AZURE TIDE PRACTICE EXAM

AZURE TIDE PRACTICE EXAM

1) The following are types of residential construction EXCEPT which one?

• Block Homes

5) Broker Justin Tune had conflicting demands from a buyer and a seller regarding an escrow deposit held by the brokerage. Per his contract with the parties, Justin believed he was entitled to keep 50% of the deposit for himself.What action with the court could Justin request?

• Request declaratory judgment

4) Tammy owns a small two-bedroom house in the country. A developer bought all of the land surrounding her home and is developing it into an upscale luxury subdivision. Tammy's property value has skyrocketed. What is this an example of?

• Progression

6) In internet advertising, where must the brokerage name appear?

• Adjacent to or immediately above/below point of contact information

7)Broker Rick O'Shea sold a rental list that was full of errors. When the client demanded a refund, in writing and with two weeks of having bought the list, Rock O'Shea refused to refund the money. What could he be charged with?

• First-degree misdemeanor

8) A habendum clause would be found on which one of the following?

• A deed

12) The right to convey or transfer the ownership or other ownership interest in any real estate is called the right of what?

• Disposition

13) Which statement is FALSE regarding an open listing?

• A net listing is a bilateral contract

16) What is the Florida statute that gives the DBPR the power to investigate consumer complaints, issue subpoenas upon conducting investigation, issue cease and desist orders, and issue citations?

• Florida Statute 455

17) The Broker's Disclosure Act requirements would pertain to which real estate transaction?A)Sale of a beach house *Residential transactions

18) When Shannon bought her property, she noticed that the deed gave access to the utility company to maintain a drainage ditch. What is this type of easement an example of?

• Easement in gross.

20) Nina wanted to rent her place to Carissa. In order to create an estate for years, which of the following statements is NOT required?

• Title must transfer to Carissa

22) Which statement is not true regarding Real Estate Brokerage General Partnerships?

• All partners must be active brokers

23) Who are the local government members of the planning commission?

• Appointed

24) Broker Penny Wise insisted that her agents always represent clients as a transaction broker. Which statement is FALSE regarding her client relationships?

• Penny Wise had to provide agency disclosures in writing

25) Which of the following properties does not require that a lead-based paint disclosure be made?

• A duplex for sale built in 1960
• A house for rent built in 1986
• A condominium for sale built in 1972
• A single family home for sale built in 1977

*Anything built before 1978 must receive a disclosure

27) When Gina didn't get paid for a home improvement job, she recorded a lien on the property. What is this an example of?

• Constructive notice

28) Which type of mortgage loans do NOT have a due-on-sale clause?

• FHA and VA

29) The road in front of Hailey's home was expanded. The state paid her for 10 feet deep of her frontage. This transfer of property was through what?

• Eminent domain

30) How are homeowner association fees shown on the closing statement?

• A credit to the seller and a debit to the buyer

31) What are primary reference lines that run East and West called?

• Base lines

33) FREC has the authority to sanction a licensee found guilty of violating the rules or laws of real estate by imposing which of the following penalties?

• Revoking their license permanently

35) When figuring operating expenses, you CANNOT include which of the following?

• Cost of mortgage

36) Shandy Lear used to be named Shandy Toad. He intentionally left his old name off of his application because he had been arrested under that name. What could Shandy be charged with?

• Third-degree felony

39) The Federal government, in an effort to encourage homeownership, allows homeowners to deduct which expenses from their federal taxes?

• Mortgage interest and property taxes

41) What does Florida statute define "immediately" as for the broker to deposit earnest monies that are turned over to him or her by an associate?

• Within three business days following receipt of the item to be deposited.

42) When the judge ruled that the seller had to sell the house to the buyer this is an example of what?

• Specific Performance

43) Which is NOT true about who pays for title insurance?

• The lender pays for the lenders policy

45) A buyer and seller have what kind of relationship?

• Arms length

46) A homeowner has multiple mortgages on his home. Which one will be considered the primary lien?

• The loan closed on November 15th and recorded on Dec 5th, 2010
• The loan closed on November 10th and recorded on December 7th, 20120
• The loan closed on November 20th and recorded on Dec 4th, 2010
• The loan closed on November 5th and recorded on Dec 5th, 2010

47) Which of the following is NOT a physical characteristic of land?

• Homogeneous

49) How many days does the state have from the receipt of an application to notify the applicant of any errors or omissions?

• 30

50) There are three potential types of agency relationships recognized by general law. When a real estate licensee (working as a subagent under a broker) works with buyers and sellers it is as what type of agency?

• Special agent

51) Fannie Mae Purchases loans on the secondary market. Fannie Mae purchases all of the following types of mortgages EXCEPT?

• Non-conforming

52) Jones vs. Mayer is a famous lawsuit that did what?

• Upheld the Civil Rights Act of 1866

53) Where are Florida Real Estate Commission procedural rules established in?

• Florida Administrative Code 61J2.

55) You have passed all the requirements to get your broker's license. However, you want to continue to work under your current employer's managing broker.What would you be registered as?

• Broker associate

56) Broker Associate Ash Hull was angry that his client failed to pay him for finding a tenant for a rental property. Ash Hull's broker said it wasn't worth suing over. What options does Ash Hull have to get his money?

• Sue the broker

58) When purchasing a new condominium, which form is NOT required for the buyer receive?

• Governance Form

60) Which of the following situations is an example of an illegal kickback?

• A broker paying a licensed mortgage broker a referral fee

61) Because an executor of an estate is only willing to guarantee that the grantor did nothing personally to encumber the property, which deed would be used?

• Special Warranty Deed

66) Janice's deceased husband had planted a row of rose bushes in her garden.She wanted them to be transplanted to her new home when she moved. Her agent advised her that these bushes are considered what?

• Real Property

67) If upon a foreclosure, there isn't enough money to even pay off the debt to the mortgagee, then what can be placed against the borrower?

• Deficiency judgment