Colibri Real Estate Practice Final Exam Questions and Answers 100% Pass

Colibri Real Estate Practice Final Exam Questions and Answers 100% Pass Why is the condition of bearing walls more important than non bearing walls? - Answer- 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 - Answer- transferred a portion of his bundle of rights What is a forecast of income and expenses that can be projected over five years? - Answer- 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? - Answer- 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? - Answer- 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? - Answer- Performance Expectations Which of the following statements best describes what happens with a judicial foreclosure? - Answer- The mortgaged property is sold under the supervision of a court. Which of the following best describes the principle of conformity? - Answer- A home maintains its highest value by being in a neighborhood with similar-type housing. The cost of doing direct mail advertising depends on - Answer- 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 - Answer- 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? - Answer- 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? - Answer- $5,600 A seller decided to back out of a sales contract for no good reason. What recourse does the buyer have? - Answer- To sue for specific performance. What are the primary advantages of PEX piping? - Answer- 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? - Answer- I requires that multiple tracts of land be developed according to a single design for efficient use of space