Gold Coast final exam Questions & Quality Solutions
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Course
Gold Coast
Institution
Gold Coast
actual notice - Correct Answer own it
Constructive notice - Correct Answer record something in public records
How Is Real Estate Recovery Funded ? - Correct Answer by fees & fines
Eminent Domain - Correct Answer government has right to take away public use citizens can't refuse to ...
Gold Coast final exam Questions & Quality
Solutions
actual notice - Correct Answer own it
Constructive notice - Correct Answer record something in public records
How Is Real Estate Recovery Funded ? - Correct Answer by fees & fines
Eminent Domain - Correct Answer government has right to take away public use citizens can't refuse to
sell)
immune properties - Correct Answer government owned
lot & block - Correct Answer residential sub-division surgery system
Metes and Bounds - Correct Answer oldest method of land description & provides the most accurate
type of legal descriptions
What does the Real estate recovery fund do ? - Correct Answer reimburse members of the public
what is a township... - Correct Answer a township is 6 miles square contains 36 square miles
Each township contains ____ acres - Correct Answer 640 acres
How many square feet are in an acre? - Correct Answer 43,560
kickbacks are illegal unless.. - Correct Answer someone has a licensed
, Offer and Acceptance - Correct Answer Meeting of the minds or mutual agreement- all parties
concerned understand and agree to all the terms of the contract
Overimprovement - Correct Answer An addition or change to property not in line with its highest and
best use
statue of frauds - Correct 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) - Correct Answer if contract is entirely oral, action must be brought
within 4 years
statue of limitations (written contracts) - Correct Answer if contract is entirely written, action must be
brought within five years
Sufficient Consideration - Correct Answer either valuable or good consideration may be sufficient
WILD CARD - Correct Answer Withdrawal, insanity, lapse of time, death of either party ,counteroffer,
acceptance,rejection,destruction of property
option contract define - Correct Answer right to buy a property during a specified period-of-time, at a
specified price.
contract for deed define - Correct 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
Define implied contract - Correct Answer exists when some or all of the terms and conditions can be
assumed by the nature of the government
Suit for cancellation (rescission) - Correct Answer The party who is not in breach of contract can bring a
suit in court to cancel the contract and ask the court to put the parties back in their original positions.
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