GOLD COAST FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 300+ QUESTIONS AND CORRECT DETAILED
ANSWERS
actual notice - (answer) own it
Constructive notice - (answer) record something in public records
How Is Real Estate Recovery Funded ? - (answer) by fees & fines
Eminent Domain - (answer) government has right to take away public use citizens can't refuse to sell)
immune properties - (answer) government owned
lot & block - (answer) residential sub-division surgery system
Metes and Bounds - (answer) oldest method of land description & provides the most accurate type of
legal descriptions
What does the Real estate recovery fund do ? - (answer) reimburse members of the public
what is a township... - (answer) a township is 6 miles square contains 36 square miles
Each township contains ____ acres - (answer) 640 acres
How many square feet are in an acre? - (answer) 43,560
kickbacks are illegal unless.. - (answer) someone has a licensed
Offer and Acceptance - (answer) Meeting of the minds or mutual agreement- all parties concerned
understand and agree to all the terms of the contract
, GOLD COAST FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 300+ QUESTIONS AND CORRECT DETAILED
ANSWERS
Overimprovement - (answer) An addition or change to property not in line with its highest and best
use
statue of frauds - (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) - (answer) if contract is entirely oral, action must be brought
within 4 years
statue of limitations (written contracts) - (answer) if contract is entirely written, action must be
brought within five years
Sufficient Consideration - (answer) either valuable or good consideration may be sufficient
WILD CARD - (answer) Withdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
option contract define - (answer) right to buy a property during a specified period-of-time, at a
specified price.
contract for deed define - (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 - (answer) exists when some or all of the terms and conditions can be
assumed by the nature of the government
Suit for cancellation (rescission) - (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.
Suit for Specific Performance - (answer) A lawsuit to hold the defaulting party to his duties under a
contract
ANSWERS
actual notice - (answer) own it
Constructive notice - (answer) record something in public records
How Is Real Estate Recovery Funded ? - (answer) by fees & fines
Eminent Domain - (answer) government has right to take away public use citizens can't refuse to sell)
immune properties - (answer) government owned
lot & block - (answer) residential sub-division surgery system
Metes and Bounds - (answer) oldest method of land description & provides the most accurate type of
legal descriptions
What does the Real estate recovery fund do ? - (answer) reimburse members of the public
what is a township... - (answer) a township is 6 miles square contains 36 square miles
Each township contains ____ acres - (answer) 640 acres
How many square feet are in an acre? - (answer) 43,560
kickbacks are illegal unless.. - (answer) someone has a licensed
Offer and Acceptance - (answer) Meeting of the minds or mutual agreement- all parties concerned
understand and agree to all the terms of the contract
, GOLD COAST FINAL EXAM LATEST 2023-2024 ACTUAL EXAM 300+ QUESTIONS AND CORRECT DETAILED
ANSWERS
Overimprovement - (answer) An addition or change to property not in line with its highest and best
use
statue of frauds - (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) - (answer) if contract is entirely oral, action must be brought
within 4 years
statue of limitations (written contracts) - (answer) if contract is entirely written, action must be
brought within five years
Sufficient Consideration - (answer) either valuable or good consideration may be sufficient
WILD CARD - (answer) Withdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
option contract define - (answer) right to buy a property during a specified period-of-time, at a
specified price.
contract for deed define - (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 - (answer) exists when some or all of the terms and conditions can be
assumed by the nature of the government
Suit for cancellation (rescission) - (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.
Suit for Specific Performance - (answer) A lawsuit to hold the defaulting party to his duties under a
contract
