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2024 COLIBRI REAL ESTATE FINAL EXAM WITH 100% CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE FINAL EXAM WITH 100% CORRECT ANSWERS
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2024 COLIBRI REAL ESTATEFINAL EXAM WITH 100%
CORRECT ANSWERS
When will somebody be deemed a repeat offender? - CORRECT ANSWERS-
a third violation
A broker discussing that he was going to raise commission rates can be
found guilty of: - CORRECT ANSWERS-Price-Fixing
When can a licensee receive commission from both parties in the same
transaction? - CORRECT ANSWERS-Never
buyer pays seller to occupy and use property - CORRECT ANSWERS-land
contract
buyer pays rent and other expenses - CORRECT ANSWERS-net lease
buyer pays only rent - CORRECT ANSWERS-gross lease
Tenants in common, 2 of 3 people die. Who gets the property of those
who died? - CORRECT ANSWERS-goes to heirs
Joint Tenancy, 3 of 4 people die. Who gets property of those who died? -
CORRECT ANSWERS-Tenant owns it in severality
Another word for principal - CORRECT ANSWERS-Client
Protected by Fair Housing Act - CORRECT ANSWERS-race, nat. origin, sex,
color, religion, disability, familial status
Not protected by Fair Housing Act - CORRECT ANSWERS-marital status
telling homeowners that property values will be declining because of
ethical/racial makeup is changing - CORRECT ANSWERS-Blockbusting
broker gets compensation only if someone other than the seller find the
buyer - CORRECT ANSWERS-Exclusive Agency
Parties of a Trust - CORRECT ANSWERS-Trustee, Trustor, Beneficiary
act that added religion and origin as protected classes - CORRECT
ANSWERS-Fair Housing Act
, act that eliminated all racial discrimination in purchasing and selling
homes - CORRECT ANSWERS-Civil Rights Act of 1866
Who funds the FHA (Federal Housing Administration)? - CORRECT
ANSWERS-HUD
Second or subsequent violations cost - CORRECT ANSWERS-$10,000
What happens to a salespersons license when their broker's license is
revoked or suspended? - CORRECT ANSWERS-Their license is
automatically suspended until the end of their license term or until they
find a new broker.
maximum payout amount from the Real Estate Guaranty Fund - CORRECT
ANSWERS-$20,000 per transaction
real estate put to its highest use - CORRECT ANSWERS-flat, paved parking
lot
"This is the most prestigious street in town" - CORRECT ANSWERS-puffing
maximum fine for first offense - CORRECT ANSWERS-$5,000
an individual advertisement needs... - CORRECT ANSWERS-name and
broker
a brokerage advertisement needs... - CORRECT ANSWERS-statement that
they are licensed
if listing is submitted to MLS, must notify customer within... - CORRECT
ANSWERS-48 hours
Licensee must deliver Consumer Info Statement when... - CORRECT
ANSWERS-at their next meeting
a mortgage that covers 2 parcels of land - CORRECT ANSWERS-blanket
mortgage
lease expires, tenants won't leave - CORRECT ANSWERS-tenancy at
sufference
gas company intrudes on land to fix a gas line - CORRECT ANSWERS-
easement in gross
signs the deed at a closing - CORRECT ANSWERS-the seller
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