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Gold Coast Real Estate 2025 Actual 270 exam
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What II!is II!the II!term II!when II!a II!real II!estate II!agent II!specializes II!in II!one II!geographic II!area? II!- II! II!Correct II!Answers II! II! II!
II!Farming
II!A II!residential II!transaction II!is II!defined II!as: II!- II! II!Correct II!Answers II! II! II! II!Four II!units II!or II!less
II!What II! 3 II!areasII!do II!real II!estate II!agents II!have II!to II!have II!expertise II!in? II!- II! II!Correct II!Answers II! II! II! II!Marketing,
II!Valuation, II!Property II!Transfer
II!Owners II!who II!buy II!income II!property II!as II!investments II!and II!depend II!on II!professionals II!to II!manage II!them
II!are II!called: II!- II! II!Correct II!Answers II! II! II! II!Absentee II!Owners
II!What II!is II!the II!process II!of II!developing II!an II!opinion II!of II!value II!of II!real II!property? II!- II! II!Correct II!Answers II! II! II!
II!Appraising
II!Transfer II!of II!ownership II!is II!called: II!- II! II!Correct II!Answers II! II! II! II!Dedication
II!What II!is II!custom II!building? II!- II! II!Correct II!Answers II! II! II! II!When II!a II!contractor II!is II!employed II!to II!build II!a II!structure
II!according II!to II!the II!customer's II!specifications
II!What II!is II!speculative II!building? II!- II! II!Correct II!Answers II! II! II! II!When II!a II!contractor II!builds II!a II!structure II!before
II!securing II!a II!buyer II!with II!the II!hope II!of II!selling II!the II!finished II!structure. II!(AKA II!building II!on II!spec)
II!What II!is II!tract II!building? II!- II! II!Correct II!Answers II! II! II! II!When II!a II!developer II!acquires II!a II!large II!tract II!of II!land,
II!records II!a II!subdivision II!plat II!map, II!and II!uses II!a II!model II!center II!from II!which II!sales II!may II!be II!made.
II!What II!is II!the II!purpose II!of II!FREC? II!- II! II!Correct II!Answers II! II! II! II!To II!protect II!the II!public
II!What II!does II!"Commission" II!refer II!to? II!- II! II!Correct II!Answers II! II! II! II!Florida II!Real II!Estate II!Commission II!(FREC)
II!What II!does II!"Department" II!refer II!to? II!- II! II!Correct II!Answers II! II! II! II!Department II!of II!Business II!and II!Professional
II!Regulation II!(DBPR)
II!Real II!estate II!professionals II!practice II!real II!estate II!when II!licensed II!as II!one II!of II!the II!following: II!- II! II!Correct
II!Answers II! II! II! II!Sales II!associate, II!broker, II!or II!broker II!associate
II!How II!do II!you II!become II!eligible II!to II!become II!a II!broker? II!- II! II!Correct II!Answers II! II! II! II!A II!licensed II!sales II!associate
II!must II!be II!employed II!under II!one II!or II!more II!actively II!licensed II!brokers II!for II!at II!least II! 24 II!months II!within II!the
II!preceding II!five II!years.
II!What II!is II!a II!broker II!associate? II!- II! II!Correct II!Answers II! II! II! II!Is II!a II!licensed II!broker II!who II!chooses II!to II!work II!as II!a
II!sales II!associate II!under II!the II!direction II!of II!another II!broker.
II!Is II!an II!applicant II!for II!a II!Florida II!real II!estate II!license II!required II!to II!be II!a II!resident II!of II!Florida? II!- II! II!Correct
II!Answers II! II! II! II!No
II!Is II!an II!applicant II!for II!a II!Florida II!real II!estate II!license II!required II!to II!be II!a II!citizen II!of II!the II!United II!States? II!- II!
