Exam (elaborations)
AZURE TIDE REAL ESTATE EXAM 1
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AZURE TIDE REAL ESTATE EXAM 1
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AZURE TIDE REAL ESTATE EXAM 1Which group is responsible for the preparation of the comprehensive plan or plan
amendment? - Answers-The Planning Commission
Advertising that discriminates against people based on ________ is prohibited by the
Fair Housing Act and its amendments. - Answers-Religion
Practicing real estate without a license is a: - Answers-Third-degree felony
A township contains: - Answers-36 sections
Heather has been using a roadway at the back of the 22 acres Pam owns in order to
access a fishing pond. She has been driving down the roadway almost every day
without permission for over 20 years. This is called an: - Answers-Easement by
prescription.
When figuring effective gross income which expenses are deducted? - Answers-
Collection and Vacancy losses
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
A buyers loan payment called "PITI" will change if:
1) The property taxes increase
2) The property taxes decrease
3) Their home owners insurance fluctuates
Submitted answer
4) All of the above - Answers-All of the above
Candy died intestate. After an extensive search, no heirs were found. Candy's real
property would transfer by: - Answers-Escheat
Which of the following protects mortgage applicants from discrimination based on
receiving public assistance? - Answers-Equal Credit Opportunity Act
Fannie Mae purchases all of the following loans EXCEPT: - Answers-Freddie Mac
* Hilda and Hyatt paid $7,875 last year in mortgage interest, $4,200 in principal
payments, $1,850 in property tax, $840 in mortgage insurance, $1,200 in property
insurance, and $1,500 in maintenance. Which expenses are deductible from their
federal taxes? - Answers-Mortgage interest of $7,875 and property taxes of $1,850
What instrument includes the specific terms of the loan such as rate, length of term,
payment, etc.? - Answers-Promissory Note
, Which of the following properties requires a lead based paint disclosure? - Answers-A
single-family home for sale built Prior to 1978
* You have a listing with a 6% commission. Your sellers have accepted an offer from a
buyer that has their own agent. You have agreed to give the buyers agent 3.5% of the
commission. Your agreement with your broker is that you get paid 92% of the
commission you earn. The sales price was $387,500.00. How much will you get paid? -
Answers-$8,912.50
$387,500 X .02.5 (6%-3.5%) = $9,687.50 x .92 = $8,912.50
All of the following are acceptable to register with the DBPR as a real estate brokerage
EXCEPT:
1) Non-profit corporation
2) Corporation sole
3) Limited liability corporation
4) For profit corporation - Answers-Corporation sole
An individual and/or their spouse that is an active duty member of the armed forces and
has a real estate license in another state can get a _________ real estate license if
stationed in Florida - Answers-regular license
*Jackson is buying a home for $412,000. His interest rate on the loan will be 4.75% for
15 years. He will have a down payment of $16,480. What is the LTV on the loan? -
Answers-96%
Loan Amount Price (or value) = LTV ratio Take $412,000 - $16480 = $395,520;
$395, = 96% LTV
A sales associate has a licensed assistant which is paid both on an hourly basis and a
commission basis. How should the assistant be paid? - Answers-The sales associates'
broker must pay the assistant the commission while the sales associate may pay the
hourly wage if it is for tasks that do not require a license
Brokers must retain brokerage relationship disclosure documents for 5 years except
when: - Answers-Working with a buyer or seller as a transaction broker from the outset
Sales associate Troy 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. All of the following business formats are acceptable, except:
1) A profession corporation
2) A limited liability company
3) Professional limited liability company
4) Corporation - Answers-Corporation
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