Gold Coast final exam questions and answers 2023 with
complete solution
actual notice
own it
Constructive notice
record something in public records
How Is Real Estate Recovery Funded ?
by fees & fines
Eminent Domain
government has right to take away public use citizens can't refuse to sell)
immune properties
government owned
lot & block
residential sub-division surgery system
Metes and Bounds
oldest method of land description & provides the most accurate type of legal
descriptions
What does the Real estate recovery fund do ?
reimburse members of the public
what is a township...
a township is 6 miles square contains 36 square miles
Each township contains ____ acres
640 acres
How many square feet are in an acre?
43,560
kickbacks are illegal unless..
someone has a licensed
Offer and Acceptance
Meeting of the minds or mutual agreement- all parties concerned understand and agree
to all the terms of the contract
Overimprovement
An addition or change to property not in line with its highest and best use
statue of frauds
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)
if contract is entirely oral, action must be brought within 4 years
statue of limitations (written contracts)
if contract is entirely written, action must be brought within five years
Sufficient Consideration
either valuable or good consideration may be sufficient
WILD CARD
Withdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
, option contract define
right to buy a property during a specified period-of-time, at a specified price.
contract for deed define
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
exists when some or all of the terms and conditions can be assumed by the nature of
the government
Suit for cancellation (rescission)
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
A lawsuit to hold the defaulting party to his duties under a contract
assignment
the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing
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?
the seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ?
optionor
What are the three basic remedies for a breach of contract?
suit fr cancellation (recession), suit for specific performance, and suit for damages
Define promissory note
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 ?
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?
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?
Exculpatory clause
What is the primary purpose of discount point?
to decrease monthly payment required
what is a check?
the intersection of guide meridians and correction lines forms a 24-mile square area
define gross lease
a lease in which the tenant agrees to pay a fixed rents amount and landlord pays all
other expenses related to rent (residential)
define net lease
a lease in which the tenant pays a fixed rent plus all or a portion of the operating costs
complete solution
actual notice
own it
Constructive notice
record something in public records
How Is Real Estate Recovery Funded ?
by fees & fines
Eminent Domain
government has right to take away public use citizens can't refuse to sell)
immune properties
government owned
lot & block
residential sub-division surgery system
Metes and Bounds
oldest method of land description & provides the most accurate type of legal
descriptions
What does the Real estate recovery fund do ?
reimburse members of the public
what is a township...
a township is 6 miles square contains 36 square miles
Each township contains ____ acres
640 acres
How many square feet are in an acre?
43,560
kickbacks are illegal unless..
someone has a licensed
Offer and Acceptance
Meeting of the minds or mutual agreement- all parties concerned understand and agree
to all the terms of the contract
Overimprovement
An addition or change to property not in line with its highest and best use
statue of frauds
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)
if contract is entirely oral, action must be brought within 4 years
statue of limitations (written contracts)
if contract is entirely written, action must be brought within five years
Sufficient Consideration
either valuable or good consideration may be sufficient
WILD CARD
Withdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
, option contract define
right to buy a property during a specified period-of-time, at a specified price.
contract for deed define
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
exists when some or all of the terms and conditions can be assumed by the nature of
the government
Suit for cancellation (rescission)
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
A lawsuit to hold the defaulting party to his duties under a contract
assignment
the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing
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?
the seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ?
optionor
What are the three basic remedies for a breach of contract?
suit fr cancellation (recession), suit for specific performance, and suit for damages
Define promissory note
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 ?
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?
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?
Exculpatory clause
What is the primary purpose of discount point?
to decrease monthly payment required
what is a check?
the intersection of guide meridians and correction lines forms a 24-mile square area
define gross lease
a lease in which the tenant agrees to pay a fixed rents amount and landlord pays all
other expenses related to rent (residential)
define net lease
a lease in which the tenant pays a fixed rent plus all or a portion of the operating costs
