Colibri Real Estate Practice Final Exam Latest Updated 2024 With Complete Solutions
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Colibri Real Estate Practice
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Colibri Real Estate Practice
Colibri Real Estate Practice Final Exam Latest Updated 2024 With Complete Solutions
A seller decided to back out of a sales contract for no good reason. What recourse does the buyer have? - ANSWER-To sue for specific performance.
What are the primary advantages of PEX piping? - ANSWER-PEX pip...
Colibri Real Estate Practice Final Exam Latest Updated 2024
With Complete Solutions
A seller decided to back out of a sales contract for no good reason. What recourse does the
buyer have? - ANSWER-To sue for specific performance.
What are the primary advantages of PEX piping? - ANSWER-PEX piping is able to withstand
both high and low temperatures and it is highly resistant to chemicals.
How does Planned Unit Development zoning differ from ordinary zoning? - ANSWER-I requires
that multiple tracts of land be developed according to a single design for efficient use of space.
Home Hoarding Realty is advertising to the public that their managing broker has been in the
business 37 years and has sold over 1,250 homes. This is an example of - ANSWER-
institutional advertising
Which of the following would qualify as an example of retail property? - ANSWER-A shopping
center
Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale brought in $500,000
and the total liabilities on the home were $425,000. Who receives the additional $75,000? -
ANSWER-Neal
Why is the condition of bearing walls more important than non bearing walls? - ANSWER-
Bearing walls support the ceiling and the roof.
Owner Tom decided to lease out his basement to a college student. By leasing the basement,
Tom has - ANSWER-transferred a portion of his bundle of rights
What is a forecast of income and expenses that can be projected over five years? - ANSWER-
Stabilized budget
A buyer told broker Lena that she wants to move to Cuban neighborhood. Then the buyer asked
if Lena could show her the best home in a Cuban area. How should Lena respond to this
request? - ANSWER-Lena should explain to the buyer that she ethically and legally cannot
recommend housing based on national origin.
Which of the following wills may be considered invalid? - ANSWER-A will that is not signed.
Broker Torrey hires salesperson Wes as an independent contractor. As an independent
contractor, Wes can expect which of the following from Broker Torrey? - ANSWER-Performance
Expectations
Which of the following statements best describes what happens with a judicial foreclosure? -
ANSWER-The mortgaged property is sold under the supervision of a court.
Which of the following best describes the principle of conformity? - ANSWER-A home maintains
its highest value by being in a neighborhood with similar-type housing.
, The cost of doing direct mail advertising depends on - ANSWER-The frequency of the mailings
A type of mortgage which allows the lender to increase the outstanding balance of a loan up to
the original amount of the loan in order to advance additional funds is called an - ANSWER-
open-end mortgage
Of the following liens: a $100,000 mortgage, a $2,500 property tax bill, and a $8,000 mechanic's
lien and a $25,000 judgement lien, which will be paid off first after a foreclosure sale? -
ANSWER-The $2,500 property tax lien
On a $280,000 loan, the lender charges a 2 point service charge. How much does the borrower
have to pay for just these two points? - ANSWER-$5,600
Broker Jon is attaching a rider strip to a For Sale sign. What information is most likely on this
rider strip? - ANSWER-Jon's cell phone number
Which is false regarding a promissory note? - ANSWER-It is the term used for a note that is
guaranteed or insured by a governmental agency.
What is a disadvatage of real estate investment? - ANSWER-It is not highly liquid
A broker induces an owner to sell by telling him that Muslims are moving into the neighborhood.
This broker is guilty of - ANSWER-blockbusting
Given the net income of a property, the appraiser can determine an opinion of the value for that
property by - ANSWER-Dividing by the rate of capitalization
Morgan owned a large condominium on the ocean. She died and no legal heirs were found.
Who will receive title to the property? - ANSWER-The State or County
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract enforceable? -
ANSWER-No, all leases for longer than one year must be in writing to be enforceable.
Which of the following types of property sales typically requires a property condition disclosure?
- ANSWER-A three unit, multi-family dwelling
Broker Jack has an agreement with seller Mauve that says Jack will receive compensation if
anyone except Mauve sells Mauve's home. This is an example of - ANSWER-Exclusive Agency
Which clause protects a lender if he does not want the loan to be assumed by another party? -
ANSWER-Alienation
Which of the following would be found in a management proposal? - ANSWER-Schedule of
maintenance requirements
Which principle is used with the Sales Comparison Approach to value? - ANSWER-Substitution
Which form does RESPA require lenders to use to detail the costs that the buyer and seller will
pay at closing? - ANSWER-Closing Disclosure
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