Colibri Real Estate Final Exam
land contract correct answersbuyer pays seller to occupy and use property
net lease correct answersbuyer pays rent and other
expenses gross lease correct answersbuyer pays only
rent
goes to heirs correct answersTenants in common, 2 of 3 people die.
Who gets the property of those who died?
Tenant owns it in severality correct answersJoint Tenancy, 3 of 4 people die.
Who gets property of those who died?
Client correct answersAnother word for principal
race, nat. origin, sex, color, religion, disability, familial status correct
answersProtected by Fair Housing Act
marital status correct answersNot protected by Fair Housing Act
Blockbusting correct answerstelling homeowners that property values will
be declining because of ethical/racial makeup is changing
flat, paved parking lot correct answersreal estate put to its
highest use puffing correct answers"This is the most
prestigious street in town"
$5,000 correct answersmaximum fine for first offense
name and broker correct answersan individual advertisement
needs...
statement that they are licensed correct answersa brokerage
advertisement needs...
48 hours correct answersif listing is submitted to MLS, must
notify customer within...
at their next meeting correct answersLicensee must deliver Consumer Info
Statement when...
blanket mortgage correct answersa mortgage that covers 2
parcels of land tenancy at sufference correct answerslease
expires, tenants won't leave
, easement in gross correct answersgas company intrudes on land to fix a gas
line
the seller correct answerssigns the deed at a closing
listing agreement correct answersleast likely to require a legal description
let the client know correct answersagent takes on a listing, decides to
buy house for themselves
honesty correct answersOpen house, declined agency relationship...
What does the agent owe the person?
disclose it to the buyers correct answersleak in the house, seller is trying
to hide it but the agent finds it
listings stay with brokerage correct answersagent switches brokerages,
what happens to their listings?
net listing correct answersa seller wants a certain amount, the rest of the
money goes to the agent as commission
redlining correct answersrefusing to make loans in a minority neighborhood
consequence correct answersNOT an element for a valid and enforceable
contract
liquidity damages correct answersseller keeps earnest money deposit
when the buyer backs out
security deposit correct answersLEAST likely to be needed in a
lease hypothecation correct answerspledge of property as
collateral for a loan
7 business days correct answerslender must deliver loan
estimate within ... 10 days of receipt correct answersbroker pays
agent within...
metes and bounds correct answersbeginning point (street name), then the
direction to go
call for late payments correct answersWhat can an unlicensed assistant
NOT do?
PITI correct answersprincipal, interest, taxes, insurance
clearing, adding structures, draining/filling, pesticides correct
answersWetlands: need a permit for...
land contract correct answersbuyer pays seller to occupy and use property
net lease correct answersbuyer pays rent and other
expenses gross lease correct answersbuyer pays only
rent
goes to heirs correct answersTenants in common, 2 of 3 people die.
Who gets the property of those who died?
Tenant owns it in severality correct answersJoint Tenancy, 3 of 4 people die.
Who gets property of those who died?
Client correct answersAnother word for principal
race, nat. origin, sex, color, religion, disability, familial status correct
answersProtected by Fair Housing Act
marital status correct answersNot protected by Fair Housing Act
Blockbusting correct answerstelling homeowners that property values will
be declining because of ethical/racial makeup is changing
flat, paved parking lot correct answersreal estate put to its
highest use puffing correct answers"This is the most
prestigious street in town"
$5,000 correct answersmaximum fine for first offense
name and broker correct answersan individual advertisement
needs...
statement that they are licensed correct answersa brokerage
advertisement needs...
48 hours correct answersif listing is submitted to MLS, must
notify customer within...
at their next meeting correct answersLicensee must deliver Consumer Info
Statement when...
blanket mortgage correct answersa mortgage that covers 2
parcels of land tenancy at sufference correct answerslease
expires, tenants won't leave
, easement in gross correct answersgas company intrudes on land to fix a gas
line
the seller correct answerssigns the deed at a closing
listing agreement correct answersleast likely to require a legal description
let the client know correct answersagent takes on a listing, decides to
buy house for themselves
honesty correct answersOpen house, declined agency relationship...
What does the agent owe the person?
disclose it to the buyers correct answersleak in the house, seller is trying
to hide it but the agent finds it
listings stay with brokerage correct answersagent switches brokerages,
what happens to their listings?
net listing correct answersa seller wants a certain amount, the rest of the
money goes to the agent as commission
redlining correct answersrefusing to make loans in a minority neighborhood
consequence correct answersNOT an element for a valid and enforceable
contract
liquidity damages correct answersseller keeps earnest money deposit
when the buyer backs out
security deposit correct answersLEAST likely to be needed in a
lease hypothecation correct answerspledge of property as
collateral for a loan
7 business days correct answerslender must deliver loan
estimate within ... 10 days of receipt correct answersbroker pays
agent within...
metes and bounds correct answersbeginning point (street name), then the
direction to go
call for late payments correct answersWhat can an unlicensed assistant
NOT do?
PITI correct answersprincipal, interest, taxes, insurance
clearing, adding structures, draining/filling, pesticides correct
answersWetlands: need a permit for...
