COLIBRI EXAM 2024 | ACTUAL QUESTIONS WITH COMPLETE SOLUTIONS
6 views 0 purchase
Course
Colibri real estate
Institution
Colibri Real Estate
COLIBRI EXAM 2024 | ACTUAL QUESTIONS WITH COMPLETE SOLUTIONS
Missy offers seller Jordan $189,500 for his house. Jordan accepts. The appraisal comes in at $188,000. If Missy's lender requires a loan-to-value ratio of 80%, how much of a down payment must Missy make?
$37,600
$37,900
$39,...
COLIBRI EXAM 2024 | ACTUAL QUESTIONS
WITH COMPLETE SOLUTIONS
Missy offers seller Jordan $189,500 for his house. Jordan accepts. The appraisal comes
in at $188,000. If Missy's lender requires a loan-to-value ratio of 80%, how much of a
down payment must Missy make?
$37,600
$37,900
$39,100
$39,500 - 39,100
Standard title insurance coverage protects against loss resulting from each of the
following EXCEPT
the person signing the deed was considered mentally incompetent.
the planning board rezoned the neighborhood.
the legal description of the property indicated the wrong lot number.
a title abstractor missed an outstanding lien searching the public records. - The
planning board reasoned the neighborhood
Carla wants to buy Ben's house for $221,000. Carla includes a contingency clause in
the offer stating that she must sell her current house first. Ben agrees as long as Carla's
house sells within 45 days. They sign the purchase agreement. During that 45-day
period, the contract is
executed.
executory.
unenforceable.
voidable. - Executory
Mike has always loved the little cottage at the end of the lane. One day, he knocks on
the door and asks owner Carrie if she'd like to sell. She says she's not likely to sell. He
offers to pay her $2,000 today if she would agree to contact him if she ever decides to
sell or receives an acceptable offer from a third party, giving Mike the opportunity to
make the purchase before anyone else. This is an example of a(n)
contingency clause.
option to purchase.
right of first refusal.
tendering performance agreement. - Right of first refusal
Which of these phrases would LEAST LIKELY be evidence of a conspiracy to commit
an antitrust violation if said by a licensee?
"Every brokerage in town charges a standard 7% commission."
, "Our brokerage won't work with them because they discount all of their services."
"We would like to suggest that you use Ace Title Agency for the closing."
"Why don't you handle the business on the west side of town and leave the east side to
us?" - We would suggest ACE agency
Lester signs a contract to buy Kathy's house. The contract is conditional on Kathy
installing new carpet throughout. Kathy installed the carpet at a cost of $12,500. Before
closing, Lester tells Kathy that he does not want to buy the house. Kathy sues Lester for
$12,500 and wins. The court awarded her
collateral damage.
compensatory damages.
liquidated damages.
punitive damages. - Compensatory
What fiduciary duty do clients give up when they agree to dual agency in a specific
transaction?
accountability
confidentiality
disclosure
loyalty - Loyalty
Sheri, who has a disability, applies to rent a single-family house. She states that she
needs to install grab bars in the shower and a ramp into the house from the garage.
Landlord Don would violate federal fair housing laws if he
allows Sheri to make the renovations but insists that she remove them when her lease
is up.
makes the renovations at his own expense.
makes the renovations but requires Sheri to pay for the materials and labor.
refuses to allow Sheri to make the renovations. - Refuses renovations
A borrower goes to a lender, wishing to buy a house. The borrower promises to repay
the lender $200,000 plus interest, agreeing to use the property as security for the debt.
What two-party instrument does the borrower give the lender to create a lien on the
property?
conveyance
deed of trust
mortgage
promissory note - Mortgage
A management agreement creates an agency relationship between a real estate broker
and - Owner of investment property
Which is least likely to the outcome of a property inspection - Warrant definition of a
furnace
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Mboffin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
