Colibri Real Estate Class Final Exam Questions and Answers (Graded A+)
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Course
Colibri Real Estate
Institution
Colibri Real Estate
A method of legal description that uses definite property lines and starting points is called? - ANSWER-Formal metes and bounds
The seller wants to net $175, 000 after paying a 6% commission to the listing broker and the $500 appraisal fee. What is the minimum selling price of the home? - ANSWER...
Colibri Real Estate Class Final Exam Questions and Answers (Graded A+)
Which of the following cannot be a trustee? - 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 - ANSWER-100%-20%= 80%
$2,700/3%= $90,000
90,000/80%= $112,500
A method of legal description that uses definite property lines and starting points is called? - ANSWER-Formal metes and bounds
The seller wants to net $175, 000 after paying a 6% commission to the listing broker and the $500 appraisal fee. What is the minimum selling price of the home? - ANSWER-$175,000/0.94= $186,170
$186,170 +500= $186,670
Which of the following is NOT true regarding a sale lease back transaction? - ANSWER-
Lessee retains legal title
An appraisal is required to obtain a VA loan, this document is called: - ANSWER-
Certificate of reasonable value
Which of the following below could sign a property management agreement? - ANSWER-licensed salespeople with a broker
In this listing contract, the real estate broker must: - ANSWER-Exercise diligence in finding a purchaser
In Arizona, a broker must be able to prove employment by a seller in order to be assured of collecting a commission. Proof of employment is: - ANSWER-A listing agreement
A salesperson works for Broker A and has contracts is escrow. The salesperson decides to leave Broker A and work for Broker B. Which of the following is true regarding the salesperson's commission - ANSWER-Broker A would pay the salesperson directly Rank the following liens in the order of their priority from highest to lowest: IRS lien, Property Taxes, Special Assessments - ANSWER-Property Taxes, Special Assessments, IRS lien
If a property is not bid at a tax lien sale - ANSWER-Anyone can later buy the tax lien from the Treasurer
How a building is situated on a lot to take advantage of climate and views is - ANSWER-Orientation
After a mortgage foreclosure any excess monies would go to the: - ANSWER-Mortgagor
The supply and cost of money can be most effectively controlled by: - ANSWER-
Federal Reserve System
The Consumer Financial Protection Bureau is the governing body for: - ANSWER-
Savings and loan association
At a mortgage foreclosure sale, the buyer gets a deed from: - ANSWER-No one
Real estate loan usury rates are set by: - ANSWER-state laws
The lender may consider his mortgage or trust deed to be: - ANSWER-Personal property
A property is in the process of being foreclosed. Who is responsible for the property taxes? - ANSWER-Trustor
Who gives the right for a party to act in behalf of another in negotiations? - ANSWER-
Principal
What type of loan would change in payment, rate, and amount owed? - ANSWER-open-
end mortgage
Which of the following clauses in a conventional mortgage instrument entities the lender
to accelerate the loan is assumed? - ANSWER-Due on sale
Which type of mortgage loan has provisions for periodic changes in the amount of the payment, the interest rate, maturity date,, and the remaining balance owed? - ANSWER-Adjustable loan
When the rent paid the the lessee, per their lease agreement, is less than the economic rent, this is called: - ANSWER-Possessive leasehold
In a lease situation, A leases to B and B leases to C. Who is responsible for the rent?A) B to C B) B to A C ) C to A D) A to B - ANSWER-b. B to A
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