Colibri Real Estate Practice Final Exam
Why is the condition of bearing walls more important than non bearing walls? - ✔✔ correct 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 -
✔✔ correct answer transferred a portion of his bundle of rights
What is a forecast of income and expenses that can be projected over five years? - ✔✔ correct 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? - ✔✔ correct
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? - ✔✔ correct 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? - ✔✔ correct answer Performance Expectations
Which of the following statements best describes what happens with a judicial foreclosure? - ✔✔
correct answer The mortgaged property is sold under the supervision of a court.
Which of the following best describes the principle of conformity? - ✔✔ correct 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 - ✔✔ correct 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 - ✔✔ correct answer open-
end mortgage
, Colibri Real Estate Practice Final Exam
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? - ✔✔ correct 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? - ✔✔ correct answer $5,600
A seller decided to back out of a sales contract for no good reason. What recourse does the buyer have?
- ✔✔ correct answer To sue for specific performance.
What are the primary advantages of PEX piping? - ✔✔ correct 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? - ✔✔ correct answer 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 - ✔✔ correct answer institutional
advertising
Which of the following would qualify as an example of retail property? - ✔✔ correct answer 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? - ✔✔ correct answer
Neal
Broker Jon is attaching a rider strip to a For Sale sign. What information is most likely on this rider strip? -
✔✔ correct answer Jon's cell phone number
Which is false regarding a promissory note? - ✔✔ correct answer It is the term used for a note that is
guaranteed or insured by a governmental agency.
Why is the condition of bearing walls more important than non bearing walls? - ✔✔ correct 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 -
✔✔ correct answer transferred a portion of his bundle of rights
What is a forecast of income and expenses that can be projected over five years? - ✔✔ correct 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? - ✔✔ correct
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? - ✔✔ correct 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? - ✔✔ correct answer Performance Expectations
Which of the following statements best describes what happens with a judicial foreclosure? - ✔✔
correct answer The mortgaged property is sold under the supervision of a court.
Which of the following best describes the principle of conformity? - ✔✔ correct 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 - ✔✔ correct 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 - ✔✔ correct answer open-
end mortgage
, Colibri Real Estate Practice Final Exam
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? - ✔✔ correct 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? - ✔✔ correct answer $5,600
A seller decided to back out of a sales contract for no good reason. What recourse does the buyer have?
- ✔✔ correct answer To sue for specific performance.
What are the primary advantages of PEX piping? - ✔✔ correct 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? - ✔✔ correct answer 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 - ✔✔ correct answer institutional
advertising
Which of the following would qualify as an example of retail property? - ✔✔ correct answer 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? - ✔✔ correct answer
Neal
Broker Jon is attaching a rider strip to a For Sale sign. What information is most likely on this rider strip? -
✔✔ correct answer Jon's cell phone number
Which is false regarding a promissory note? - ✔✔ correct answer It is the term used for a note that is
guaranteed or insured by a governmental agency.
