What is the form you sign that says you will pay the loan back? –

Answer> promissory note

-What is the post licensing grace period after first expiration? –

Answer> none

-Deposits is a form of... -

Answer> valuable consideration

-Physical land and improvements –

Answer> real property

-Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday 

and getting paid commission from both –

Answer> Yes

-What is the maximum fine per offense? –

Answer> $5,000 per fine

-Out of state broker sends a customer, and had no part in the transaction and requests a referral fee, 

should he expect a commission? –

Answer> yes.

-How many acres in one quarter of a section? –

Answer> 160

-What do you do when there is conflict in who escrow goes to –

Answer> notify FREC

-When do you NOT have to notify FREC about conflict of escrow? –

Answer> contingent on the contract

-T/F Grantee and Grantor has to sign the deed –

Answer> False

-What statute has to deal with contracts being in writing? –

Answer> Statute of Frauds

-T/F A broker can have an office an office in a motorhome -

Answer> false

-Broker deposits $10,000 of personal funds into escrow account, what is he guilty of ? -Answer>

commingling

-What is the best deed from the grantors POV? -

Answer> Quitclaims Deed

-What is the law that states that lenders have to tell you the truth about the interest rate ? -

Answer>Truth in Lending

actual notice

own it

Constructive notice

record something in public records

How Is Real Estate Recovery Funded ?

by fees & fines

Eminent Domain

government has right to take away public use citizens can't refuse to sell)

immune properties

government owned

lot & block

residential sub-division surgery system

Metes and Bounds

oldest method of land description & provides the most accurate type of legal descriptions