Gold Coast final exam

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