Gold Coast Final Exam 2023/2024 Questions and Answers (Graded A)

Gold Coast Final Exam 2023/2024 Questions and Answers (Graded A) What is the form you sign that says you will pay the loan back ? Correct Answer promissory note What is the post licensing grace period after first expiration ? Correct Answer none Deposits is a form of... Correct Answer valuable consideration Physical land and improvements Correct Answer 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 Correct Answer Yes What is the maximum fine per offense ? Correct Answer $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 ? Correct Answer yes. How many acres in one quarter of a section ? Correct Answer 160 What do you do when there is conflict in who escrow goes to Correct Answer notify FREC When do you NOT have to notify FREC about conflict of escrow ? Correct Answer contingent on the contract T/F Grantee and Grantor has to sign the deed Correct Answer False What statute has to deal with contracts being in writing ? Correct Answer Statute of Frauds T/F A broker can have an office an office in a motorhome Correct Answer false Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? Correct Answer commingling What is the best deed from the grantors POV? Correct Answer Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate ? Correct Answer Truth in Lending What law puts a time limit on contracts ? Correct Answer Statute of Limitation What is the Statute of Limitation on oral contracts ? Correct Answer 4 years