Gold Coast Real Estate
10 days - ANS-A sales associate must report any change of employer or change of address
within _____ of the change to the Department on a form prescribed for such use.
\15 days - ANS-Notification to the commission must be made within ________ from the date
of the last party's demand.
\2 years - ANS-A license may remain in involuntary inactive status for no longer than
\5,000 - ANS-Tax exemption for veterans of military service with atleast 10% military
disability
\500 - ANS-Tax exempt amount for blind and/or widows or widowers
\500 60 - ANS-A second degree misdemeanor is punishable by a criminal fine of up to ___
dollars and imprisonment of up to __ days
\60 days - ANS-Any resident licensee who becomes a nonresident must notify the
Commission of the change in residency within
\60 days - ANS-If you change residency you must notify the commission within
\640 - ANS-How many acres does a township have
\Abstract continuation - ANS-is a history of the title to a property. Must be updated to assure
that the property has a marketable title.
\Accretion - ANS-an increase in land area as moving water deposits soil in other than its
original location. This is the opposite of erosion.
\ADA - ANS-Requires all physical barriers be removed for disables individuals
\Administrative - ANS-may be imposed by the Commission for violations of law or rules in
amounts of up to 5,000 per offense
\Advance rents - ANS-May use thenfunds by paying 5% interest on surety bond
\Adverse possession - ANS-True owner fails to maintain possession and property is taken by
another
\americans with disabilities - ANS-Act was passed in 1990 with the purpose of providing the
same employment oppurtunities to qualified individuals with disabilities.
\Application Denial - ANS-You have 21 days to send a formal letter to the department for a
hearing if:
\assessed value - ANS-The estimate of value that is determined by the county property tax
appraiser is called the
\Attorneys at law - ANS-My perform legal services on behalf ofntheir clients; they may
prepare documents, handle closings, and give legal advice.
\Binder deposit - ANS-credit buyer
\Broker - ANS-End of third business day
\Broker associate - ANS-A licensed broker working for another broker
\Brokerage office - ANS-Enclosed and stationary
\Brokerage partnership - ANS-Atleast one active broker providing RE services
\Brokers license - ANS-Each partner who provides real estate services to the public either
ditectly or indirectly must hold an active __________
\Building codes - ANS-while zoning laws dictate how a bulding may be used, these establish
the minimum standards for design and structure
\Bundle of rights - ANS-possession, disposition, enjoyment, exclusion, control are examples
of what?
, \cannot - ANS-A licensee ______ review a lease for a fee
\cannot - ANS-The escrow account ______ be held in a stock or bond brokerage house
\Civil rights act of 1968 - ANS-Steering, blockbusting, redlining
\Closing - ANS-Typically the deposit is intended as partial payment of the purchase price at?
\Commingle - ANS-A broker is not allowed to _________ or deposit the personal funds of
any person with any funds being held in escrow, trust or on condition
\Company - ANS-No business is allowed to use the word ________ unless it is formed
legally as a corporation for profit or unless the words are "not Inc."
\Concealment - ANS-occurs when a broker fails to disclose information to a party, to whom
the borker has such a duty, and that is material to his or her decision.
\Consideration - ANS-A promise of future money is an example of a
\Constructive notice - ANS-is acheived by recording documents in the public records.
Recording a document has the same legal effect as showing it to the entire world.
\Contract - ANS-created when the offer of one party is accepted, an acceptance of the offer
indicated that a complete meeting of the minds exists.
\contract for deed - ANS-a form of land owner financing
\Corporation for profit - ANS-Must include the word "Corporation, Company, incorporated, or
the abbreviation "Corp" "Inc." or "Co."
\Cost depreciation approach - ANS-used to estimate the cost to reproduce or replace a
building, minus the estimate for depreciation, plus the value of the land
\Credit history - ANS-The underwriter obtains a report from a credit-reporting agency and
reveiws the applicants
\Culpable negligence - ANS-Excessively negligent
\Culpable negligence - ANS-Occurs if a broker operaties in a reckless, careless, and
excessively negligent manner.
\Default - ANS-failiure to perform as agreed in the promissory note
\Defeasance clause - ANS-Provides protection for the borrower as it requires the lender to
acknowledge performance by the borrower
\Deposit - ANS-A form of Money, personal property, real property, or anything of value that is
capable of being converted into cash.
\divided equitably - ANS-Marital assets are
\Economically feasible - ANS-For existing properties that do not comply with the ADA, the
owners are required to make necessary modifications whenever such changes are readily
acheivable and __________
\Effective age - ANS-the percentage of the total life lost or used up of a building
\Elective share - ANS-Provides for a surviving spouse to be entitles 30% of thr decendant's
real and personal property owned at the time of death
\Eminent domain - ANS-Allows local, state, or Federal government, railroads, public utilities,
and public housing authorities to obtain ownership to private property.
\Eminent domain - ANS-The right for government to take private land for public use
\Equity of redemption - ANS-Pay back mortgage, pay interest and accrued costs, can
redeem up until moment of foreclosure
\Equity of redemption - ANS-the right of a borrower to cure the default before forclosure
rather than lose the property.
\Escalation clause - ANS-allows a lender to increase the interest rate based in the occurance
of an event
\Escheat - ANS-Owner dies withouth a will and with no heirs -owner sleeps on their rights
\Escrow dispute - ANS-15 days to notify FREC for
10 days - ANS-A sales associate must report any change of employer or change of address
within _____ of the change to the Department on a form prescribed for such use.
