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Colibri Unit 1 Exam| Questions with Verified Answers
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Colibri Unit 1 Exam| Questionswith Verified Answers
List four industries that are indirectly linked to real estate activities. - -
Builders, building suppliers, carpet manufacturers, appliance sales
- List five industries that are dependent on real estate activity. - -Loan
originatorsAppraisersPlumbersAuctioneersLandscape suppliers
- List three ways the state government plays a role in real estate. - -
Licensing for real estate professionalsRecording of deeds, transfers of
propertyEstate taxes
- Define real estate brokerage and list three organizations that cannot be
registered as a real estate brokerage. - -A business which brings interested
parties together to sell, lease, and rent or exchange real property.
A joint venture temporary relationship
A business trust investment group for its own purposes
A homeowners association
- List five activities for which a real estate broker would receive or expect to
receive compensation. - -Selling real estate
Negotiating the sale of real estate
Dealing in options on real estate
Supervising the collection of rent for the use of real estate
Procuring of leads intended to result in the sale of real estate
- What is real estate farming? - -Specializing in one particular geographic
area or property type.
- How is a property manager defined? - -A property manager is defined as
one who preserves the value of an investment (by an owner) while
generating income as an agent for the owner.
- List five organizations for real estate professionals. - -National Association
of REALTORS®
Indiana Association of REALTORS®
Indiana Commercial Board of REALTORS®
Women's Council of REALTORS®
Real Estate Buyers Council
- What is the purpose for licensing real estate professionals? - -To protect
the public
, - List two examples of ways a broker could commit fraud in a real estate
transaction. - -Exaggerating the benefits of a property's value
Not providing information on material facts
- What is the main requirement within the Statute of Frauds - -All contracts
must be in writing to be enforceable.
- What rule should brokers follow to ensure they are acting ethically? - -Do
unto others as you would have them do unto you.
- List four reasons an appraisal is done. - -To obtain a property loan
To obtain the insurance value
To obtain a divorce settlement
To determine capital gain
- List five sources of financing for real estate buyers. - -Banks, savings and
loans, credit unions, insurance companies, sellers of property, mortgage
bankers, and mortgage brokers
- How is a mortgage obtained? - -by pledging property as collateral and
promising to repay the loan with payments and times agreed upon with the
mortgagee
- What are land appurtenances? - -rights, privileges, and improvements that
belong to and pass with the transfer of the property
- What is used to identify a property? - -Legal description
- What is a tract home? - -A home that is built to a certain set of guidelines
used for a particular subdivision
- What five economic characteristics affect the value of land in the
marketplace? - -Demand Utility or usefulness Scarcity Transferability Situs
- What are the three physical characteristics of land? - -Immobile or
permanentIndestructible Non-homogeneous or unique
- Explain the differences between the legal concepts of land and real estate.
- -Land encompasses the surface of the earth, whatever is below the
surface, whatever is above extending into space, and every natural thing
that is permanently attached to the earth. Real estate includes all this plus
all man-made things permanently attached to the earth.
- Define special purpose real estate and give an example. - -Property that
has a unique use to the persons who own and use it, such as churches,
hospitals, schools and government buildings.
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