Gold Coast Final Exam All Possible Questions and Answers 2023 Solved Correctly

Gold Coast Final Exam All Possible Questions and Answers 2023 Solved Correctly What is the form you sign that says you will pay the loan back ? promissory note What is the post licensing grace period after first expiration ? none Deposits is a form of... valuable consideration Physical land and improvements 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 Yes What is the maximum fine per offense ? $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 ? yes. How many acres in one quarter of a section ? 160 What do you do when there is conflict in who escrow goes to notify FREC When do you NOT have to notify FREC about conflict of escrow ? contingent on the contract T/F Grantee and Grantor has to sign the deed False What statute has to deal with contracts being in writing ? Statute of Frauds T/F A broker can have an office an office in a motorhome false Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? commingling What is the best deed from the grantors POV? Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate ? Truth in Lending What law puts a time limit on contracts ? Statute of Limitation What is the Statute of Limitation on oral contracts ? 4 years What is used when you exceed 80% loan amount, to insure funds? Private Mortgage Interest (PMI) The future use that brings in the highest return on land ?