\15 days - ANS-Notification to the commission must be made within ________ from the date
of the last party's demand.
\2 years - ANS-A license may remain in involuntary inactive status for no longer than
\5,000 - ANS-Tax exemption for veterans of military service with atleast 10% military
disability
\500 - ANS-Tax exempt amount for blind and/or widows or widowers
\500 60 - ANS-A second degree misdemeanor is punishable by a criminal fine of up to ___
dollars and imprisonment of up to __ days
\60 days - ANS-Any resident licensee who becomes a nonresident must notify the
Commission of the change in residency within
\60 days - ANS-If you change residency you must notify the commission within
\640 - ANS-How many acres does a township have
\Abstract continuation - ANS-is a history of the title to a property. Must be updated to assure
that the property has a marketable title.
\Accretion - ANS-an increase in land area as moving water deposits soil in other than its
original location. This is the opposite of erosion.
\ADA - ANS-Requires all physical barriers be removed for disables individuals
\Administrative - ANS-may be imposed by the Commission for violations of law or rules in
amounts of up to 5,000 per offense
\Advance rents - ANS-May use thenfunds by paying 5% interest on surety bond
\Adverse possession - ANS-True owner fails to maintain possession and property is taken by
another
\americans with disabilities - ANS-Act was passed in 1990 with the purpose of providing the
same employment oppurtunities to qualified individuals with disabilities.
\Application Denial - ANS-You have 21 days to send a formal letter to the department for a
hearing if:
\assessed value - ANS-The estimate of value that is determined by the county property tax
appraiser is called the
\Attorneys at law - ANS-My perform legal services on behalf ofntheir clients; they may
prepare documents, handle closings, and give legal advice.
\Binder deposit - ANS-credit buyer
\Broker - ANS-End of third business day
\Broker associate - ANS-A licensed broker working for another broker
\Brokerage office - ANS-Enclosed and stationary
\Brokerage partnership - ANS-Atleast one active broker providing RE services
\Brokers license - ANS-Each partner who provides real estate services to the public either
ditectly or indirectly must hold an active __________
\Building codes - ANS-while zoning laws dictate how a bulding may be used, these establish
the minimum standards for design and structure
\Bundle of rights - ANS-possession, disposition, enjoyment, exclusion, control are examples
of what?
, \cannot - ANS-A licensee ______ review a lease for a fee
\cannot - ANS-The escrow account ______ be held in a stock or bond brokerage house
\Civil rights act of 1968 - ANS-Steering, blockbusting, redlining
\Closing - ANS-Typically the deposit is intended as partial payment of the purchase price at?
\Commingle - ANS-A broker is not allowed to _________ or deposit the personal funds of
any person with any funds being held in escrow, trust or on condition
\Company - ANS-No business is allowed to use the word ________ unless it is formed
legally as a corporation for profit or unless the words are "not Inc."
\Concealment - ANS-occurs when a broker fails to disclose information to a party, to whom
the borker has such a duty, and that is material to his or her decision.
\Consideration - ANS-A promise of future money is an example of a
\Constructive notice - ANS-is acheived by recording documents in the public records.
Recording a document has the same legal effect as showing it to the entire world.
\Contract - ANS-created when the offer of one party is accepted, an acceptance of the offer
indicated that a complete meeting of the minds exists.
\contract for deed - ANS-a form of land owner financing
\Corporation for profit - ANS-Must include the word "Corporation, Company, incorporated, or
the abbreviation "Corp" "Inc." or "Co."
\Cost depreciation approach - ANS-used to estimate the cost to reproduce or replace a
building, minus the estimate for depreciation, plus the value of the land
\Credit history - ANS-The underwriter obtains a report from a credit-reporting agency and
reveiws the applicants
\Culpable negligence - ANS-Excessively negligent
\Culpable negligence - ANS-Occurs if a broker operaties in a reckless, careless, and
excessively negligent manner.
\Default - ANS-failiure to perform as agreed in the promissory note
\Defeasance clause - ANS-Provides protection for the borrower as it requires the lender to
acknowledge performance by the borrower
\Deposit - ANS-A form of Money, personal property, real property, or anything of value that is
capable of being converted into cash.
\divided equitably - ANS-Marital assets are
\Economically feasible - ANS-For existing properties that do not comply with the ADA, the
owners are required to make necessary modifications whenever such changes are readily
acheivable and __________
\Effective age - ANS-the percentage of the total life lost or used up of a building
\Elective share - ANS-Provides for a surviving spouse to be entitles 30% of thr decendant's
real and personal property owned at the time of death
\Eminent domain - ANS-Allows local, state, or Federal government, railroads, public utilities,
and public housing authorities to obtain ownership to private property.
\Eminent domain - ANS-The right for government to take private land for public use
\Equity of redemption - ANS-Pay back mortgage, pay interest and accrued costs, can
redeem up until moment of foreclosure
\Equity of redemption - ANS-the right of a borrower to cure the default before forclosure
rather than lose the property.
\Escalation clause - ANS-allows a lender to increase the interest rate based in the occurance
of an event
\Escheat - ANS-Owner dies withouth a will and with no heirs -owner sleeps on their rights
\Escrow dispute - ANS-15 days to notify FREC for
