Gold Coast final exam Study Guide
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)
imm...
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
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