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Colibri Real Estate Practice Final Exam Questions with Solutions
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Colibri Real Estate Practice Final Exam
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Colibri Real Estate Practice Final ExamWhy 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? - answerA 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? - answerThe mortgaged property is sold under the supervision of a court.
Which of the following best describes the principle of conformity? - answerA home
maintains its highest value by being in a neighborhood with similar-type housing.
The cost of doing direct mail advertising depends on - answerThe 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 - answeropen-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? - answerThe $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
, A seller decided to back out of a sales contract for no good reason. What recourse does
the buyer have? - answerTo sue for specific performance.
What are the primary advantages of PEX piping? - answerPEX 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? - answerI
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 -
answerinstitutional advertising
Which of the following would qualify as an example of retail property? - answerA
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? - answerNeal
Broker Jon is attaching a rider strip to a For Sale sign. What information is most likely
on this rider strip? - answerJon's cell phone number
Which is false regarding a promissory note? - answerIt is the term used for a note that is
guaranteed or insured by a governmental agency.
What is a disadvatage of real estate investment? - answerIt 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 - answerblockbusting
Given the net income of a property, the appraiser can determine an opinion of the value
for that property by - answerDividing 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? - answerThe State or County
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract enforceable?
- answerNo, 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? - answerA three unit, multi-family dwelling
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