Gold Coast Real Estate Exam Study Guide Questions And Answers Verified 100% Correct

Gold Coast Real Estate Exam Study Guide Questions And Answers Verified 100% Correct Brokers license - ANSWER Each partner who provides real estate services to the public either ditectly or indirectly must hold an active __________ Joint venture - ANSWER a temporary business that involves a single transaction or a predetermined number of transactions. temporary - ANSWER The participants of a joint venture cannot bind one another to any new transactions because their relationship is Corporation for profit - ANSWER Must include the word "Corporation, Company, incorporated, or the abbreviation "Corp" "Inc." or "Co." Company - ANSWER 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." Second degree misdemeanor - ANSWER Dissementing false or misleading advertising is a 500 60 - ANSWER A second degree misdemeanor is punishable by a criminal fine of up to ___ dollars and imprisonment of up to __ days Concealment - ANSWER 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. Culpable negligence - ANSWER Occurs if a broker operaties in a reckless, careless, and excessively negligent manner. Administrative - ANSWER may be imposed by the Commission for violations of law or rules in amounts of up to 5,000 per offense Legally sufficient - ANSWER A complaint analyst reviews the complaint form or letter that describes the alleged violation to determine if the complaint is cannot - ANSWER A licensee ______ review a lease for a fee Steering or channeling - ANSWER an individual, directly or indirectly, into or away from a neighborhood or location in a multiunit building on the basis od race, color, religion, sex, or national origin. Redlining - ANSWER The refusal of a lender to approve a mortgage loan based on a property being located in a certain geographical area, the age of the property, the income level of the residents, or the racial composition. americans with disabilities - ANSWER Act was passed in 1990 with the purpose of providing the same employment oppurtunities to qualified individuals with disabilities. Economically feasible - ANSWER 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 __________ Surety bond - ANSWER Posted with the clerk of the circuit court in the county in which the dwelling unit is loacted in the amount of the total security holdings or $50,000 whichever is less True - ANSWER The security advance rents may be commingled with other funds of the landlord once surety bond is posted, the landlord must pay the tenant 5% simple interest anually on money held in this manner ( True or False) Accretion - ANSWER an increase in land area as moving water deposits soil in other than its original location. This is the opposite of erosion. five - ANSWER how many sticks are in the bundle of rights? Bundle of rights - ANSWER possession, disposition, enjoyment, exclusion, control are examples of what? Tenancy in common - ANSWER is a fee estate held ny two or more persons. Each person has undivided interest in the whole property. Tenancy in common - ANSWER Can be created by the same or difeerent deeds, at the same or different times, with equal or unequal shares of ownership. Tenancy by entireties - ANSWER An estate for husband and wife only. Survivorship - ANSWER The marriage in a tenancy by entireties is considered to be the ownerof the property in which each spouse has a right of Life estate - ANSWER is a freehold estate created when an owner of a fee simple estate conveys ownership to another, but only for the balance of the lifetime of the party to whom the property is conveyed. Non marital asset - ANSWER A separate property in a life estate is a divided equitably - ANSWER Marital assets are Grantor - ANSWER The party that created the life estate is the reversion estate - ANSWER The right to regain ownership of a life estate is called remainder estate - ANSWER if someone other than the owner is to receive the ownership of a life estate it is called a Tenancy at will - ANSWER A non freehold with the tenant in lawful possession of the property under an grement with the landlord, but with no definite time limit for the rights to terminate. Tenancy for years - ANSWER non freehold estate with lawful possession of the property under an agreementwith the landlord for a specified period of time. Elective share - ANSWER Provides for a surviving spouse to be entitles 30% of thr decendant's real and personal property owned at the time of death Constructive notice - ANSWER is acheived by recording documents in the public records. Recording a document has the same legal effect as showing it to the entire world. Granting clause - ANSWER is the only legally necessary clause required in a deed Habendum clause - ANSWER specifies the legal rights being conveyed. The portion of the bundle of rights being conveyed is described in this clause. Quitclaim deed - ANSWER states that any interest they may have in the property is relinquieshed to the grantee. The grantor does not promise to have any rights in the property, but rather, any rights he or she may have are being conveyed. Eminent domain - ANSWER Allows local, state, or Federal government, railroads, public utilities, and public housing authorities to obtain ownership to private property. Gross lease - ANSWER a lease in which the tenant agrees to pay a fixed rental amountm and the landlord pays all expenses related to the property such as real estate taxes, insurance, and maintanance costs. Metes and bounds - ANSWER also known as the surveyors method, the oldest method of land description.