Colibri Real Estate Practice Final Exam

COLIBRI REAL ESTATE PRACTICE FINAL EXAM
QUESTIONS AND VERIFIED SOLUTIONS




Whyrhisrhtherhconditionrhofrhbearingrhwallsrhmorerhimportantrhthanrhnonrhbearingrhw
alls?rh-rhanswersBearingrhwallsrhsupportrhtherhceilingrhandrhtherhroof.



OwnerrhTomrhdecidedrhtorhleaserhoutrhhisrhbasementrhtorharhcollegerhstudent.rhByrhl
easingrhtherhbasement,rhTomrhhasrh-
rhanswerstransferredrharhportionrhofrhhisrhbundlerhofrhrights



Whatrhisrharhforecastrhofrhincomerhandrhexpensesrhthatrhcanrhberhprojectedrhoverrhfi
verhyears?rh-rhanswersStabilizedrhbudget



ArhbuyerrhtoldrhbrokerrhLenarhthatrhsherhwantsrhtorhmoverhtorhCubanrhneighborhood
.rhThenrhtherhbuyerrhaskedrhifrhLenarhcouldrhshowrhherrhtherhbestrhhomerhinrharhCu
banrharea.rhHowrhshouldrhLenarhrespondrhtorhthisrhrequest?rh-
rhanswersLenarhshouldrhexplainrhtorhtherhbuyerrhthatrhsherhethicallyrhandrhlegallyrhca
nnotrhrecommendrhhousingrhbasedrhonrhnationalrhorigin.



Whichrhofrhtherhfollowingrhwillsrhmayrhberhconsideredrhinvalid?rh-
rhanswersArhwillrhthatrhisrhnotrhsigned.



BrokerrhTorreyrhhiresrhsalespersonrhWesrhasrhanrhindependentrhcontractor.rhAsrhanrhin
dependentrhcontractor,rhWesrhcanrhexpectrhwhichrhofrhtherhfollowingrhfromrhBrokerrh
Torrey?rh-rhanswersPerformancerhExpectations



Whichrhofrhtherhfollowingrhstatementsrhbestrhdescribesrhwhatrhhappensrhwithrharhjudi
cialrhforeclosure?rh-
rhanswersTherhmortgagedrhpropertyrhisrhsoldrhunderrhtherhsupervisionrhofrharhcourt.

, Whichrhofrhtherhfollowingrhbestrhdescribesrhtherhprinciplerhofrhconformity?rh-
rhanswersArhhomerhmaintainsrhitsrhhighestrhvaluerhbyrhbeingrhinrharhneighborhoodrh
withrhsimilar-typerhhousing.



Therhcostrhofrhdoingrhdirectrhmailrhadvertisingrhdependsrhonrh-
rhanswersTherhfrequencyrhofrhtherhmailings



Arhtyperhofrhmortgagerhwhichrhallowsrhtherhlenderrhtorhincreaserhtherhoutstandingrhb
alancerhofrharhloanrhuprhtorhtherhoriginalrhamountrhofrhtherhloanrhinrhorderrhtorhadv
ancerhadditionalrhfundsrhisrhcalledrhanrh-rhanswersopen-endrhmortgage



Ofrhtherhfollowingrhliens:rharh$100,000rhmortgage,rharh$2,500rhpropertyrhtaxrhbill,rhan
drharh$8,000rhmechanic'srhlienrhandrharh$25,000rhjudgementrhlien,rhwhichrhwillrhberh
paidrhoffrhfirstrhafterrharhforeclosurerhsale?rh-
rhanswersTherh$2,500rhpropertyrhtaxrhlien



Onrharh$280,000rhloan,rhtherhlenderrhchargesrharh2rhpointrhservicerhcharge.rhHowrhm
uchrhdoesrhtherhborrowerrhhaverhtorhpayrhforrhjustrhtheserhtworhpoints?rh-
rhanswers$5,600



Arhsellerrhdecidedrhtorhbackrhoutrhofrharhsalesrhcontractrhforrhnorhgoodrhreason.rhW
hatrhrecourserhdoesrhtherhbuyerrhhave?rh-
rhanswersTorhsuerhforrhspecificrhperformance.



WhatrharerhtherhprimaryrhadvantagesrhofrhPEXrhpiping?rh-
rhanswersPEXrhpipingrhisrhablerhtorhwithstandrhbothrhhighrhandrhlowrhtemperaturesrh
andrhitrhisrhhighlyrhresistantrhtorhchemicals.



HowrhdoesrhPlannedrhUnitrhDevelopmentrhzoningrhdifferrhfromrhordinaryrhzoning?rh-
rhanswersIrhrequiresrhthatrhmultiplerhtractsrhofrhlandrhberhdevelopedrhaccordingrhtorh
arhsinglerhdesignrhforrhefficientrhuserhofrhspace.