Gold Coast Real Estate Exam 2023-2024 Questions And Answers 100% Correct, Exams of Real Estate Management

Download Gold Coast Real Estate Exam 2023-2024 Questions And Answers 100% Correct and more Exams Real Estate Management in PDF only on Docsity! Gold Coast Real Estate Exam 2023-2024 Questions And Answers 100% Correct Tract building - ANSWER-When a dev. Acquired land, records a plat map and uses a model center from which sales may be made Local level - ANSWER-Planning, zoning, property taxation, building and health codes and regulations, and building moratoriums that affect development play a significant role in the cost and desirability of real estate Broker associate - ANSWER-A licensed broker working for another broker False - ANSWER-A florida real estate license applicant must be a resident and citizen (true or false) Application Denial - ANSWER-You have 21 days to send a formal letter to the department for a hearing if: One - ANSWER-How mang brokers can a sales or broker associate work for Post license requirements - ANSWER-No grace period Sales associate first renewal - ANSWER-No grace period Exempt from licensure - ANSWER-Attorney in fact/ Attorney at Law Attorneys at law - ANSWER-My perform legal services on behalf ofntheir clients; they may prepare documents, handle closings, and give legal advice. Involuntary inactive - ANSWER-An individual who does not request renewal of their second or subsequent lecense, pay the required fees, or maintain their continuing education requirements will have their license placed in 2 years - ANSWER-A license may remain in involuntary inactive status for no longer than Special Agent - ANSWER-A special agent is authorized under agency law by the employer to perform a single act. The employment contract between the employer and agent establishes the limit of authority granted Presenting offers - ANSWER-A broker has a buty to transmit any and all offers to the employer including oral offers or offers made without a binder deposit Limited - ANSWER-A transaction broker provides what kind of representation Single agent - ANSWER-this agency relationship is created when a broker accepts employment under a single agency agreement. A broker may represent a seller or buyer , or a landlord or tenant. Principal - ANSWER-In a single agency relationship, the employer becomes the For sale By owner - ANSWER-Non Representation or (No Brokerage Relationship can also be called) FSBO - ANSWER-For sale by owner can also be called Stationary Construction - ANSWER-An active broker is required to have this open which must be registered with the department of Business and Professional Regulation where Negotiations and the closing of real estate transactions can be conducted with privacy Others - ANSWER-Licencees should make clear that they are dealing on their own account and not acting on the behalf of Public - ANSWER-Licencees should make known their status as licencees to members of the Serious negotiations - ANSWER-This Disclosure should be made prior to entering into Deposit - ANSWER-A form of Money, personal property, real property, or anything of value that is capable of being converted into cash. Closing - ANSWER-Typically the deposit is intended as partial payment of the purchase price at? Post dated checks - ANSWER-Are considered to be promissory notes and can be accepted as earnest money with the seller's approval. True - ANSWER-When a deposit is placed, or is to be placed, with a title company or an attorney, the licensee who prepared or presented the sales contract must indicate on that contract the name, address, and telephone number of the title company or attorney with whom the deposit was placed (True or False) Escrow or trust account - ANSWER-May be held in a commercial bank, title company which has trust powers, credit union, or savings and loan association located in the state of Florida cannot - ANSWER-The escrow account ______ be held in a stock or bond brokerage house 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. Township - ANSWER-A township is six miles square and contains 36 sq miles Plat method - ANSWER-known as the lot and block, is a method of legal description used to identify small parcels of property subdivided areas and cities. Consideration - ANSWER-A promise of future money is an example of a Contract - ANSWER-created when the offer of one party is accepted, an acceptance of the offer indicated that a complete meeting of the minds exists. statute of frauds - ANSWER-enacted in England in 1677 to provide protection against fraud in the sale of real property. It requires a contract for the transfer of a right or interest in land to be in writing in order to be enforcable? Statute of limitations - ANSWER-provides time limits in which parties are allowed to