COLIBRI REAL ESTATE ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS [DETAILED ANSWERS] 2024 UPDATED VERSION CERTIFIED 10 0% GRADED A+ The Ritchie family has put their home on the market. The Sampsons make an offer on the Ritchies' home. Suddenly, the Ritchies decide not to sell their home. They explain to Sara, their agent, that the Sampsons "aren't quite right" for the neighborhood. What should Sara do? - ANSWER -Sara must explain to the Richies that she cannot ethically remove a property from the market, after an offer has been made, to sidestep a purchase by a party. Sara must with draw herself from the relationship with the Ritchies or from any situation where client discrimination occurs. John is studying for his California real estate license. He is studying federal law, state law, and local law. Now, he is trying to get a handle on something called "Professional Code." What source has no input on the topic John is currently studying? - ANSWER -The Better Business Bureau® Martha and Liz have applied for a mortgage. They both have excellent credit and very successful careers and th ey are perfect on paper. Martha and Liz are partners and are expecting the birth of their first child together. They are denied a loan. What's the violation here? - ANSWER -Martha and Liz have been denied the full protection of the Equal Credit Opportunity Act (ECOA). The ECOA is a part of the Fair Financing Laws. Jennifer is a single mother looking for a place to live. She sees an ad on Facebook by a private owner which states "No young children because of pool". Would this be a Fair Housing Violation? - ANSWER -Yes. Private owners cannot advertise against a protected class. While waiting in the lobby of the Fair Real Estate Company's office, Samir and Rhadika overhear an agent tell clients, "You wouldn't be happy in THAT neighborhood. It's very "colorful," if you know what I mean." Which ruling by the Supreme Court dealt with this issue? - ANSWER -All discrimination and appearances of discrimination in selling or renting residential property based on race and color is prohibited under the provisions of the C ivil Rights Act of 1866, Jones v. Mayer. Jane feels she has been discriminated against in her search for a new home. She's a single mother of two who works full time. Where does she go with a complaint? - ANSWER -The Office of Fair Housing and Equal Opport unity (OFHEO) John is still studying for his California real estate license. Once again, he is having a difficult time keeping areas straight. Help John with the largest area of the NAR Code of Ethics Standards and Practices. - ANSWER -Article 16 - Ethics and Agency Relationships John is trying to keep things straight while he studies. He's having a rough time distinguishing federal and state legislation. Help John with the primary focus of federal legislation. - ANSWER -
Anti -discrimination laws and fair tr ade practices COLIBRI REAL ESTATE ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS [DETAILED ANSWERS] 2024 UPDATED VERSION CERTIFIED 10 0% GRADED A+ Jane has filed her complaint of discrimination. She also wants to seek some sort of punitive damages. What are her options, if any? - ANSWER -Jane may file suit within two years of the violation. She may seek a restraining order, actual damag es, and punitive damages of up to $1,000. Agent Smith tells the Jacob family the Fernwood neighborhood is beautiful, attractive, and highly desirable. The next day, Agent Smith tells the Miller family that Fernwood is deteriorating, values are falling, an d the school district is less than stellar. Name the form of illegal discrimination. - ANSWER -Steering Jonathan decides to sell his home and transfer all of his property ownership rights to the new buyer. This bundling and selling of rights is known as: - ANSWER -Livery of Seisin John lives in an apartment and each month pays his rental payments. He is also considered a stockholder in his building and owns property. In what type of apartment does John live? - ANSWER -Cooperative To take private property through eminent domain, three steps must be taken by the state or local government. What are they? - ANSWER -The property owner must be paid compensation for the property. The property must be for public good or use. The owner must have due process in the c ourt system. The Percy family have purchased a heavily wooded property in Northern California. They are planning to build a guest house off the main house for entertaining. In the process, many trees will need to be cleared. The family is planning to sell the wood to the neighbors as firewood. Which process applies? - ANSWER -Severance Melinda's mother recently passed away. She is thinking of selling her belongings in an estate sale. During her research, she came across real and personal property regulatio ns and laws. Please help Melinda understand the legal difference(s) between real and personal property. - ANSWER -Tax laws often distinguish between real and personal property. An agreement for a sale of real property must