Download Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) and more Exams Nursing in PDF only on Docsity! Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) When the licensee fails to complete the required continuing education and thereby cannot renew their license. - Correct Answer ✅Involuntarily Inactive Under certain situations, licensees can have more than one license; A Multiple license can exist if a broker has business of such a nature that more than one broker's license is needed for legitimate business purposes and not be harmful to the public. A broker can have multiple brokers' licenses if he manages more than one brokerage firm. A broker can not be licensed as either a sales associate or a broker sales associate at the same time he holds a broker's license. - Correct Answer ✅Multiple Licenses Non-agency (neutral) representation whereby the Broker (or via his salespersons) does not represent the parties, but serves as a "facilitator", making required disclosures and giving required notices, as well as seeing to all necessary contracts and paperwork needed to prepare for closing. The broker does not advocate or advise the parties as to offers. Anything in which the broker has "actual knowledge" or Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) "notice" of is his duty to the client. - Correct Answer ✅Transaction Brokerage A broker cannot accept or reject an offer on behalf of his or her employer. - Correct Answer ✅Presenting Offers An employment agreement between an owner and broker defining the duties and rights of both parties. (Unilateral contract) - Correct Answer ✅Listing Contract Members and candidates must disclose to employers and to affected clients, before entering into any formal agreement for services, any benefits received for the recommendation of services provided by the member. - Correct Answer ✅Referral Fees closed and later reopened in the same location during the same two-year period, may reissue a license. If moved, new application for registration and payment of proper fee are required. - Correct Answer ✅Branch Office Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) A false statement or lie that can render the contract void. - Correct Answer ✅Misrepresentation consciously doing an act that the person knew or should have known was likely to cause death or great bodily injury - Correct Answer ✅Culpable negligence Reserve of funds collected from real estate license fees to pay for losses to clients legally judged to have been caused by a licensed salesperson or broker. The existence of such funds varies from state to state. - Correct Answer ✅Recovery Fund The channeling of prospective home purchasers or renters, by real estate brokers or salespersons, into racially homogeneous neighborhoods, and actively discouraging them away from neighborhoods of different racial or ethnic composition. - Correct Answer ✅Steering Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) Has 15 days to return the security deposits including accrued interest, if no intentions on making a claim for damages. - Correct Answer ✅Landlord security deposits Gives exemptions to political candidates, charities, - Correct Answer ✅National do not call list Wåter flowing through property - Correct Answer ✅Riparian Rights Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death. - Correct Answer ✅Tenancy in Common The ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest. - Correct Answer ✅Remainder Estate Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) An occupation of space for an indefinite period which can be terminated by either the lessor or lessee at any time. - Correct Answer ✅Tenancy at Will Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage. - Correct Answer ✅Separate Property a leasehold interest for a definite period of time exceeding one year - Correct Answer ✅Tenancy for years Surviving spouse entitled to 30% of descendants real and personal property owned at the time of death. - Correct Answer ✅Elected share That part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying. - Correct Answer ✅Habendum Clause Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) Two essential components of a valid contract; a "meeting of the minds." - Correct Answer ✅Offer and Acceptance A state statute under which certain types of contracts must be in writing to be enforceable. - Correct Answer ✅Statute of Frauds A federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced. - Correct Answer ✅Statute of Limitations A contract formed in whole or in part from the conduct of the parties. - Correct Answer ✅Implied Contract The act of transferring to another all or part of one's rights arising under a contract. - Correct Answer ✅assignment A legal action to compel a party to carry out the terms of a contract. - Correct Answer ✅Specific Performance Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) Not obligated to fix any repairs after inspection - Correct Answer ✅As is Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. (Even the Seller) - Correct Answer ✅Exclusive Right to Sell Listing contract to hold an offer to make a contract open for a fixed period of time - Correct Answer ✅Option Contract a written contract with a promise to pay a supplier a specific sum of money at a definite time - Correct Answer ✅promissory note Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults. - Correct Answer ✅Lien Theory Goldcoast School of Real Estate Final Exam Questions and Answers (Latest Update 2024) A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan. - Correct Answer ✅Defeasance Clause A fee charged by the lender at settlement that results in increasing the lender's effective yield on the money borrowed. One discount point equals one percent of the loan amount. - Correct Answer ✅Discount Points Lenders can deny traditional financing if income is commission based.Child support is most likely reason for denial. - Correct Answer ✅ECOA (Equal Credit Opportunity Act) A ratio used to assess the ability of a borrower to pay debt; defined as the monthly payment of principal and interest on the loan plus monthly payments into an escrow account toward property taxes and hazard insurance divided by the borrower's gross monthly income. - Correct Answer ✅Housing Expense Ratio