II!Correct II!Answers II! II! II! II!No
II!For II!the II!application II!with II!the II!DBPR, II!are II!you II!required II!to II!disclose II!any II!criminal II!convictions? II!Even
II!misdemeanors? II!- II! II!Correct II!Answers II! II! II! II!Yes
II!When II!an II!applicant II!is II!denied, II!how II!many II!days II!do II!they II!have II!to II!request II!a II!formal II!hearing II!after II!being
II!informed II!by II!the II!DBPR? II!- II! II!Correct II!Answers II! II! II! II! 21 II!days
II!If II!a II!licensee II!fails II!to II!complete II!their II!first II!renewal, II!what II!happens II!to II!the II!status II!of II!their II!license? II!- II!
II!Correct II!Answers II! II! II! II!It II!becomes II!void
II!What II!is II!the II!maximum II!amount II!of II!time II!that II!a II!licensee II!can II!have II!their II!license II!be II!involuntary
II!inactive? II!- II! II!Correct II!Answers II! II! II! II!No II!more II!than II! 2 II!years
II!If II!a II!broker's II!license II!isII!suspended, II!revoked, II!or II!otherwise II!void II!and II!ineffective, II!what II!happens II!to
II!the II!licensee's II!license II!that II!is II!employed II!under II!this II!broker? II!- II! II!Correct II!Answers II! II! II! II!It II!becomes
II!automatically II!inactive
II!Complete II!the II!sentence: II!Statutes II!can II!authorize II!the II!creation II!and II!operation II!of II!administrative
II!agencies II!to II!administer II!and....? II!- II! II!Correct II!Answers II! II! II! II!Enforce II!certain II!laws
II!What II!type II!of II!agent II!is II!authorized II!under II!agency II!lawII!by II!the II!employer II!to II!perform II!a II!single II!act? II!- II!
II!Correct II!Answers II! II! II! II!Special II!agent
II!As II!an II!agent II!of II!the II!broker, II!a II!sales II!associate II!has II!the II!same II!duties II!to II!the II!broker's II!principals, II!as II!does
II!the II!broker. II!Is II!this II!true II!or II!false? II!- II! II!Correct II!Answers II! II! II! II!True
II!What II!is II!the II!name II!of II!the II!party II!with II!whom II!the II!real II!estate II!licensee II!has II!entered II!into II!a II!single II!agent
II!relationship? II!- II! II!Correct II!Answers II! II! II! II!Principle
II!A II!transaction II!broker II!provides II!what II!type II!of II!representation II!to II!a II!buyer, II!seller, II!or II!both, II!in II!a II!real
II!estate II!transaction, II!but II!does II!not II!represent II!either II!in II!a II!fiduciary II!capacity II!or II!as II!a II!single II!agent? II!- II!
II!Correct II!Answers II! II! II! II!Limited II!representation
II!You, II!asII!a II!real II!estate II!agent, II!have II!to II!do II!what's II!in II!regards II!of II!offers? II!- II! II!Correct II!Answers II! II! II! II!Present II!all
II!offers
II!When II!does II!an II!offer II!expire? II!- II! II!Correct II!Answers II! II! II! II!Two II!days
II!What II!type II!of II!brokerage II!relationship II!is II!automatically II!assumed II!unless II!a II!single II!agency II!or II!no
II!representation II!has II!been II!established II!with II!a II!customer? II!- II! II!Correct II!Answers II! II! II! II!Transaction II!Broker
II!When II!is II!an II!agency II!relationship II!created? II!- II! II!Correct II!Answers II! II! II! II!When II!a II!broker II!accepts II!employment
II!under II!a II!single II!agency II!agreement.
II!Can II!a II!broker II!represent II!both II!parties II!(buyer II!and II!seller) II!when II!in II!single II!agency II!relationship? II!- II!
II!Correct II!Answers II! II! II! II!No
II!What II!relationship II!is II!the II!only II!one II!that II!establishes II!a II!fiduciary II!relationship? II!- II! II!Correct II!Answers II! II! II!
