Azure Tide Real Estate Exam 1 UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Which group is responsible for the preparation of the comprehensive plan or plan amendment? -
CORRECT ANSWER - The Planning Commission
Advertising that discriminates against people based on ________ is prohibited by the Fair
Housing Act and its amendments. - CORRECT ANSWER - Religion
Which of the following protects mortgage applicants from discrimination based on receiving
public assistance? - CORRECT ANSWER - Equal Credit Opportunity Act
Fannie Mae purchases all of the following loans EXCEPT: - CORRECT ANSWER -
Freddie Mac
* Hilda and Hyatt paid $7,875 last year in mortgage interest, $4,200 in principal payments,
$1,850 in property tax, $840 in mortgage insurance, $1,200 in property insurance, and $1,500 in
maintenance. Which expenses are deductible from their federal taxes? - CORRECT
ANSWER - Mortgage interest of $7,875 and property taxes of $1,850
What instrument includes the specific terms of the loan such as rate, length of term, payment,
etc.? - CORRECT ANSWER - Promissory Note
Practicing real estate without a license is a: - CORRECT ANSWER - Third-degree felony
A township contains: - CORRECT ANSWER - 36 sections
Heather has been using a roadway at the back of the 22 acres Pam owns in order to access a
fishing pond. She has been driving down the roadway almost every day without permission for
over 20 years. This is called an: - CORRECT ANSWER - Easement by prescription.
, When figuring effective gross income which expenses are deducted? - CORRECT
ANSWER - Collection and Vacancy losses
On Monday, Agent Sally collected an earnest money check. Agent Sally turned it over to Broker
Mary on that same day. What is the last day that Broker Mary can deposit the earnest check to
the escrow account? - CORRECT ANSWER - Thursday
A buyers loan payment called "PITI" will change if:
1) The property taxes increase
2) The property taxes decrease
3) Their home owners insurance fluctuates
Submitted answer
4) All of the above - CORRECT ANSWER - All of the above
Candy died intestate. After an extensive search, no heirs were found. Candy's real property
would transfer by: - CORRECT ANSWER - Escheat
Which of the following properties requires a lead based paint disclosure? - CORRECT
ANSWER - A single-family home for sale built Prior to 1978
* You have a listing with a 6% commission. Your sellers have accepted an offer from a buyer
that has their own agent. You have agreed to give the buyers agent 3.5% of the commission.
Your agreement with your broker is that you get paid 92% of the commission you earn. The sales
price was $387,500.00. How much will you get paid? - CORRECT ANSWER - $8,912.50
$387,500 X .02.5 (6%-3.5%) = $9,687.50 x .92 = $8,912.50
All of the following are acceptable to register with the DBPR as a real estate brokerage
EXCEPT:
ACTUAL Exam Questions and CORRECT
Answers
Which group is responsible for the preparation of the comprehensive plan or plan amendment? -
CORRECT ANSWER - The Planning Commission
Advertising that discriminates against people based on ________ is prohibited by the Fair
Housing Act and its amendments. - CORRECT ANSWER - Religion
Which of the following protects mortgage applicants from discrimination based on receiving
public assistance? - CORRECT ANSWER - Equal Credit Opportunity Act
Fannie Mae purchases all of the following loans EXCEPT: - CORRECT ANSWER -
Freddie Mac
* Hilda and Hyatt paid $7,875 last year in mortgage interest, $4,200 in principal payments,
$1,850 in property tax, $840 in mortgage insurance, $1,200 in property insurance, and $1,500 in
maintenance. Which expenses are deductible from their federal taxes? - CORRECT
ANSWER - Mortgage interest of $7,875 and property taxes of $1,850
What instrument includes the specific terms of the loan such as rate, length of term, payment,
etc.? - CORRECT ANSWER - Promissory Note
Practicing real estate without a license is a: - CORRECT ANSWER - Third-degree felony
A township contains: - CORRECT ANSWER - 36 sections
Heather has been using a roadway at the back of the 22 acres Pam owns in order to access a
fishing pond. She has been driving down the roadway almost every day without permission for
over 20 years. This is called an: - CORRECT ANSWER - Easement by prescription.
, When figuring effective gross income which expenses are deducted? - CORRECT
ANSWER - Collection and Vacancy losses
On Monday, Agent Sally collected an earnest money check. Agent Sally turned it over to Broker
Mary on that same day. What is the last day that Broker Mary can deposit the earnest check to
the escrow account? - CORRECT ANSWER - Thursday
A buyers loan payment called "PITI" will change if:
1) The property taxes increase
2) The property taxes decrease
3) Their home owners insurance fluctuates
Submitted answer
4) All of the above - CORRECT ANSWER - All of the above
Candy died intestate. After an extensive search, no heirs were found. Candy's real property
would transfer by: - CORRECT ANSWER - Escheat
Which of the following properties requires a lead based paint disclosure? - CORRECT
ANSWER - A single-family home for sale built Prior to 1978
* You have a listing with a 6% commission. Your sellers have accepted an offer from a buyer
that has their own agent. You have agreed to give the buyers agent 3.5% of the commission.
Your agreement with your broker is that you get paid 92% of the commission you earn. The sales
price was $387,500.00. How much will you get paid? - CORRECT ANSWER - $8,912.50
$387,500 X .02.5 (6%-3.5%) = $9,687.50 x .92 = $8,912.50
All of the following are acceptable to register with the DBPR as a real estate brokerage
EXCEPT:
