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Colibri Real Estate (Real Estate Express) Final Exam
Colibri Real Estate (Real Estate Express) Final Exam
[Show more]Colibri Real Estate (Real Estate Express) Final Exam
[Show more]Anything that is fastened or attached to real property permanently is considered 
to be: - CORRECT ANSWER-Real Property 
A quitclaim deed releases all present claims, rights and title of the: - CORRECT 
ANSWER-Grantor 
When a creditor wants to satisfy a judgment which was levied against another 
per...
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Add to cartAnything that is fastened or attached to real property permanently is considered 
to be: - CORRECT ANSWER-Real Property 
A quitclaim deed releases all present claims, rights and title of the: - CORRECT 
ANSWER-Grantor 
When a creditor wants to satisfy a judgment which was levied against another 
per...
A real estate licensee has a buyer agency agreement. What is the seller in this 
situation? - CORRECT ANSWER-A customer. 
An optionor and an optionee make a contract for an option on a commercial 
piece of property. If the optionee decides to exercise his option, when must he 
perform? - CORRECT ANS...
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Add to cartA real estate licensee has a buyer agency agreement. What is the seller in this 
situation? - CORRECT ANSWER-A customer. 
An optionor and an optionee make a contract for an option on a commercial 
piece of property. If the optionee decides to exercise his option, when must he 
perform? - CORRECT ANS...
Nationally Accepted General Principles and Practices 
Real estate that includes non-physical interests, such as easements and 
restrictions is known as __ - CORRECT ANSWER-Real Property 
An item permanently attached to real property, such as an attached fence, is 
included in the definition of real ...
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Add to cartNationally Accepted General Principles and Practices 
Real estate that includes non-physical interests, such as easements and 
restrictions is known as __ - CORRECT ANSWER-Real Property 
An item permanently attached to real property, such as an attached fence, is 
included in the definition of real ...
1x sold
Which of the following is not permitted in a contract lawsuit? 
a. Liquidated damages 
b. Actual damages 
c. Specific performance 
d. Punitive damages 
d. Punitive damages 
A non-conforming loan fails to meet whose underwriting standards? 
a. The primary lender 
b. The provider of the mortgagee titl...
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Add to cartWhich of the following is not permitted in a contract lawsuit? 
a. Liquidated damages 
b. Actual damages 
c. Specific performance 
d. Punitive damages 
d. Punitive damages 
A non-conforming loan fails to meet whose underwriting standards? 
a. The primary lender 
b. The provider of the mortgagee titl...
Which item below can help protect against a home with a listed incorrect street 
address or legal description in public records? - CORRECT ANSWER-Standard 
coverage title insurance policy and extended coverage title insurance policy 
Robert owns his property and enjoys the full bundle of rights. Can...
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Add to cartWhich item below can help protect against a home with a listed incorrect street 
address or legal description in public records? - CORRECT ANSWER-Standard 
coverage title insurance policy and extended coverage title insurance policy 
Robert owns his property and enjoys the full bundle of rights. Can...
Which of the following cannot be a trustee? - CORRECT ANSWER-CPA 
The discount points are 3%, which represents $2,700. The buyer down payment 
is 20%. What is the purchase price of the property - CORRECT 
ANSWER-100%-20%= 80% 
$2,700/3%= $90,000 
90,000/80%= $112,500 
A method of legal description t...
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Add to cartWhich of the following cannot be a trustee? - CORRECT ANSWER-CPA 
The discount points are 3%, which represents $2,700. The buyer down payment 
is 20%. What is the purchase price of the property - CORRECT 
ANSWER-100%-20%= 80% 
$2,700/3%= $90,000 
90,000/80%= $112,500 
A method of legal description t...
If a real estate salesperson closes on a transaction, who pays the salesperson 
their commission? - CORRECT ANSWER-The salesperson's sponsoring broker 
A means of comparing similar type properties, which have recently sold, to the 
subject property is known as the? - CORRECT ANSWER-Market Compariso...
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Add to cartIf a real estate salesperson closes on a transaction, who pays the salesperson 
their commission? - CORRECT ANSWER-The salesperson's sponsoring broker 
A means of comparing similar type properties, which have recently sold, to the 
subject property is known as the? - CORRECT ANSWER-Market Compariso...
Sellers market their property using a __________. - CORRECT ANSWER-listing 
agreement 
When the licensee has a buyer brokerage agreement with a purchaser, he or she 
must represent the best interests of the ___ rather than the ___. - CORRECT 
ANSWER-buyer,seller 
In most cases, buyers cannot make a ...