II!Single II!agency II!relationship
II!What II! 3 II!duties II!are II!the II!same II!with II!no II!representation, II!transaction II!broker, II!and II!single II!agent? II!- II!
II!Correct II!Answers II! II! II! II!DAD: II!Deal II!honestly II!and II!fairly, II!Account II!for II!all II!funds, II!Disclose II!all II!known II!facts
II!that II!affect II!the II!value II!of II!residential II!property
II!What II! 4 II!duties II!are II!only II!required II!as II!a II!single II!agent? II!(Fiduciary II!duties) II!- II! II!Correct II!Answers II! II! II! II!COLD:
II!Confidentiality, II!Obedience, II!Loyalty, II!full II!Disclosure
II!When II!type II!of II!transaction II!is II!involved II!in II!being II!able II!to II!be II!a II!designated II!sales II!associate? II!- II! II!Correct
II!Answers II! II! II! II!In II!nonresidential II!sales II!transactions. II!This II!has II!to II!be II!requested II!by II!both II!parties II!(buyer
II!and II!seller).
II!Billy II!is II!opening II!up II!a II!new II!brokerage II!firm. II!Money II!is II!a II!little II!tight II!for II!Billy II!so II!he II!decides II!to II!have II!his
II!brokerage II!be II!located II!in II!his II!motor II!home. II!Is II!this II!legally II!allowed? II!Why II!or II!why II!not? II!- II! II!Correct
II!Answers II! II! II! II!No II!because II!it II!is II!not II!in II!a II!building II!of II!stationary II!construction
II!What II!does II!commingle II!mean? II!- II! II!Correct II!Answers II! II! II! II!When II!a II!broker/agent II!mixes II!their II!own
II!personal II!funds II!with II!clients II!funds
II!What II!is II!commingling II!also II!known II!as? II!- II! II!Correct II!Answers II! II! II! II!Conversion
II!What II!does II!a II!broker II!have II!to II!do II!when II!he/she II!receives II!conflicting II!demands II!for II!escrowed II!funds? II!- II!
II!Correct II!Answers II! II! II! II!Notify II!FREC II!in II!writing II!within II! 15 II!days
II!If II!a II!broker II!is II!filing II!a II!bill II!of II!interpleader, II!what II!dispute II!settlement II!procedure II!is II!he/she II!using? II!- II!
II!Correct II!Answers II! II! II! II!Litigation
II!What II!are II!the II!four II!dispute II!settlement II!procedures? II!- II! II!Correct II!Answers II! II! II! II!MEAL: II!Mediation, II!Escrow
II!disbursement II!order, II!Arbitration, II!and II!Litigation
II!If II!a II!seller II!is II!presented II!a II!full II!price II!cash II!offer II!and II!the II!seller II!does II!not II!accept II!and II!back II!out, II!what
II!happens? II!- II! II!Correct II!Answers II! II! II! II!The II!broker II!gets II!paid II!anyway
II!What II!is II!the II!only II!thing II!an II!attorney II!can II!receive II!from II!a II!real II!estate II!agent II!for II!a II!referral? II!- II! II!Correct
II!Answers II! II! II! II!A II!thank II!you II!note
II!What II!happens II!if II!a II!broker II!refuses II!to II!pay II!an II!agents II!commission? II!- II! II!Correct II!Answers II! II! II! II!The II!agent
II!sues II!that II!broker
II!As II!a II!Florida II!resident II!and II!real II!estate II!agent, II!how II!long II!do II!you II!have II!to II!notify II!FREC II!if II!you II!move II!to
II!another II!state II!or II!country? II!- II! II!Correct II!Answers II! II! II! II!Within II! 60 II!days
