Colibri Real Estate Practice Final Exam
Questions And Correct Answers
Why is the condition of bearing walls more important than non bearing walls?
Bearing 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
transferred a portion of his bundle of rights
What is a forecast of income and expenses that can be projected over five years?
Stabilized 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?
Lena should explain to the buyer that she ethically and legally cannot recommend
housing based on national origin.
,Which of the following wills may be considered invalid?
A 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?
Performance Expectations
Which of the following statements best describes what happens with a judicial
foreclosure?
The mortgaged property is sold under the supervision of a court.
Which of the following best describes the principle of conformity?
A home maintains its highest value by being in a neighborhood with similar-type
housing.
The cost of doing direct mail advertising depends on
The 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
open-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?
The $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?
$5,600
A seller decided to back out of a sales contract for no good reason. What
recourse does the buyer have?
To sue for specific performance.
What are the primary advantages of PEX piping?
PEX piping is able to withstand both high and low temperatures and it is highly
resistant to chemicals.
Questions And Correct Answers
Why is the condition of bearing walls more important than non bearing walls?
Bearing 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
transferred a portion of his bundle of rights
What is a forecast of income and expenses that can be projected over five years?
Stabilized 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?
Lena should explain to the buyer that she ethically and legally cannot recommend
housing based on national origin.
,Which of the following wills may be considered invalid?
A 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?
Performance Expectations
Which of the following statements best describes what happens with a judicial
foreclosure?
The mortgaged property is sold under the supervision of a court.
Which of the following best describes the principle of conformity?
A home maintains its highest value by being in a neighborhood with similar-type
housing.
The cost of doing direct mail advertising depends on
The 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
open-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?
The $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?
$5,600
A seller decided to back out of a sales contract for no good reason. What
recourse does the buyer have?
To sue for specific performance.
What are the primary advantages of PEX piping?
PEX piping is able to withstand both high and low temperatures and it is highly
resistant to chemicals.
