Real Estate Principles Final Exam Colibri Questions and Answers 100% Pass

Real Estate Principles Final Exam Colibri Questions and Answers 100% Pass Long Beach salesperson Eric Janey is providing sellers Julie and Zach Roberts with the necessary disclosures they must be given upon the sale of real property. Which of the following is NOT a disclosure that is given upon the sale of real property? - Answer- Mold Disclosure Required Lead-based Paint Disclosure Required Natural Hazards Disclosure Required Radon Detection Test Disclosure - NOT REQUIRED IN CA Escrow cannot be terminated in which of the following ways? - Answer- Death of one of the principals ESCROW CAN BE TERMINATED BY The completion of escrow Mutual agreement By a court or interpleader action Kathy Bates has just moved into a condominium complex of 60 units. The complex has a swimming pool, and a management company takes care of the upkeep of the outside of the property. The monthly cost for pool maintenance, grass cutting, tree trimming, private street maintenance, and the newly-updated clubhouse is currently $400.00 a month. Each year, the cost of such services increases, as do the costs for necessary repairs as the buildings get older. This year, new roofs are in order for all of the buildings. The condominium association, which is made up of the owners of the property, decides that, in order to cover the increase in costs, and to replace the roofs on the property, they must pass a - Answer- Special Assessment NOT Ad valorem tax (insert why) General real estate tax (insert why) Pauline Chasse has just signed a lease agreement with landlord, Wayne Godbrey to rent a house he owns in Delano. The lease states definite beginning (January 1, 2016) and ending (October 30, 2016) dates, and sets forth the rent amount and due dates and all additional property and personal information required in such a lease. Wayne hands a copy to Pauline, but she notices that he has not signed it. When she comments about this to him, he tells her that signatures are not necessary since the lease is for less than a year. Which of the following is true of this situation? - Answer- Leases of less than 1 year are not required to be in writing. However, if a lease is in writing, then it must be signed by the lessor (in this case, Wayne) Which of the following is NOT considered one of the basic types of Common Interest Developments? - Answer- Mobile Home Parks The below ARE considered Common Interest Developments Condominiums Cooperatives Planned developments Under Article 7 on "hard money loans" (cash) of $30,000.00 and over for first trust deed loans, and $20,000.00 and over for junior deeds of trust, except where the new usury laws apply, the loan broker's commission maximum is: - Answer- The broker MAY CHARGE as much commission as the borrower will agree to pay. The regulations also require that the broker provides to BOTH the buyer and seller, on first trust deed loans UNDER $30,000.00, and on junior trust deed loans UNDER $20,000.00, copies of the appraisal report.Loans on owner-occupied homes that are negotiated by a broker for a term of 6 or more years may not have a balloon payment. In any situation that involves a balloon payment, the SELLER is required to notify the BUYER between 60 and 150 days BEFORE the payment is due.If the home is NOT occupied by the owner, then the loans are exempt from balloon payments, IF the loan term is less than 3 years.Threshold Reporting is the requirement to report annual and quarterly loan activities (review of trust fund) to the California BRE, IF, within the past 12 months, a broker has negotiated any combination of 10 or more loans to a subdivision OR a total of more than $1,000,000.00 in loans. Regulations for "big lending," as this is known, include the requirement that advertising must be reviewed by the CalBRE. The intent of the threshold reporting regulations is to protect the public by overseeing the loan activity of these "big lenders," who are using their real estate licenses to take on such activities.