Colibri Real Estate Practice Final Exam with Complete Solutions

Colibri Real Estate Practice Final Exam with Complete Solutions Why is the condition of bearing walls more important than non bearing walls? 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 transferred a portion of his bundle of rights What is a forecast of income and expenses that can be projected over five years? 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? 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? 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? Performance Expectations Which of the following statements best describes what happens with a judicial foreclosure? The mortgaged property is sold under the supervision of a court. Which of the following best describes the principle of conformity? A home maintains its highest value by being in a neighborhood with similar-type housing. The cost of doing direct mail advertising depends on 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 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? 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? $5,600 A seller decided to back out of a sales contract for no good reason. What recourse does the buyer have? To sue for specific performance. What are the primary advantages of PEX piping? 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? I requires that multiple tracts of land be developed according to a single design for efficient use of space. Home Hoarding Realty is advertising to the public that their managing broker has been in the business 37 years and has sold over 1,250 homes. This is an example of institutional advertising Which of the following would qualify as an example of retail property? A shopping center Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale brought in $500,000 and the total liabilities on the home were $425,000. Who receives the additional $75,000? Neal Broker Jon is attaching a rider strip to a For Sale sign. What information is most likely on this rider strip? Jon's cell phone number Which is false regarding a promissory note?