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Azure Tide Real Estate Exam 2/50 Questions and Answers
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Azure Tide Real Estate Exam 2/50 Questionsand Answers
Gross Rental Multiplier (GRM) is an easy-to-use a calculation to get an
estimated value for a potential investment. What is the formula used to
calculate the GRM value? - -Sale Price (Market Value )/ Gross Monthly Rental
Income = Gross Rent Multiplier (GRM)
-Jill bought a house 3 years ago and paid $175,000 for it and spent $7,000 in
closing costs. Since, then she has made several improvements to the
property for $75,000. Jills boss promoted her to VP of Market 5 and she had
to relocate. She sold her house for $375,000 with $30,000 in selling costs.
She bought a new house for $290,000. What is the capital gain on the sale of
her original home? - -$88,000
[Section 17 Slide 26-27, Page 495]; $175,000 + $7,000 + $75,000 =
$257,000 Adjusted Basis. $375,000-$30,000 = $345,000 - $257,000 =
$88,000
-Todd is a 59-year-old veteran that is legally blind and 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?
1) $55,500
2) $95,000
3) $100,500
4) $110,000 - -$95,000
[Section 18 Slide 55-56, Page 531] $150,500 - $50,000 regular exemptions -
$500 blind exemption - $5,000 partial veteran disability = $95,000
-A licensee does not:
1) Need to be 18 years old or older
2) Need to be a high school graduate or equivalent
3) Need to be a US citizen
4) Need a social security number - -Need to be a US citizen
(section 2 slide 58 page 34)
-Which of the following statements are false regarding The Real Estate
Settlement Procedures Act (RESPA)?
1) Title companies cannot give a kickback as a referral fee to a real estate
licensee.
, 2) Kickbacks are said to harm consumers by driving down the cost of
transactions.
3) Mortgage brokers can only pay other mortgage brokers a referral fee.
4) Real Estate Licensees can only pay other real estate licensees a referral
fee. - -Kickbacks are said to harm consumers by driving down the cost of
transactions.
-What is homestead protection? - -A status provided for a homeowner's
principal residence which protects the home against foreclosure from debt
such as credit cards or medical bills
-There are two parties to a mortgage. Which is the correct pairing? - -
Mortgagor = Borrower
-A contract that is void is described by all of the following statements
except:
1) Can be performed under the law
2) Cannot be enforced by either party
3) Does not meet the definition of a valid contract
4) Treated as though it had never been formed - -Can be performed under
the law
-What are the factors that influence supply?
1) Availability of land
2) Availability of materials
3) Availability of construction loans
4) All of the above - -All of the above
-Which statement is false regarding culpable negligence?
1) You can never be charged with Culpable Negligence if you did not know of
a damaging issue.
2) Whoever exposes another person to personal injury could be charged with
culpable negligence.
3) Culpable negligence is a misdemeanor of the second degree.
4) It is unethical for a real estate agent to engage in culpable negligence. - -
You can never be charged with Culpable Negligence if you did not know of a
damaging issue. False
-A landlord has how many days to return a tenant's security deposit if not
making a claim on the deposit? - -15
-As joint tenants, Dave and Lindsay bought an investment property together
5 years ago. Dave sold his interest in the property to Mike. Mike dies
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