COLIBRI REAL ESTATE ALL FINAL EXAM UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔disclose it to the buyers - ✔✔leak in the house, seller is trying to hide it but the agent
finds it
✔✔listings stay with brokerage - ✔✔agent switches brokerages, what happens to their
listings?
✔✔net listing - ✔✔a seller wants a certain amount, the rest of the money goes to the
agent as commission
✔✔redlining - ✔✔refusing to make loans in a minority neighborhood
✔✔consequence - ✔✔NOT an element for a valid and enforceable contract
✔✔liquidity damages - ✔✔seller keeps earnest money deposit when the buyer backs
out
✔✔security deposit - ✔✔LEAST likely to be needed in a lease
✔✔hypothecation - ✔✔pledge of property as collateral for a loan
, ✔✔7 business days - ✔✔lender must deliver loan estimate within ...
✔✔10 days of receipt - ✔✔broker pays agent within...
✔✔metes and bounds - ✔✔beginning point (street name), then the direction to go
✔✔call for late payments - ✔✔What can an unlicensed assistant NOT do?
✔✔PITI - ✔✔principal, interest, taxes, insurance
✔✔clearing, adding structures, draining/filling, pesticides - ✔✔Wetlands: need a permit
for...
✔✔selling wetlands - ✔✔Wetlands: do not need a permit for...
✔✔encroachment - ✔✔a fence 3 feet onto another property's lawn is considered an ...
✔✔appurtenances - ✔✔rights that transfer with real property (runs with the land)
✔✔riparian rights - ✔✔rights for rivers
✔✔littoral rights - ✔✔rights for lakes
✔✔bill of sale - ✔✔what is needed when a property is bought with additional items
included?
✔✔improvement - ✔✔man-made attachment to the land
✔✔personal property - ✔✔lumber and concrete are delivered to a house and sitting in a
backyard waiting to be used
✔✔periodic tenancy - ✔✔specific time period
✔✔tenancy at will - ✔✔no specified period or termination date
✔✔tenancy for years - ✔✔specific start and end date
✔✔appurtenant easement - ✔✔burden one piece of land for the benefit of another piece
of land
✔✔easement in gross - ✔✔benefit a person, not land
QUESTIONS AND ANSWERS SURE A+
✔✔disclose it to the buyers - ✔✔leak in the house, seller is trying to hide it but the agent
finds it
✔✔listings stay with brokerage - ✔✔agent switches brokerages, what happens to their
listings?
✔✔net listing - ✔✔a seller wants a certain amount, the rest of the money goes to the
agent as commission
✔✔redlining - ✔✔refusing to make loans in a minority neighborhood
✔✔consequence - ✔✔NOT an element for a valid and enforceable contract
✔✔liquidity damages - ✔✔seller keeps earnest money deposit when the buyer backs
out
✔✔security deposit - ✔✔LEAST likely to be needed in a lease
✔✔hypothecation - ✔✔pledge of property as collateral for a loan
, ✔✔7 business days - ✔✔lender must deliver loan estimate within ...
✔✔10 days of receipt - ✔✔broker pays agent within...
✔✔metes and bounds - ✔✔beginning point (street name), then the direction to go
✔✔call for late payments - ✔✔What can an unlicensed assistant NOT do?
✔✔PITI - ✔✔principal, interest, taxes, insurance
✔✔clearing, adding structures, draining/filling, pesticides - ✔✔Wetlands: need a permit
for...
✔✔selling wetlands - ✔✔Wetlands: do not need a permit for...
✔✔encroachment - ✔✔a fence 3 feet onto another property's lawn is considered an ...
✔✔appurtenances - ✔✔rights that transfer with real property (runs with the land)
✔✔riparian rights - ✔✔rights for rivers
✔✔littoral rights - ✔✔rights for lakes
✔✔bill of sale - ✔✔what is needed when a property is bought with additional items
included?
✔✔improvement - ✔✔man-made attachment to the land
✔✔personal property - ✔✔lumber and concrete are delivered to a house and sitting in a
backyard waiting to be used
✔✔periodic tenancy - ✔✔specific time period
✔✔tenancy at will - ✔✔no specified period or termination date
✔✔tenancy for years - ✔✔specific start and end date
✔✔appurtenant easement - ✔✔burden one piece of land for the benefit of another piece
of land
✔✔easement in gross - ✔✔benefit a person, not land
