Calibri Real Estate Class Final Exam
Questions And Answers With Verified
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Which of the following cannot be a trustee? - ANSWER✔✔CPA
The discount points are 3%, which represents $2,700. The buyer down payment is
20%. What is the purchase price of the property - ANSWER✔✔100%-20%= 80%
$2,700/3%= $90,000
90,000/80%= $112,500
A method of legal description that uses definite property lines and starting points
is called? - ANSWER✔✔Formal metes and bounds
The seller wants to net $175, 000 after paying a 6% commission to the listing
broker and the $500 appraisal fee. What is the minimum selling price of the
home? - ANSWER✔✔$175,000/0.94= $186,170
$186,170 +500= $186,670
Which of the following is NOT true regarding a sale lease back transaction? -
ANSWER✔✔Lessee retains legal title
An appraisal is required to obtain a VA loan, this document is called: -
ANSWER✔✔Certificate of reasonable value
Which of the following below could sign a property management agreement? -
ANSWER✔✔licensed salespeople with a broker
In this listing contract, the real estate broker must: - ANSWER✔✔Exercise
diligence in finding a purchaser
In Arizona, a broker must be able to prove employment by a seller in order to be
assured of collecting a commission. Proof of employment is: - ANSWER✔✔A
listing agreement
,A salesperson works for Broker A and has contracts is escrow. The salesperson
decides to leave Broker A and work for Broker B. Which of the following is true
regarding the salesperson's commission - ANSWER✔✔Broker A would pay the
salesperson directly
Rank the following liens in the order of their priority from highest to lowest: IRS
lien, Property Taxes, Special Assessments - ANSWER✔✔Property Taxes, Special
Assessments, IRS lien
If a property is not bid at a tax lien sale - ANSWER✔✔Anyone can later buy the tax
lien from the Treasurer
How a building is situated on a lot to take advantage of climate and views is -
ANSWER✔✔Orientation
After a mortgage foreclosure any excess monies would go to the: -
ANSWER✔✔Mortgagor
The supply and cost of money can be most effectively controlled by: -
ANSWER✔✔Federal Reserve System
The Consumer Financial Protection Bureau is the governing body for: -
ANSWER✔✔Savings and loan association
At a mortgage foreclosure sale, the buyer gets a deed from: - ANSWER✔✔No one
Real estate loan usury rates are set by: - ANSWER✔✔state laws
The lender may consider his mortgage or trust deed to be: - ANSWER✔✔Personal
property
A property is in the process of being foreclosed. Who is responsible for the
property taxes? - ANSWER✔✔Trustor
Who gives the right for a party to act in behalf of another in negotiations? -
ANSWER✔✔Principal
, What type of loan would change in payment, rate, and amount owed? -
ANSWER✔✔open-end mortgage
Which of the following clauses in a conventional mortgage instrument entities the
lender to accelerate the loan is assumed? - ANSWER✔✔Due on sale
Which type of mortgage loan has provisions for periodic changes in the amount of
the payment, the interest rate, maturity date,, and the remaining balance owed? -
ANSWER✔✔Adjustable loan
When the rent paid the the lessee, per their lease agreement, is less than the
economic rent, this is called: - ANSWER✔✔Possessive leasehold
In a lease situation, A leases to B and B leases to C. Who is responsible for the
rent?A) B to C B) B to A C ) C to A D) A to B - ANSWER✔✔b. B to A
Which of the items listed below best describes a partition action -
ANSWER✔✔Divided co-ownership
Which of the following is not compatible with joint tenancy?a. Survivorshipb.
Probatec. Right of possessiond. Equality of rights - ANSWER✔✔b. Probate
A lease is for an indefinite period of time. This is called: - ANSWER✔✔Estate at
will
All of the following can be signors on a property management trust account
EXCEPT - ANSWER✔✔property owner
When a payment is made on behalf of a licensee from the recovery account, what
must occur before the licensee's license can be reinstated? - ANSWER✔✔The
licensee must reimburse the trust fund the full amount paid.
If a claim is paid from the recovery fund, the status of the license in question is -
ANSWER✔✔Terminated
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