Gold Coast Final Exam 2023 Questions and
Answers -Best Answers 2023
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)
This study source was downloaded by 100000847097152 from CourseHero.com on 02-07-2024 15:50:18 GMT -06:00
https://www.coursehero.com/file/218948016/Gold-Coast-Final-Exam-2023-Questions-and-Answers-Best-Answers-2023pdf/
, 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
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?
yes
Neighbor bringing the value of a home
down external obsolescence
The government's right to take property to build a
school ? eminent domain
Seller keeps the
deposit liquidated
damages
2 main deductions of home
owners mortgage interest and
property taxes
What is filed on your behalf once you complete paying you mortgage in
lien theory states ?
letter of satisfaction
Sales associate quits before sale closes and request to have commission,
but the broker refuses. what can the sales associate do ?
sue the broker
What type of estate is it when 3 people that get involve in investing on a
property at different times ?
tenancy in common
What type of lease is it when portion of profit
goes to percentage lease
Rate of State Stamp Documentary Tax on Deed ?
$.70 cents per 100$
Clause in mortgage that gives the mortgagee the right to increase
interest rate ? accelerator clause
What can FREC deny license
for ? not being a US citizen
In Lien theory state who holds the
This study source was downloaded by 100000847097152 from CourseHero.com on 02-07-2024 15:50:18 GMT -06:00
https://www.coursehero.com/file/218948016/Gold-Coast-Final-Exam-2023-Questions-and-Answers-Best-Answers-2023pdf/
Answers -Best Answers 2023
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)
This study source was downloaded by 100000847097152 from CourseHero.com on 02-07-2024 15:50:18 GMT -06:00
https://www.coursehero.com/file/218948016/Gold-Coast-Final-Exam-2023-Questions-and-Answers-Best-Answers-2023pdf/
, 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
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?
yes
Neighbor bringing the value of a home
down external obsolescence
The government's right to take property to build a
school ? eminent domain
Seller keeps the
deposit liquidated
damages
2 main deductions of home
owners mortgage interest and
property taxes
What is filed on your behalf once you complete paying you mortgage in
lien theory states ?
letter of satisfaction
Sales associate quits before sale closes and request to have commission,
but the broker refuses. what can the sales associate do ?
sue the broker
What type of estate is it when 3 people that get involve in investing on a
property at different times ?
tenancy in common
What type of lease is it when portion of profit
goes to percentage lease
Rate of State Stamp Documentary Tax on Deed ?
$.70 cents per 100$
Clause in mortgage that gives the mortgagee the right to increase
interest rate ? accelerator clause
What can FREC deny license
for ? not being a US citizen
In Lien theory state who holds the
This study source was downloaded by 100000847097152 from CourseHero.com on 02-07-2024 15:50:18 GMT -06:00
https://www.coursehero.com/file/218948016/Gold-Coast-Final-Exam-2023-Questions-and-Answers-Best-Answers-2023pdf/
