Exam (elaborations)
PA National Practice Exam - Colibri Real Estate Exam Questions and Answers
- Course
- Institution
PA National Practice Exam - Colibri Real Estate Exam Questions and Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
PA National Practice Exam - Colibri RealEstate Exam Questions and Answers
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable?
Yes, all oral leases are enforceable.
No, all leases for longer than one year must be in writing to be enforceable.
Yes, all leases for longer than 6 months are enforceable.
No, it is not enforceable unless Earl is older than 50 years old. - -No, all
leases for longer than one year must be in writing to be enforceable.
- 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?
$28,000
$560
$2,800
$5,600 - -$5,600
- 160 County Drive has 4 acres of open pasture and a 1,900 square foot
home. The home has 2 bedrooms and 4 bathrooms. Call 555-555-5555 now
for information! What is missing from this advertisement that makes it a
blind ad?
The price
The broker's identification
The reason the property is for sale
How long the property has been on the market - -brokers identification
- A(n) ________ is one that conflicts with the ordinances that were enacted
after the use commenced.
illegal conforming use
enhanced nonconforming use
escheat use
legal nonconforming use - -legal nonconforming use
- Why is the condition of bearing walls more important than non-bearing
walls?
Bearing walls protect the home from the outdoor elements and radon gas.
Bearing walls are part of the interior framework of the house.
Bearing walls support the ceiling and the roof.
Bearing walls are much weaker than non-bearing walls. - -Bearing walls
support the ceiling and the roof.
- The cost to replace an improvement with original materials is known as
replacement cost.
,placebo cost.
cloning cost.
reproduction cost. - -reproduction cost
- Real estate licensees should know enough about building ordinances to be
able to
conduct a professional home inspection.
provide solid legal advice.
answer all client questions about a building's compliance.
alert clients of potential problems in a home. - -alert clients of potential
problems in a home.
- Which parties typically purchase title insurance once the transaction is
complete?
The HUD and seller
The lender and buyer
The licensee and buyer
The broker and lender - -The lender and buyer
- Broker Austin represents a party in a transaction where there is a dispute
regarding the deposited escrow money. What should Austin do?
Hold the money until both parties (or their lawyers) provide a written
release.
Claim the escrow money for himself and move it into his personal account.
Split the money evenly between the buyer and seller and let them fight it
out.
Immediately release the money to the party he represents. - -Hold the
money until both parties (or their lawyers) provide a written release.
- What is a disadvantage of real estate investment?
There is very low risk.
It is not highly liquid.
The cost of improvements may be depreciated or deducted over an arbitrary
period of time.
Real Estate has shown an above average rate of return. - -It is not highly
liquid.
- 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
wraparound mortgage.
take-out mortgage.
open-end mortgage.
spiral mortgage. - -open-end mortgage.
, - If a cooperating broker accepts the offer of subagency from a listing
broker, to whom does the cooperating broker owe fiduciary duties?
Seller
Listing broker
Buyer
Nobody - -seller
- Homeowner Louise has been lax in protecting her property rights.
According to the ___________, Louise may lose those property rights.
Doctrine of De Jure
Doctrine of Laches
Stringent Theory
Torrens Theory - -Doctrine of Laches
The Doctrine of Laches states that if a property owner is lax in protecting his
or her rights, the property owner may lose those rights.
- The essential criteria for an acceptable legal description is that it
only contains the mailing address.
accurately locates the parcel when using Google Maps.
accurately locates the parcel in the opinion of a court.
includes at least 2 landmarks. - -accurately locates the parcel in the opinion
of a court.
- Which is false regarding a promissory note?
The property is collateral for the promissory note.
A promissory note is a negotiable instrument, which means that the lender
can sell the note to a third party.
It is the primary evidence of a loan.
It is the term used for a note that is guaranteed or insured by a
governmental agency. - -It is the term used for a note that is guaranteed or
insured by a governmental agency.
- Why is designated agency a good alternative to traditional dual agency?
Fair housing laws do not apply to transactions involving designated agency.
Even though the same broker represents each party, both the buyer and
seller have a licensee who exclusively acts as their agent in the transaction.
Designated agency is legal in all 50 states while dual agency is banned in
every state.
Only the broker is involved in the transaction and the parties do not have an
exclusive agent. - -Even though the same broker represents each party,
both the buyer and seller have a licensee who exclusively acts as their agent
in the transaction.
- Justin defaulted on his home mortgage payments. The lender obtained a
court order to foreclose on the property. At the foreclosure sale, Justin's
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now