COLIBRI REAL ESTATE PRACTICE FINAL EXAM
| ACTUAL QUESTIONS AND ANSWERS
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 BJon Bis Battaching Ba Brider Bstrip Bto Ba BFor BSale Bsign. BWhat Binformation Bis Bmost
Blikely Bon Bthis Brider Bstrip? B- B BJon's Bcell Bphone Bnumber
Which Bis Bfalse Bregarding Ba Bpromissory Bnote? B- B BIt Bis Bthe Bterm Bused Bfor Ba Bnote Bthat Bis
Bguaranteed Bor Binsured Bby Ba Bgovernmental Bagency.
What Bis Ba Bdisadvatage Bof Breal Bestate Binvestment? B- B BIt Bis Bnot Bhighly Bliquid
A Bbroker Binduces Ban Bowner Bto Bsell Bby Btelling Bhim Bthat BMuslims Bare Bmoving Binto Bthe
Bneighborhood. BThis Bbroker Bis Bguilty Bof B- B Bblockbusting
Given Bthe Bnet Bincome Bof Ba Bproperty, Bthe Bappraiser Bcan Bdetermine Ban Bopinion Bof Bthe
Bvalue Bfor Bthat Bproperty Bby B- B BDividing Bby Bthe Brate Bof Bcapitalization
Morgan Bowned Ba Blarge Bcondominium Bon Bthe Bocean. BShe Bdied Band Bno Blegal Bheirs Bwere
Bfound. BWho Bwill Breceive Btitle Bto Bthe Bproperty? B- B BThe BState Bor BCounty
Earl Borally Bagreed Bto Ba B18-month Blease Bwith Blandlord BBlake. BIs Bthis Bcontract
Benforceable? B- B BNo, Ball Bleases Bfor Blonger Bthan Bone Byear Bmust Bbe Bin Bwriting Bto Bbe
Benforceable.
Which Bof Bthe Bfollowing Btypes Bof Bproperty Bsales Btypically Brequires Ba Bproperty Bcondition
Bdisclosure? B- B BA Bthree Bunit, Bmulti-family Bdwelling
| ACTUAL QUESTIONS AND ANSWERS
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 BJon Bis Battaching Ba Brider Bstrip Bto Ba BFor BSale Bsign. BWhat Binformation Bis Bmost
Blikely Bon Bthis Brider Bstrip? B- B BJon's Bcell Bphone Bnumber
Which Bis Bfalse Bregarding Ba Bpromissory Bnote? B- B BIt Bis Bthe Bterm Bused Bfor Ba Bnote Bthat Bis
Bguaranteed Bor Binsured Bby Ba Bgovernmental Bagency.
What Bis Ba Bdisadvatage Bof Breal Bestate Binvestment? B- B BIt Bis Bnot Bhighly Bliquid
A Bbroker Binduces Ban Bowner Bto Bsell Bby Btelling Bhim Bthat BMuslims Bare Bmoving Binto Bthe
Bneighborhood. BThis Bbroker Bis Bguilty Bof B- B Bblockbusting
Given Bthe Bnet Bincome Bof Ba Bproperty, Bthe Bappraiser Bcan Bdetermine Ban Bopinion Bof Bthe
Bvalue Bfor Bthat Bproperty Bby B- B BDividing Bby Bthe Brate Bof Bcapitalization
Morgan Bowned Ba Blarge Bcondominium Bon Bthe Bocean. BShe Bdied Band Bno Blegal Bheirs Bwere
Bfound. BWho Bwill Breceive Btitle Bto Bthe Bproperty? B- B BThe BState Bor BCounty
Earl Borally Bagreed Bto Ba B18-month Blease Bwith Blandlord BBlake. BIs Bthis Bcontract
Benforceable? B- B BNo, Ball Bleases Bfor Blonger Bthan Bone Byear Bmust Bbe Bin Bwriting Bto Bbe
Benforceable.
Which Bof Bthe Bfollowing Btypes Bof Bproperty Bsales Btypically Brequires Ba Bproperty Bcondition
Bdisclosure? B- B BA Bthree Bunit, Bmulti-family Bdwelling
