COLIBRI REAL ESTATE PRACTICE FINAL EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+

COLIBRI REAL ESTATE PRACTICE FINAL EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Why is the condition of bearing walls more important than non bearing walls? Correct Answer: Bearing walls support the ceiling and the roof. Owner Tom decided to lease out his basement to a college student. By leasing the basement, Tom has Correct Answer: transferred a portion of his bundle of rights What is a forecast of income and expenses that can be projected over five years? Correct Answer: Stabilized budget A buyer told broker Lena that she wants to move to Cuban neighborhood. Then the buyer asked if Lena could show her the best home in a Cuban area. How should Lena respond to this request? Correct Answer: Lena should explain to the buyer that she ethically and legally cannot recommend housing based on national origin. Which of the following wills may be considered invalid? Correct Answer: A will that is not signed. Broker Torrey hires salesperson Wes as an independent contractor. As an independent contractor, Wes can expect which of the following from Broker Torrey? Correct Answer: Performance Expectations Which of the following statements best describes what happens with a judicial foreclosure? Correct Answer: The mortgaged property is sold under the supervision of a court. Which of the following best describes the principle of conformity? Correct Answer: A home maintains its highest value by being in a neighborhood with similar-type housing. The cost of doing direct mail advertising depends on Correct Answer: The frequency of the mailings A type of mortgage which allows the lender to increase the outstanding balance of a loan up to the original amount of the loan in order to advance additional funds is called an Correct Answer: open-end mortgage Of the following liens: a $100,000 mortgage, a $2,500 property tax bill, and a $8,000 mechanic's lien and a $25,000 judgement lien, which will be paid off first after a foreclosure sale? Correct Answer: The $2,500 property tax lien On a $280,000 loan, the lender charges a 2 point service charge. How much does the borrower have to pay for just these two points? Correct Answer: $5,600