Colibri Real Estate (Updated) 178 Questions And Answers Rated A+ 2023

Colibri Real Estate (Updated) 178 Questions And Answers Rated A+ 2023 1. In real estate, which of the following is correct about the term "title?": The term title is a concept referencing the rights associated with ownership. 2. Taxes and insurance are often prepaid at closing to establish the escrow account. On which page of the Closing Disclosure form will the buyer see an accounting of the escrow account set up?: Page two, under other costs On page two of the form, other costs are itemized for buyers and sellers. Taxes, prepaids, and initial escrow payment at closing - usually two months' worth, are paid by the buyer and shown on page 2. 3. How is the sales price reflected on the closing form for the buyer and the seller?: The sales price is a debit to the buyer and a credit to the seller The seller receives the sales price less adjustment at closings or debit. The buyer pays the sales price less adjustment for deposit and loans. 4. Which clause in a deed defines the ownership taken by the grantee and clarifies the purpose of the deed?: The Habendum Clause Also known as the "to have and to hold" the Habendum Clause. This is the clause that describes the rights being transferred. Exceptions and reservations are included in this clause. 5. When a cap rate used with income capitalization is high, the following relationship with sales price exists:: risk and cap rate are higher, the sales price is usually lower. Cap rate is likened to the risk factor when purchasing an investment property - a high cap rate indicates high risk, and often the sales price is lower. 6. Property is located next to a busy freeway; semi-trucks use the freeway all night long. After two years on the market, the seller reduced his price by 25%. Which loss of value has occurred?: Economic or external obsolescence Economic or external obsolescence is a loss of value outside of the perimeter boundary of the property, beyond the owner's control, and almost always