II!How II!long II!do II!you II!have II!to II!notify II!FREC II!if II!you II!switch II!employers? II!- II! II!Correct II!Answers II! II! II! II!Within II! 10 II!days
II!What II!is II!a II!joint II!venture? II!- II! II!Correct II!Answers II! II! II! II!A II!temporary II!business II!that II!involves II!a II!single
II!transaction II!or II!a II!predetermined II!number II!of II!transactions
II!What II!is II!a II!corporation II!for II!profit? II!- II! II!Correct II!Answers II! II! II! II!An II!artificial II!person II!created II!by II!law. II!It's II!asset
II!protection
II!If II!a II!company II!includes II!the II!word II!"corp," II!"company," II!or II!"inc," II!then II!what II!business II!entity II!does II!this
II!company II!have? II!- II! II!Correct II!Answers II! II! II! II!Corporation
II!Billy II!and II!his II! 6 II!friends II!decide II!to II!open II!up II!their II!own II!brokerage. II!None II!of II!them II!are II!brokers, II!and II!just
II!are II!sales II!associates. II!Can II!they II!open II!a II!brokerage? II!Why II!or II!why II!not? II!- II! II!Correct II!Answers II! II! II! II!No
II!because II!at II!least II!one II!person II!needs II!to II!have II!an II!active II!broker's II!license
II!Can II!a II!limited II!partnership II!register II!with II!the II!DBPR? II!- II! II!Correct II!Answers II! II! II! II!Yes
II!When II!does II!concealment II!occur? II!- II! II!Correct II!Answers II! II! II! II!When II!a II!broker II!fails II!to II!disclose II!information
II!to II!a II!party
II!What II!can II!a II!sales II!associate II!be II!charged II!with II!if II!he/she II!forgets II!to II!collect II!an II!escrow II!deposit? II!- II!
II!Correct II!Answers II! II! II! II!Culpable II!negligence
II!If II!a II!question II!relating II!to II!title II!of II!property II!arises, II!a II!broker II!is II!required II!by II!law II!to II!advise II!what II!to II!a
II!prospective II!purchaser? II!- II! II!Correct II!Answers II! II! II! II!To II!advise II!obtaining II!title II!insurance II!or II!to
II!recommended II!getting II!an II!attorney's II!title II!opinion
II!What II!do II!sales II!associates II!have II!to II!do II!when II!they II!are II!showing II!a II!property II!with II!a II!lien II!to II!a
II!prospective II!buyer? II!- II! II!Correct II!Answers II! II! II! II!Disclose II!it
II!What II!is II!a II!lien? II!- II! II!Correct II!Answers II! II! II! II!Defect II!on II!title
II!Redlining II!is II!the II!refusal II!by II!a II!lender II!to II!approve II!what? II!- II! II!Correct II!Answers II! II! II! II!A II!mortgage II!loan II!based
II!on II!a II!property II!being II!located II!in II!a II!certain II!geographical II!area, II!the II!age II!of II!the II!property, II!the II!income
II!level II!of II!the II!residents, II!or II!the II!racial II!composition II!of II!the II!area
II!What II!year II!was II!the II!American II!with II!Disabilities II!Act II!passed? II!- II! II!Correct II!Answers II! II! II! II! 1990
II!For II!existing II!properties II!that II!do II!not II!comply II!with II!the II!ADA, II!the II!owners II!are II!required II!to II!make
II!necessary II!modifications II!whenever II!such II!changes II!are...? II!- II! II!Correct II!Answers II! II! II! II!Readily II!achievable
II!and II!economically II!feasible
II!When II!is II!the II!landlord II!allowed II!to II!commingle II!with II!personal II!money? II!What II!protects II!the II!deposit? II!- II!
