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AZURE TIDE REAL ESTATE EXAM 2
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AZURE TIDE REAL ESTATE EXAM 2
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AZURE TIDE REAL ESTATE EXAM 2Gross 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? -
Answers-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? - Answers-$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 - Answers-$95,000
[Section 18 Slide 55-56, Page 531] $150,500 - $50,000 regular exemptions - $500 blind
exemption - $5,000 partial veteran disability = $95,000
What are the factors that influence supply?
1) Availability of land
2) Availability of materials
3) Availability of construction loans
4) All of the above - Answers-All of the above
Which statement is false regarding culpable negligence?
1) You can never be charged with Culpable Negligence if you did not know of a
damaging issue.
2) Whoever exposes another person to personal injury could be charged with culpable
negligence.
3) Culpable negligence is a misdemeanor of the second degree.
4) It is unethical for a real estate agent to engage in culpable negligence. - Answers-You
can never be charged with Culpable Negligence if you did not know of a damaging
issue. False
, A landlord has how many days to return a tenant's security deposit if not making a claim
on the deposit? - Answers-15
As joint tenants, Dave and Lindsay bought an investment property together 5 years ago.
Dave sold his interest in the property to Mike. Mike dies yesterday in a motorcycle
accident. Who now owns Mike's share? - Answers-Mike's heirs
How much are the doc stamps on a promissory note? - Answers-$.35 on each $100
increment
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
A contract for deed is also called what? - Answers-Land Contract
When purchasing an existing resale condominium, the buyer must receive _________. -
Answers-Articles of incorporation of the association
The following are types of residential construction categories EXCEPT?
1) Block homes
2) Speculative Homes
3) Custom Homes
4) Tract homes - Answers-Block Homes
The bundle of rights that a property owner has includes: - Answers-Control
Chris has a lease for which he pays the landlord $900.00 a month. Chris also pays the
property taxes, hazard insurance, and maintenance expenses. This is an example of
what type of lease? - Answers-Net
Residential rental property can be depreciated over how many years using the straight-
line depreciation method? - Answers-27.5 years
The Federal Reserve System was established to: - Answers-Provide a safer and more
stable monetary system and to influence the availability and cost of money and credit.
The brokerage relationship is decided by the: - Answers-broker
What is the intangible tax when getting a new mortgage in the amount of $100,000.00?
- Answers-$200
[Section 14 Slide 73, Page 423] $100,000 mortgage = $100,00 (mortgage amount) x
$.002(intangible tax on new mortgages) = $200
A licensee does not:
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