Exam (elaborations)
AZURE TIDE REAL ESTATE SCHOOL GENERAL QUESTIONS
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AZURE TIDE REAL ESTATE SCHOOL GENERAL QUESTIONS
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AZURE TIDE REAL ESTATE SCHOOL GENERALQUESTIONS
COLD + AC
- C = Care, skill and diligence
- O = Obedience,
- L = Loyalty,
- D = Disclosure,
- A = Accounting,
- C = Confidentiality
OR
OLD CAR
- O = Obedience,
- L = Loyalty,
- D = Disclosure,
- C = Confidentiality
- A = Accounting,
-R = Reasonable care, skill and diligence
WHICHEVER ONE YOU CAN REMEMBER EASIER! - Answers-Six duties of the broker
as a fiduciary are :
township - Answers-a square 6 miles on each side
A Transition to Transaction Agent Notice is required to be signed. - Answers-When
changing from a single agent to a transaction broker when is required?
Real Property - Answers-Real Estate PLUS the Bundle of rights associated with
ownership of land and all permanent attachments to land
Real estate - Answers-Land, including the sky above, what is below the ground, the
trees and any man-made attachments.
Mortgage - Answers-What pledges the property for collateral
Hypothecation - Answers-An arrangement, wherein a person, borrows money from the
bank by collateralizing an asset, without transferring title and possession, is called
hypothecation. It is a charge formed on any movable asset by the owner, to raise funds
,from the bank, without transferring the ownership and possession to the lender. In this
agreement, the borrower (owner) of goods borrows money against the security of
assets, i.e. inventories. If the hypothecator fails in paying the dues within the stipulated
time, the hypothecatee can file a suit, to realise the debt by selling the hypothecated
asset. Simply put, they do not hold a lien on the property itself
Lien Theory State - Answers-Lender holds a lien against the property but the owner
holds the title
Title Theory State - Answers-a state where the mortgage lender has title to the property
until the debt is repaid
Lien Theory - Answers-Is Florida a Lien Theory state or a Title Theory state?
Broker and sales associate - Answers-May a broker and sales associate have a "group
license" in order to sell for all the entities owned by the owner/developer or just a
broker?
Interest on an assumable mortgage is paid in arrears, so the buyer gets a credit at
closing and it is a debit to the seller
Steering - Answers-Is interest on an assumable mortgage paid in arrears or in advance
and who gets a credit for it at closing?
What is curable deterioration? - Answers-Refers to a form of deterioration that's
economically feasible to repair. In other words, the increase in value exceeds the cost of
repair. Painting is a good example of something that generally adds more value than it
cost?
recorded plat method - Answers-A lot and block survey is also called a
General Warranty Deed - Answers-The most commonly used deed with the most
comprehensive protections
Fee Simple - Answers-highest and greatest type of ownership interest (Title) that can be
held in real property.
12 HOURS - Answers-Florida landlord must give tenant how many hours to enter
property unless of emergency.
What is the process whereby builders, brokers, and rental property managers induce
purchasers or lessees of real property to buy land or rent premises in neighborhoods
composed of persons of the same race.
Redlining - Answers-financial institutions refusing to lend money in certain
neighborhoods
,Statutory Method - Answers-Which method of calculating uses 30 days for a month and
360 days for a year.
$100-$500 - Answers-The penalty involved with a citation are fines between what
amount?
To protect residential property. - Answers-What is the purpose of city planning?
Yes - Answers-Do Florida Statutes allow for a sales associate to incorporate as a PA
(Professional Corporation), a LLC (Limited Liability Company) or a PL (Professional
Limited Liability Company) for the purpose of having commission paid to the appropriate
corporation.
No, the complaint MUST BE IN WRITING! - Answers-Will the Florida DBPR investigate
a complaint against a licensee if the complaint is either verbal or written?
Yes, as long as it is in WRITING! - Answers-Will the Florida DBPR investigate an
anonymous complaint against a licensee?
Property Tax - Answers-Property can also be identified through an assessors parcel
number, referred to as PID, which is used to aid in the collection of what type of tax.
Yes - Answers-Can a sales associate or broker associate have a "group license" in
order to sell for all the entities owned by the owner/developer?
$100 - $500 - Answers-Are penalties involved with a citation fines between $100 to
$500 or $100 to $5,000?
from the pre license courses I, sales associate, and II broker, the 45-hour sales
associate post license and the 60 hour broker post license course. - Answers-
Individuals applying for the sales associate or broker license who also have a 4 year
college degree in real estate are exempt from what?
The state exam and continuing education courses - Answers-Individuals applying for the
sales associate or broker license who also have a 4 year college degree in real estate
are NOT exempt from what?
1. the appraisal follows USPAP standards,
2. are not being performed for a federally related
transaction,
3. and the licensee is not referring to him or herself as a
certified appraiser - Answers-According to Florida Statutes 475, real estate licensees
may perform appraisal for a commission as long as which 3 criteria are met?
, Appointed - Answers-Are local government members of the planning commission
elected or appointed?.
To protect residential property. - Answers-What is the goal of City Planning?
Yes - Answers-Does Florida Statutes allow for a sales associate to incorporate as a PA
(Professional Corporation), a LLC (Limited Liability Company) or a PL (Professional
Limited Liability Company) for the purpose of having commission paid to the appropriate
corporation?
1. Contractual capacity of the parties
2. Offer and Acceptance
3.Legality of Object
4. Consideration - Answers-What are the 4 essentials of a contract?
No - Answers-By law, do minors have the legal capacity to enter in an enforeable
contract?
Only the minor if the other party is not a minor and has legal capacity - Answers-If a
minor does enter into a contract with a party who does have legal capacity, which party
can cancel the contract?
The promise to perform and fulfill the contract. - Answers-What is the definition of
"consideration" in a contract?
In terms of money - Answers-How is "valuable consideration" measured.
True - Answers-The promise to perform and fulfill the contract requires either valuable
consideration which can be measured in terms of money, or good consideration which
cannot be measured in terms of money such as love and affection.
The Concept of Substitution - Answers-What is the term when a prudent buyer or
investor will pay no more for a property than the cost of acquiring, through purchase or
construction, an equally desirable alternative property.
27.5 - Answers-In a straight-line depreciation method Residential property is
depreciated over how many years?
39 - Answers-In a straight-line depreciation method Commercial property is depreciated
over how many years?
North or South - Answers-The point of beginning in a metes and bounds survey is
always either North and South or East and West?
credit to seller and debit to buyer - Answers-On a closing statement, items paid ahead
are entered as a ________ to the seller and a ________ to the buyer.
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