1. What does COLIC stand for (5 points) and how does it relate to Contracts ( 1 point)? (We discussed in class and you can look it up in your Florida Book) (6 total points) 2. John and Sue are neighbors and John owns the road next to Sue's property. Suc asks John for an easement to use the road for extra parking for her house. John says ok and grants Sue a written easement. (i) What right does the easement give Sue? (ii) What kind of Easement is this? ( 2 points) 3. Explain the difference between (i) a metes and bounds legal description; (ii) the govemment survey system and (iii) the lot and block system. (iv) Which system do you like better? (v) Why? (Hint: Read your Florida Book) (5 points) 4. Carolina and Samantha are good friends. Samantha is 95 years old. Carolina is young. Samantha asks Carolina if she would like to own a property together as Tenants in Common or as Joint Tenants. (i) Explain all the differences between Tenants in Common and Joint Tenants? (ii) What do you suggest for young Carolina to do? (3 points) 5. Where do you look up who owns an LLC or Corporation in Florida? (1 point) 6. Erik bought a condo unit at new building Downtown that has three amazing swimming pools. Erik decides to have a party at one of the swimming pools and he tells the other unit owners that they cannot use the pool where he is having the party. (i) Is Erik right? (ii) Why or Why not? (iii) Who owns the swimming pool? (3 points) 7. Carmen purchased a condo unit in a new building Downtown. Along with her unit she has one designated parking space. Is the parking space part of her condo? Or a Common Element? Or a Limited Common Element? Why? (2 points) 8. Carla is buying a condo and wants to understand the difference between (i) maintenance foes and (ii) special assessment foes. Please explain this to Carla. (2 points) 9. Tamara Tenant tells Larry Landlord she cannot pay rent for a few months because she lost her job and she isn't feeling well. Larry wants to be a good guy so he lets her not pay the rent Larry thinks he will be able to call his bank and the tax collector and they will also allow him to reduce his payments during the time Tamara isn't paying rent. (i) Please explain to Larry what his banker, Big Bob will most likely say/do. (ii) Please explain to Larry what the Tax Collector will most likely say. (2 points) 10. Your friend, Sarah tells you she wants to buy a 4 unit apartment complex. Sarah asks you, what are the risks and rewards, what should I read? Explain what you tell Sarah about the (i) risks of owning an apartment building: (b) rewards of owning an apartment building and (c) what she should read. ( 3 points) 11. Tom the Tenant's lease ended on October 31, 2022 and be left the apartnent very clean. Lola the Landlord wants to return Tom's full security deposit. (a) When must she return it? (b) Where must she send it? (c) What stature tells you this? ( 3 points) 12. Explain what do you think the increase of interest rates and inflation will have on the (a) National Real Estate Market; (b) Flonida Real Estate Market and (c) Miami Market - Please explain why you think this (3 points) 13. (i) Does the Borrower sign the Promissory Note? (ii) Is the Promissory Note recorded? (iii) What is the promissory note? (3 points) 14. (i) What is a mortgage? (ii) Must a mortgage be is writing? (2 points) (a) Explain the difference between a lien theory state and a title theory state. (b) Why does it matter? (c) Which is Florida? ( 3 2 16. Explain the difference between an (i) FHA, (ii) VA and (iii) Conventional Mortgage. (3 points) 17. Explain what is a (i) Fixed Interest Rate Loan, (ii) an Adjustable Rate Loan and (iii) Interest Only Loan. (iv) If you were the borrower, which would you want, explain why. (4 points) 18. (a) What is a rent roll? (b) Why would a commercial property buyer (borrower)want ir? (c) Why would the bank want in? ( 3 points) 19. Explain what are operating expenses (related to commercial property)? Give 4 examples, (4 points) 20. Please list the protected classes under the Federal Fair Housing Act. (7 points) Extra Credit 1. (i) Have you used or do you plan to use any of the lessons learned in class to make or save money? (i) If you have used any of the lessons, please explain which ones you have used. (ii) If you plan to use the lessons please explain which ones and why. (2 points) 2. (i) Explain four important lessons that you leamed from four different Guest Lecturen. (ii) Explain why these lessons are important to you and or your future. * You will only earn credit on this unswer if you provide 4 lessons and 4 explanations. (2 points)