GOLD COAST FINAL STUDY GUIDE 2026 EXAM
QUESTIONS AND 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
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
assignment - ANSWER-the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSWER-A bilateral contract in which the property owner
promises to pay a commission regardless of who sells the listed property.
which of the following is correct regarding the "as is" provision in a sales contract? - ANSWER-
the seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - ANSWER-optionor
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
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
QUESTIONS AND 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
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
assignment - ANSWER-the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSWER-A bilateral contract in which the property owner
promises to pay a commission regardless of who sells the listed property.
which of the following is correct regarding the "as is" provision in a sales contract? - ANSWER-
the seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - ANSWER-optionor
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
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
