COLIBRI REAL ESTATE TEST
QUESTIONS & ANSWERS(SCORED A+)
What is the primary purpose of instituting FACTA? - ANSWERTo combat identity
theft, and enhance the accuracy and privacy of information held by credit reporting
agencies.
What does a For Sale By Owner(FSBO) seller sign that identifies the buyer, and
guarantees the agent a commission if the buyer purchases? - ANSWERCommission
Agreement for Sale
What clause allows for parcels and units to be sold from a blanket mortgage? -
ANSWERRelease Clause
To avoid litigation, what should all Real Estate(RE) companies using websites
develop? - ANSWERAn Internet Advertising Policy
What is it called when the lack of public sites in urban minority areas have
contributed to the urban decay? - ANSWERPublic Domain Racism
In the case of multiple offers who should review counteroffer terms that deviate from
the standard fill-in-the-blank forms? - ANSWERAn attorney
Conventional loans usually require the debt ratio be? - ANSWERLess than 36%
What is formed when people join together and own or control housing or related
facilities? - ANSWERCo-op Ownership
Commercial property is used specifically for? - ANSWERBusiness Properties
Price is the number that quantifies? - ANSWERCost
The services a licensees owes ONLY to a client? - ANSWERAgency Disclosure
How long does an individual have to file a complaint with the Housing and Urban
Development Agency(HUD)? - ANSWER1 Year
What actions make up the majority of exclusionary discrimination cases against
landlords? - ANSWERFalse Advertisements
What gives the public constructive notice of a grantee's ownership? -
ANSWERRecording the Deed
Life insurance companies typically invest how much of their assets in RE? -
ANSWER(3/4), three- fourths
, Why should agents avoid expressing value judgements when advertising? -
ANSWERSo as to not mislead the consumer
With a reverse annuity mortgage, the lender is making payments to? -
ANSWERBorrower
An insured conventional loan is similar to a Federal Housing Administration(FHA)
loan, except the insurer is? - ANSWERSecondary Lender
What type of loan is linked to an economic index? - ANSWERAdjustable Rate
Mortgage(ARM)
Described as a measure of the strength of a currency or monetary system? -
ANSWERPurchasing Power
What are the largest sources of household wealth? - ANSWERHome Equity/
Retirement Accounts
An arrangement in which a manufacturer sells a product to a reseller only on
condition that the reseller also buys another less popular product. - ANSWERTie-in-
Arrangements
What protected class was added by Fair Housing Amendments Act in 1988? -
ANSWERFamilies with children, and people with disabilities
According to government regulations, the majority of a savings and loan
association's assets must be in? - ANSWERReal Estate Loans
What type of deed offers the greatest protection and is the most used? -
ANSWERGeneral Warranty Deed
In universal agency who is held accountable for the actions of the agent? -
ANSWERThe Principal
Who is responsible for enforcing Code of Ethics, providing mediation and holding
arbitration hearings? - ANSWERNational Association of Realtors(NAR)
What article in Broker/Salesperson Independent Contractor Agreement says
salesperson cannot charge a commission less than the brokers established %? -
ANSWERCommissions
Where would the seller give information about private or public architecture review
control of the property in the Seller's Property Disclosure? - ANSWERStructural
Items
Effective Gross Income (-) Total Operating Expenses= - ANSWERNet Operating
Income
QUESTIONS & ANSWERS(SCORED A+)
What is the primary purpose of instituting FACTA? - ANSWERTo combat identity
theft, and enhance the accuracy and privacy of information held by credit reporting
agencies.
What does a For Sale By Owner(FSBO) seller sign that identifies the buyer, and
guarantees the agent a commission if the buyer purchases? - ANSWERCommission
Agreement for Sale
What clause allows for parcels and units to be sold from a blanket mortgage? -
ANSWERRelease Clause
To avoid litigation, what should all Real Estate(RE) companies using websites
develop? - ANSWERAn Internet Advertising Policy
What is it called when the lack of public sites in urban minority areas have
contributed to the urban decay? - ANSWERPublic Domain Racism
In the case of multiple offers who should review counteroffer terms that deviate from
the standard fill-in-the-blank forms? - ANSWERAn attorney
Conventional loans usually require the debt ratio be? - ANSWERLess than 36%
What is formed when people join together and own or control housing or related
facilities? - ANSWERCo-op Ownership
Commercial property is used specifically for? - ANSWERBusiness Properties
Price is the number that quantifies? - ANSWERCost
The services a licensees owes ONLY to a client? - ANSWERAgency Disclosure
How long does an individual have to file a complaint with the Housing and Urban
Development Agency(HUD)? - ANSWER1 Year
What actions make up the majority of exclusionary discrimination cases against
landlords? - ANSWERFalse Advertisements
What gives the public constructive notice of a grantee's ownership? -
ANSWERRecording the Deed
Life insurance companies typically invest how much of their assets in RE? -
ANSWER(3/4), three- fourths
, Why should agents avoid expressing value judgements when advertising? -
ANSWERSo as to not mislead the consumer
With a reverse annuity mortgage, the lender is making payments to? -
ANSWERBorrower
An insured conventional loan is similar to a Federal Housing Administration(FHA)
loan, except the insurer is? - ANSWERSecondary Lender
What type of loan is linked to an economic index? - ANSWERAdjustable Rate
Mortgage(ARM)
Described as a measure of the strength of a currency or monetary system? -
ANSWERPurchasing Power
What are the largest sources of household wealth? - ANSWERHome Equity/
Retirement Accounts
An arrangement in which a manufacturer sells a product to a reseller only on
condition that the reseller also buys another less popular product. - ANSWERTie-in-
Arrangements
What protected class was added by Fair Housing Amendments Act in 1988? -
ANSWERFamilies with children, and people with disabilities
According to government regulations, the majority of a savings and loan
association's assets must be in? - ANSWERReal Estate Loans
What type of deed offers the greatest protection and is the most used? -
ANSWERGeneral Warranty Deed
In universal agency who is held accountable for the actions of the agent? -
ANSWERThe Principal
Who is responsible for enforcing Code of Ethics, providing mediation and holding
arbitration hearings? - ANSWERNational Association of Realtors(NAR)
What article in Broker/Salesperson Independent Contractor Agreement says
salesperson cannot charge a commission less than the brokers established %? -
ANSWERCommissions
Where would the seller give information about private or public architecture review
control of the property in the Seller's Property Disclosure? - ANSWERStructural
Items
Effective Gross Income (-) Total Operating Expenses= - ANSWERNet Operating
Income
