Colibri Real Estate Final Exam (Real Exam)
1. Why is the condition of bearing walls more important than
non bearing walls?: Bearing walls support the ceiling and the
roof.
2. 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
3. What is a forecast of income and expenses that can be
projected over five years?: Stabilized budget
4. 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.
5. Which of the following wills may be considered invalid?: A
will that is not signed.
6. 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
,7. Which of the following statements best describes what
happens with a judicial foreclosure?: The mortgaged property
is sold under the supervision of a court.
8. 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.
9. The cost of doing direct mail advertising depends on: The
frequency of the mailings
10. 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
11. 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
12. 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
13. 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.
, 14. 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.
15. 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.
16. 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
17. Which of the following would qualify as an example of
retail property?: A
shopping center
18. 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
19. 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
20. Which is false regarding a promissory note?: It is the term
used for a note that is guaranteed or insured by a governmental
agency.
1. Why is the condition of bearing walls more important than
non bearing walls?: Bearing walls support the ceiling and the
roof.
2. 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
3. What is a forecast of income and expenses that can be
projected over five years?: Stabilized budget
4. 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.
5. Which of the following wills may be considered invalid?: A
will that is not signed.
6. 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
,7. Which of the following statements best describes what
happens with a judicial foreclosure?: The mortgaged property
is sold under the supervision of a court.
8. 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.
9. The cost of doing direct mail advertising depends on: The
frequency of the mailings
10. 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
11. 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
12. 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
13. 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.
, 14. 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.
15. 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.
16. 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
17. Which of the following would qualify as an example of
retail property?: A
shopping center
18. 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
19. 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
20. Which is false regarding a promissory note?: It is the term
used for a note that is guaranteed or insured by a governmental
agency.
