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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 EXAMHow is practicing real estate without a license punishable as? - Answers-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? - Answers-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? - Answers-Mineral
Brokers must retain a brokerage relationship disclosure documents for 5 years except in
which of the following situations? - Answers-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? - Answers-
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? - Answers-no agency
relationship
There are two parties to a mortgage. Which is the correct pairing? - Answers-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? - Answers-$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? - Answers-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?
- Answers-$1,100
, Under the Fair Housing Act of 1968, which category of groups are protected from
discrimination? - Answers-national origin
The Civil Rights Act of 1866 prevented discrimination based on being a member of
which group? - Answers-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? - Answers-
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? - Answers-$22,500
A building erected permanently on a property is considered what? - Answers-real
property
FREC defines a Florida resident as someone that has resided in the state for a
continuous period of how many months? - Answers-4 months
Ralph agrees to purchase two discount points. How will this affect the lender's yield? -
Answers-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? - Answers-North 25 degrees West
Which of the following most accurately describes the statute of limitations? - Answers-
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? - Answers-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? - Answers-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? - Answers-tract homes
Which statement is FALSE regarding a net Listing? - Answers-Net listings are unilateral
Contracts
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
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