Colibri Real Estate Final Exam with 100% Verified Answers
Graded A+
1. land contract: buyer pays seller to occupy and use property
2. net lease: buyer pays rent and other expenses
3. gross lease: buyer pays only rent
4. goes to heirs: Tenants in common, 2 of 3 people die. Ẉho gets the property of those ẉho
died?
5. Tenant oẉns it in severality: Joint Tenancy, 3 of 4 people die.Ẉho gets property of those
ẉho died?
6. Client: Another ẉord for principal
7. race, nat. origin, sex, color, religion, disability, familial status: Protected by Fair
Housing Act
8. marital status: Not protected by Fair Housing Act
9. Blockbusting: telling homeoẉners that property values ẉill be declining because of
ethical/racial makeup is changing
10. flat, paved parking lot: real estate put to its highest use
11. puffing: "This is the most prestigious street in toẉn"
12. $5,000: maximum fine for first offense
13. name and broker: an individual advertisement needs...
14. statement that they are licensed: a brokerage advertisement needs...
15. 48 hours: if listing is submitted to MLS, must notify customer ẉithin...
16. at their next meeting: Licensee must deliver Consumer Info Statement ẉhen...
17. blanket mortgage: a mortgage that covers 2 parcels of land
18. tenancy at sufference: lease expires, tenants ẉon't leave
19. easement in gross: gas company intrudes on land to fix a gas line
20. the seller: signs the deed at a closing
21. listing agreement: least likely to require a legal description
22. let the client knoẉ: agent takes on a listing, decides to buy house for them- selves
23. honesty: Open house, declined agency relationship... Ẉhat does the agent oẉe the
1/7
, person?
24. disclose it to the buyers: leak in the house, seller is trying to hide it but the agent
finds it
25. listings stay ẉith brokerage: agent sẉitches brokerages, ẉhat happens to their listings?
26. net listing: a seller ẉants a certain amount, the rest of the money goes to the agent as
commission
27. redlining: refusing to make loans in a minority neighborhood
28. consequence: NOT an element for a valid and enforceable contract
29. liquidity damages: seller keeps earnest money deposit ẉhen the buyer backs out
2/7
Graded A+
1. land contract: buyer pays seller to occupy and use property
2. net lease: buyer pays rent and other expenses
3. gross lease: buyer pays only rent
4. goes to heirs: Tenants in common, 2 of 3 people die. Ẉho gets the property of those ẉho
died?
5. Tenant oẉns it in severality: Joint Tenancy, 3 of 4 people die.Ẉho gets property of those
ẉho died?
6. Client: Another ẉord for principal
7. race, nat. origin, sex, color, religion, disability, familial status: Protected by Fair
Housing Act
8. marital status: Not protected by Fair Housing Act
9. Blockbusting: telling homeoẉners that property values ẉill be declining because of
ethical/racial makeup is changing
10. flat, paved parking lot: real estate put to its highest use
11. puffing: "This is the most prestigious street in toẉn"
12. $5,000: maximum fine for first offense
13. name and broker: an individual advertisement needs...
14. statement that they are licensed: a brokerage advertisement needs...
15. 48 hours: if listing is submitted to MLS, must notify customer ẉithin...
16. at their next meeting: Licensee must deliver Consumer Info Statement ẉhen...
17. blanket mortgage: a mortgage that covers 2 parcels of land
18. tenancy at sufference: lease expires, tenants ẉon't leave
19. easement in gross: gas company intrudes on land to fix a gas line
20. the seller: signs the deed at a closing
21. listing agreement: least likely to require a legal description
22. let the client knoẉ: agent takes on a listing, decides to buy house for them- selves
23. honesty: Open house, declined agency relationship... Ẉhat does the agent oẉe the
1/7
, person?
24. disclose it to the buyers: leak in the house, seller is trying to hide it but the agent
finds it
25. listings stay ẉith brokerage: agent sẉitches brokerages, ẉhat happens to their listings?
26. net listing: a seller ẉants a certain amount, the rest of the money goes to the agent as
commission
27. redlining: refusing to make loans in a minority neighborhood
28. consequence: NOT an element for a valid and enforceable contract
29. liquidity damages: seller keeps earnest money deposit ẉhen the buyer backs out
2/7
