Gold Coast Final Exam Questions and
Answers/ Verified (Graded A)
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 ? - -Highest and Best Use
-Which entities that would fund a shopping center ? - -Life insurance companies
-Someone gives you a property to enjoy till you die is what type of estate ? - -life estate
-What type of estate reverses back after a life estate ? - -reversion estate
-Limited representation of a buyer or seller - -transaction Broker
-Single Agent that represents both seller and buyer ? - -dual agency
-What is dual agency a violation of ? - -violation of F.S 475
-The least effective method of the Federal Reserve System ? - -make changes to
discount rate
Answers/ Verified (Graded A)
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 ? - -Highest and Best Use
-Which entities that would fund a shopping center ? - -Life insurance companies
-Someone gives you a property to enjoy till you die is what type of estate ? - -life estate
-What type of estate reverses back after a life estate ? - -reversion estate
-Limited representation of a buyer or seller - -transaction Broker
-Single Agent that represents both seller and buyer ? - -dual agency
-What is dual agency a violation of ? - -violation of F.S 475
-The least effective method of the Federal Reserve System ? - -make changes to
discount rate
