Colibri Real Estate Practice Final Exam
Why is the condition of bearing walls more important than non bearing
walls? correct answersBearing 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 answerstransferred a portion of
his bundle of rights
What is a forecast of income and expenses that can be projected over
five years? correct answersStabilized 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 answersLena
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 answersA 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 answersPerformance Expectations
Which of the following statements best describes what happens with a
judicial foreclosure? correct answersThe mortgaged property is sold under
the supervision of a court.
Which of the following best describes the principle of conformity? correct
answersA home maintains its highest value by being in a neighborhood with
similar-type housing.
The cost of doing direct mail advertising depends on correct answersThe
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 answersopen-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 answersThe $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
answers$5,600
A seller decided to back out of a sales contract for no good reason. What
recourse does the buyer have? correct answersTo sue for specific
performance.
What are the primary advantages of PEX piping? correct answersPEX piping
is able to withstand both high and low temperatures and it is highly
resistant to chemicals.
How does Planned Unit Development zoning differ from ordinary zoning?
correct answersI requires that multiple tracts of land be developed according
to a single design for efficient use of space.
Home Hoarding Realty is advertising to the public that their managing
broker has been in the business 37 years and has sold over 1,250 homes.
This is an example of correct answersinstitutional advertising
Which of the following would qualify as an example of retail property?
correct answersA shopping center
Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale
brought in
$500,000 and the total liabilities on the home were $425,000. Who
receives the additional $75,000? correct answersNeal
Broker Jon is attaching a rider strip to a For Sale sign. What information is
most likely on this rider strip? correct answersJon's cell phone number
Which is false regarding a promissory note? correct answersIt is the term
used for a note that is guaranteed or insured by a governmental agency.
What is a disadvatage of real estate investment? correct answersIt is not
highly liquid
A broker induces an owner to sell by telling him that Muslims are
moving into the neighborhood. This broker is guilty of correct
answersblockbusting
Given the net income of a property, the appraiser can determine an opinion
of the value for that property by correct answersDividing by the rate of
capitalization
Morgan owned a large condominium on the ocean. She died and no legal
heirs were found. Who will receive title to the property? correct
answersThe State or County
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract
enforceable? correct answersNo, all leases for longer than one year must be
in writing to be enforceable.
Why is the condition of bearing walls more important than non bearing
walls? correct answersBearing 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 answerstransferred a portion of
his bundle of rights
What is a forecast of income and expenses that can be projected over
five years? correct answersStabilized 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 answersLena
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 answersA 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 answersPerformance Expectations
Which of the following statements best describes what happens with a
judicial foreclosure? correct answersThe mortgaged property is sold under
the supervision of a court.
Which of the following best describes the principle of conformity? correct
answersA home maintains its highest value by being in a neighborhood with
similar-type housing.
The cost of doing direct mail advertising depends on correct answersThe
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 answersopen-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 answersThe $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
answers$5,600
A seller decided to back out of a sales contract for no good reason. What
recourse does the buyer have? correct answersTo sue for specific
performance.
What are the primary advantages of PEX piping? correct answersPEX piping
is able to withstand both high and low temperatures and it is highly
resistant to chemicals.
How does Planned Unit Development zoning differ from ordinary zoning?
correct answersI requires that multiple tracts of land be developed according
to a single design for efficient use of space.
Home Hoarding Realty is advertising to the public that their managing
broker has been in the business 37 years and has sold over 1,250 homes.
This is an example of correct answersinstitutional advertising
Which of the following would qualify as an example of retail property?
correct answersA shopping center
Neal's home has been foreclosed on and sold at a Sheriff's sale. The sale
brought in
$500,000 and the total liabilities on the home were $425,000. Who
receives the additional $75,000? correct answersNeal
Broker Jon is attaching a rider strip to a For Sale sign. What information is
most likely on this rider strip? correct answersJon's cell phone number
Which is false regarding a promissory note? correct answersIt is the term
used for a note that is guaranteed or insured by a governmental agency.
What is a disadvatage of real estate investment? correct answersIt is not
highly liquid
A broker induces an owner to sell by telling him that Muslims are
moving into the neighborhood. This broker is guilty of correct
answersblockbusting
Given the net income of a property, the appraiser can determine an opinion
of the value for that property by correct answersDividing by the rate of
capitalization
Morgan owned a large condominium on the ocean. She died and no legal
heirs were found. Who will receive title to the property? correct
answersThe State or County
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract
enforceable? correct answersNo, all leases for longer than one year must be
in writing to be enforceable.
