COLIBRI SCHOOL EXAM NJ LATEST 2024-2025
ACTUAL EXAM 100 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Terms in this set (101)
Regulation Z requires the B. APR
disclosure of which of
following?
A. Respa
B. APR
C. NAR
D. CMA
Two men own a parcel of D. no estate
land as joint tenants. One of
them dies, and his will
stipulates that his interest
will pass to his wife and,
upon her death, to hiss
children. What type of
estate do the children
have?
A. Estate in reversion
B. Estate in remainder
C. Life estate
D. No estate
,Something of value offered D. Consideration
by one part and accepted
by another as inducement
to perform is called
A. Acknowledgment
B. Boot
C. Conveyance
D. Consideration
The unities of time, title, D. Joint tenancy
interest and possession are
directly connected with
A. Tenancy in common
B. Remainder interest
C. Communalproperty
D. Joint tenancy
A sellers broker must D. All written offers
transmit to her principal
A. Copies of all
advertisements on the
property
B. All offers that are
reasonable
C. All written offers that are
reasonable
D. All written offer
,If the owners of a property D. No commission
sell it themselves, even
though they have an
exclusive agency listing
with a broker, they owe the
broker
A. The full commission
B. One-half the commission
C. A commission that must
be settled through
arbitration
D. No commission
Which of the following does D. Tenant at sufferance
NOT hold a leasehold
estate?
A. Tenant for years
B. Life tenant
C. Tenant at will
D. Tenant at sufferance
A loan used for temporary C. Construction loan
financing is a
A. VA loan
B. FHA 203(b) loan
C. Construction loan
D. Land contract
, In a sale-leaseback C. Grantor becomes the lessee
agreement, the
A. Grantor becomes the
landlord
B. Grantee becomes the
tenant
C. Grantor becomes the
lessee
D. Grantor becomes the
assignee
A man and a woman are not D. Joint tenancy
married but own property
together. The man dies in an
accident and the woman
now owns the property in
severalty. The man and the
woman must have held title
in
A. Tenancy by the entirety
B. Tenancy in common
C. Life tenancy
D. Joint tenancy
When a lease provides that C. Net lease
the lessee shall be
responsible for all
expenses, it is known as
A. Gross lease
B. Percentage lease
C. Net lease
D. Index lease
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