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AZURE TIDE REAL ESTATE FINAL EXAM
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AZURE TIDE REAL ESTATE FINAL EXAM
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AZURE TIDE REAL ESTATE FINAL EXAMEvery active licensee will be charged an additional $30 fee if the balance of the
Recovery Fund drops below what amount? - Answers-50,000
Which of the following is an obligation of an optionee? - Answers-To pay a consideration
for the option right.
Which of the following is not tax deductible? - Answers-Major improvement costs
Which of the following situations would NOT cause a termination or cancellation of a
sales contract? - Answers-If the agent representing the seller dies or becomes
incapacitated
Jackie is holding an open house for a fellow sales associate in her company. A potential
buyer visits the open house and Jackie answers several of the buyer's questions about
the property. Based on this information, what is the relationship between Jackie and the
visitor? - Answers-Transaction broker
What is the amount the property would most likely sell for on the real estate market? -
Answers-Market value
A buyer made an offer to purchase a house for $274,000. If the seller changed the price
to $276,000 and returned it to the buyer, the seller is now considered to be the..? -
Answers-Offeror
If a broker accepts a listing based on net price, which following statement is true? -
Answers-This listing is illegal in Alabama.
When a residential appraisal is being performed, all of the following criteria for selecting
comparable properties is correct EXCEPT? - Answers-Home values of the properties'
neighborhoods do not need to be taken into consideration.
How often must qualifying brokers present the RECAD policy to their agents? -
Answers-Once a year
The Commission can make a one-time transfer to the University of Alabama Real Estate
Research and Education Center (ACRE), but the amount of the transfer cannot reduce
the Recovery Fund below what amount? - Answers-$600,000
It is a landlord's duty to maintain the property in compliance with state and federal law.
Since the law requires the property to be habitable, if the landlord refuses to fix the
heating system in the winter, what can the tenant sue for which would allow them to
abandon the premises? - Answers-Constructive Eviction
,If a salesperson receives a security deposit in the form of cash from a client, when must
she give these funds to her broker? - Answers-Immediately upon receipt from her client.
Which of the following situations is NOT a proper situation for earnest money disbursal?
- Answers-Buyer withdraws an offer to purchase two days after the seller's acceptance.
The findings of the Commission are final unless the accused files a note of appeal in the
circuit court within...? - Answers-30 days of the date of the Commission's final decision
and posts a $200 appeal bond
What is the sudden loss of land that does not result in a change in property boundaries?
- Answers-Avulsion
Which of the following is true regarding a counteroffer? - Answers-It becomes a new
offer back from one party to the other
How is the Recovery Fund funded? - Answers-A $30 fee is charged with each
temporary active license application.
After an offer to purchase a home listed with her firm is accepted by the sellers, all the
required paperwork is signed, and the listing broker takes possession of the earnest
money deposit, what should the listing broker do? - Answers-Give the buyers a copy of
the agreement right away
When dealing with corporations, LLCs and other business organizations in s single-
family residential transaction, which of the following brokerage services must the
licensee disclose to the organization's representative?
Single agency
Limited consensual dual agency
Sub-agency
None of the above - Answers-NONE OF THE ABOVE
In 2018 an apartment complex had an annual net operating income (NOI) of $150,000
and was in a market that supported a 6% capitalization rate. If the annual net operating
income (NOI) for 2019 increased by $50,000 and the capitalization rate remained
stable, what is the difference in value rounded to the nearest whole number? - Answers-
$833,333
A consumer sues a real estate salesperson for a major problem with the purchase of
her house and wins a $50,000 judgment. The licensee has few assets and the
consumer sues the brokerage as well and may possibly be compensated from the
Recovery Fund. What is the maximum amount that this consumer can collect from the
Recovery Fund? - Answers-$25,000
What are ownership rights that applies to space above the earth? - Answers-Air rights
, If a licensee fails to renew his license by August 31st of an even year, what is the late
penalty fee? - Answers-$150
All of the following statements are characteristic of a typical land contract EXCEPT?
At the end of the loan term, the seller/lender will deliver legal title to the borrower.
The borrower is granted equitable title and possession while making payments.
In the event of default, the vendor may retain any money already paid.
The vendee holds legal title during the contract term. - Answers-The vendee holds legal
title during the contract term.
If Tom was the only agent that listed a home and did collect a commission after the
home sold, what type of listing was it MOST LIKELY? - Answers-Exclusive right-to-sell
listing agreement
According to TRID, what disclosure must lenders issue to a potential borrower no later
than three days after loan application? - Answers-Loan Estimate
Which of the following is not an example of a trust fund? - Answers-A $3,600
commission check paid by a broker
All of the following cannot collect from the Recovery Fund EXCEPT? - Answers-A
consumer that was a principal in the real estate transaction.
When a licensee is involved in a civil lawsuit, how long after the case is closed must the
licensee notify the Commission of the decision? - Answers-10 days
Randy Mack is a developer that recently purchased 100 acres of residential land. After
erecting five spec homes (model homes), Randy needed an infusion of cash to cover
his business expenses until he closed on the sale of one of the spec homes. Based on
this information, what type of loan best fits his needs? - Answers-Bridge loan
A licensee and a property owner had a negotiated a complex commercial lease that
involved a graduated rental payment schedule over a ten-year period with an option to
buy within five years. There were over ten places for each to sign and initial specific
clauses in the document. If the seller failed to sign on one of the signature lines, what is
the status of the contract? - Answers-VOID
Sammy Seller was preparing to list his home and was given a seller's property condition
disclosure form to complete. Which of the following items does not need to be listed on
the form? - Answers-The date the carpet was installed
Which section was originally set aside for schools? - Answers-16
How long of a term in years does a commissioner serve? - Answers-5 years
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