be in writing and signed by the pa rty to be charged. If the amount or value is $500 or more, an agreement for the sale of personal property must be in writing. Which of the following is not considered one of the five economic characteristics of land? - ANSWER -Each parcel of land has its o wn nonhomogeneous characteristics. No two properties are the same. A violent storm comes in from the ocean, hitting the beachfront properties with destructive force. When the Meyers return to their home, they find the beach has disappeared from their prop erty. Which term describes the damage? - ANSWER -Avulsion COLIBRI REAL ESTATE ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS [DETAILED ANSWERS] 2024 UPDATED VERSION CERTIFIED 10 0% GRADED A+ Jeremy opened a coffeehouse in a space leased from Maria and Renaldo. A week before his lease expired, Jeremy moved to a new location without his commercial microwave which was attached to the counter. Eighteen days following notice of Jeremy's right to reclaim the microwave, Maria and Renaldo sold the microwave at auction. Jeremy is furious and threatening legal action. Does he have a suit? - ANSWER -No, Jeremy does not have a case. Since the mi crowave was not reclaimed during the period allowed by law. Gary and Paul have wooden shutters installed throughout their home. A few years later, Paul is promoted by his employer and transferred to another city. Gary wants to take the wooden shutters to their new home. Paul insists they must remain with the home. Which of the five tests for real and personal property applies? - ANSWER -Method of Attachment Adaptability Intent Which of the following is not a water right? - ANSWER -Alluvial Right Suzette is leasing a condo from the Garcias. She has been renting the condo for over three years. She renews the lease each year and, because of her loyalty and exemplarily rental history, the Garcia's allow her to make any décor changes she wishes. Which of the fol lowing statements is true about the relationship between the Garcias and Suzette? - ANSWER -The Garcias own the condo in freehold but rent it to Suzette in leasehold. Patrice and Michael are in the process of refinancing their townhouse. The mortgage compa ny calls and gives the couple the news they have a lien on their home for non -payment of the previous year's property taxes. What type of lien is on their property? What do they need to do to remedy their situation? - ANSWER -Patrice and Michael have an inv oluntary lien placed on their home for delinquent property taxes. The couple needs to pay the taxes, any interest and/or late fees, and have the lien removed. Which of the following is not considered one of the six distinct forms of ownership in Californi a? - ANSWER -Voluntary Tenancy Christine and Scott have been married for fifteen years. They have three children, a home, and a vacation home. The couple purchased their home together after their marriage, but Scott owned the vacation property prior to the union. Christine and Scott are now getting divorced. Christine wants half of their residence and half of the ownership of the vacation property. At times they have rented the vacation home and the proceeds have gone to their joint bank account. Does Chris tine have any legal right to the ownership of the vacation home? - ANSWER -No, Scott came to the marriage with the vacation property, therefore it may remain a separate property. However, due to the commingling of the rental proceeds from the property in th e joint account, she does have a right to half the proceeds. COLIBRI REAL ESTATE ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS [DETAILED ANSWERS] 2024 UPDATED VERSION CERTIFIED 10 0% GRADED A+ Ted and Jack are selling their home to Duncan and Gary. Upon the title search, the title company discovers Ted and Jack's home is free of any liens or problems and can be easily sold. Ted and Jack's property holds which type of title? - ANSWER -Marketable Title HEH, Inc. owns a large parcel of land which will be used for commercial development. Upon the sale of the property to HEH, Inc., the grantor in a written agreement established the lake m ay never be touched and the property may only be used for commercial purposes. Which type of private deed restriction is in place for HEH, Inc.'s property? - ANSWER -Covenant Penelope is interested in buying a 150 -year -old historical home in San Francisco. If Penelope decides to purchase the home, it must be on the condition the original architectural features are never removed from the home. Additionally, if Penelope buys the home and then sells it at some point, the same condition must be in the sales con tract, and so on. What type of freehold estate is this historic home? - ANSWER -Fee Simple Defeasible All property in the United States falls under which system of land ownership? - ANSWER -
