Gold Coast Final Exam 2023/2024 Questions with Complete Solutions Graded A+ What is the form you sign that says you will pay the loan back ? - Correct Answer promissory note What is the post licensing grace period after first expiration ? - Correct Answer none Deposits is a form of... - Correct Answer valuable consideration Physical land and improvements - Correct Answer real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both - Correct Answer Yes What is the maximum fine per offense ? - Correct Answer $5,000 per fine Out of state broker sends a customer, and had no part in the transaction and requests a referral fee, should he expect a commission ? - Correct Answer yes.How many acres in one quarter of a section ? - Correct Answer 160 What do you do when there is conflict in who escrow goes to - Correct Answer notify FREC When do you NOT have to notify FREC about conflict of escrow ? - Correct Answer contingent on the contract T/F Grantee and Grantor has to sign the deed - Correct Answer False What statute has to deal with contracts being in writing ? - Correct Answer Statute of Frauds T/F A broker can have an office an office in a motorhome - Correct Answer false Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? - Correct Answer commingling What is the best deed from the grantors POV? - Correct Answer Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate ?
- Correct Answer Truth in Lending 1 / 2
What law puts a time limit on contracts ? - Correct Answer Statute of Limitation What is the Statute of Limitation on oral contracts ? - Correct Answer 4 years What is used when you exceed 80% loan amount, to insure funds? - Correct Answer Private Mortgage Interest (PMI) The future use that brings in the highest return on land ? - Correct Answer Highest and Best Use Which entities that would fund a shopping center ? - Correct Answer Life insurance companies Someone gives you a property to enjoy till you die is what type of estate ? - Correct Answer life estate What type of estate reverses back after a life estate ? - Correct Answer reversion estate Limited representation of a buyer or seller - Correct Answer transaction Broker Single Agent that represents both seller and buyer ? - Correct Answer dual agency What is dual agency a violation of ? - Correct Answer violation of F.S 475 The least effective method of the Federal Reserve System ? - Correct Answer make changes to discount rate A developer is sending out keys to people to view a home they building, and says if their key fits they are gifted a home, is this promotional give aways legal? - Correct Answer yes Neighbor bringing the value of a home down - Correct Answer external obsolescence The government's right to take property to build a school ? - Correct Answer eminent domain Seller keeps the deposit - Correct Answer liquidated damages
- main deductions of home owners - Correct Answer mortgage interest and property
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taxes What is filed on your behalf once you complete paying you mortgage in lien theory states ? - Correct Answer letter of satisfaction Sales associate quits before sale closes and request to have commission, but the broker refuses. what can the sales associate do ? - Correct Answer sue the broker