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Azure Tide realty End of Course practice exam/100 Questions and Answers
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Azure Tide realty End of Course practiceexam/100 Questions and Answers
A Florida real estate sales associate who moves and becomes a nonresident
of Florida must notify the Commission of the change of residency within how
many days? - -60
-In case of breach by the buyer, most real estate contracts include a
provision that the earnest money be regarded as - -Liquidated damages to
the seller
-Subordination of a mortgage is: - -A later mortgage taking priority to the
original
-Buffer Zone is an area of land that: - -Separates different land use areas
-Which matches the definition of a gross lease? - -When the tenant pays a
fixed rent and the landlord pays the property expenses such as taxes and
insurance. Utilities are paid as agreed in the lease.
-Clark paid $250 for a rental list in a competitive area. After several days of
looking for properties he realized that the list wasn't current at the time it
was sold to him. He requested a refund in writing. How much would he get
back? - -$250.00
-An appraiser found three comparable properties however she believed that
one of the properties was significantly more relevant to the true value of the
subject property. In this case, the appraiser would most likely - -Assign
weighted values to each of the three properties
-A due on sale clause in a mortgage - -Makes a mortgage non- assumable
-An active Florida broker accompanies her husband when he goes on active
military duty in Ohio for five years. She is not active in real estate in Ohio.
Upon their return to Florida, she: - -Need not complete any continuing
education or reactivation education for those five years and for up to 2 years
after honorable discharge
-A home was purchased with a down payment of $36, 000 and a loan of
$200,000 at 6.5% for 30 years. Monthly payments are $1,264.14. What is the
loan to value ratio? - -85%
, -An owner of an apartment complex pays a previous tenant a $50 finder's
fee for referring a person who becomes a new tenant. This arrangement is
not - -Legal unless the previous tenant has a real estate license.
-An assumed mortgage has interest paid: - -In arrears
-When is a quitclaim deed normally used? - -To clear the title of possible
trouble spots or clouds on the deed.
-Which statement is TRUE regarding homeowners association disclosure
requirements?
1) The contract is not voidable even if the disclosure summary is not
provided to the buyer before executing the contract
2) The buyer cannot waive the right to void the contract if the disclosure has
not been provided at the time of or before signing the purchase agreement
3) The buyer is advised to execute the contract without receiving HOA
disclosures
4) If the buyer decides to walk away from the contract, he can do so verbally
- -The buyer cannot waive the right to void the contract if the disclosure has
not been provided at the time of or before signing the purchase agreement
-Denying loans, insurance coverage, or to refuse to rent or sell in an area
based on the racial and ethnic makeup is illegal under the Fair Housing Act
and is called - -Redlining
-Geraldo contracted with Sue for Sue to buy his property. When Geraldo
backed out of the contract refusing to sell it to her for no valid reason, Sue
took Geraldo to court. The judge ruled in Sue's favor. Sue's contract was - -
Enforceable
-A real estate broker is typically authorized by a principal to help in the sale
of a house by acting as a - -Special agent
-The premises section of a deed must contain all of the following except - -
Name of the lawyer giving an opinion of title
-What is a Lender's yield on a conventional loan if they charged 5% interest
and 3 points? - -5.38%
-What statement is FALSE regarding the Equal Credit Opportunity Act?
1) It is enforced by the Consumer Financial Protection Bureau.
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