COLIBRI REAL ESTATE FINAL EXAM
QUESTIONS WITH CORRECT
ANSWERS!!
land contract - ANSWERbuyer pays seller to occupy and use property
net lease - ANSWERbuyer pays rent and other expenses
gross lease - ANSWERbuyer pays only rent
goes to heirs - ANSWERTenants in common, 2 of 3 people die. Who gets the
property of those who died?
Tenant owns it in severality - ANSWERJoint Tenancy, 3 of 4 people die. Who gets
property of those who died?
Client - ANSWERAnother word for principal
race, nat. origin, sex, color, religion, disability, familial status - ANSWERProtected by
Fair Housing Act
marital status - ANSWERNot protected by Fair Housing Act
Blockbusting - ANSWERtelling homeowners that property values will be declining
because of ethical/racial makeup is changing
flat, paved parking lot - ANSWERreal estate put to its highest use
puffing - ANSWER"This is the most prestigious street in town"
$5,000 - ANSWERmaximum fine for first offense
name and broker - ANSWERan individual advertisement needs...
statement that they are licensed - ANSWERa brokerage advertisement needs...
48 hours - ANSWERif listing is submitted to MLS, must notify customer within...
at their next meeting - ANSWERLicensee must deliver Consumer Info Statement
when...
blanket mortgage - ANSWERa mortgage that covers 2 parcels of land
tenancy at sufference - ANSWERlease expires, tenants won't leave
easement in gross - ANSWERgas company intrudes on land to fix a gas line
, the seller - ANSWERsigns the deed at a closing
listing agreement - ANSWERleast likely to require a legal description
metes and bounds - ANSWERbeginning point (street name), then the direction to go
call for late payments - ANSWERWhat can an unlicensed assistant NOT do?
PITI - ANSWERprincipal, interest, taxes, insurance
clearing, adding structures, draining/filling, pesticides - ANSWERWetlands: need a
permit for...
selling wetlands - ANSWERWetlands: do not need a permit for...
encroachment - ANSWERa fence 3 feet onto another property's lawn is considered
an ...
let the client know - ANSWERagent takes on a listing, decides to buy house for
themselves
honesty - ANSWEROpen house, declined agency relationship... What does the
agent owe the person?
disclose it to the buyers - ANSWERleak in the house, seller is trying to hide it but the
agent finds it
listings stay with brokerage - ANSWERagent switches brokerages, what happens to
their listings?
net listing - ANSWERa seller wants a certain amount, the rest of the money goes to
the agent as commission
redlining - ANSWERrefusing to make loans in a minority neighborhood
consequence - ANSWERNOT an element for a valid and enforceable contract
liquidity damages - ANSWERseller keeps earnest money deposit when the buyer
backs out
security deposit - ANSWERLEAST likely to be needed in a lease
hypothecation - ANSWERpledge of property as collateral for a loan
7 business days - ANSWERlender must deliver loan estimate within ...
10 days of receipt - ANSWERbroker pays agent within...
appurtenances - ANSWERrights that transfer with real property (runs with the land)
QUESTIONS WITH CORRECT
ANSWERS!!
land contract - ANSWERbuyer pays seller to occupy and use property
net lease - ANSWERbuyer pays rent and other expenses
gross lease - ANSWERbuyer pays only rent
goes to heirs - ANSWERTenants in common, 2 of 3 people die. Who gets the
property of those who died?
Tenant owns it in severality - ANSWERJoint Tenancy, 3 of 4 people die. Who gets
property of those who died?
Client - ANSWERAnother word for principal
race, nat. origin, sex, color, religion, disability, familial status - ANSWERProtected by
Fair Housing Act
marital status - ANSWERNot protected by Fair Housing Act
Blockbusting - ANSWERtelling homeowners that property values will be declining
because of ethical/racial makeup is changing
flat, paved parking lot - ANSWERreal estate put to its highest use
puffing - ANSWER"This is the most prestigious street in town"
$5,000 - ANSWERmaximum fine for first offense
name and broker - ANSWERan individual advertisement needs...
statement that they are licensed - ANSWERa brokerage advertisement needs...
48 hours - ANSWERif listing is submitted to MLS, must notify customer within...
at their next meeting - ANSWERLicensee must deliver Consumer Info Statement
when...
blanket mortgage - ANSWERa mortgage that covers 2 parcels of land
tenancy at sufference - ANSWERlease expires, tenants won't leave
easement in gross - ANSWERgas company intrudes on land to fix a gas line
, the seller - ANSWERsigns the deed at a closing
listing agreement - ANSWERleast likely to require a legal description
metes and bounds - ANSWERbeginning point (street name), then the direction to go
call for late payments - ANSWERWhat can an unlicensed assistant NOT do?
PITI - ANSWERprincipal, interest, taxes, insurance
clearing, adding structures, draining/filling, pesticides - ANSWERWetlands: need a
permit for...
selling wetlands - ANSWERWetlands: do not need a permit for...
encroachment - ANSWERa fence 3 feet onto another property's lawn is considered
an ...
let the client know - ANSWERagent takes on a listing, decides to buy house for
themselves
honesty - ANSWEROpen house, declined agency relationship... What does the
agent owe the person?
disclose it to the buyers - ANSWERleak in the house, seller is trying to hide it but the
agent finds it
listings stay with brokerage - ANSWERagent switches brokerages, what happens to
their listings?
net listing - ANSWERa seller wants a certain amount, the rest of the money goes to
the agent as commission
redlining - ANSWERrefusing to make loans in a minority neighborhood
consequence - ANSWERNOT an element for a valid and enforceable contract
liquidity damages - ANSWERseller keeps earnest money deposit when the buyer
backs out
security deposit - ANSWERLEAST likely to be needed in a lease
hypothecation - ANSWERpledge of property as collateral for a loan
7 business days - ANSWERlender must deliver loan estimate within ...
10 days of receipt - ANSWERbroker pays agent within...
appurtenances - ANSWERrights that transfer with real property (runs with the land)
