COLIBRI SCHOOL EXAM NJ | QUESTIONS
AND ANSWERS
In a real estate transaction the principal would BEST be described as the - Person
represented by an agent
Bert is showing his buyer a home in a historic district. The buyer mentions in passing
that she would like to place solar panels on the roof. Beet knows that the homeowners
association CC&Rs would prohibit this to protect the historic character of the
neighborhood, but he doesn't tell the buyer for fear she'll loose interest in the house.
Bert has committed - Actual fraud
Which situation is NOT EXEMPT from the provisions of federal fair housing laws,
assuming no discriminatory advertising is used and a licensee is not involved? - Barb is
an owner-occupant of a duplex who will lease the other unit only to a white woman
Danita gets a deed of trust from ABC bank to finance the purchase of a house in Sunny
Acres, a new subdivision. While the loan is outstanding, who holds the title to Danita
property? - A trustee
Which of these phrases would LEAST likely be evidence of a conspiracy to commit an
antitrust violation if said by a licensee? - "We would like to suggest that you use Ace
Title Agency for the closing."
Which lease tenancy is engaged in by a holdover tenant? - tenancy at sufferance
RESPA applies to ___________ financed by a federally regulated loan. - one- to four-
family residences.
An bacceleration bclause bin ba bmortgage ballows bthe blender bto b- b bDeclare bthe bloan bdue bif
bthe bbuyer bdefaults
Borrower bBetty's bstable bmonthly bincome bis b$4200. bShe bhas bthree bmonthly bdebts: b$350
bcar bpayment, b$120 bstudent bloan bpayment, band b$80 bcredit bcard bpayment. bWhat bis bthe
bmaximum bmonthly bmortgage bpayment bshe bwould bqualify bfor bon ba bconventional bloan b- b
b$962
Luke bis bMarks blisting bagent. bMark bagrees bthat bLuke bcan bpay b3% bto ba bcooperating
bbroker. bLicensee bLisa bintroduces bbuyer bcustomer bBev bto bMark's bproperty. bWhen bBev
bdecides bto bmake ban boffer bon bthe bhouse, bshe bcalls bLuke bdirectly. bLuke brefuses bto bpay
AND ANSWERS
In a real estate transaction the principal would BEST be described as the - Person
represented by an agent
Bert is showing his buyer a home in a historic district. The buyer mentions in passing
that she would like to place solar panels on the roof. Beet knows that the homeowners
association CC&Rs would prohibit this to protect the historic character of the
neighborhood, but he doesn't tell the buyer for fear she'll loose interest in the house.
Bert has committed - Actual fraud
Which situation is NOT EXEMPT from the provisions of federal fair housing laws,
assuming no discriminatory advertising is used and a licensee is not involved? - Barb is
an owner-occupant of a duplex who will lease the other unit only to a white woman
Danita gets a deed of trust from ABC bank to finance the purchase of a house in Sunny
Acres, a new subdivision. While the loan is outstanding, who holds the title to Danita
property? - A trustee
Which of these phrases would LEAST likely be evidence of a conspiracy to commit an
antitrust violation if said by a licensee? - "We would like to suggest that you use Ace
Title Agency for the closing."
Which lease tenancy is engaged in by a holdover tenant? - tenancy at sufferance
RESPA applies to ___________ financed by a federally regulated loan. - one- to four-
family residences.
An bacceleration bclause bin ba bmortgage ballows bthe blender bto b- b bDeclare bthe bloan bdue bif
bthe bbuyer bdefaults
Borrower bBetty's bstable bmonthly bincome bis b$4200. bShe bhas bthree bmonthly bdebts: b$350
bcar bpayment, b$120 bstudent bloan bpayment, band b$80 bcredit bcard bpayment. bWhat bis bthe
bmaximum bmonthly bmortgage bpayment bshe bwould bqualify bfor bon ba bconventional bloan b- b
b$962
Luke bis bMarks blisting bagent. bMark bagrees bthat bLuke bcan bpay b3% bto ba bcooperating
bbroker. bLicensee bLisa bintroduces bbuyer bcustomer bBev bto bMark's bproperty. bWhen bBev
bdecides bto bmake ban boffer bon bthe bhouse, bshe bcalls bLuke bdirectly. bLuke brefuses bto bpay
