pg. 1 Gold Coast Final Exam 2024 Newest/ Complete 150 Accurate Questions with Correct Verified Answers/
AGRADE
Which clause in a mortgage requires the lender to acknowledge performance by the borrower? - ANSWER - Defeasance clause
which term refers to the right of a mortgagor in default to pay all money owed and prevent the sale of the property at foreclosure? - ANSWER - Exculpatory clause
What is the primary purpose of discount point? - ANSWER - to decrease monthly payment required
what is a check? - ANSWER - the intersection of guide meridians and correction lines forms a 24-mile square area
What does the county appraiser assign to the lot number ? - Correct Answer - parcel number
What is it called when a licensee gives back their license ? - Correct Answer - cancel
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
What is the law that states that lenders have to tell you the truth about the interest rate ?
- Correct Answer - Truth in Lending
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pg. 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)
Which entity can be a brokerage ? - Correct Answer - corporation for profit
Sidewalks gets paid before the IRS is an example of a .. - Correct Answer - special assessment
If the seller changes mine about selling house and tells buyer they can have their deposit back but the buyer refuse the deposit what is the buyer looking to do ? - Correct Answer - suit for performance
court house, airports, and schools - Correct Answer - immune properties for taxation
What are the three basic remedies for a breach of contract? - ANSWER - suit fr cancellation (recession), suit for specific performance, and suit for damages
Define promissory note - ANSWER - evidences the debt, and states the interest rate, term, payment requirement, & other information related to that loan
When a loan has been paid in full in a lien theory state, what happens next ? - ANSWER - the mortgagor should receive a letter of satisfaction from the mortgagee within 60 days of the loan payoff
define gross lease - ANSWER - a lease in which the tenant agrees to pay a fixed rents amount and landlord pays all other expenses related to rent (residential)
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