GOLD COAST FINAL EXAM 2026
QUESTIONS AND ANSWERS
(GRADED A+)
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
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
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
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
percentage lease - ANSWER-a lease in which the tenant pays a monthly base rent
plus a percentage of the annual or monthly gross sales products
what are specific liens? - ANSWER-real property taxes, special assessment lien,
mortgage liens
define real estate property taxes - ANSWER-property taxes
define special assessment lien - ANSWER-for improvements; such as sidewalks,
road paving, etc.
QUESTIONS AND ANSWERS
(GRADED A+)
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
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
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
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
percentage lease - ANSWER-a lease in which the tenant pays a monthly base rent
plus a percentage of the annual or monthly gross sales products
what are specific liens? - ANSWER-real property taxes, special assessment lien,
mortgage liens
define real estate property taxes - ANSWER-property taxes
define special assessment lien - ANSWER-for improvements; such as sidewalks,
road paving, etc.
