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AZURE TIDE REAL ESTATE FINAL EXAM
How is practicing real estate without a license punishable as? - Answers-Third degree felony Without written permission, Phillip tells his buyer Tom, that his seller Mark is getting divorced and must sell the property quickly. Phillip is representing both Mark and Tom as a transaction broker. Phillip has violated which agency duty? - Answers-Limited confidentiality Maxine didn't understand the paperwork that an oil company had her sign when they started drilling for oil on her property. The guy that got her to sign the paperwork was very nice and told her she would never have to move off the property - but could sell it anytime if she chose. But when they struck oil, she wasn't entitled to any of the money from the oil. What rights had she signed over to the oil company? - Answers-Mineral Brokers must retain a brokerage relationship disclosure documents for 5 years except in which of the following situations? - Answers-working with a buyer or seller as a transaction broker from the outset Which of the following statements is false based on the Statute of Frauds? - Answers- Option contracts can be verbal if for less than one year Natasha is representing a seller as a single agent and is also working with the buyer. What type of relationship is she allowed to have with the buyer? - Answers-no agency relationship There are two parties to a mortgage. Which is the correct pairing? - Answers-Mortgagor = Borrower Joshua purchased property in Escambia County. Joshua put $30,000.00 as a down payment and obtained a new mortgage for $150,230.00. There was no other consideration for the transfer. How much will the documentary stamp tax on the deed be? - Answers-$1,262.1 0 Donna is the property manager for an apartment building complex. Sarah used to live in the complex but moved to a house recently. Sarah referred her sister, Pam, to Donna for Pam to become a new tenant. Donna paid Sarah $50 for the referral. Which statement about this situation is true? - Answers-This is illegal, per RESPA because Sarah no longer lives in the apartment building. What is the intangible tax when getting a new mortgage in the amount of $550,000.00?
Under the Fair Housing Act of 1968, which category of groups are protected from discrimination? - Answers-national origin The Civil Rights Act of 1866 prevented discrimination based on being a member of which group? - Answers-race When the Department investigated a complaint against Mick, a licensee, the investigator believed that the charges were too serious to allow the licensee to practice real estate during the investigation and hearings. Which statement is true? - Answers- The DBPR Secretary could initiate a summary suspension against Mick to suspend his license until the matter was resolved. You bought a home for $850,000. You put $100,000 down. You agreed to buy 3 discount points. How much did you pay for the points total? - Answers-$22, A building erected permanently on a property is considered what? - Answers-real property FREC defines a Florida resident as someone that has resided in the state for a continuous period of how many months? - Answers-4 months Ralph agrees to purchase two discount points. How will this affect the lender's yield? - Answers-The lender's yield will increase by a total of ¼%. In a metes-and-bounds description what is the opposite direction of South 25 degrees East? - Answers-North 25 degrees West Which of the following most accurately describes the statute of limitations? - Answers- Places a time limit on pursuing a legal remedy in relation to wrongful conduct Winnie failed to add to her application for a Florida real estate license the fact that she had previously been convicted of theft. Which statement is true? - Answers-Failure for Winnie to disclose the theft would be viewed as falsifying an application. All the following are acceptable to register with the DBPR as a real estate brokerage except which of the following? - Answers-Corporation sole Walden had an architect draw up plans for four different styles of homes. He then built four models matching the designs and offered to build similar homes to buyers. What type of construction method is this known as? - Answers-tract homes Which statement is FALSE regarding a net Listing? - Answers-Net listings are unilateral Contracts Betsy, a broker associate, hired Monica as a licensed assistant. Monica assisted with contract negotiations. Betsy wrote her a check every week for her salary as an
How many of the FREC members must be at least 60 years of age? - Answers- 1 Lauren made an offer on a home. The seller countered her offer. Which statement is true? - Answers-Lauren's original offer was terminated by the seller's counteroffer. A real estate agent that can call him or herself a REALTOR® means he or she has met which of the following criteria? - Answers-Is a member of the National Association of REALTORS® Which statement is false regarding culpable negligence? - Answers-You can never be charged with Culpable Negligence if you did not know of a damaging issue. A deal failed to close because the buyer was unable to secure financing. The broker received conflicting demands regarding the earnest money. How long does the broker have to notify the FREC that the conflict exists? - Answers-15 days Faye just signed a new lease. It is for six months. What kind of tenancy does she have?
