GOLD COAST FINAL EXAM QUESTIONS
AND ANSWERS (VERIFIED AND
UPDATED)
What is the form you sign that says you will pay the loan back ? - ANS promissory note
What is the post licensing grace period after first expiration ? - ANS none
Deposits is a form of... - ANS valuable consideration
Physical land and improvements - 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 - ANS Yes
What is the maximum fine per offense ? - 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 ? - ANS yes.
@2026/2027 ALLRIGHTS RESERVED.
, How many acres in one quarter of a section ? - ANS 160
What do you do when there is conflict in who escrow goes to - ANS notify FREC
When do you NOT have to notify FREC about conflict of escrow ? - ANS contingent on the
contract
T/F Grantee and Grantor has to sign the deed - ANS False
What statute has to deal with contracts being in writing ? - ANS Statute of Frauds
T/F A broker can have an office an office in a motorhome - ANS false
Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? -
ANS commingling
What is the best deed from the grantors POV? - ANS Quitclaims Deed
What is the law that states that lenders have to tell you the truth about the interest rate ? -
ANS Truth in Lending
What law puts a time limit on contracts ? - ANS Statute of Limitation
What is the Statute of Limitation on oral contracts ? - ANS 4 years
@2026/2027 ALLRIGHTS RESERVED.
AND ANSWERS (VERIFIED AND
UPDATED)
What is the form you sign that says you will pay the loan back ? - ANS promissory note
What is the post licensing grace period after first expiration ? - ANS none
Deposits is a form of... - ANS valuable consideration
Physical land and improvements - 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 - ANS Yes
What is the maximum fine per offense ? - 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 ? - ANS yes.
@2026/2027 ALLRIGHTS RESERVED.
, How many acres in one quarter of a section ? - ANS 160
What do you do when there is conflict in who escrow goes to - ANS notify FREC
When do you NOT have to notify FREC about conflict of escrow ? - ANS contingent on the
contract
T/F Grantee and Grantor has to sign the deed - ANS False
What statute has to deal with contracts being in writing ? - ANS Statute of Frauds
T/F A broker can have an office an office in a motorhome - ANS false
Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? -
ANS commingling
What is the best deed from the grantors POV? - ANS Quitclaims Deed
What is the law that states that lenders have to tell you the truth about the interest rate ? -
ANS Truth in Lending
What law puts a time limit on contracts ? - ANS Statute of Limitation
What is the Statute of Limitation on oral contracts ? - ANS 4 years
@2026/2027 ALLRIGHTS RESERVED.