II!Correct II!Answers II! II! II! II!Surety II!bond
II!The II!security II!deposit II!and II!advance II!rents II!may II!then II!be II!commingled II!with II!other II!funds II!of II!the
II!landlord. II!Is II!this II!true II!or II!false? II!- II! II!Correct II!Answers II! II! II! II!True
II!If II!a II!landlord II!has II!no II!intention II!of II!making II!a II!claim II!for II!damages II!against II!the II!deposit, II!how II!long II!do
II!they II!have II!to II!return II!the II!security II!deposit? II!- II! II!Correct II!Answers II! II! II! II! 15 II!days
II!If II!a II!landlord II!has II!intention II!on II!making II!a II!claim II!for II!damages II!against II!the II!security II!deposit, II!how II!long
II!do II!they II!have II!to II!notify II!the II!tenant? II!- II! II!Correct II!Answers II! II! II! II! 30 II!days
II!When II!is II!the II!only II!time II!a II!licensee II!call II!an II!owner II!whose II!name II!appears II!on II!a II!"do II!not II!call" II!list? II!- II!
II!Correct II!Answers II! II! II! II!When II!they II!are II!representing II!a II!buyer II!who II!is II!interested II!in II!buying II!the II!property
II!What II!does II!real II!property II!include? II!- II! II!Correct II!Answers II! II! II! II!The II!physical II!land II!and II!improvements II!(real
II!estate), II!together II!with II!legal II!rights II!to II!own II!or II!use II!the II!property
II!Are II!air II!rights, II!surface II!rights, II!and II!subsurface II!rights II!sold II!together II!or II!separately? II!- II! II!Correct II!Answers
II! II! II! II!Separately
II!What II!are II!riparian II!rights?II!- II! II!Correct II!Answers II! II! II! II!Rights II!of II!an II!owner II!whose II!property II!borders II!a
II!flowing II!waterway, II!such II!as II!a II!river II!or II!stream
II!What II!is II!the II!opposite II!of II!erosion? II!- II! II!Correct II!Answers II! II! II! II!Accretion
II!What II!is II!accretion? II!- II! II!Correct II!Answers II! II! II! II!An II!increase II!in II!land II!area II!as II!moving II!water II!deposits II!soil II!in
II!other II!than II!its II!original II!location
II!What II!are II!the II!four II!tests II!used II!by II!courts II!to II!distinguish II!between II!real II!and II!personal II!property? II!- II!
II!Correct II!Answers II! II! II! II!IRMA: II!Intent, II!Relationship, II!Method II!of II!annexation, II!Adaptation
II!Freehold II!means? II!- II! II!Correct II!Answers II! II! II! II!Ownership
II!What II!are II!the II!two II!types II!of II!freehold II!estates? II!- II! II!Correct II!Answers II! II! II! II!Fee II!simpleII!estate II!and II!life II!estate
II!What II!are II!the II!four II!ways II!a II!fee II!simple II!estate II!may II!be II!held? II!- II! II!Correct II!Answers II! II! II! II!Estate II!in II!severalty,
II!tenancy II!in II!common, II!joint II!tenancy, II!tenancy II!by II!the II!entireties
II!What II!estate II!is II!the II!most II!desirable II!and II!most II!common? II!- II! II!Correct II!Answers II! II! II! II!Fee II!simple II!estate
II!What II!is II!estate II!in II!severalty? II!- II! II!Correct II!Answers II! II! II! II!Sole II!ownership II!of II!the II!entire II!bundle II!of II!rights
II!How II!can II!tenancy II!in II!common II!be II!created? II!- II! II!Correct II!Answers II! II! II! II!By II!the II!same II!or II!different II!deeds, II!at
II!the II!same II!or II!different II!times, II!with II!equal II!or II!unequal II!shares II!of II!ownership
II!In II!the II!event II!of II!a II!divorce, II!what II!does II!the II!ownership II!change II!to II!in II!tenancy II!by II!the II!entireties? II!- II!
