Colibri Real Estate Practice Final Exam- Questions
With Detailed Solutions
Which type of report would a property manager prepare for their
owner client to lay out the plan to finance long-term improvements?
Correct Answer - capital reserve budget
Broker Jim signs a listing agreement with Seller Grace and a buyer
agency agreement with Buyer Pat. Both Grace and Pat signed
written disclosure statements agreeing to this arrangement. What is
this relationship called? Correct Answer - consensual dual
agency
Which statement about asbestos is true? Correct Answer - it
can cause health problems by releasing airborne particles when old
or damaged
Real estate agents are typically what kind of agent? Correct
Answer - special agent
Which of these properties would be considered a non-homestead
property? Correct Answer - warehouse
Which of the following is considered a fixed operating expense?
Correct Answer - insurance premiums
A drainfield, distribution box, and perforated pipes are all elements
of what? Correct Answer - septic system
Dwayne was four months into his one-year lease when property
owner Larry sold the property. Which statement is correct?
Correct Answer - the new owner must honor the lease until it
expires
, Ben, the property manager of a 10-unit building shows an
apartment to a woman who uses a wheelchair. The woman says that
she would need to make some modifications, such as adding grab
bars in the shower and removing some carpeting in the bedroom.
How should Ben respond? Correct Answer - he must allow the
tenant to make the modifications at her expense
how might transfer tax in New York be documented when property
is conveyed? Correct Answer - as a revenue stamp
why might a tenant in an apartment building a send a letter of intent
to the building's owner? Correct Answer - to reserve a specific
unit when building undergoes a conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She
pays rent for occupancy, but the owner of the building pays the
taxes, insurance, and other operating expenses. What kind of lease
does Sandy have? Correct Answer - gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain
title to the property until Sally has paid in full. What kind of contract
do Amanda and Sally have? Correct Answer - land contract
What is the authority that state and local governments have to enact
and enforce laws that protect the public's health, safety, morals, and
general welfare? Correct Answer - police power
which property would most probably have the shortest lease term?
Correct Answer - apartment
what is the purpose of private mortgage insurance? Correct
Answer - it protects the lender against loss in case the borrower
defaults
With Detailed Solutions
Which type of report would a property manager prepare for their
owner client to lay out the plan to finance long-term improvements?
Correct Answer - capital reserve budget
Broker Jim signs a listing agreement with Seller Grace and a buyer
agency agreement with Buyer Pat. Both Grace and Pat signed
written disclosure statements agreeing to this arrangement. What is
this relationship called? Correct Answer - consensual dual
agency
Which statement about asbestos is true? Correct Answer - it
can cause health problems by releasing airborne particles when old
or damaged
Real estate agents are typically what kind of agent? Correct
Answer - special agent
Which of these properties would be considered a non-homestead
property? Correct Answer - warehouse
Which of the following is considered a fixed operating expense?
Correct Answer - insurance premiums
A drainfield, distribution box, and perforated pipes are all elements
of what? Correct Answer - septic system
Dwayne was four months into his one-year lease when property
owner Larry sold the property. Which statement is correct?
Correct Answer - the new owner must honor the lease until it
expires
, Ben, the property manager of a 10-unit building shows an
apartment to a woman who uses a wheelchair. The woman says that
she would need to make some modifications, such as adding grab
bars in the shower and removing some carpeting in the bedroom.
How should Ben respond? Correct Answer - he must allow the
tenant to make the modifications at her expense
how might transfer tax in New York be documented when property
is conveyed? Correct Answer - as a revenue stamp
why might a tenant in an apartment building a send a letter of intent
to the building's owner? Correct Answer - to reserve a specific
unit when building undergoes a conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She
pays rent for occupancy, but the owner of the building pays the
taxes, insurance, and other operating expenses. What kind of lease
does Sandy have? Correct Answer - gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain
title to the property until Sally has paid in full. What kind of contract
do Amanda and Sally have? Correct Answer - land contract
What is the authority that state and local governments have to enact
and enforce laws that protect the public's health, safety, morals, and
general welfare? Correct Answer - police power
which property would most probably have the shortest lease term?
Correct Answer - apartment
what is the purpose of private mortgage insurance? Correct
Answer - it protects the lender against loss in case the borrower
defaults
