COLIBRI REAL ESTATE FINAL KEY CONCEPTS
AND PRACTICE QUESTIONS
◉ Broker Jim signs a listing agreement with Seller Grace and a buyer
agency agreement with Buyer Pat. Both Grace and Pat signed written
disclosure statements agreeing to this arrangement. What is this
relationship called?
Answer: consensual dual agency
◉ Which statement about asbestos is true?
Answer: it can cause health problems by releasing airborne particles
when old or damaged
◉ Real estate agents are typically what kind of agent?
Answer: special agent
◉ Which of these properties would be considered a non-homestead
property?
Answer: warehouse
◉ Which of the following is considered a fixed operating expense?
Answer: insurance premiums
, ◉ A drainfield, distribution box, and perforated pipes are all
elements of what?
Answer: septic system
◉ Dwayne was four months into his one-year lease when property
owner Larry sold the property. Which statement is correct?
Answer: the new owner must honor the lease until it expires
◉ Ben, the property manager of a 10-unit building shows an
apartment to a woman who uses a wheelchair. The woman says that
she would need to make some modifications, such as adding grab
bars in the shower and removing some carpeting in the bedroom.
How should Ben respond?
Answer: he must allow the tenant to make the modifications at her
expense
◉ how might transfer tax in New York be documented when
property is conveyed?
Answer: as a revenue stamp
◉ why might a tenant in an apartment building a send a letter of
intent to the building's owner?
AND PRACTICE QUESTIONS
◉ Broker Jim signs a listing agreement with Seller Grace and a buyer
agency agreement with Buyer Pat. Both Grace and Pat signed written
disclosure statements agreeing to this arrangement. What is this
relationship called?
Answer: consensual dual agency
◉ Which statement about asbestos is true?
Answer: it can cause health problems by releasing airborne particles
when old or damaged
◉ Real estate agents are typically what kind of agent?
Answer: special agent
◉ Which of these properties would be considered a non-homestead
property?
Answer: warehouse
◉ Which of the following is considered a fixed operating expense?
Answer: insurance premiums
, ◉ A drainfield, distribution box, and perforated pipes are all
elements of what?
Answer: septic system
◉ Dwayne was four months into his one-year lease when property
owner Larry sold the property. Which statement is correct?
Answer: the new owner must honor the lease until it expires
◉ Ben, the property manager of a 10-unit building shows an
apartment to a woman who uses a wheelchair. The woman says that
she would need to make some modifications, such as adding grab
bars in the shower and removing some carpeting in the bedroom.
How should Ben respond?
Answer: he must allow the tenant to make the modifications at her
expense
◉ how might transfer tax in New York be documented when
property is conveyed?
Answer: as a revenue stamp
◉ why might a tenant in an apartment building a send a letter of
intent to the building's owner?