Allodial System TBH, Inc. owns land for development adjacent to th eir corporate headquarters. TBH, Inc. is the sole owner of the property. The land will be developed as a shopping and restaurant area. Which form of ownership does this property fall under? - ANSWER -Severalty The Moltasanto family has owned a vineyard in Sonoma for over one hundred years. They have owned all rights to the property since the first day of ownership. The property is always inherited by the oldest child after the death of the previous owner. Which type of estate is the Moltasanto family vineya rd? - ANSWER -Fee Simple Absolute The Ahmed family have signed a contract to buy the Miller family's home. However, the contract states the Ahmeds must first close on the sale of their current home within thirty days. If this closing does not occur, the co ntract is no longer binding for either party. Which contract term applies? - ANSWER -Contingency Ginny, a licensee, uses a preprinted contract in Tim's purchase of a new loft apartment. There is a discrepancy in the contract between a preprinted clause and a handwritten addition. Which clause supersedes? - ANSWER -The handwritten clause generally supersedes the preprinted clause. Sania and her mother own property on a river. The water has carried part of their bank downstream to another property. They want their bank back and are prepared to have it returned. Which method of property transfer applies? - ANSWER -By Accession and through Avulsion (It must be reclaimed within one year of the occurrence.) Which of the following is not a method of involuntary ali enation? - ANSWER -Tacking On
Anti -discrimination laws and fair tr ade practices COLIBRI REAL ESTATE ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS [DETAILED ANSWERS] 2024 UPDATED VERSION CERTIFIED 10 0% GRADED A+ Jane has filed her complaint of discrimination. She also wants to seek some sort of punitive damages. What are her options, if any? - ANSWER -Jane may file suit within two years of the violation. She may seek a restraining order, actual damag es, and punitive damages of up to $1,000. Agent Smith tells the Jacob family the Fernwood neighborhood is beautiful, attractive, and highly desirable. The next day, Agent Smith tells the Miller family that Fernwood is deteriorating, values are falling, an d the school district is less than stellar. Name the form of illegal discrimination. - ANSWER -Steering Jonathan decides to sell his home and transfer all of his property ownership rights to the new buyer. This bundling and selling of rights is known as: - ANSWER -Livery of Seisin John lives in an apartment and each month pays his rental payments. He is also considered a stockholder in his building and owns property. In what type of apartment does John live? - ANSWER -Cooperative To take private property through eminent domain, three steps must be taken by the state or local government. What are they? - ANSWER -The property owner must be paid compensation for the property. The property must be for public good or use. The owner must have due process in the c ourt system. The Percy family have purchased a heavily wooded property in Northern California. They are planning to build a guest house off the main house for entertaining. In the process, many trees will need to be cleared. The family is planning to sell the wood to the neighbors as firewood. Which process applies? - ANSWER -Severance Melinda's mother recently passed away. She is thinking of selling her belongings in an estate sale. During her research, she came across real and personal property regulatio ns and laws. Please help Melinda understand the legal difference(s) between real and personal property. - ANSWER -Tax laws often distinguish between real and personal property. An agreement for a sale of real property must be in writing and signed by the pa rty to be charged. If the amount or value is $500 or more, an agreement for the sale of personal property must be in writing. Which of the following is not considered one of the five economic characteristics of land? - ANSWER -Each parcel of land has its o wn nonhomogeneous characteristics. No two properties are the same. A violent storm comes in from the ocean, hitting the beachfront properties with destructive force. When the Meyers return to their home, they find the beach has disappeared from their prop erty. Which term describes the damage? - ANSWER -Avulsion COLIBRI REAL ESTATE ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS [DETAILED ANSWERS] 2024 UPDATED VERSION CERTIFIED 10 0% GRADED A+ Jeremy opened a coffeehouse in a space leased from Maria and Renaldo. A week before his lease expired, Jeremy moved to a new location without his commercial microwave which was attached to the counter. Eighteen days following notice of Jeremy's right to reclaim the microwave, Maria and Renaldo sold the microwave at auction. Jeremy is furious and threatening legal action. Does he have a suit? - ANSWER -No, Jeremy does not have a case. Since the mi crowave was not reclaimed during the period allowed by law. Gary and Paul have wooden shutters installed throughout their home. A few years later, Paul is promoted by his employer and transferred to another city. Gary wants to take the