COLIBRI REAL ESTATE PRACTICE
FINAL EXAM QUESTIONS &
ANSWERS(RATED A+)
Why is the condition of bearing walls more important than non bearing walls? -
ANSWERBearing 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 - ANSWERtransferred a portion of his bundle of rights
Which of the following wills may be considered invalid? - ANSWERA 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? -
ANSWERPerformance Expectations
Which of the following statements best describes what happens with a judicial
foreclosure? - ANSWERThe mortgaged property is sold under the supervision of a
court.
Which of the following best describes the principle of conformity? - ANSWERA home
maintains its highest value by being in a neighborhood with similar-type housing.
What is a forecast of income and expenses that can be projected over five years? -
ANSWERStabilized 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? - ANSWERLena should explain to the buyer that she
ethically and legally cannot recommend housing based on national origin.
The cost of doing direct mail advertising depends on - ANSWERThe 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 - ANSWERopen-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? - ANSWERThe $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? - ANSWER$5,600
, A seller decided to back out of a sales contract for no good reason. What recourse
does the buyer have? - ANSWERTo sue for specific performance.
What are the primary advantages of PEX piping? - ANSWERPEX 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? -
ANSWERI 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
- ANSWERinstitutional advertising
Which of the following would qualify as an example of retail property? - ANSWERA
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? - ANSWERNeal
Broker Jon is attaching a rider strip to a For Sale sign. What information is most
likely on this rider strip? - ANSWERJon's cell phone number
Which is false regarding a promissory note? - ANSWERIt is the term used for a note
that is guaranteed or insured by a governmental agency.
What is a disadvatage of real estate investment? - ANSWERIt 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 - ANSWERblockbusting
Given the net income of a property, the appraiser can determine an opinion of the
value for that property by - ANSWERDividing 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? - ANSWERThe State or County
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract
enforceable? - ANSWERNo, all leases for longer than one year must be in writing to
be enforceable.
Licensee Alex only represents the buyer in a transaction. What is Alex called in this
situation? - ANSWERA single Agent
Which of these activities is appropriate to do within the first few days of obtaining a
listing? - ANSWERHave the managing broker send a "Thank you for listing" letter to
the sellers
FINAL EXAM QUESTIONS &
ANSWERS(RATED A+)
Why is the condition of bearing walls more important than non bearing walls? -
ANSWERBearing 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 - ANSWERtransferred a portion of his bundle of rights
Which of the following wills may be considered invalid? - ANSWERA 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? -
ANSWERPerformance Expectations
Which of the following statements best describes what happens with a judicial
foreclosure? - ANSWERThe mortgaged property is sold under the supervision of a
court.
Which of the following best describes the principle of conformity? - ANSWERA home
maintains its highest value by being in a neighborhood with similar-type housing.
What is a forecast of income and expenses that can be projected over five years? -
ANSWERStabilized 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? - ANSWERLena should explain to the buyer that she
ethically and legally cannot recommend housing based on national origin.
The cost of doing direct mail advertising depends on - ANSWERThe 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 - ANSWERopen-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? - ANSWERThe $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? - ANSWER$5,600
, A seller decided to back out of a sales contract for no good reason. What recourse
does the buyer have? - ANSWERTo sue for specific performance.
What are the primary advantages of PEX piping? - ANSWERPEX 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? -
ANSWERI 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
- ANSWERinstitutional advertising
Which of the following would qualify as an example of retail property? - ANSWERA
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? - ANSWERNeal
Broker Jon is attaching a rider strip to a For Sale sign. What information is most
likely on this rider strip? - ANSWERJon's cell phone number
Which is false regarding a promissory note? - ANSWERIt is the term used for a note
that is guaranteed or insured by a governmental agency.
What is a disadvatage of real estate investment? - ANSWERIt 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 - ANSWERblockbusting
Given the net income of a property, the appraiser can determine an opinion of the
value for that property by - ANSWERDividing 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? - ANSWERThe State or County
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract
enforceable? - ANSWERNo, all leases for longer than one year must be in writing to
be enforceable.
Licensee Alex only represents the buyer in a transaction. What is Alex called in this
situation? - ANSWERA single Agent
Which of these activities is appropriate to do within the first few days of obtaining a
listing? - ANSWERHave the managing broker send a "Thank you for listing" letter to
the sellers
