COLIBRI SCHOOL UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE
●● An important characteristic of land is that it may be modified or
improved at some point in time. Depending on its type, an improvement
may increase the value of real estate greatly. All of the following are
considered to be improvements EXCEPT
Answer: Crops
●● A man leases a store space to open a restaurant. He installs ovens,
booths, counters, and other equipment. When would these items become
real property?
Answer: At lease expiration, if the man does not remove them
●● A real estate professional sells property listed by another brokerage
firm in the multiple listing service. The real estate professional has been
working with the buyer for many months but does not have an agency
contract with him. This real estate professional has fiduciary obligations
to
Answer: the seller.
●● A man's house has been listed for sale for more than one year and he
is very anxious to move into a retirement community. A real estate
,professional, who is a subagent of the seller, tells a prospective buyer to
make a low offer because she is sure that the seller will accept it.
Regarding the real estate professional's conduct, which of the following
is FALSE?
Answer: She acted appropriately to sell the seller's property
●● A real estate professional who represents the seller is showing a
house to a prospective buyer-customer. The real estate professional
knows that the house has water problems in the basement. Which of the
following is TRUE?
Answer: Withholding the information prevents the buyer from making
an informed decision
●● What is the commission rate of 5% on a sale of $250,000?
Answer: $12,500
●● A broker's newest sales associate lists a unit in a condominium
building for sale. In this transaction, the sales associate
Answer: acts on behalf of the broker.
●● The commission on the sale of a house is $9,410, and 30% goes to
the broker who listed the property. Of the remainder, the broker whose
sales associate completed the transaction gets 45%, and the sales
associate receives the balance. How much does the sales associate who
made the sale receive?
,Answer: $3,622.85
●● The type of real estate ownership that is MOST all-inclusive is a
Answer: fee simple estate.
●● A father conveyed the family home to his daughter by will as a pur
autre vie estate for the life of her mother. If the daughter should die
before the mother, who gains possession of the property?
Answer: Daughter's heirs
●● A man owned two acres of land. He sold one acre to a neighbor and
reserved for himself an appurtenant easement over his neighbor's land
for ingress and egress. The man's land
Answer: is the dominant tenement
●● .A woman owns 50 acres of land with 500 feet of frontage on a
desirable recreational lake. She wishes to subdivide the parcel into
salable lots, but she wants to retain control over the lake frontage while
allowing lot owners to have access to the lake. Which of the following
types of access rights would provide the greatest protection for a
prospective lot purchaser?
Answer: Appurtenant easement
●● A homestead exemption protects against judgments
, Answer: of unsecured creditors
●● The owner of a secluded area adjacent to an ocean noticed that
people from town walked along the shore in front of his property. The
owner learned that the local citizens had been walking along this beach
for several years. He went to court to try to stop people from walking
along the water's edge in front of his property. The owner is likely to be
Answer: unsuccessful because the owner's property extends only to the
high-water mark and the public may use the land beyond this point.
●● In a limited partnership,
Answer: the general partners run the business.
●● Which of the following parcels of land is the smallest?
Answer: 5% of a township
●● "Beginning at the SE corner of the NE¼ of the section, then due west
5,280 feet more or less to the SW corner of the NW¼, then north along
the west line of the section 2,640 feet, more or less, to the NW corner of
said NW¼, then in a straight line to the point of beginning." How many
acres does this parcel contain?
Answer: 160
●● .The current property taxes on a parcel are $1,743.25 and have not
been paid. If the sale is to be closed on August 12, what is the
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE
●● An important characteristic of land is that it may be modified or
improved at some point in time. Depending on its type, an improvement
may increase the value of real estate greatly. All of the following are
considered to be improvements EXCEPT
Answer: Crops
●● A man leases a store space to open a restaurant. He installs ovens,
booths, counters, and other equipment. When would these items become
real property?
Answer: At lease expiration, if the man does not remove them
●● A real estate professional sells property listed by another brokerage
firm in the multiple listing service. The real estate professional has been
working with the buyer for many months but does not have an agency
contract with him. This real estate professional has fiduciary obligations
to
Answer: the seller.
●● A man's house has been listed for sale for more than one year and he
is very anxious to move into a retirement community. A real estate
,professional, who is a subagent of the seller, tells a prospective buyer to
make a low offer because she is sure that the seller will accept it.
Regarding the real estate professional's conduct, which of the following
is FALSE?
Answer: She acted appropriately to sell the seller's property
●● A real estate professional who represents the seller is showing a
house to a prospective buyer-customer. The real estate professional
knows that the house has water problems in the basement. Which of the
following is TRUE?
Answer: Withholding the information prevents the buyer from making
an informed decision
●● What is the commission rate of 5% on a sale of $250,000?
Answer: $12,500
●● A broker's newest sales associate lists a unit in a condominium
building for sale. In this transaction, the sales associate
Answer: acts on behalf of the broker.
●● The commission on the sale of a house is $9,410, and 30% goes to
the broker who listed the property. Of the remainder, the broker whose
sales associate completed the transaction gets 45%, and the sales
associate receives the balance. How much does the sales associate who
made the sale receive?
,Answer: $3,622.85
●● The type of real estate ownership that is MOST all-inclusive is a
Answer: fee simple estate.
●● A father conveyed the family home to his daughter by will as a pur
autre vie estate for the life of her mother. If the daughter should die
before the mother, who gains possession of the property?
Answer: Daughter's heirs
●● A man owned two acres of land. He sold one acre to a neighbor and
reserved for himself an appurtenant easement over his neighbor's land
for ingress and egress. The man's land
Answer: is the dominant tenement
●● .A woman owns 50 acres of land with 500 feet of frontage on a
desirable recreational lake. She wishes to subdivide the parcel into
salable lots, but she wants to retain control over the lake frontage while
allowing lot owners to have access to the lake. Which of the following
types of access rights would provide the greatest protection for a
prospective lot purchaser?
Answer: Appurtenant easement
●● A homestead exemption protects against judgments
, Answer: of unsecured creditors
●● The owner of a secluded area adjacent to an ocean noticed that
people from town walked along the shore in front of his property. The
owner learned that the local citizens had been walking along this beach
for several years. He went to court to try to stop people from walking
along the water's edge in front of his property. The owner is likely to be
Answer: unsuccessful because the owner's property extends only to the
high-water mark and the public may use the land beyond this point.
●● In a limited partnership,
Answer: the general partners run the business.
●● Which of the following parcels of land is the smallest?
Answer: 5% of a township
●● "Beginning at the SE corner of the NE¼ of the section, then due west
5,280 feet more or less to the SW corner of the NW¼, then north along
the west line of the section 2,640 feet, more or less, to the NW corner of
said NW¼, then in a straight line to the point of beginning." How many
acres does this parcel contain?
Answer: 160
●● .The current property taxes on a parcel are $1,743.25 and have not
been paid. If the sale is to be closed on August 12, what is the
