Colibri Real Estate Final Exam with Complete Solutions

Colibri Real Estate Final Exam with Complete Solutions land contract buyer pays seller to occupy and use property net lease buyer pays rent and other expenses gross lease buyer pays only rent goes to heirs Tenants in common, 2 of 3 people die. Who gets the property of those who died? Tenant owns it in severality Joint Tenancy, 3 of 4 people die. Who gets property of those who died? Client Another word for principal race, nat. origin, sex, color, religion, disability, familial status Protected by Fair Housing Act marital status Not protected by Fair Housing Act Blockbusting telling homeowners that property values will be declining because of ethical/racial makeup is changing flat, paved parking lot real estate put to its highest use puffing "This is the most prestigious street in town" $5,000 maximum fine for first offense name and broker an individual advertisement needs... statement that they are licensed a brokerage advertisement needs... 48 hours if listing is submitted to MLS, must notify customer within... at their next meeting Licensee must deliver Consumer Info Statement when... blanket mortgage a mortgage that covers 2 parcels of land tenancy at sufference lease expires, tenants won't leave easement in gross gas company intrudes on land to fix a gas line the seller signs the deed at a closing listing agreement least likely to require a legal description let the client know agent takes on a listing, decides to buy house for themselves honesty Open house, declined agency relationship... What does the agent owe the person? disclose it to the buyers leak in the house, seller is trying to hide it but the agent finds it listings stay with brokerage agent switches brokerages,