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Azure Tide Real Estate Final Exam/100 Questions and Answers
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Azure Tide Real Estate FinalExam/100 Questions and Answers
How is practicing real estate without a license punishable as? - -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? - -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? - -Mineral
-Which of the following most accurately describes the statute of limitations?
- -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? - -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? - -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? - -
tract homes
-Which statement is FALSE regarding a net Listing? - -Net listings are
unilateral Contracts
-Brokers must retain a brokerage relationship disclosure documents for 5
years except in which of the following situations? - -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? -
-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? -
-no agency relationship
-There are two parties to a mortgage. Which is the correct pairing? - -
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? - -$1,262.10
-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? - -
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? - -$1,100
-Under the Fair Housing Act of 1968, which category of groups are protected
from discrimination? - -national origin
-The Civil Rights Act of 1866 prevented discrimination based on being a
member of which group? - -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? - -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? - -$22,500
-A building erected permanently on a property is considered what? - -real
property
-FREC defines a Florida resident as someone that has resided in the state for
a continuous period of how many months? - -4 months
-Ralph agrees to purchase two discount points. How will this affect the
lender's yield? - -The lender's yield will increase by a total of ¼%.
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