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