Gold Coast final UPDATED 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
Define implied contract - CORRECT ANSWER- exists when some or all of the terms and
conditions can be assumed by the nature of the government
Suit for cancellation (rescission) - CORRECT ANSWER- 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 positions.
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
Define implied contract - CORRECT ANSWER- exists when some or all of the terms and
conditions can be assumed by the nature of the government
Suit for cancellation (rescission) - CORRECT ANSWER- 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 positions.
