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Colibri Real Estate Test Questions & Answers
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Colibri Real Estate Test Questions & Answers
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Colibri Real Estate Test Questions &Answers
What is the primary purpose of instituting FACTA? - -To combat identity
theft, and enhance the accuracy and privacy of information held by credit
reporting agencies.
- In the case of multiple offers who should review counteroffer terms that
deviate from the standard fill-in-the-blank forms? - -An attorney
- Conventional loans usually require the debt ratio be? - -Less than 36%
- What is formed when people join together and own or control housing or
related facilities? - -Co-op Ownership
- Commercial property is used specifically for? - -Business Properties
- Price is the number that quantifies? - -Cost
- The services a licensees owes ONLY to a client? - -Agency Disclosure
- How long does an individual have to file a complaint with the Housing and
Urban Development Agency(HUD)? - -1 Year
- What actions make up the majority of exclusionary discrimination cases
against landlords? - -False Advertisements
- What does a For Sale By Owner(FSBO) seller sign that identifies the buyer,
and guarantees the agent a commission if the buyer purchases? - -
Commission Agreement for Sale
- What clause allows for parcels and units to be sold from a blanket
mortgage? - -Release Clause
- To avoid litigation, what should all Real Estate(RE) companies using
websites develop? - -An Internet Advertising Policy
- What is it called when the lack of public sites in urban minority areas have
contributed to the urban decay? - -Public Domain Racism
- What gives the public constructive notice of a grantee's ownership? - -
Recording the Deed
, - Life insurance companies typically invest how much of their assets in RE? -
-(3/4), three- fourths
- Why should agents avoid expressing value judgements when advertising? -
-So as to not mislead the consumer
- With a reverse annuity mortgage, the lender is making payments to? - -
Borrower
- An insured conventional loan is similar to a Federal Housing
Administration(FHA) loan, except the insurer is? - -Secondary Lender
- What protected class was added by Fair Housing Amendments Act in
1988? - -Families with children, and people with disabilities
- According to government regulations, the majority of a savings and loan
association's assets must be in? - -Real Estate Loans
- What type of deed offers the greatest protection and is the most used? - -
General Warranty Deed
- In universal agency who is held accountable for the actions of the agent? -
-The Principal
- Who is responsible for enforcing Code of Ethics, providing mediation and
holding arbitration hearings? - -National Association of Realtors(NAR)
- What article in Broker/Salesperson Independent Contractor Agreement
says salesperson cannot charge a commission less than the brokers
established %? - -Commissions
- Where would the seller give information about private or public
architecture review control of the property in the Seller's Property
Disclosure? - -Structural Items
- Effective Gross Income (-) Total Operating Expenses= - -Net Operating
Income
- If an agent is not sure what another party is saying, what should they do? -
-Ask Questions
- Objective infeasibility means what? - -No one can render performance
- What type of loan is linked to an economic index? - -Adjustable Rate
Mortgage(ARM)
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