II!Correct II!Answers II! II! II! II!The II!ownership II!converts II!to II!a II!tenancy II!in II!common, II!unless II!otherwise II!states II!by II!a
II!court
II!What II!is II!considered II!separate II!property II!in II!a II!marriage? II!- II! II!Correct II!Answers II! II! II! II!Anything II!you II!own/buy
II!before II!marriage II!or II!a II!property II!obtained II!as II!a II!gift II!or II!inheritance
II!Life II!estate II!is II!a II!freehold II!estate II!created II!when? II!- II! II!Correct II!Answers II! II! II! II!An II!owner II!of II!a II!fee II!simple II!estate
II!conveys II!ownership II!to II!another, II!but II!only II!for II!a II!balance II!of II!the II!lifetime II!of II!the II!party II!to II!whom II!the
II!property II!is II!conveyed
II!The II!right II!to II!regain II!ownership II!is II!called II!what? II!- II! II!Correct II!Answers II! II! II! II!Reversion II!estate
II!If II!someone II!other II!than II!the II!original II!owner II!is II!to II!receive II!ownership, II!what II!is II!this II!called? II!- II! II!Correct
II!Answers II! II! II! II!Remainder II!estate
II!What II!is II!a II!tenancy II!at II!will? II!- II! II!Correct II!Answers II! II! II! II!A II!non-freehold II!estate II!with II!the II!tenant II!in II!lawful
II!possession II!of II!the II!property II!under II!an II!agreement II!with II!the II!landlord, II!but II!with II!no II!definite II!time II!limit
II!for II!the II!rights II!to II!terminate
II!What II!is II!a II!tenancy II!for II!years? II!- II! II!Correct II!Answers II! II! II! II!A II!non-freehold II!estate II!with II!the II!tenant II!in II!lawful
II!possession II!of II!the II!property II!under II!an II!agreement II!with II!the II!landlord II!for II!a II!specified II!period II!of II!time
II!What II!MUST II!BE II!there II!in II!regards II!of II!dates II!with II!tenancy II!for II!years II!in II!order II!for II!the II!rights II!to II!exist? II!- II!
II!Correct II!Answers II! II! II! II!A II!definitely II!beginning II!and II!a II!definite II!ending II!date
II!What II!is II!the II!purpose II!of II!elective II!share? II!- II! II!Correct II!Answers II! II! II! II!To II!prevent II!a II!spouse II!from II!being
II!harmed II!by II!an II!unfair II!will
II!What II!rights II!protect II!you II!(in II!Florida) II!from II!a II!house II!being II!forced II!to II!be II!sold II!due II!to II!personal
II!judgment II!liens? II!- II! II!Correct II!Answers II! II! II! II!Homestead II!rights
II!What II!rules II!override II!nay II!attempted II!disposition II!in II!a II!will? II!- II! II!Correct II!Answers II! II! II! II!Homestead II!rules
II!What II!does II!title II!mean? II!- II! II!Correct II!Answers II! II! II! II!Ownership
II!What II!is II!the II!best II!evidence II!of II!ownership? II!- II! II!Correct II!Answers II! II! II! II!Constructive II!notice
II!How II!is II!constructive II!notice II!achieved? II!- II! II!Correct II!Answers II! II! II! II!By II!recording II!documents II!in II!the II!public
II!records
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II!person II!of II!reasonable II!prudence II!for II!its II!fair II!market II!value. II!- II! II!Correct II!Answers II! II! II! II!True
II!Title II!to II!real II!property II!can II!be II!acquired II!by II!what II!two II!voluntary II!methods? II!- II! II!Correct II!Answers II! II! II! II!Deed
II!and II!will
II!Title II!to II!real II!property II!can II!be II!acquired II!by II!what II!four II!involuntary II!methods? II!- II! II!Correct II!Answers II! II! II!
