2024 Gold Coast Final Exam

What is the form you sign that says you will pay the loan back ? - ANSWER promissory note What is the post licensing grace period after first expiration ? - ANSWER none Deposits is a form of... - ANSWER valuable consideration Physical land and improvements - 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 - ANSWER Yes What is the maximum fine per offense ? - 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 ? - ANSWER yes. How many acres in one quarter of a section ? - ANSWER 160 What do you do when there is conflict in who escrow goes to - ANSWER notify FREC When do you NOT have to notify FREC about conflict of escrow ? - ANSWER contingent on the contract T/F Grantee and Grantor has to sign the deed - ANSWER False What statute has to deal with contracts being in writing ? - ANSWER Statute of Frauds T/F A broker can have an office an office in a motorhome - ANSWER false Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? - ANSWER commingling What is the best deed from the grantors POV? - ANSWER Quitclaims Deed What is the law that states that lenders have to tell you the truth about the interest rate ? - ANSWER Truth in Lending What law puts a time limit on contracts ? - ANSWER Statute of Limitation What is the Statute of Limitation on oral contracts ? - ANSWER 4 years What is used when you exceed 80% loan amount, to insure funds? - ANSWER Private Mortgage Interest (PMI) The future use that brings in the highest return on land ? - ANSWER Highest and Best Use Which entities that would fund a shopping center ? - ANSWER Life insurance companies Someone gives you a property to enjoy till you die is what type of estate ? - ANSWER life estate What type of estate reverses back after a life estate ? - ANSWER reversion estate Limited representation of a buyer or seller - ANSWER transaction Broker Single Agent that represents both seller and buyer ? - ANSWER dual agency What is dual agency a violation of ? - ANSWER violation of F.S 475 The least effective method of the Federal Reserve System ? - ANSWER make changes to discount rate A developer is sending out keys to people to view a home they building, and says if their key fits they are gifted a home, is this promotional give aways legal? - ANSWER yes Neighbor bringing the value of a home down - ANSWER external obsolescence The government's right to take property to build a school ? - ANSWER eminent domain Seller keeps the deposit - ANSWER liquidated damages 2 main deductions of home owners - ANSWER mortgage interest and property taxes What is filed on your behalf once you complete paying you mortgage in lien theory states ? - ANSWER letter of satisfaction Sales associate quits before sale closes and request to have commission, but the broker refuses. what can the sales associate do ? - ANSWER sue the broker