AZURE TIDE REAL ESTATE ACTUAL EXAMS SCRIPT
QUESTIONS AND ANSWERS SURE A+
✔✔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
✔✔Residential rental property can be depreciated over how many years using the
straight-line depreciation method? - ✔✔27.5 years
✔✔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
✔✔Leslie bought a house for $625,000. She had $22,000 in closing costs upon the
purchase. She spent a year fixing up the property by investing $180,000 into the
property. She then sold it for $880,000 with $70,400 in closing costs. What is the capital
gain or loss? - ✔✔$17,400 Capital Loss
✔✔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
✔✔April, a sales associate, represented a buyer and seller in the same transaction. She
presented the buyer with the homeowner association disclosure two days before
closing. Which statement is false? - ✔✔April's right to rescind doesn't count down until
she receives the actual homeowner association documents.
, ✔✔Why was the Federal Reserve System established? - ✔✔Provide a safer and more
stable monetary system and to influence the availability and cost of money and credit
✔✔Which tenancy ownership creates the right of survivorship? - ✔✔Tenancy by the
entireties
✔✔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 $2,300 a month. Using the Gross Rent Multiplier method, determine the average
GRM of the three properties. - ✔✔123.82
✔✔An agent, broker or lender who is trying to scare owners in a neighborhood into
selling their property by suggesting that property values will drop when a protected class
moves into the area is an example of what? - ✔✔Blockbusting
✔✔How many acres are in one square mile? - ✔✔640 acres
✔✔Frank agreed to run Karen's bait shop. He was responsible for ordering bait and
contracting with fishing charters to supply bait. He hired and fired staff. What type of
agency relationship did Frank have to Karen? - ✔✔General agent
✔✔Which statement is true regarding the Government National Mortgage Market
Association (GNMA?) - ✔✔GNMA acts as a guarantor of securities rather than
purchasing the securities.
✔✔How much are the doc stamps on a promissory note? - ✔✔$.35 on each $100
increment
✔✔Fannie Mae purchases all of the following loans EXCEPT which one? - ✔✔Freddie
Mac
✔✔Adrian died intestate. After an extensive search, he was found to have a niece. How
would Adrian's real property transfer? - ✔✔by descent
✔✔A sales associate receives a check for the earnest money with a contract and gives
it to her broker immediately. Which of the following would be an appropriate action for
the broker to take next? - ✔✔Both the second or third option are legal ways to handle
the deposit.
✔✔Taylor was several months behind in her mortgage. She got a notice from the bank
telling her that she now owed the full unpaid balance of the mortgage. What clause in a
mortgage was activated by her late payments? - ✔✔acceleration
QUESTIONS AND ANSWERS SURE A+
✔✔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
✔✔Residential rental property can be depreciated over how many years using the
straight-line depreciation method? - ✔✔27.5 years
✔✔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
✔✔Leslie bought a house for $625,000. She had $22,000 in closing costs upon the
purchase. She spent a year fixing up the property by investing $180,000 into the
property. She then sold it for $880,000 with $70,400 in closing costs. What is the capital
gain or loss? - ✔✔$17,400 Capital Loss
✔✔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
✔✔April, a sales associate, represented a buyer and seller in the same transaction. She
presented the buyer with the homeowner association disclosure two days before
closing. Which statement is false? - ✔✔April's right to rescind doesn't count down until
she receives the actual homeowner association documents.
, ✔✔Why was the Federal Reserve System established? - ✔✔Provide a safer and more
stable monetary system and to influence the availability and cost of money and credit
✔✔Which tenancy ownership creates the right of survivorship? - ✔✔Tenancy by the
entireties
✔✔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 $2,300 a month. Using the Gross Rent Multiplier method, determine the average
GRM of the three properties. - ✔✔123.82
✔✔An agent, broker or lender who is trying to scare owners in a neighborhood into
selling their property by suggesting that property values will drop when a protected class
moves into the area is an example of what? - ✔✔Blockbusting
✔✔How many acres are in one square mile? - ✔✔640 acres
✔✔Frank agreed to run Karen's bait shop. He was responsible for ordering bait and
contracting with fishing charters to supply bait. He hired and fired staff. What type of
agency relationship did Frank have to Karen? - ✔✔General agent
✔✔Which statement is true regarding the Government National Mortgage Market
Association (GNMA?) - ✔✔GNMA acts as a guarantor of securities rather than
purchasing the securities.
✔✔How much are the doc stamps on a promissory note? - ✔✔$.35 on each $100
increment
✔✔Fannie Mae purchases all of the following loans EXCEPT which one? - ✔✔Freddie
Mac
✔✔Adrian died intestate. After an extensive search, he was found to have a niece. How
would Adrian's real property transfer? - ✔✔by descent
✔✔A sales associate receives a check for the earnest money with a contract and gives
it to her broker immediately. Which of the following would be an appropriate action for
the broker to take next? - ✔✔Both the second or third option are legal ways to handle
the deposit.
✔✔Taylor was several months behind in her mortgage. She got a notice from the bank
telling her that she now owed the full unpaid balance of the mortgage. What clause in a
mortgage was activated by her late payments? - ✔✔acceleration
