Gold Coast Final Exam Test Questions And Answers
Verified 100% Correct
What's the maximum your interest can go up annually with Homestead ? - ANSWER
3%
What is an outcome of over-improvement ? - ANSWER functional obsolescence
all ways pick mortgagor - ANSWER to the mortgagor
If your a transaction broker works for who ? - ANSWER customer..
If your a single agency broker works for who ? - ANSWER principal/client
FHA ratios - ANSWER 31 and 43
A tenancy for years should include a - ANSWER specified period of time
Entities that CANNOT be brokers - ANSWER corporation sole
Which entity can be a brokerage ? - ANSWER corporation for profit
Sidewalks gets paid before the IRS is an example of a .. - ANSWER special
assessment
If the seller changes mine about selling house and tells buyer they can have their
deposit back but the buyer refuse the deposit what is the buyer looking to do ? -
ANSWER suit for performance
court house, airports, and schools - ANSWER immune properties for taxation
What does the county appraiser assign to the lot number ? - ANSWER parcel number
What is it called when a licensee gives back their license ? - ANSWER cancel
T/F Does the constitutional homestead Rights protect your from willing away home
when married ? - ANSWER True
Expenses are always ... - ANSWER debits
, Amount received/paid in a transaction is called ? - ANSWER price
Failing business that is not expecting to continue for business ? - ANSWER liquidation
value
A pawn shop in an area not zoned - ANSWER nonconforming use
Which is NOT a way to terminate an offer ? - ANSWER novation
What is the right to stop a foreclosure before it happens ? - ANSWER equity of
redemption
Equally desirable property for less - ANSWER principal of substitution
What is broker working as a sales associate called ? - ANSWER broker asociate
transferring all rights in a contract is called an... - ANSWER assignment
What is it called when a lender refuses to loan due neighborhood demographics ? -
ANSWER redlining
What is a township? - ANSWER 6 miles square, 36 sections
How much time do you have to notify when you are transferring out of state ? -
ANSWER 60 days
Exclusive right of sale - ANSWER seller pays commission no matter what
Tenant pays rent plus landlord expenses - ANSWER net lease
T/F You can call a FSBO if you do not have a buyer - ANSWER False. must call only if
you have a buyer
In litigation how is a escrow dispute handled ? - ANSWER bill of interpleader
What is not an operating expense ? - ANSWER annual debit service
Which protects against age discrimination ? - ANSWER Equal Credit Opportunity Act
(ECOA)
The binding deposit on a closing statement is presented by ? - ANSWER credit to buyer
what happens to a licensee when their employing brokerage goes out of business ? -
Verified 100% Correct
What's the maximum your interest can go up annually with Homestead ? - ANSWER
3%
What is an outcome of over-improvement ? - ANSWER functional obsolescence
all ways pick mortgagor - ANSWER to the mortgagor
If your a transaction broker works for who ? - ANSWER customer..
If your a single agency broker works for who ? - ANSWER principal/client
FHA ratios - ANSWER 31 and 43
A tenancy for years should include a - ANSWER specified period of time
Entities that CANNOT be brokers - ANSWER corporation sole
Which entity can be a brokerage ? - ANSWER corporation for profit
Sidewalks gets paid before the IRS is an example of a .. - ANSWER special
assessment
If the seller changes mine about selling house and tells buyer they can have their
deposit back but the buyer refuse the deposit what is the buyer looking to do ? -
ANSWER suit for performance
court house, airports, and schools - ANSWER immune properties for taxation
What does the county appraiser assign to the lot number ? - ANSWER parcel number
What is it called when a licensee gives back their license ? - ANSWER cancel
T/F Does the constitutional homestead Rights protect your from willing away home
when married ? - ANSWER True
Expenses are always ... - ANSWER debits
, Amount received/paid in a transaction is called ? - ANSWER price
Failing business that is not expecting to continue for business ? - ANSWER liquidation
value
A pawn shop in an area not zoned - ANSWER nonconforming use
Which is NOT a way to terminate an offer ? - ANSWER novation
What is the right to stop a foreclosure before it happens ? - ANSWER equity of
redemption
Equally desirable property for less - ANSWER principal of substitution
What is broker working as a sales associate called ? - ANSWER broker asociate
transferring all rights in a contract is called an... - ANSWER assignment
What is it called when a lender refuses to loan due neighborhood demographics ? -
ANSWER redlining
What is a township? - ANSWER 6 miles square, 36 sections
How much time do you have to notify when you are transferring out of state ? -
ANSWER 60 days
Exclusive right of sale - ANSWER seller pays commission no matter what
Tenant pays rent plus landlord expenses - ANSWER net lease
T/F You can call a FSBO if you do not have a buyer - ANSWER False. must call only if
you have a buyer
In litigation how is a escrow dispute handled ? - ANSWER bill of interpleader
What is not an operating expense ? - ANSWER annual debit service
Which protects against age discrimination ? - ANSWER Equal Credit Opportunity Act
(ECOA)
The binding deposit on a closing statement is presented by ? - ANSWER credit to buyer
what happens to a licensee when their employing brokerage goes out of business ? -
