Colibri Real Estate Final Exam
Wetlands: need a permit for... - ✔️✔️clearing, adding structures, draining/filling,
pesticides
Open house, declined agency relationship... What does the agent owe the person? -
✔️✔️honesty
buyer p Protected by Fair Housing Act - ✔️✔️race, nat. origin, sex, color, religion,
disability, familial status
ays seller to occupy and use property - ✔️✔️land contract
buyer pays rent and other expenses - ✔️✔️net lease
buyer pays only rent - ✔️✔️gross lease
Tenants in common, 2 of 3 people die. Who gets the property of those who died? -
✔️✔️goes to heirs
Joint Tenancy, 3 of 4 people die. Who gets property of those who died? - ✔️✔️Tenant
owns it in severality
Another word for principal - ✔️✔️Client
Not protected by Fair Housing Act - ✔️✔️marital status
telling homeowners that property values will be declining because of ethical/racial
makeup is changing - ✔️✔️Blockbusting
real estate put to its highest use - ✔️✔️flat, paved parking lot
"This is the most prestigious street in town" - ✔️✔️puffing
maximum fine for first offense - ✔️✔️$5,000
an individual advertisement needs... - ✔️✔️name and broker
a brokerage advertisement needs... - ✔️✔️statement that they are licensed
if listing is submitted to MLS, must notify customer within... - ✔️✔️48 hours
, Licensee must deliver Consumer Info Statement when... - ✔️✔️at their next meeting
a mortgage that covers 2 parcels of land - ✔️✔️blanket mortgage
lease expires, tenants won't leave - ✔️✔️tenancy at sufference
gas company intrudes on land to fix a gas line - ✔️✔️easement in gross
signs the deed at a closing - ✔️✔️the seller
least likely to require a legal description - ✔️✔️listing agreement
agent takes on a listing, decides to buy house for themselves - ✔️✔️let the client know
leak in the house, seller is trying to hide it but the agent finds it - ✔️✔️disclose it to the
buyers
agent switches brokerages, what happens to their listings? - ✔️✔️listings stay with
brokerage
a seller wants a certain amount, the rest of the money goes to the agent as commission
- ✔️✔️net listing
refusing to make loans in a minority neighborhood - ✔️✔️redlining
NOT an element for a valid and enforceable contract - ✔️✔️consequence
seller keeps earnest money deposit when the buyer backs out - ✔️✔️liquidity damages
LEAST likely to be needed in a lease - ✔️✔️security deposit
pledge of property as collateral for a loan - ✔️✔️hypothecation
lender must deliver loan estimate within ... - ✔️✔️7 business days
broker pays agent within... - ✔️✔️10 days of receipt
beginning point (street name), then the direction to go - ✔️✔️metes and bounds
What can an unlicensed assistant NOT do? - ✔️✔️call for late payments
principal, interest, taxes, insurance - ✔️✔️PITI
Wetlands: need a permit for... - ✔️✔️clearing, adding structures, draining/filling,
pesticides
Open house, declined agency relationship... What does the agent owe the person? -
✔️✔️honesty
buyer p Protected by Fair Housing Act - ✔️✔️race, nat. origin, sex, color, religion,
disability, familial status
ays seller to occupy and use property - ✔️✔️land contract
buyer pays rent and other expenses - ✔️✔️net lease
buyer pays only rent - ✔️✔️gross lease
Tenants in common, 2 of 3 people die. Who gets the property of those who died? -
✔️✔️goes to heirs
Joint Tenancy, 3 of 4 people die. Who gets property of those who died? - ✔️✔️Tenant
owns it in severality
Another word for principal - ✔️✔️Client
Not protected by Fair Housing Act - ✔️✔️marital status
telling homeowners that property values will be declining because of ethical/racial
makeup is changing - ✔️✔️Blockbusting
real estate put to its highest use - ✔️✔️flat, paved parking lot
"This is the most prestigious street in town" - ✔️✔️puffing
maximum fine for first offense - ✔️✔️$5,000
an individual advertisement needs... - ✔️✔️name and broker
a brokerage advertisement needs... - ✔️✔️statement that they are licensed
if listing is submitted to MLS, must notify customer within... - ✔️✔️48 hours
, Licensee must deliver Consumer Info Statement when... - ✔️✔️at their next meeting
a mortgage that covers 2 parcels of land - ✔️✔️blanket mortgage
lease expires, tenants won't leave - ✔️✔️tenancy at sufference
gas company intrudes on land to fix a gas line - ✔️✔️easement in gross
signs the deed at a closing - ✔️✔️the seller
least likely to require a legal description - ✔️✔️listing agreement
agent takes on a listing, decides to buy house for themselves - ✔️✔️let the client know
leak in the house, seller is trying to hide it but the agent finds it - ✔️✔️disclose it to the
buyers
agent switches brokerages, what happens to their listings? - ✔️✔️listings stay with
brokerage
a seller wants a certain amount, the rest of the money goes to the agent as commission
- ✔️✔️net listing
refusing to make loans in a minority neighborhood - ✔️✔️redlining
NOT an element for a valid and enforceable contract - ✔️✔️consequence
seller keeps earnest money deposit when the buyer backs out - ✔️✔️liquidity damages
LEAST likely to be needed in a lease - ✔️✔️security deposit
pledge of property as collateral for a loan - ✔️✔️hypothecation
lender must deliver loan estimate within ... - ✔️✔️7 business days
broker pays agent within... - ✔️✔️10 days of receipt
beginning point (street name), then the direction to go - ✔️✔️metes and bounds
What can an unlicensed assistant NOT do? - ✔️✔️call for late payments
principal, interest, taxes, insurance - ✔️✔️PITI
