Colibri Real Estate Final Exam
marital status - CORRECT ANSWER-Not protected by Fair Housing Act
Blockbusting - CORRECT ANSWER-telling homeowners that property values will be
declining because of ethical/racial makeup is changing
flat, paved parking lot - CORRECT ANSWER-real estate put to its highest use
puffing - CORRECT ANSWER-"This is the most prestigious street in town"
$5,000 - CORRECT ANSWER-maximum fine for first offense
name and broker - CORRECT ANSWER-an individual advertisement needs...
statement that they are licensed - CORRECT ANSWER-a brokerage advertisement
needs...
48 hours - CORRECT ANSWER-if listing is submitted to MLS, must notify customer
within...
land contract - CORRECT ANSWER-buyer pays seller to occupy and use property
net lease - CORRECT ANSWER-buyer pays rent and other expenses
gross lease - CORRECT ANSWER-buyer pays only rent
goes to heirs - CORRECT ANSWER-Tenants in common, 2 of 3 people die. Who gets
the property of those who died?
Tenant owns it in severality - CORRECT ANSWER-Joint Tenancy, 3 of 4 people die.
Who gets property of those who died?
Client - CORRECT ANSWER-Another word for principal
race, nat. origin, sex, color, religion, disability, familial status - CORRECT ANSWER-
Protected by Fair Housing Act
, at their next meeting - CORRECT ANSWER-Licensee must deliver Consumer Info
Statement when...
blanket mortgage - CORRECT ANSWER-a mortgage that covers 2 parcels of land
tenancy at sufference - CORRECT ANSWER-lease expires, tenants won't leave
easement in gross - CORRECT ANSWER-gas company intrudes on land to fix a gas
line
the seller - CORRECT ANSWER-signs the deed at a closing
listing agreement - CORRECT ANSWER-least likely to require a legal description
let the client know - CORRECT ANSWER-agent takes on a listing, decides to buy
house for themselves
honesty - CORRECT ANSWER-Open house, declined agency relationship... What does
the agent owe the person?
disclose it to the buyers - CORRECT ANSWER-leak in the house, seller is trying to hide
it but the agent finds it
listings stay with brokerage - CORRECT ANSWER-agent switches brokerages, what
happens to their listings?
net listing - CORRECT ANSWER-a seller wants a certain amount, the rest of the money
goes to the agent as commission
redlining - CORRECT ANSWER-refusing to make loans in a minority neighborhood
consequence - CORRECT ANSWER-NOT an element for a valid and enforceable
contract
liquidity damages - CORRECT ANSWER-seller keeps earnest money deposit when the
buyer backs out
security deposit - CORRECT ANSWER-LEAST likely to be needed in a lease
hypothecation - CORRECT ANSWER-pledge of property as collateral for a loan
7 business days - CORRECT ANSWER-lender must deliver loan estimate within ...
10 days of receipt - CORRECT ANSWER-broker pays agent within...
marital status - CORRECT ANSWER-Not protected by Fair Housing Act
Blockbusting - CORRECT ANSWER-telling homeowners that property values will be
declining because of ethical/racial makeup is changing
flat, paved parking lot - CORRECT ANSWER-real estate put to its highest use
puffing - CORRECT ANSWER-"This is the most prestigious street in town"
$5,000 - CORRECT ANSWER-maximum fine for first offense
name and broker - CORRECT ANSWER-an individual advertisement needs...
statement that they are licensed - CORRECT ANSWER-a brokerage advertisement
needs...
48 hours - CORRECT ANSWER-if listing is submitted to MLS, must notify customer
within...
land contract - CORRECT ANSWER-buyer pays seller to occupy and use property
net lease - CORRECT ANSWER-buyer pays rent and other expenses
gross lease - CORRECT ANSWER-buyer pays only rent
goes to heirs - CORRECT ANSWER-Tenants in common, 2 of 3 people die. Who gets
the property of those who died?
Tenant owns it in severality - CORRECT ANSWER-Joint Tenancy, 3 of 4 people die.
Who gets property of those who died?
Client - CORRECT ANSWER-Another word for principal
race, nat. origin, sex, color, religion, disability, familial status - CORRECT ANSWER-
Protected by Fair Housing Act
, at their next meeting - CORRECT ANSWER-Licensee must deliver Consumer Info
Statement when...
blanket mortgage - CORRECT ANSWER-a mortgage that covers 2 parcels of land
tenancy at sufference - CORRECT ANSWER-lease expires, tenants won't leave
easement in gross - CORRECT ANSWER-gas company intrudes on land to fix a gas
line
the seller - CORRECT ANSWER-signs the deed at a closing
listing agreement - CORRECT ANSWER-least likely to require a legal description
let the client know - CORRECT ANSWER-agent takes on a listing, decides to buy
house for themselves
honesty - CORRECT ANSWER-Open house, declined agency relationship... What does
the agent owe the person?
disclose it to the buyers - CORRECT ANSWER-leak in the house, seller is trying to hide
it but the agent finds it
listings stay with brokerage - CORRECT ANSWER-agent switches brokerages, what
happens to their listings?
net listing - CORRECT ANSWER-a seller wants a certain amount, the rest of the money
goes to the agent as commission
redlining - CORRECT ANSWER-refusing to make loans in a minority neighborhood
consequence - CORRECT ANSWER-NOT an element for a valid and enforceable
contract
liquidity damages - CORRECT ANSWER-seller keeps earnest money deposit when the
buyer backs out
security deposit - CORRECT ANSWER-LEAST likely to be needed in a lease
hypothecation - CORRECT ANSWER-pledge of property as collateral for a loan
7 business days - CORRECT ANSWER-lender must deliver loan estimate within ...
10 days of receipt - CORRECT ANSWER-broker pays agent within...