- Answers-Tenancy for years The state of Florida requires all brokerage offices to have at least one enclosed room in a building of stationary construction what other criteria? - Answers-An entrance sign Which of the following properties would be defined as residential real estate per Chapter 475, Florida Statute? - Answers- 5 - acres with a house and a barn What is actual notice? - Answers-Something you have learned by reading, seeing or hearing. Leora lived in her home for a long time. She took good care of her property. However, her neighbor did not. When Leora had her property appraised, she discovered that she lost value because of the condition of her neighbor's property. This is called what? - Answers-Regression The characteristics of value include all except? - Answers-supply As joint tenants, David and Amy bought an investment property. Amy died suddenly. Which statement is true? - Answers-David owned the property as an estate in severalty. Broker Hope took an earnest money deposit from Buyer Burt. She placed the deposit in her brokerage operating account. Which statement accurately describes what Hope did? - Answers-Hope commingled trust funds by placing the money with company funds which is illegal. Which of the following properties requires a lead-based paint disclosure? - Answers-A single-family home for sale built in 1966
Which of the following statements are false regarding The Real Estate Settlement Procedures Act (RESPA)? - Answers-Kickbacks are said to harm consumers by driving down the cost of transactions. Andreniki has recently moved to the United States and is living in Georgia. She is not yet a U.S. citizen, but does have a U.S. social security number. Which statement is true about her application as a Florida real estate licensee? - Answers-Andreniki does not need to be a U.S. citizen to be eligible as a Florida real estate licensee. Sally is buying a home and the closing date is set for April 20th. The annual property taxes are $1,234.00 and have not been paid yet. How much will the buyer be credited and the seller be debited? - Answers-$368. [Section 14 Slide 64, Page 420] Step 1: Find the daily rate; property taxes for the year ($1234.00) / 365 days = $3.38. Step 2: Seller will credit buyer from January through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March 31 + April 19 = 109 days Step 3: Multiply the daily rate ($3.3808219178) x Number of days (109) = $368. Which of the following is an example of a bilateral contract? - Answers-Tim who just rented an apartment. Hunter gave his brother, Terry, a contract for deed. Terry agreed to pay Hunter $1, for 30 years. Once the last payment is made, Hunter will transfer the deed of the property to Terry. What else is this contract called? - Answers-Land contract Residential rental property can be depreciated over how many years using the straight- line depreciation method? - Answers-27.5 years Under the sales comparison approach to valuation, a subject property has 2 bedrooms, 2 bathrooms and a pool, but the comparable property has 3 bedrooms, 1 bathroom and no pool. The comparable property sold for $300,000. The value of an extra bathroom is estimated to be $5,000. The value of an extra bedroom is estimated at $7,500. The value of a pool is estimated d to be $12,500. How much should you price the subject property based on the one comparable? - Answers-$310, Leslie bought a house for $625,000. She had $22,000 in closing costs upon the purchase. She spent a year fixing up the property by investing $180,000 into the property. She then sold it for $880,000 with $70,400 in closing costs. What is the capital gain or loss? - Answers-$17,400 Capital Loss How many acres are in The NE ¼ of the NE 1/4 of Sec 1, T2S, R3W and the SW1/4 of the SW1/4 of the NW1/4 of Sec 6, T2S, R2W? - Answers-50 acres
Taylor was several months behind in her mortgage. She got a notice from the bank telling her that she now owed the full unpaid balance of the mortgage. What clause in a mortgage was activated by her late payments? - Answers-acceleration Gabriel is a sales associate. To make extra money, Gabriel decides to do appraisals. Which of the following is legal? - Answers-Gabriel followed USPAP to appraise property for a divorce case. Earnest money deposit is shown on a closing statement as a what? - Answers-Credit to buyer only Kaitlyn reviewed the terms of her loan. The terms detailed that she had a 30-year mortgage and was being charged a rate of 4.2%. What loan instrument did Kaitlyn review? - Answers-promissory note Chris rents an entire floor at the Dorian Complex to run her brokerage. Every year the lease amount adjusts based on a change in the consumer price index. What type of lease does Chris have? - Answers-variable How many miles from the base line is T3S, R7W? - Answers- 12 You list a home on the Atlantic for $4,250,000. The seller agrees to pay a 6% commission. However, the seller agrees that he will pay 7% commission on the amount of purchase price above $3,750,000. The home sells for $4,100,000. How much is the total commission? - Answers-$249, What is the percentage passing score on the real estate course exam? - Answers- 70 A few brokers have lunch together and agree to charge all clients 7% commission for the next 3 months. This agreement is an example of what? - Answers-price fixing Which of the following people are exempt from having a real estate license? - Answers- Jan, appointed by the court, to assist in conveying her deceased aunt's home. When purchasing an existing resale condominium, the buyer must receive which of the following? - Answers-Frequently Asked Questions Sales associate Tim Burr wants to create a business entity with the State of Florida to conduct real estate as a licensee. He will then register that name instead of his personal name with the DBPR. The following business formats are acceptable except which one?
- Answers-corporation All the following are the methods used by an appraiser to determine the value of property except? - Answers-Comparative Market Analysis
How does a lien theory affect the mortgage? - Answers-Is a lien on the property, but property title is vested with the mortgagor. Roberta receives $5,000 a month from court ordered alimony. However, she does not have other income. Which of the following laws forces the lender to count the alimony as income for determining whether Roberta qualifies for a mortgage? - Answers-Equal Credit Opportunity Act Which of the following actions would terminate a contract? - Answers-Jace's lender unable to qualify Jace for a required loan by the end of the contracted period. Emily has been a licensed real estate sales associate for two years in Indiana. She worked actively under Thomson Brokerage for 12 months. But the last 12 months, her license has been inactive because of having to take care of her ill mother. Which statement is true about Emily's desire to get a broker license in Florida? - Answers- Emily needs two years of her license to be active in the previous five years before she is eligible to become a broker along with meeting requirements of taking a 72 hour broker course, state application, and state exam. What is homestead protection? - Answers-A status provided for a homeowner's principal residence which protects the home against foreclosure from debt such as credit cards or medical bills. $115,000 with a rate of return of 12.5%, what is the monthly net income? - Answers- $1,197. Daisy Chain was unhappy with her agent. She had all the following ways to end her agency relationship except which one? - Answers-Pretend like it didn't exist and complete a transaction without the agent On Monday, Agent Sally collected an earnest money check. Agent Sally turned it over to Broker Mary on that same day. What is the last day that Broker Mary can deposit the earnest check to the escrow account? - Answers-Thursday Deeds require which of the following to be valid? - Answers-Both 1 and 3
- Signed by the Grantor
- Signed by two Witnesses Todd is a 59-year-old veteran that is legally blind (from aging) plus he has been declared to have 25% disabled due to injuries he sustained in the military. His homesteaded property has an assessed value of $150,500. What is his taxable value for county taxes? - Answers-$95,
