Azure Tide Real Estate Final Exam Flashcards

Azure Tide Real Estate Final Exam Flashcards 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 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.Under the sales comparison approach to valuation, a subject property has 2 bedrooms, 2 bathrooms and a pool, but the comparable property has 3 bedrooms, 1 bathroom and no pool. The comparable property sold for $300,000.The value of an extra bathroom is estimated to be $5,000.The value of an extra bedroom is estimated at $7,500. The value of a pool is estimated d to be $12,500. How much should you price the subject property based on the one comparable?

$310,000

Which of the following properties would be defined as residential real estate per Chapter 475, Florida Statute?5-acres with a house and a barn The characteristics of value include all except? supply Sally is buying a home and the closing date is set for April 20th. The annual property taxes are $1,234.00 and have not been paid yet. How much will the buyer be credited and the seller be debited?

$368.51[Section 14 Slide 64, Page 420] Step 1: Find the

daily rate; property taxes for the year ($1234.00) / 365 days

= $3.38.Step 2: Seller will credit buyer from January

through midnight the day before closing. Calculate the exact number of days; January 31 + February 28 + March

31 + April 19 = 109 days Step 3: Multiply the daily rate

($3.3808219178) x Number of days (109) = $368.51 A property sold for $350,000 and rents for $3,000 a month.A second property sold for $300,000 and rents for $2,500 a month. A third property sold for $310,000 and rents for $2,300 a month. Using the Gross Rent Multiplier method, determine the average GRM of the three properties.

123.82

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.As joint tenants, David and Amy bought an investment property. Amy died suddenly. Which statement is true?David owned the property as an estate in severalty.

Emily has been a licensed real estate sales associate for two years in Indiana. She worked actively under Thomson Brokerage for 12 months. But the last 12 months, her license has been inactive because of having to take care of her ill mother. Which statement is true about Emily's desire to get a broker license in Florida?Emily needs two years of her license to be active in the previous five years before she is eligible to become a broker along with meeting requirements of taking a 72 hour broker course, state application, and state exam.Which statement is FALSE regarding a net Listing? Net listings are unilateral Contracts The bundle of rights that a property owner has includes which of the following?Control Leora lived in her home for a long time. She took good care of her property. However, her neighbor did not. When Leora had her property appraised, she discovered that she lost value because of the condition of her neighbor's property. This is called what?Regression Hunter gave his brother, Terry, a contract for deed. Terry agreed to pay Hunter $1,100 for 30 years. Once the last payment is made, Hunter will transfer the deed of the property to Terry. What else is this contract called?Land contract A landlord has how many days to return a tenant's security deposit if not making a claim on the deposit?15 Kaitlyn reviewed the terms of her loan. The terms detailed that she had a 30-year mortgage and was being charged a rate of 4.2%. What loan instrument did Kaitlyn review?promissory note How many of the FREC members must be at least 60 years of age?1 Which tenancy ownership creates the right of survivorship?Tenancy by the entireties Andreniki has recently moved to the United States and is living in Georgia. She is not yet a U.S. citizen, but does have a U.S. social security number. Which statement is true about her application as a Florida real estate licensee?Andreniki does not need to be a U.S. citizen to be eligible as a Florida real estate licensee.Broker Hope took an earnest money deposit from Buyer Burt. She placed the deposit in her brokerage operating account. Which statement accurately describes what Hope did?Hope commingled trust funds by placing the money with company funds which is illegal.What is actual notice?Something you have learned by reading, seeing or hearing.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

Cassie is buying a home that appraised for $300,000. She is putting 10% down. What is the LTV on the loan?90% Under the Fair Housing Act of 1968, which category of groups are protected from discrimination?national origin Which of the following is an example of a bilateral contract?Tim who just rented an apartment.Yvette claimed Giselle's property through adverse possession. To have done so successfully, Yvette would

have to have done all the following except what?Do so for a continuous period of 10 Years

Residential rental property can be depreciated over how many years using the straight-line depreciation method?

27.5 years $115,000 with a rate of return of 12.5%, what is the monthly net income?

$1,197.92

Stefanie had a rental property. There were 14 units. After she subtracted for collection and vacancy losses, she totaled $23,500 income for the month. What did she calculate?effective gross income How many acres are in The NE ¼ of the NE 1/4 of Sec 1, T2S, R3W and the SW1/4 of the SW1/4 of the NW1/4 of Sec 6, T2S, R2W?50 acres Faye just signed a new lease. It is for six months. What kind of tenancy does she have?Tenancy for years Harriet entered into an agreement to sell her house.According to the contract, even if Harriet or another agent brings the buyer, the listing agent will still receive a commission. What type of listing did Harriet sign?exclusive right of sale listing What is the Florida statute that gives the DBPR the power to investigate consumer complaints, issue subpoenas upon conducting investigation, issue cease and desist orders, and issue citations?Florida Statute 455 There are two parties to a mortgage. Which is the correct pairing?Mortgagor = Borrower You sell Janice a current up-to-date rental list and provide all the proper disclosures and paperwork. Janice contacts you 35 days later and asks for a refund in writing because she did not rent a place from the list. She is entitled to how much of a refund?0% When the judge ruled that the seller must sell his house, this is an example of what?specific performance Daisy Chain was unhappy with her agent. She had all the following ways to end her agency relationship except which one?Pretend like it didn't exist and complete a transaction without the agent Deeds require which of the following to be valid? Both 1 and 31) Signed by the Grantor3) Signed by two Witnesses A real estate agent that can call him or herself a REALTOR® means he or she has met which of the following criteria?Is a member of the National Association of REALTORS® What is the percentage passing score on the real estate course exam?70 How does a lien theory affect the mortgage? Is a lien on the property, but property title is vested with the mortgagor.When purchasing an existing resale condominium, the buyer must receive which of the following?Frequently Asked Questions