Exam (elaborations)
COLIBRI REAL ESTATE PA LICENSE NATIONAL EXAM 2024/2025
- Course
- Institution
COLIBRI REAL ESTATE PA LICENSE NATIONAL EXAM 2024/2025
[Show more]
Content preview
COLIBRI REAL ESTATE PA LICENSENATIONAL EXAM 2024/2025
Earl orally agreed to an 18-month lease with landlord Blake. Is this
contract enforceable?
Yes, all oral leases are enforceable.
No, all leases for longer than one year must be in writing to be
enforceable.
Yes, all leases for longer than 6 months are enforceable.
No, it is not enforceable unless Earl is older than 50 years old. - Precise
Answer ✔✔No, all leases for longer than one year must be in writing to
be enforceable.
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?
$28,000
$560
$2,800
$5,600 - Precise Answer ✔✔$5,600
160 County Drive has 4 acres of open pasture and a 1,900 square foot
home. The home has 2 bedrooms and 4 bathrooms. Call 555-555-5555
now for information! What is missing from this advertisement that
makes it a blind ad?
,The price
The broker's identification
The reason the property is for sale
How long the property has been on the market - Precise Answer
✔✔brokers identification
A(n) ________ is one that conflicts with the ordinances that were
enacted after the use commenced.
illegal conforming use
enhanced nonconforming use
escheat use
legal nonconforming use - Precise Answer ✔✔legal nonconforming use
Why is the condition of bearing walls more important than non-bearing
walls?
Bearing walls protect the home from the outdoor elements and radon
gas.
Bearing walls are part of the interior framework of the house.
Bearing walls support the ceiling and the roof.
Bearing walls are much weaker than non-bearing walls. - Precise
Answer ✔✔Bearing walls support the ceiling and the roof.
The cost to replace an improvement with original materials is known as
replacement cost.
placebo cost.
,cloning cost.
reproduction cost. - Precise Answer ✔✔reproduction cost
Real estate licensees should know enough about building ordinances to
be able to
conduct a professional home inspection.
provide solid legal advice.
answer all client questions about a building's compliance.
alert clients of potential problems in a home. - Precise Answer ✔✔alert
clients of potential problems in a home.
Which parties typically purchase title insurance once the transaction is
complete?
The HUD and seller
The lender and buyer
The licensee and buyer
The broker and lender - Precise Answer ✔✔The lender and buyer
Broker Austin represents a party in a transaction where there is a dispute
regarding the deposited escrow money. What should Austin do?
Hold the money until both parties (or their lawyers) provide a written
release.
Claim the escrow money for himself and move it into his personal
account.
, Split the money evenly between the buyer and seller and let them fight it
out.
Immediately release the money to the party he represents. - Precise
Answer ✔✔Hold the money until both parties (or their lawyers) provide
a written release.
What is a disadvantage of real estate investment?
There is very low risk.
It is not highly liquid.
The cost of improvements may be depreciated or deducted over an
arbitrary period of time.
Real Estate has shown an above average rate of return. - Precise Answer
✔✔It is not highly liquid.
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
wraparound mortgage.
take-out mortgage.
open-end mortgage.
spiral mortgage. - Precise Answer ✔✔open-end mortgage.
If a cooperating broker accepts the offer of subagency from a listing
broker, to whom does the cooperating broker owe fiduciary duties?
Seller
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 YANCHY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78600 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now