bring legal action to enforce their rights under a contract. Implied contract - ANSWER-Exists when some or all of the terms and conditions can be assumed by the nature of the agreements or the words and actions of the parties Void contract - ANSWER-A contract that is inherently unenforcable. Liquidated damages - ANSWER-Is a type of damage with those that are specified and agreed upon in the contract. (Asks for deposit) Unliquidated damages - ANSWER-Type of damage that is not specified in the contract, but are agreed upon by a court. (Compensatory Damages) Option contracts - ANSWER-Property "layaway" lien theory - ANSWER-allows a mortgagor(borrower) to retain the title(ownership)during the loan period promissory note - ANSWER-When money is borrowed to purchase real estate. the lender requires this. Satisfaction of mortgage - ANSWER-when a loan has been paid in full in a lien theory state Defeasance clause - ANSWER-Provides protection for the borrower as it requires the lender to acknowledge performance by the borrower Escalation clause - ANSWER-allows a lender to increase the interest rate based in the occurance of an event Mortgage underwriting - ANSWER-to assess the risk of default or collection problems, lenders evaluate both the applicant and the property before approving a loan Credit history - ANSWER-The underwriter obtains a report from a credit-reporting agency and reveiws the applicants contract for deed - ANSWER-a form of land owner financing Default - ANSWER-failiure to perform as agreed in the promissory note Equity of redemption - ANSWER-the right of a borrower to cure the default before forclosure rather than lose the property. Honorably discharged - ANSWER-In order for a VA applicant to be qualified he must have served atleast 90 days during military conflict and have been Private mortgage insurance - ANSWER-insurance for conventional loans Mortgage insurance protection - ANSWER-for FHA and VA loans Respa - ANSWER-requires lenders to provide good faith estimates of closing costs no later than three days following the date of mortgage loan payment Culpable negligence - ANSWER-Excessively negligent Brokerage partnership - ANSWER-Atleast one active broker providing RE services Joint venture - ANSWER-Not required to register eith DBPR Limited partnership - ANSWER-Whoch of the following may register with the Dept to perform brokerage services First degree misdemeanor - ANSWER-1000 fine Legally sufficient - ANSWER-Complaint filed with DBPR Civil rights act of 1968 - ANSWER-Steering, blockbusting, redlining ADA - ANSWER-Requires all physical barriers be removed for disables individuals Advance rents - ANSWER-May use thenfunds by paying 5% interest on surety bond Riparian rights - ANSWER-Rights of owners whose property borders a river or stream One owner - ANSWER-An estate in severalty only has Tenancy in common - ANSWER-NO SURVIVORSHIP Nonfreehold estate - ANSWER-Tenancy for will/ tenancy for years Lien - ANSWER-Homestead is exemptfrom forclusure due to personal debt or Eminent domain - ANSWER-The right for government to take private land for public use Adverse possession - ANSWER-True owner fails to maintain possession and property is taken by another Escheat - ANSWER-Owner dies withouth a will and with no heirs -owner sleeps on their rights Involuntary alienation - ANSWER-Eminent domain, adverse possession, escheat Quitclaim deed - ANSWER-What deed is best from the seller or grantors position Premises section - ANSWER-Names the parties, contains date states consideration Estate or tenancy - ANSWER-Another's name for rights 640 - ANSWER-How many acres does a township have Lot and block - ANSWER-Subdivision is divided into blocks and lots or Section - ANSWER-1 square mile or 640 acres Essentials of a contract - ANSWER-Legality of object, consideration acceptance and communication to all parties Suit for cancellation - ANSWER-Wronged party may sue for cancellation Unilateral - ANSWER-An option contract is Promissory note - ANSWER-The evidence of a debt Equity of redemption - ANSWER-Pay back mortgage, pay interest and accrued costs, can redeem up until moment of foreclosure RESPA - ANSWER-Real estate settlement with procedures act is also known as VA loan - ANSWER-A gauranteed loan for honorably discharged veterans Functional obsolescence - ANSWER-An over improved home is an example of Three - ANSWER-How many places to the left is a decimal moved for one mill 60 days - ANSWER-If you change residency you must notify the commission within Misrepresentation - ANSWER-Says house is bigger than it is is an example of Net lease - ANSWER-Tenant pays fixed amount, landlord takes care of all property related expenses Superior liens - ANSWER-Real estate property taxes, special assessment lien and federal estate tax liens are