AYPO REAL ESTATE FINAL EXAM 3 CURRENTLY TESTING VERSIONS WITH A STUDY GUIDE | ACCURATE REAL EXAM QUESTIONS AND ANSWERS WITH RATIONALES | EXPERT VERIFIED FOR GUARANTEED PASS

AYPO REAL ESTATE FINAL EXAM 3 CURRENTLY TESTING VERSIONS WITH A STUDY GUIDE | ACCURATE REAL EXAM QUESTIONS AND ANSWERS WITH RATIONALES | EXPERT VERIFIED FOR GUARANTEED PASS To comply with the statute of frauds, an option contract must be ______. a. In writing and signed b y the optionee b. In writing and signed by the optionor c. In writing and witnessed by an attorney d. On file at the local courthouse b. To comply with the statute of frauds, an option contract must be in writing and signed by the optionor (seller). A coo perative is a(n) _____. a. limited partnership b. LLC c. not -for-profit corporation d. sole proprietorship c. A cooperative is a joint venture with its shareholders, formed for their benefit and governed by them. It's a not -for-profit corporation. Compare d with condominiums, the monthly fees for a cooperative owner are typically ______. a. Higher b. Much less c. Slightly less d. The same a. Monthly fees for cooperatives are generally higher because they include taxes, mortgage payments, and fees for maint aining common areas and facilities. For all intents and purposes, subagents are agents of the _______. a. Buyer b. Seller c. The buyer's broker d. The listing broker b. Although a subagent may bring an unrepresented buyer to the transaction, the subagent is an agent of the seller. Can a new licensee specialize in the sale of farm and ranch property? a. Not until the licensee has at least five years of experience in agricultural real estate b. Not until the licensee passes additional courses in agricultural real estate c. Yes, a new licensee can specialize in agricultural real estate d. Yes, as long as the new licensee has a degree in agriculture c. Specialization doesn't require additional coursework or credentials. The licensee must be competent in any sp ecialization, however. Jacqueline is a licensee working with a property near a Superfund site. Which of these statements is true? a. A portion of the sale price must go to the EPA to fund clean -up of the site. b. She must disclose potential health threats to anyone in the area when showing the property. c. She must disclose the existence of an environmental hazard in the area. d. The property can't be sold until the site is removed from the NPL. c. A property with a known Superfund site in the vicinity req uires disclosure, as this is a material fact. Curtis wants to do a 1031 exchange. He just closed on his property. How many days does he have to identify a new property? a. 180 b. 30 c. 45 d. 60 c. Investors who want to use the 1031 tax -deferred exchange m ust identify the new property within 45 days of closing and must close on that property within 180 days from the date of sale of the first property. Which option describes a real property tax lien? a. General and involuntary b. General and voluntary c. Spe cific and involuntary d. Specific and voluntary c. A buyer representation agreement establishes an agency relationship between which parties? a. Buyer and broker b. Buyer and salesperson c. Seller and broker d. Seller and salesperson a. You may hear a bu yer representation agreement called the buyer/broker agreement. This is a contract between the buyer and the broker. Remember, all real estate activities are conducted under the broker's license. What must be filed for the eviction process to begin after a landlord has waited three days and serves a tenant a notice to pay or vacate the premises? a. A complaint for eviction b. A writ of possession c. Evictus nuncus d. The lease a. The eviction process is handled by the court, and it begins when a landlord f iles a complaint for eviction with the county court. Samuel wants to do a 1031 exchange. He sold his investment property and has identified the property he'd like to buy next. Within how many days must he close on this property in order for it to qualify as part of the exchange? a. 180 b. 30 c.45 d.60 a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time of sale. In which form of co -owne rship is a person's ownership inheritable? a. Joint tenancy b. Tenancy by the entirety c. Tenancy in common d. Tenancy in severalty c. Tenancy in common allows for a persons share to be inheritable, it does not automatically pass forth to the rest of the owners like in joint tenancy (this is called the right of survivorship). How long do prospective tenants have to request a refund after purchasing a rental list? a. 10 days b. 15 days c. 30 days d. 360 days C. 30 days.... tenants have up to 30 days to request a 75% refund if they do not purchase a rental Which method best describes the foreclosure process in Florida? a. Caveat emptor b. Judicial c. Lis pendens d. Non -judicial b. The state of florida offers a judicial foreclosure process A judicial foreclosure is known as a lien theory process. Basically, the homeowner has legal title to the property... Unlike title theory, where as the owner has equitable title Which of the following statements about the Fl orida property tax disclosure is NOT true? a. It can be included in the sales contract itself. b. It cautions buyers not to rely on the current year's tax to predict what they'll have to pay. c. It gives buyers a rough estimate of the property tax they'll pay in the coming year. d. It must be provided to sellers when they sign their agency agreement. c. This disclosure doesn't provide any estimates of future property tax amounts. Which act simplifies, clarifies, and modernizes consumer protection laws and makes them more consistent with federal trade laws? a. Fair Housing Act b. Federal Duplicate Law Condensation Act c. Federal Trade Commission Act d. Florida Deceptive and Unfair Trade Practices Act d. The Florida Deceptive and Unfair Trade Practices Act i s the act that simplifies, clarifies, and modernizes consumer protection laws and makes them more consistent with federal trade laws. Which of the following could an investor who sells an apartment house buy using a 1031 exchange? a. Duplex, office building, or warehouse b. Duplex only c. Office building only d. Warehouse or office bui lding only a. Any of these would be allowed with a 1031 exchange.