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Colibri Real Estate Practice Final Exam/100 Questions and Answers
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Colibri Real Estate PracticeFinal Exam/100 Questions and
Answers
Why is the condition of bearing walls more important than non bearing walls?
- -Bearing walls support the ceiling and the roof.
- Owner Tom decided to lease out his basement to a college student. By
leasing the basement, Tom has - -transferred a portion of his bundle of
rights
- What is a forecast of income and expenses that can be projected over five
years? - -Stabilized budget
- A buyer told broker Lena that she wants to move to Cuban neighborhood.
Then the buyer asked if Lena could show her the best home in a Cuban area.
How should Lena respond to this request? - -Lena should explain to the
buyer that she ethically and legally cannot recommend housing based on
national origin.
- Which of the following wills may be considered invalid? - -A will that is not
signed.
- Broker Torrey hires salesperson Wes as an independent contractor. As an
independent contractor, Wes can expect which of the following from Broker
Torrey? - -Performance Expectations
- Which of the following statements best describes what happens with a
judicial foreclosure? - -The mortgaged property is sold under the supervision
of a court.
- Which of the following best describes the principle of conformity? - -A
home maintains its highest value by being in a neighborhood with similar-
type housing.
- The cost of doing direct mail advertising depends on - -The frequency of
the mailings
- 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 - -open-end mortgage
, - Of the following liens: a $100,000 mortgage, a $2,500 property tax bill,
and a $8,000 mechanic's lien and a $25,000 judgement lien, which will be
paid off first after a foreclosure sale? - -The $2,500 property tax lien
- 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? - -$5,600
- A seller decided to back out of a sales contract for no good reason. What
recourse does the buyer have? - -To sue for specific performance.
- What are the primary advantages of PEX piping? - -PEX piping is able to
withstand both high and low temperatures and it is highly resistant to
chemicals.
- How does Planned Unit Development zoning differ from ordinary zoning? -
-I requires that multiple tracts of land be developed according to a single
design for efficient use of space.
- Home Hoarding Realty is advertising to the public that their managing
broker has been in the business 37 years and has sold over 1,250 homes.
This is an example of - -institutional advertising
- Which of the following would qualify as an example of retail property? - -A
shopping center
- Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale
brought in $500,000 and the total liabilities on the home were $425,000.
Who receives the additional $75,000? - -Neal
- Broker Jon is attaching a rider strip to a For Sale sign. What information is
most likely on this rider strip? - -Jon's cell phone number
- Which is false regarding a promissory note? - -It is the term used for a
note that is guaranteed or insured by a governmental agency.
- What is a disadvatage of real estate investment? - -It is not highly liquid
- A broker induces an owner to sell by telling him that Muslims are moving
into the neighborhood. This broker is guilty of - -blockbusting
- Given the net income of a property, the appraiser can determine an
opinion of the value for that property by - -Dividing by the rate of
capitalization
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