wooden shutters to their new home. Paul insists they must remain with the home. Which of the five tests for real and personal property applies? - ANSWER -Method of Attachment Adaptability Intent Which of the following is not a water right? - ANSWER -Alluvial Right Suzette is leasing a condo from the Garcias. She has been renting the condo for over three years. She renews the lease each year and, because of her loyalty and exemplarily rental history, the Garcia's allow her to make any décor changes she wishes. Which of the fol lowing statements is true about the relationship between the Garcias and Suzette? - ANSWER -The Garcias own the condo in freehold but rent it to Suzette in leasehold. Patrice and Michael are in the process of refinancing their townhouse. The mortgage compa ny calls and gives the couple the news they have a lien on their home for non -payment of the previous year's property taxes. What type of lien is on their property? What do they need to do to remedy their situation? - ANSWER -Patrice and Michael have an inv oluntary lien placed on their home for delinquent property taxes. The couple needs to pay the taxes, any interest and/or late fees, and have the lien removed. Which of the following is not considered one of the six distinct forms of ownership in Californi a? - ANSWER -Voluntary Tenancy Christine and Scott have been married for fifteen years. They have three children, a home, and a vacation home. The couple purchased their home together after their marriage, but Scott owned the vacation property prior to the union. Christine and Scott are now getting divorced. Christine wants half of their residence and half of the ownership of the vacation property. At times they have rented the vacation home and the proceeds have gone to their joint bank account. Does Chris tine have any legal right to the ownership of the vacation home? - ANSWER -No, Scott came to the marriage with the vacation property, therefore it may remain a separate property. However, due to the commingling of the rental proceeds from the property in th e joint account, she does have a right to half the proceeds. COLIBRI REAL ESTATE ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS [DETAILED ANSWERS] 2024 UPDATED VERSION CERTIFIED 10 0% GRADED A+ Ted and Jack are selling their home to Duncan and Gary. Upon the title search, the title company discovers Ted and Jack's home is free of any liens or problems and can be easily sold. Ted and Jack's property holds which type of title? - ANSWER -Marketable Title HEH, Inc. owns a large parcel of land which will be used for commercial development. Upon the sale of the property to HEH, Inc., the grantor in a written agreement established the lake m ay never be touched and the property may only be used for commercial purposes. Which type of private deed restriction is in place for HEH, Inc.'s property? - ANSWER -Covenant Penelope is interested in buying a 150 -year -old historical home in San Francisco. If Penelope decides to purchase the home, it must be on the condition the original architectural features are never removed from the home. Additionally, if Penelope buys the home and then sells it at some point, the same condition must be in the sales con tract, and so on. What type of freehold estate is this historic home? - ANSWER -Fee Simple Defeasible All property in the United States falls under which system of land ownership? - ANSWER -
Allodial System TBH, Inc. owns land for development adjacent to th eir corporate headquarters. TBH, Inc. is the sole owner of the property. The land will be developed as a shopping and restaurant area. Which form of ownership does this property fall under? - ANSWER -Severalty The Moltasanto family has owned a vineyard in Sonoma for over one hundred years. They have owned all rights to the property since the first day of ownership. The property is always inherited by the oldest child after the death of the previous owner. Which type of estate is the Moltasanto family vineya rd? - ANSWER -Fee Simple Absolute The Ahmed family have signed a contract to buy the Miller family's home. However, the contract states the Ahmeds must first close on the sale of their current home within thirty days. If this closing does not occur, the co ntract is no longer binding for either party. Which contract term applies? - ANSWER -Contingency Ginny, a licensee, uses a preprinted contract in Tim's purchase of a new loft apartment. There is a discrepancy in the contract between a preprinted clause and a handwritten addition. Which clause supersedes? - ANSWER -The handwritten clause generally supersedes the preprinted clause. Sania and her mother own property on a river. The water has carried part of their bank downstream to another property. They want their bank back and are prepared to have it returned. Which method of property transfer applies? - ANSWER -By Accession and through Avulsion (It must be reclaimed within one year of the occurrence.) Which of the following is not a method of involuntary ali enation? - ANSWER -Tacking On
