Azure Tide Real Estate Final Exam/ Azure tide realty
45hr practice exam 2 NEW SETS COMPILED TOGETHER
WITH COMPLETE SOLUTION 100% VERIFIED CORRECT
NEW!!
How is practicing real estate without a license punishable as? - Ans 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? - Ans 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? - Ans Mineral
Which of the following most accurately describes the statute of limitations? - Ans 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? - Ans 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? - Ans 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? - Ans tract homes
Which statement is FALSE regarding a net Listing? - Ans Net listings are unilateral Contracts
Brokers must retain a brokerage relationship disclosure documents for 5 years except in which
of the following situations? - Ans 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? - Ans 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? - Ans no agency relationship
There are two parties to a mortgage. Which is the correct pairing? - Ans 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? - Ans $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? - Ans 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? - Ans
$1,100
, Under the Fair Housing Act of 1968, which category of groups are protected from
discrimination? - Ans national origin
The Civil Rights Act of 1866 prevented discrimination based on being a member of which
group? - Ans 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? - Ans 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? - Ans $22,500
A building erected permanently on a property is considered what? - Ans real property
FREC defines a Florida resident as someone that has resided in the state for a continuous
period of how many months? - Ans 4 months
Ralph agrees to purchase two discount points. How will this affect the lender's yield? - Ans The
lender's yield will increase by a total of ¼%.
In a metes-and-bounds description what is the opposite direction of South 25 degrees East? -
Ans North 25 degrees West
Betsy, a broker associate, hired Monica as a licensed assistant. Monica assisted with contract
negotiations. Betsy wrote her a check every week for her salary as an assistant. Which
statement is correct? - Ans Although Monica is licensed, Betsy cannot pay Monica directly for
45hr practice exam 2 NEW SETS COMPILED TOGETHER
WITH COMPLETE SOLUTION 100% VERIFIED CORRECT
NEW!!
How is practicing real estate without a license punishable as? - Ans 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? - Ans 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? - Ans Mineral
Which of the following most accurately describes the statute of limitations? - Ans 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? - Ans 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? - Ans 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? - Ans tract homes
Which statement is FALSE regarding a net Listing? - Ans Net listings are unilateral Contracts
Brokers must retain a brokerage relationship disclosure documents for 5 years except in which
of the following situations? - Ans 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? - Ans 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? - Ans no agency relationship
There are two parties to a mortgage. Which is the correct pairing? - Ans 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? - Ans $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? - Ans 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? - Ans
$1,100
, Under the Fair Housing Act of 1968, which category of groups are protected from
discrimination? - Ans national origin
The Civil Rights Act of 1866 prevented discrimination based on being a member of which
group? - Ans 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? - Ans 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? - Ans $22,500
A building erected permanently on a property is considered what? - Ans real property
FREC defines a Florida resident as someone that has resided in the state for a continuous
period of how many months? - Ans 4 months
Ralph agrees to purchase two discount points. How will this affect the lender's yield? - Ans The
lender's yield will increase by a total of ¼%.
In a metes-and-bounds description what is the opposite direction of South 25 degrees East? -
Ans North 25 degrees West
Betsy, a broker associate, hired Monica as a licensed assistant. Monica assisted with contract
negotiations. Betsy wrote her a check every week for her salary as an assistant. Which
statement is correct? - Ans Although Monica is licensed, Betsy cannot pay Monica directly for
