ILLINOIS COLIBRI ACTUAL FINALS ANSWERS AND
QUESTIONS SET A+
✔✔A person's payment history comprises approximately __% of his or her FICO score.
- ✔✔35%
✔✔A property is secured by a mortgage that does not contain a "power of sale" clause.
To foreclose, the lien holder will have to - ✔✔file a foreclosure suit.
✔✔Which of the following is not a national estate trade organization? - ✔✔NRA
(National Rifal Association/ Net Rental Income😭)
✔✔Seller Jane is offering an $800 bonus to any agent who sells her home within three
weeks. How would an agent be paid the bonus? - ✔✔The bonus is to be given to
agents sponsoring broker and then passed on to agent.
✔✔The appraisal that is used in making a Comparative Market Analysis is _________. -
✔✔SCA Sales comparable approach
✔✔The difference between what a borrower has to pay to purchase a property and the
amount a lender will lend on the property is the ___________. - ✔✔buyer's down
payment
✔✔James, a sponsoring broker/property manager, must maintain all security deposits in
an escrow account for the the duration of the lease, unless the ____________. -
✔✔unless the tenant waives this requirement in writing and must appear in lease in bold
print
✔✔What is the relationship called when a principal allows a licensee to represent him or
her? - ✔✔Agency
✔✔All web links must be designed: - ✔✔
, ✔✔To whom does a deed in lieu of foreclosure offer advantages? - ✔✔both borrower
and lender to avoid foreclosure costs
✔✔which of these following situations is not a typical reason to renegotiate a sales
contract? - ✔✔seller charges jobs
✔✔Jim's property is undergoing a reduction in market price due to the pressures of a
threatened foreclosure. His property is known as: - ✔✔Distressed property
✔✔Which of the following charges does the buyer usually pay? - ✔✔Lender fees
✔✔what should you do if you feel the offer is not in the seller's best interest? - ✔✔Have
the buyer's agent submit the offer to the seller.
✔✔All of the following are prorated, EXCEPT: - ✔✔interest on a new loan.
✔✔What is the full name of the CAN-SPAM of 2003? - ✔✔Controlling the Assault of
Non-Solicited Pornography and Marketing Act of 2003
✔✔Licensee Gary advises Buyer Tim that a property Tim is interested in is zoned for
commercial use. In fact, Gary does not know what zoning applies to the property. Tim
put in a purchase contract on the property and later finds out that the zoning in place
actually would prevent him from using the property as he intends. Which statement is
TRUE? - ✔✔Gary committed an act of misrepresentation.
✔✔One of the strengths of the sales comparison approach is that it - ✔✔takes into
account the competitive value of specific amenities of the subject property
✔✔Broker Jack accepted a listing for a home. A week later the owner told him that he
was not willing to sell to an Asian person or family. Which of the following is TRUE? -
✔✔Jack should explain to the owner that the request is in violation of FAIR HOUSING
LAW and he cannot abide by it
✔✔A duplex brings in $900 per month per unit and has $6,000 in annual expenses.
What should an investor who wants a 10% return pay for the duplex? - ✔✔$156,000
FIND EXPLANATION !!!! 😩
✔✔A person just seeking information from a real estate licensee is referred to as a(n): -
✔✔consumer
✔✔What is a lien-theory state? - ✔✔A state in which a mortgage is considered to be a
lien against a secured property
QUESTIONS SET A+
✔✔A person's payment history comprises approximately __% of his or her FICO score.
- ✔✔35%
✔✔A property is secured by a mortgage that does not contain a "power of sale" clause.
To foreclose, the lien holder will have to - ✔✔file a foreclosure suit.
✔✔Which of the following is not a national estate trade organization? - ✔✔NRA
(National Rifal Association/ Net Rental Income😭)
✔✔Seller Jane is offering an $800 bonus to any agent who sells her home within three
weeks. How would an agent be paid the bonus? - ✔✔The bonus is to be given to
agents sponsoring broker and then passed on to agent.
✔✔The appraisal that is used in making a Comparative Market Analysis is _________. -
✔✔SCA Sales comparable approach
✔✔The difference between what a borrower has to pay to purchase a property and the
amount a lender will lend on the property is the ___________. - ✔✔buyer's down
payment
✔✔James, a sponsoring broker/property manager, must maintain all security deposits in
an escrow account for the the duration of the lease, unless the ____________. -
✔✔unless the tenant waives this requirement in writing and must appear in lease in bold
✔✔What is the relationship called when a principal allows a licensee to represent him or
her? - ✔✔Agency
✔✔All web links must be designed: - ✔✔
, ✔✔To whom does a deed in lieu of foreclosure offer advantages? - ✔✔both borrower
and lender to avoid foreclosure costs
✔✔which of these following situations is not a typical reason to renegotiate a sales
contract? - ✔✔seller charges jobs
✔✔Jim's property is undergoing a reduction in market price due to the pressures of a
threatened foreclosure. His property is known as: - ✔✔Distressed property
✔✔Which of the following charges does the buyer usually pay? - ✔✔Lender fees
✔✔what should you do if you feel the offer is not in the seller's best interest? - ✔✔Have
the buyer's agent submit the offer to the seller.
✔✔All of the following are prorated, EXCEPT: - ✔✔interest on a new loan.
✔✔What is the full name of the CAN-SPAM of 2003? - ✔✔Controlling the Assault of
Non-Solicited Pornography and Marketing Act of 2003
✔✔Licensee Gary advises Buyer Tim that a property Tim is interested in is zoned for
commercial use. In fact, Gary does not know what zoning applies to the property. Tim
put in a purchase contract on the property and later finds out that the zoning in place
actually would prevent him from using the property as he intends. Which statement is
TRUE? - ✔✔Gary committed an act of misrepresentation.
✔✔One of the strengths of the sales comparison approach is that it - ✔✔takes into
account the competitive value of specific amenities of the subject property
✔✔Broker Jack accepted a listing for a home. A week later the owner told him that he
was not willing to sell to an Asian person or family. Which of the following is TRUE? -
✔✔Jack should explain to the owner that the request is in violation of FAIR HOUSING
LAW and he cannot abide by it
✔✔A duplex brings in $900 per month per unit and has $6,000 in annual expenses.
What should an investor who wants a 10% return pay for the duplex? - ✔✔$156,000
FIND EXPLANATION !!!! 😩
✔✔A person just seeking information from a real estate licensee is referred to as a(n): -
✔✔consumer
✔✔What is a lien-theory state? - ✔✔A state in which a mortgage is considered to be a
lien against a secured property
