>>COLIC: Competent parties, offer and acceptance, lawful subject, in writing,
consideration
What statue requires a contract to be in writing to be enforceable? - answer>>>Statute of
Frauds
What statue provides time limits during which parties are allowed to be legal action to
enforce their rights under a contract? - answer>>>Statute of Limitations
What is the legal term that is used to designate the transfer of rights in a contract from
one party to another? - answer>>>Assignment
What is an essential element of a contact? - answer>>>Communication
, What type of contract does not have all terms and conditions fully expressed? -
answer>>>Implied
What kind of contract is not enforceable under the law? - answer>>>Void contract
What contract is written and contains all the elements of a valid contract? -
answer>>>Formal contract
What is the name of the oral contract? - answer>>>Informal contract or parole contract
What are the ways in which an offer can be terminated? - answer>>>WILD: Withdrawal,
insanity, lapse of time, death of either party CARD: counteroffer, acceptance, rejection,
destruction of the property
What are the 6 ways in which a contract can be terminated? - answer>>>BRRLAP: Breach,
renunciation, revocation, lapse of time, abandonment, performance
What does breach of contract mean? - answer>>>Contract has been broken
What are the three basic remedies for a breach of contract? - answer>>>Suit for
cancellation (recession), suit for specific performance, and suit for damages
A buyer and seller entered into a Purchase and Sale Agreement. The buyer chose not to
close and defaulted on the agreement. The seller claimed the escrow deposit. What type
of damages can be sought? - answer>>>Liquidated damages to the seller
Liquidated damages are those that are_____and______upon in the contract. -
answer>>>Specified and agreed
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
Are real estate property taxes a specific lien or general lien? - answer>>>Specific lien
What's priority when it comes to a property w/ a lien? (Meaning they have to be first
ALWAYS) - answer>>>Property Taxes
What is used to identify a parcel's location on the face of the Earth in a manner that rules
out duplication or confusion with any other parcel? - answer>>>Legal descriptions
What are the three methods that are used to legally describe property? -
answer>>>Metes and bounds method, government surgery method, and lot and block
method
What is the metes and bounds method also known as? - answer>>>Surveyor's method
What is the lot and block method also known as? - answer>>>Plat method or recorded
plat method
What is the most accurate type of legal description? - answer>>>Metes and bounds
method
What is the starting reference point for the metes and bounds method? -
answer>>>Point of beginning (POB)
1 township = ___ sections. - answer>>>36
,1 section = ____ acres - answer>>>640
1 acre = ______ square feet - answer>>>43,560
What is the 24-mile-square area formed by the intersection of guide meridians and
correction lines called? - answer>>>Check
Which section is two sections west of section 10? - answer>>>8
What method is used for residential subdivisions? - answer>>>Lot and block
An assessor's parcel number (AON) is a number that is assigned to a parcel of real
property by who? - answer>>>A county property assessor
What are the four essential elements necessary to create a valid contract? -
answer>>>COLIC: Competent parties, offer and acceptance, lawful subject, in writing,
consideration
What statue requires a contract to be in writing to be enforceable? - answer>>>Statute of
Frauds
What statue provides time limits during which parties are allowed to be legal action to
enforce their rights under a contract? - answer>>>Statute of Limitations
What is the legal term that is used to designate the transfer of rights in a contract from
one party to another? - answer>>>Assignment
What is an essential element of a contact? - answer>>>Communication
, What type of contract does not have all terms and conditions fully expressed? -
answer>>>Implied
What kind of contract is not enforceable under the law? - answer>>>Void contract
What contract is written and contains all the elements of a valid contract? -
answer>>>Formal contract
What is the name of the oral contract? - answer>>>Informal contract or parole contract
What are the ways in which an offer can be terminated? - answer>>>WILD: Withdrawal,
insanity, lapse of time, death of either party CARD: counteroffer, acceptance, rejection,
destruction of the property
What are the 6 ways in which a contract can be terminated? - answer>>>BRRLAP: Breach,
renunciation, revocation, lapse of time, abandonment, performance
What does breach of contract mean? - answer>>>Contract has been broken
What are the three basic remedies for a breach of contract? - answer>>>Suit for
cancellation (recession), suit for specific performance, and suit for damages
A buyer and seller entered into a Purchase and Sale Agreement. The buyer chose not to
close and defaulted on the agreement. The seller claimed the escrow deposit. What type
of damages can be sought? - answer>>>Liquidated damages to the seller
Liquidated damages are those that are_____and______upon in the contract. -
answer>>>Specified and agreed
