Gold Coast final exam (questions and answers) 2024 Graded A

Gold Coast final exam (questions and answers) 2024 Graded A actual notice - CORRECT ANSWER-own it Constructive notice - CORRECT ANSWER-record something in public records How Is Real Estate Recovery Funded ? - CORRECT ANSWER-by fees & fines Eminent Domain - CORRECT ANSWER-government has right to take away public use citizens can't refuse to sell) immune properties - CORRECT ANSWER-government owned lot & block - CORRECT ANSWER-residential sub-division surgery system Metes and Bounds - CORRECT ANSWER-oldest method of land description & provides the most accurate type of legal descriptions What does the Real estate recovery fund do ? - CORRECT ANSWER-reimburse members of the public what is a township... - CORRECT ANSWER-a township is 6 miles square contains 36 square miles Each township contains ____ acres - CORRECT ANSWER-640 acres How many square feet are in an acre? - CORRECT ANSWER-43,560 kickbacks are illegal unless.. - CORRECT ANSWER-someone has a licensed Offer and Acceptance - CORRECT ANSWER-Meeting of the minds or mutual agreement- all parties concerned understand and agree to all the terms of the contract Overimprovement - CORRECT ANSWER-An addition or change to property not in line with its highest and best use statue of frauds - CORRECT ANSWER-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) - CORRECT ANSWER-if contract is entirely oral, action must be brought within 4 years statue of limitations (written contracts) - CORRECT ANSWER-if contract is entirely written, action must be brought within five years Sufficient Consideration - CORRECT ANSWER-either valuable or good consideration may be sufficient WILD CARD - CORRECT ANSWER-Withdrawal, insanity, lapse of time, death of either party ,counteroffer, acceptance,rejection,destruction of property option contract define - CORRECT ANSWER-right to buy a property during a specified period-of-time, at a specified price. contract for deed define - CORRECT ANSWER-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 - CORRECT ANSWER-exists when some or all of the terms and conditions can be assumed by the nature of the government Suit for cancellation (rescission) - CORRECT ANSWER-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 - COR