COLIBRI REAL ESTATE COMPREHENSIVE ANSWERS
AND QUESTIONS SET A+
✔✔CMA (Comparative Market Analysis) - ✔✔shows possible listing prices, possible
offer prices, but CANNOT determine property value
✔✔Escheat - ✔✔title to property reverts to the state when a person dies without a will
✔✔1978 - ✔✔Lead paint checked in home built before...
✔✔RESPA - ✔✔only applies to 1-4 family residences
✔✔leverage - ✔✔funds from tenant are used to pay property expenses
✔✔opt-out option - ✔✔What is needed when email marketing?
✔✔5 brokers, 2 public, 1 government representative - ✔✔Real Estate Commission
consists of...
✔✔past 5 years - ✔✔cannot become an agent if a felony was committed in the past...
✔✔6 years - ✔✔broker keeps copies of agreements and funds received for...
✔✔6 months - ✔✔broker keeps expired agreements for...
✔✔before seller's motivation or price is discussed - ✔✔When should the 4 business
relationships be introduced to a client?
✔✔Government Survey - ✔✔What is this legal description: 1/4 NW of 1/2 NE of 1/4
NW?
✔✔Acceleration Clause - ✔✔This gives the lender the right to declare all outstanding
payments due upon a default by the borrower.
, ✔✔Graduated Lease - ✔✔A lease under which rental increases are made at scheduled
intervals for specific amounts.
✔✔Percentage Lease - ✔✔A lease for which the tenant's rent is calculated as a
percentage of the tenant's sales.
✔✔Transaction Broker - ✔✔broker who works with both parties on coming to an
agreement, but is not in any agency relationship
✔✔Sale-and-leaseback - ✔✔Owner constructs property, sells it, then stays as a tenant
✔✔Liquidated Damages - ✔✔a sum of money agreed on in advance that serves as
compensation in the event of breach
✔✔Compensatory Damages - ✔✔damages award intended to compensate a plaintiff for
harm caused by defendant's act or failure to act
✔✔Exclusive Right to Sell - ✔✔broker receives compensation no matter who sells the
property
✔✔Exclusive Agency - ✔✔broker gets compensation only if someone other than the
seller find the buyer
✔✔Trustee, Trustor, Beneficiary - ✔✔Parties of a Trust
✔✔Fair Housing Act - ✔✔act that added religion and origin as protected classes
✔✔Civil Rights Act of 1866 - ✔✔act that eliminated all racial discrimination in
purchasing and selling homes
✔✔HUD - ✔✔Who funds the FHA (Federal Housing Administration)?
✔✔$10,000 - ✔✔Second or subsequent violations cost
✔✔Their license is automatically suspended until the end of their license term or until
they find a new broker. - ✔✔What happens to a salespersons license when their
broker's license is revoked or suspended?
✔✔$20,000 per transaction - ✔✔maximum payout amount from the Real Estate
Guaranty Fund
✔✔a third violation - ✔✔When will somebody be deemed a repeat offender?
AND QUESTIONS SET A+
✔✔CMA (Comparative Market Analysis) - ✔✔shows possible listing prices, possible
offer prices, but CANNOT determine property value
✔✔Escheat - ✔✔title to property reverts to the state when a person dies without a will
✔✔1978 - ✔✔Lead paint checked in home built before...
✔✔RESPA - ✔✔only applies to 1-4 family residences
✔✔leverage - ✔✔funds from tenant are used to pay property expenses
✔✔opt-out option - ✔✔What is needed when email marketing?
✔✔5 brokers, 2 public, 1 government representative - ✔✔Real Estate Commission
consists of...
✔✔past 5 years - ✔✔cannot become an agent if a felony was committed in the past...
✔✔6 years - ✔✔broker keeps copies of agreements and funds received for...
✔✔6 months - ✔✔broker keeps expired agreements for...
✔✔before seller's motivation or price is discussed - ✔✔When should the 4 business
relationships be introduced to a client?
✔✔Government Survey - ✔✔What is this legal description: 1/4 NW of 1/2 NE of 1/4
NW?
✔✔Acceleration Clause - ✔✔This gives the lender the right to declare all outstanding
payments due upon a default by the borrower.
, ✔✔Graduated Lease - ✔✔A lease under which rental increases are made at scheduled
intervals for specific amounts.
✔✔Percentage Lease - ✔✔A lease for which the tenant's rent is calculated as a
percentage of the tenant's sales.
✔✔Transaction Broker - ✔✔broker who works with both parties on coming to an
agreement, but is not in any agency relationship
✔✔Sale-and-leaseback - ✔✔Owner constructs property, sells it, then stays as a tenant
✔✔Liquidated Damages - ✔✔a sum of money agreed on in advance that serves as
compensation in the event of breach
✔✔Compensatory Damages - ✔✔damages award intended to compensate a plaintiff for
harm caused by defendant's act or failure to act
✔✔Exclusive Right to Sell - ✔✔broker receives compensation no matter who sells the
property
✔✔Exclusive Agency - ✔✔broker gets compensation only if someone other than the
seller find the buyer
✔✔Trustee, Trustor, Beneficiary - ✔✔Parties of a Trust
✔✔Fair Housing Act - ✔✔act that added religion and origin as protected classes
✔✔Civil Rights Act of 1866 - ✔✔act that eliminated all racial discrimination in
purchasing and selling homes
✔✔HUD - ✔✔Who funds the FHA (Federal Housing Administration)?
✔✔$10,000 - ✔✔Second or subsequent violations cost
✔✔Their license is automatically suspended until the end of their license term or until
they find a new broker. - ✔✔What happens to a salespersons license when their
broker's license is revoked or suspended?
✔✔$20,000 per transaction - ✔✔maximum payout amount from the Real Estate
Guaranty Fund
✔✔a third violation - ✔✔When will somebody be deemed a repeat offender?
