Gold Coast Final Exam: Questions & Answers
What is the form you sign that says you will pay the loan back ? Correct Ans - promissory note What is the post licensing grace period after first expiration ? Correct Ans
- none
- Yes
- notify FREC
Deposits is a form of... Correct Ans - valuable consideration Physical land and improvements Correct Ans - 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 Ans
What is the maximum fine per offense ? Correct Ans - $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 Ans - yes.How many acres in one quarter of a section ? Correct Ans - 160 What do you do when there is conflict in who escrow goes to Correct Ans
When do you NOT have to notify FREC about conflict of escrow ? Correct Ans - contingent on the contract T/F Grantee and Grantor has to sign the deed Correct Ans - False What statute has to deal with contracts being in writing ? Correct Ans - Statute of Frauds T/F A broker can have an office an office in a motorhome Correct Ans - false 1 / 2
Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? Correct Ans - commingling What is the best deed from the grantors POV? Correct Ans - Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate ? Correct Ans - Truth in Lending What law puts a time limit on contracts ? Correct Ans - Statute of Limitation What is the Statute of Limitation on oral contracts ? Correct Ans - 4 years What is used when you exceed 80% loan amount, to insure funds? Correct Ans - Private Mortgage Interest (PMI) The future use that brings in the highest return on land ? Correct Ans - Highest and Best Use Which entities that would fund a shopping center ? Correct Ans - Life insurance companies Someone gives you a property to enjoy till you die is what type of estate ?Correct Ans - life estate What type of estate reverses back after a life estate ? Correct Ans - reversion estate Limited representation of a buyer or seller Correct Ans - transaction Broker Single Agent that represents both seller and buyer ? Correct Ans - dual agency What is dual agency a violation of ? Correct Ans - violation of F.S 475
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