II!Descent II!and II!distribution, II!escheat, II!eminent II!domain, II!adverse II!possession
II!What II!is II!eminent II!domain? II!- II! II!Correct II!Answers II! II! II! II!The II!governments II!right II!to II!take II!private II!property II!for
II!public II!benefit
II!In II!eminent II!domain, II!what II!is II!the II!process II!called II!when II!the II!government II!takes II!a II!property? II!- II! II!Correct
II!Answers II! II! II! II!Condemnation
II!What II!lease II!is II!common II!in II!retail II!centers II!and II!malls? II!- II! II!Correct II!Answers II! II! II! II!Percentage II!lease
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II!monthly II!gross II!sales II!of II!goods II!sold II!on II!the II!premises? II!- II! II!Correct II!Answers II! II! II! II!Percentage II!lease
II!Are II!real II!estate II!property II!taxes II!a II!specific II!lien II!or II!general II!lien? II!- II! II!Correct II!Answers II! II! II! II!Specific II!lien
II!What's II!priority II!when II!it II!comes II!to II!a II!property II!w/ II!a II!lien? II!(Meaning II!they II!have II!to II!be II!first II!ALWAYS) II!- II!
II!Correct II!Answers II! II! II! II!Property II!Taxes
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II!duplication II!or II!confusion II!with II!any II!other II!parcel? II!- II! II!Correct II!Answers II! II! II! II!Legal II!descriptions
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II!Metes II!and II!bounds II!method, II!government II!surgery II!method, II!and II!lot II!and II!block II!method
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II!What II!is II!the II!lot II!and II!block II!method II!also II!known II!as? II!- II! II!Correct II!Answers II! II! II! II!Plat II!method II!or II!recorded
II!plat II!method
II!What II!is II!the II!most II!accurate II!type II!of II!legal II!description? II!- II! II!Correct II!Answers II! II! II! II!Metes II!and II!bounds
II!method
II!What II!is II!the II!starting II!reference II!point II!for II!the II!metes II!and II!bounds II!method? II!- II! II!Correct II!Answers II! II! II! II!Point
II!of II!beginning II!(POB)
II! 1 II!township II!= II!___ II!sections. II!- II! II!Correct II!Answers II! II! II! II! 36
II! 1 II!section II!= II!____ II!acres II!- II! II!Correct II!Answers II! II! II! II! 640
II! 1 II!acre II!= II!______ II!square II!feet II!- II! II!Correct II!Answers II! II! II! II!43,
II!What II!is II!the II! 24 - mile-square II!area II!formed II!by II!the II!intersection II!of II!guide II!meridians II!and II!correction
II!lines II!called? II!- II! II!Correct II!Answers II! II! II! II!Check
II!Which II!section II!is II!two II!sections II!west II!of II!section II!10? II!- II! II!Correct II!Answers II! II! II! II! 8
II!What II!method II!is II!used II!for II!residential II!subdivisions? II!- II! II!Correct II!Answers II! II! II! II!Lot II!and II!block
II!An II!assessor's II!parcel II!number II!(AON) II!is II!a II!number II!that II!is II!assigned II!to II!a II!parcel II!of II!real II!property II!by
II!who? II!- II! II!Correct II!Answers II! II! II! II!A II!county II!property II!assessor
II!What II!are II!the II!four II!essential II!elements II!necessary II!to II!create II!a II!valid II!contract? II!- II! II!Correct II!Answers II! II! II!
II!COLIC: II!Competent II!parties, II!offer II!and II!acceptance, II!lawful II!subject, II!in II!writing, II!consideration
II!What II!statue II!requires II!a II!contract II!to II!be II!in II!writing II!to II!be II!enforceable? II!- II! II!Correct II!Answers II! II! II! II!Statute II!of
II!Frauds
II!What II!statue II!provides II!time II!limits II!during II!which II!parties II!are II!allowed II!to II!be II!legal II!action II!to II!enforce
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II!What II!is II!the II!legal II!term II!that II!is II!used II!to II!designate II!the II!transfer II!of II!rights II!in II!a II!contract II!from II!one II!party
II!to II!another? II!- II! II!Correct II!Answers II! II! II! II!Assignment
II!Liquidated II!damages II!are II!those II!that II!are_____and______upon II!in II!the II!contract. II!- II! II!Correct II!Answers II! II! II!
