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Colibri Unit 1 Questions And Answers With Verified Solutions Already Passed!!!
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Colibri Unit 1 Questions And Answers With Verified Solutions Already Passed!!!
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Colibri Unit 1 Questions And AnswersWith Verified Solutions Already
Passed!!!
List four industries that are indirectly linked to real estate activities. -
ANSWER✔✔Builders, building suppliers, carpet manufacturers, appliance sales
List five industries that are dependent on real estate activity. - ANSWER✔✔Loan
originatorsAppraisersPlumbersAuctioneersLandscape suppliers
List three ways the state government plays a role in real estate. -
ANSWER✔✔Licensing for real estate professionalsRecording of deeds, transfers
of propertyEstate taxes
Define real estate brokerage and list three organizations that cannot be
registered as a real estate brokerage. - ANSWER✔✔A business which brings
interested parties together to sell, lease, and rent or exchange real property.
A joint venture temporary relationship
A business trust investment group for its own purposes
A homeowners association
List five activities for which a real estate broker would receive or expect to receive
compensation. - ANSWER✔✔Selling real estate
Negotiating the sale of real estate
Dealing in options on real estate
Supervising the collection of rent for the use of real estate
Procuring of leads intended to result in the sale of real estate
What is real estate farming? - ANSWER✔✔Specializing in one particular
geographic area or property type.
How is a property manager defined? - ANSWER✔✔A property manager is defined
as one who preserves the value of an investment (by an owner) while generating
income as an agent for the owner.
, List five organizations for real estate professionals. - ANSWER✔✔National
Association of REALTORS®
Indiana Association of REALTORS®
Indiana Commercial Board of REALTORS®
Women's Council of REALTORS®
Real Estate Buyers Council
What is the purpose for licensing real estate professionals? - ANSWER✔✔To
protect the public
List two examples of ways a broker could commit fraud in a real estate
transaction. - ANSWER✔✔Exaggerating the benefits of a property's value
Not providing information on material facts
What is the main requirement within the Statute of Frauds - ANSWER✔✔All
contracts must be in writing to be enforceable.
What rule should brokers follow to ensure they are acting ethically? -
ANSWER✔✔Do unto others as you would have them do unto you.
List four reasons an appraisal is done. - ANSWER✔✔To obtain a property loan
To obtain the insurance value
To obtain a divorce settlement
To determine capital gain
List five sources of financing for real estate buyers. - ANSWER✔✔Banks, savings
and loans, credit unions, insurance companies, sellers of property, mortgage
bankers, and mortgage brokers
How is a mortgage obtained? - ANSWER✔✔by pledging property as collateral and
promising to repay the loan with payments and times agreed upon with the
mortgagee
What are land appurtenances? - ANSWER✔✔rights, privileges, and improvements
that belong to and pass with the transfer of the property
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