COLIBRI PRACTICE TEST FULLY SOLVED TEST
PAPER GRADED A+
◉ Which of the following persons would not need a real estate
license to engage in real estate activities?
Answer: Court-appointed trustee
◉ An example of a novation would be:
Answer: the original buyer withdraws from the contract with no
further liability but allows their sister to replace them as party to the
contract.
◉ In Florida, a homestead property is still subject to:
Answer: property taxes.
◉ The Truth in Lending Act requires:
Answer: disclosure of the true cost of credit.
◉ In appraisal theory, the principle of substitution states that:
Answer: informed buyers will pay no more for a property than they
could spend to buy a comparable one nearby.
, ◉ A Florida broker associate:
Answer: has a broker license but continues to act as a sales associate
for another broker.
◉ The principle of substitution states that:
Answer: an informed buyer will pay no more for a property than the
cost of obtaining an equally desirable property.
◉ Liquidated damages are:
Answer: a remedy where a party to a contract receives a specified
amount in the event of a breach of contract.
◉ Within how many days must a broker facing conflicting demands
for funds held in escrow notify the Florida Real Estate Commission?
Answer: 15
◉ Going concern value is used in the appraisal of:
Answer: a profitable business enterprise.
◉ Accretion is:
Answer: addition to the land by the depositing of soil by moving
water.
PAPER GRADED A+
◉ Which of the following persons would not need a real estate
license to engage in real estate activities?
Answer: Court-appointed trustee
◉ An example of a novation would be:
Answer: the original buyer withdraws from the contract with no
further liability but allows their sister to replace them as party to the
contract.
◉ In Florida, a homestead property is still subject to:
Answer: property taxes.
◉ The Truth in Lending Act requires:
Answer: disclosure of the true cost of credit.
◉ In appraisal theory, the principle of substitution states that:
Answer: informed buyers will pay no more for a property than they
could spend to buy a comparable one nearby.
, ◉ A Florida broker associate:
Answer: has a broker license but continues to act as a sales associate
for another broker.
◉ The principle of substitution states that:
Answer: an informed buyer will pay no more for a property than the
cost of obtaining an equally desirable property.
◉ Liquidated damages are:
Answer: a remedy where a party to a contract receives a specified
amount in the event of a breach of contract.
◉ Within how many days must a broker facing conflicting demands
for funds held in escrow notify the Florida Real Estate Commission?
Answer: 15
◉ Going concern value is used in the appraisal of:
Answer: a profitable business enterprise.
◉ Accretion is:
Answer: addition to the land by the depositing of soil by moving
water.