II!Specified II!and II!agreed
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II!impact II!the II!property's II!value
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II!selling? II!- II! II!Correct II!Answers II! II! II! II!No
II!Can II!a II!real II!estate II!agent II!fill II!out II!the II!Seller II!Disclosure II!Form? II!- II! II!Correct II!Answers II! II! II! II!No, II!has II!to II!be II!the
II!seller
II!A II!listing II!contract II!is II!an II!agreement II!between II!who? II!- II! II!Correct II!Answers II! II! II! II!Seller II!and II!broker
II!What II!listing II!is II!best II!for II!a II!seller? II!- II! II!Correct II!Answers II! II! II! II!Open II!listing
II!What II!listing II!insures II!the II!broker II!gets II!paid, II!regardless II!of II!who II!sells II!the II!listed II!property? II!- II! II!Correct
II!Answers II! II! II! II!Exclusive II!right II!of II!sale II!listing
II!What II!listing II!is II!the II!best II!protection II!for II!the II!broker? II!- II! II!Correct II!Answers II! II! II! II!Exclusive II!right II!of II!sale II!listing
II!What II!kind II!of II!contract II!has II!a II!specified II!time II!and II!a II!specified II!price? II!- II! II!Correct II!Answers II! II! II! II!Option
II!contract
II!Which II!party II!is II!the II!only II!one II!obligated II!to II!do II!or II!not II!do II!something: II!the II!optionor II!or II!the II!optionee? II!- II!
II!Correct II!Answers II! II! II! II!Optionor II!(seller)
II!What II!does II!lien II!theory II!allow? II!- II! II!Correct II!Answers II! II! II! II!Possession II!and II!title II!on II!the II!day II!of II!closing
II!What II!document II!does II!a II!lender II!require II!the II!borrower II!to II!sign II!when II!money II!is II!borrowed II!to
II!purchase II!real II!estate? II!- II! II!Correct II!Answers II! II! II! II!Promissory II!note
II!What II!is II!promissory II!note II!also II!called? II!- II! II!Correct II!Answers II! II! II! II!Note II!or II!bond
II!What II!note II!is II!evidence II!of II!a II!personal II!debt, II!and II!contains II!the II!names II!of II!the II!parties, II!the II!rate II!of
II!interest, II!the II!amount II!of II!money II!borrowed, II!and II!the II!loan II!repayment II!terms. II!- II! II!Correct II!Answers II! II! II!
II!Promissory II!note
II!What II!is II!the II!purpose II!of II!a II!mortgage II!in II!relation II!to II!a II!note? II!- II! II!Correct II!Answers II! II! II! II!Ensures II!repayment
II!In II!a II!lien II!theory II!state, II!who II!receives II!title II!and II!possession II!on II!the II!day II!of II!closing? II!- II! II!Correct II!Answers II! II! II!
II!Mortgagor II!(borrower)
II!When II!a II!mortgage II!gets II!paid II!off II!in II!full, II!what II!document II!does II!the II!mortgagor II!receive? II!- II! II!Correct
II!Answers II! II! II! II!Letter II!of II!satisfaction
II!What II!clause II!allows II!a II!lender II!to II!declare II!the II!entire II!outstanding II!balance II!due II!and II!payable
II!immediately II!whenever II!default II!occurs? II!- II! II!Correct II!Answers II! II! II! II!Acceleration II!clause
II!What II!is II!the II!only II!legally II!necessary II!clause II!in II!a II!mortgage? II!- II! II!Correct II!Answers II! II! II! II!Defeasance II!clause
II!(protects II!borrower)
II!What II!clause II!allows II!a II!lender II!to II!increase II!the II!interest II!rate II!is II!there II!is II!consistently II!late II!payments? II!- II!
II!Correct II!Answers II! II! II! II!Exculpatory II!clause II!(benefits II!borrower)
II!What II!clause II!allows II!a II!borrower II!to II!pay II!off II!a II!loan II!early? II!- II! II!Correct II!Answers II! II! II! II!Prepayment II!clause
