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Colibri Real Estate Final Exam| Questions and Answers
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Colibri Real Estate Final Exam|Questions and Answers
land contract - -buyer pays seller to occupy and use property
- net lease - -buyer pays rent and other expenses
- gross lease - -buyer pays only rent
- goes to heirs - -Tenants in common, 2 of 3 people die. Who gets the
property of those who died?
- Tenant owns it in severality - -Joint Tenancy, 3 of 4 people die. Who gets
property of those who died?
- Client - -Another word for principal
- race, nat. origin, sex, color, religion, disability, familial status - -Protected
by Fair Housing Act
- marital status - -Not protected by Fair Housing Act
- Blockbusting - -telling homeowners that property values will be declining
because of ethical/racial makeup is changing
- flat, paved parking lot - -real estate put to its highest use
- puffing - -"This is the most prestigious street in town"
- $5,000 - -maximum fine for first offense
- name and broker - -an individual advertisement needs...
- statement that they are licensed - -a brokerage advertisement needs...
- 48 hours - -if listing is submitted to MLS, must notify customer within...
- at their next meeting - -Licensee must deliver Consumer Info Statement
when...
- blanket mortgage - -a mortgage that covers 2 parcels of land
- tenancy at sufference - -lease expires, tenants won't leave
, - easement in gross - -gas company intrudes on land to fix a gas line
- the seller - -signs the deed at a closing
- listing agreement - -least likely to require a legal description
- let the client know - -agent takes on a listing, decides to buy house for
themselves
- honesty - -Open house, declined agency relationship... What does the
agent owe the person?
- disclose it to the buyers - -leak in the house, seller is trying to hide it but
the agent finds it
- listings stay with brokerage - -agent switches brokerages, what happens
to their listings?
- net listing - -a seller wants a certain amount, the rest of the money goes
to the agent as commission
- redlining - -refusing to make loans in a minority neighborhood
- consequence - -NOT an element for a valid and enforceable contract
- liquidity damages - -seller keeps earnest money deposit when the buyer
backs out
- security deposit - -LEAST likely to be needed in a lease
- hypothecation - -pledge of property as collateral for a loan
- 7 business days - -lender must deliver loan estimate within ...
- 10 days of receipt - -broker pays agent within...
- metes and bounds - -beginning point (street name), then the direction to
go
- call for late payments - -What can an unlicensed assistant NOT do?
- PITI - -principal, interest, taxes, insurance
- clearing, adding structures, draining/filling, pesticides - -Wetlands: need a
permit for...
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