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