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Add to cartSellers market their property using a __________. - CORRECT ANSWER-listing 
agreement 
When the licensee has a buyer brokerage agreement with a purchaser, he or she 
must represent the best interests of the ___ rather than the ___. - CORRECT 
ANSWER-buyer,seller 
In most cases, buyers cannot make a ...
A Business Broker - CORRECT ANSWER-Specializes in the sale, purchase or 
lease of businesses. Is required to have a real estate license and may be 
licensed as a real estate broker or sales associate 
Follow-Up is - CORRECT ANSWER-Keeping in contact with the new owner after 
the closing of the sale ...
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Add to cartA Business Broker - CORRECT ANSWER-Specializes in the sale, purchase or 
lease of businesses. Is required to have a real estate license and may be 
licensed as a real estate broker or sales associate 
Follow-Up is - CORRECT ANSWER-Keeping in contact with the new owner after 
the closing of the sale ...
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Add to cartColibri Vocabulary, Chapters 1-20 Exam
In a real estate transaction the principal would BEST be described as the - 
CORRECT ANSWER-Person represented by an agent 
Bert is showing his buyer a home in a historic district. The buyer mentions in 
passing that she would like to place solar panels on the roof. Beet knows that the 
homeowners a...
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Add to cartIn a real estate transaction the principal would BEST be described as the - 
CORRECT ANSWER-Person represented by an agent 
Bert is showing his buyer a home in a historic district. The buyer mentions in 
passing that she would like to place solar panels on the roof. Beet knows that the 
homeowners a...
land contract - CORRECT ANSWER-buyer pays seller to occupy and use 
property 
net lease - CORRECT ANSWER-buyer pays rent and other expenses 
gross lease - CORRECT ANSWER-buyer pays only rent 
goes to heirs - CORRECT ANSWER-Tenants in common, 2 of 3 people die. Who 
gets the property of those who die...
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Add to cartland contract - CORRECT ANSWER-buyer pays seller to occupy and use 
property 
net lease - CORRECT ANSWER-buyer pays rent and other expenses 
gross lease - CORRECT ANSWER-buyer pays only rent 
goes to heirs - CORRECT ANSWER-Tenants in common, 2 of 3 people die. Who 
gets the property of those who die...
Colibri Real Estate (Real Estate Express) 
Final Exam Review 
Broker Jane has been accused of a law violation regarding commissions. Which 
of the following might result in her being found guilty? 
A) Jane paid a commission to her licensed personal assistant. 
B) Jane paid a commission to the wife o...
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Add to cartColibri Real Estate (Real Estate Express) 
Final Exam Review 
Broker Jane has been accused of a law violation regarding commissions. Which 
of the following might result in her being found guilty? 
A) Jane paid a commission to her licensed personal assistant. 
B) Jane paid a commission to the wife o...
3. In real estate, which of the following is correct about the term "title?" 
Taxes and insurance are often prepaid at closing to establish the escrow 
account. On which page of the Closing Disclosure form will the buyer see an 
accounting of the escrow account set up? 
Page two, under other costs...
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Add to cart3. In real estate, which of the following is correct about the term "title?" 
Taxes and insurance are often prepaid at closing to establish the escrow 
account. On which page of the Closing Disclosure form will the buyer see an 
accounting of the escrow account set up? 
Page two, under other costs...
Appraisal - CORRECT ANSWER-An estimation of value. 
It is done by appraisers using specific techniques. 
Done to: obtain a loan, insurance value, divorce settlement or capital gain. 
Broker Price Opinion - CORRECT ANSWER-An opinion by a local expert of the of the 
value of a property based upon prop...
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Add to cartAppraisal - CORRECT ANSWER-An estimation of value. 
It is done by appraisers using specific techniques. 
Done to: obtain a loan, insurance value, divorce settlement or capital gain. 
Broker Price Opinion - CORRECT ANSWER-An opinion by a local expert of the of the 
value of a property based upon prop...
The Knowledge of Property Transfer - - CORRECT ANSWER-by deed, will, 
inheritance or the use of contracts, or trusts. 
Knowledge of Market Conditions - - CORRECT ANSWER-the level of listings on 
the market, how the property may be financed, how quickly property sells and the 
value of a property 
Kn...
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Add to cartThe Knowledge of Property Transfer - - CORRECT ANSWER-by deed, will, 
inheritance or the use of contracts, or trusts. 
Knowledge of Market Conditions - - CORRECT ANSWER-the level of listings on 
the market, how the property may be financed, how quickly property sells and the 
value of a property 
Kn...
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