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
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