Colibri exam
Missy offers seller Jordan $189,500 for his house. Jordan accepts. The
appraisal comes in at $188,000. If Missy's lender requires a loan-to-value
ratio of 80%, how much of a down payment must Missy make?
$37,600
$37,900
$39,100
$39,500 correct answers39,100
Standard title insurance coverage protects against loss resulting from
each of the following EXCEPT
the person signing the deed was considered mentally
incompetent. the planning board rezoned the
neighborhood.
the legal description of the property indicated the wrong
lot number.
a title abstractor missed an outstanding lien searching the public
records. correct answersThe planning board reasoned the
neighborhood
Carla wants to buy Ben's house for $221,000. Carla includes a contingency
clause in the offer stating that she must sell her current house first. Ben
agrees as long as Carla's house sells within 45 days. They sign the purchase
agreement. During that 45-day period, the contract is
executed.
executory.
unenforceabl
e.
voidable.
correct
answersExec
utory
Mike has always loved the little cottage at the end of the lane. One day, he
knocks on the door and asks owner Carrie if she'd like to sell. She says
she's not likely to sell. He offers to pay her $2,000 today if she would agree
to contact him if she ever decides to sell or receives an acceptable offer
from a third party, giving Mike the opportunity to make the purchase before
anyone else. This is an example of a(n)
contingency
clause. option to
purchase. right of
first refusal.
tendering
performance
agreement.
correct
answersRight of
first refusal
Which of these phrases would LEAST LIKELY be evidence of a conspiracy to
commit an antitrust violation if said by a licensee?
"Every brokerage in town charges a standard 7% commission."
, Lester signs a contract to buy Kathy's house. The contract is conditional on
Kathy installing new carpet throughout. Kathy installed the carpet at a cost of
$12,500. Before closing, Lester tells Kathy that he does not want to buy the
house. Kathy sues Lester for
$12,500 and wins. The court
awarded her collateral damage.
compensatory
damages. liquidated
damages.
punitive damages.
correct
answersCompensator
y
What fiduciary duty do clients give up when they agree to dual agency
in a specific transaction?
accountabili
ty
confidentiali
ty
disclosure
loyalty
correct
answersLoy
alty
Sheri, who has a disability, applies to rent a single-family house. She
states that she needs to install grab bars in the shower and a ramp into
the house from the garage.
Landlord Don would violate federal fair housing laws if he
allows Sheri to make the renovations but insists that she remove them
when her lease is up.
makes the renovations at his own expense.
makes the renovations but requires Sheri to pay for the materials and labor.
refuses to allow Sheri to make the renovations. correct answersRefuses
renovations
A borrower goes to a lender, wishing to buy a house. The borrower promises
to repay the lender $200,000 plus interest, agreeing to use the property as
security for the debt. What two-party instrument does the borrower give the
lender to create a lien on the property?
conveyanc
e deed of
trust
mortgage
promissory
note
correct
answersMo
rtgage
A management agreement creates an agency relationship between a real
estate broker and correct answersOwner of investment property
Missy offers seller Jordan $189,500 for his house. Jordan accepts. The
appraisal comes in at $188,000. If Missy's lender requires a loan-to-value
ratio of 80%, how much of a down payment must Missy make?
$37,600
$37,900
$39,100
$39,500 correct answers39,100
Standard title insurance coverage protects against loss resulting from
each of the following EXCEPT
the person signing the deed was considered mentally
incompetent. the planning board rezoned the
neighborhood.
the legal description of the property indicated the wrong
lot number.
a title abstractor missed an outstanding lien searching the public
records. correct answersThe planning board reasoned the
neighborhood
Carla wants to buy Ben's house for $221,000. Carla includes a contingency
clause in the offer stating that she must sell her current house first. Ben
agrees as long as Carla's house sells within 45 days. They sign the purchase
agreement. During that 45-day period, the contract is
executed.
executory.
unenforceabl
e.
voidable.
correct
answersExec
utory
Mike has always loved the little cottage at the end of the lane. One day, he
knocks on the door and asks owner Carrie if she'd like to sell. She says
she's not likely to sell. He offers to pay her $2,000 today if she would agree
to contact him if she ever decides to sell or receives an acceptable offer
from a third party, giving Mike the opportunity to make the purchase before
anyone else. This is an example of a(n)
contingency
clause. option to
purchase. right of
first refusal.
tendering
performance
agreement.
correct
answersRight of
first refusal
Which of these phrases would LEAST LIKELY be evidence of a conspiracy to
commit an antitrust violation if said by a licensee?
"Every brokerage in town charges a standard 7% commission."
, Lester signs a contract to buy Kathy's house. The contract is conditional on
Kathy installing new carpet throughout. Kathy installed the carpet at a cost of
$12,500. Before closing, Lester tells Kathy that he does not want to buy the
house. Kathy sues Lester for
$12,500 and wins. The court
awarded her collateral damage.
compensatory
damages. liquidated
damages.
punitive damages.
correct
answersCompensator
y
What fiduciary duty do clients give up when they agree to dual agency
in a specific transaction?
accountabili
ty
confidentiali
ty
disclosure
loyalty
correct
answersLoy
alty
Sheri, who has a disability, applies to rent a single-family house. She
states that she needs to install grab bars in the shower and a ramp into
the house from the garage.
Landlord Don would violate federal fair housing laws if he
allows Sheri to make the renovations but insists that she remove them
when her lease is up.
makes the renovations at his own expense.
makes the renovations but requires Sheri to pay for the materials and labor.
refuses to allow Sheri to make the renovations. correct answersRefuses
renovations
A borrower goes to a lender, wishing to buy a house. The borrower promises
to repay the lender $200,000 plus interest, agreeing to use the property as
security for the debt. What two-party instrument does the borrower give the
lender to create a lien on the property?
conveyanc
e deed of
trust
mortgage
promissory
note
correct
answersMo
rtgage
A management agreement creates an agency relationship between a real
estate broker and correct answersOwner of investment property
