Gold Coast Final Exam 2023 Questions and Answers
(Graded A
actual notice - ANSWER own it
Constructive notice - ANSWER record something in public records
How Is Real Estate Recovery Funded ? - ANSWER by fees & fines
Eminent Domain - ANSWER government has right to take away public use citizens
can't refuse to sell)
immune properties - ANSWER government owned
lot & block - ANSWER residential sub-division surgery system
Metes and Bounds - ANSWER oldest method of land description & provides the
most accurate type of legal descriptions
What does the Real estate recovery fund do ? - ANSWER reimburse members of the
public
what is a township... - ANSWER a township is 6 miles square contains 36 square
miles
Each township contains ____ acres - ANSWER 640 acres
How many square feet are in an acre? - ANSWER 43,560
kickbacks are illegal unless.. - ANSWER someone has a licensed
Offer and Acceptance - ANSWER Meeting of the minds or mutual agreement- all
parties concerned understand and agree to all the terms of the contract
Overimprovement - ANSWER An addition or change to property not in line with its
highest and best use
statue of frauds - 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) - ANSWER if contract is entirely oral, action
must be brought within 4 years
, statue of limitations (written contracts) - ANSWER if contract is entirely written,
action must be brought within five years
Sufficient Consideration - ANSWER either valuable or good consideration may be
sufficient
WILD CARD - ANSWER Withdrawal, insanity, lapse of time, death of either
party ,counteroffer, acceptance,rejection,destruction of property
option contract define - ANSWER right to buy a property during a specified period-of-
time, at a specified price.
contract for deed define - 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 - ANSWER exists when some or all of the terms and
conditions can be assumed by the nature of the government
Suit for cancellation (rescission) - 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 - ANSWER A lawsuit to hold the defaulting party to his
duties under a contract
assignment - ANSWER the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSWER A bilateral contract in which the property
owner promises to pay a commission regardless of who sells the listed property.
which of the following is correct regarding the "as is" provision in a sales contract? -
ANSWER the seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - ANSWER optionor
What are the three basic remedies for a breach of contract? - ANSWER suit fr
cancellation (recession), suit for specific performance, and suit for damages
Define promissory note - ANSWER evidences the debt, and states the interest rate,
term, payment requirement, & other information related to that loan
When a loan has been paid in full in a lien theory state, what happens next ? -
ANSWER the mortgagor should receive a letter of satisfaction from the mortgagee
within 60 days of the loan payoff
Which clause in a mortgage requires the lender to acknowledge performance by the
borrower? - ANSWER Defeasance clause
(Graded A
actual notice - ANSWER own it
Constructive notice - ANSWER record something in public records
How Is Real Estate Recovery Funded ? - ANSWER by fees & fines
Eminent Domain - ANSWER government has right to take away public use citizens
can't refuse to sell)
immune properties - ANSWER government owned
lot & block - ANSWER residential sub-division surgery system
Metes and Bounds - ANSWER oldest method of land description & provides the
most accurate type of legal descriptions
What does the Real estate recovery fund do ? - ANSWER reimburse members of the
public
what is a township... - ANSWER a township is 6 miles square contains 36 square
miles
Each township contains ____ acres - ANSWER 640 acres
How many square feet are in an acre? - ANSWER 43,560
kickbacks are illegal unless.. - ANSWER someone has a licensed
Offer and Acceptance - ANSWER Meeting of the minds or mutual agreement- all
parties concerned understand and agree to all the terms of the contract
Overimprovement - ANSWER An addition or change to property not in line with its
highest and best use
statue of frauds - 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) - ANSWER if contract is entirely oral, action
must be brought within 4 years
, statue of limitations (written contracts) - ANSWER if contract is entirely written,
action must be brought within five years
Sufficient Consideration - ANSWER either valuable or good consideration may be
sufficient
WILD CARD - ANSWER Withdrawal, insanity, lapse of time, death of either
party ,counteroffer, acceptance,rejection,destruction of property
option contract define - ANSWER right to buy a property during a specified period-of-
time, at a specified price.
contract for deed define - 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 - ANSWER exists when some or all of the terms and
conditions can be assumed by the nature of the government
Suit for cancellation (rescission) - 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 - ANSWER A lawsuit to hold the defaulting party to his
duties under a contract
assignment - ANSWER the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSWER A bilateral contract in which the property
owner promises to pay a commission regardless of who sells the listed property.
which of the following is correct regarding the "as is" provision in a sales contract? -
ANSWER the seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ? - ANSWER optionor
What are the three basic remedies for a breach of contract? - ANSWER suit fr
cancellation (recession), suit for specific performance, and suit for damages
Define promissory note - ANSWER evidences the debt, and states the interest rate,
term, payment requirement, & other information related to that loan
When a loan has been paid in full in a lien theory state, what happens next ? -
ANSWER the mortgagor should receive a letter of satisfaction from the mortgagee
within 60 days of the loan payoff
Which clause in a mortgage requires the lender to acknowledge performance by the
borrower? - ANSWER Defeasance clause
