Colibri Real Estate (Real Estate Express) Final Exam

A real estate licensee has a buyer agency agreement. What is the seller in this situation? - CORRECT ANSWER-A customer. An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? - CORRECT ANS...

Nationally Accepted General Principles and Practices Real estate that includes non-physical interests, such as easements and restrictions is known as __ - CORRECT ANSWER-Real Property An item permanently attached to real property, such as an attached fence, is included in the definition of real ...

Which of the following is not permitted in a contract lawsuit? a. Liquidated damages b. Actual damages c. Specific performance d. Punitive damages d. Punitive damages A non-conforming loan fails to meet whose underwriting standards? a. The primary lender b. The provider of the mortgagee titl...

Which item below can help protect against a home with a listed incorrect street address or legal description in public records? - CORRECT ANSWER-Standard coverage title insurance policy and extended coverage title insurance policy Robert owns his property and enjoys the full bundle of rights. Can...

Which of the following cannot be a trustee? - CORRECT ANSWER-CPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - CORRECT ANSWER-100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description t...

If a real estate salesperson closes on a transaction, who pays the salesperson their commission? - CORRECT ANSWER-The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? - CORRECT ANSWER-Market Compariso...

Sellers market their property using a __________. - CORRECT ANSWER-listing agreement When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. - CORRECT ANSWER-buyer,seller In most cases, buyers cannot make a ...

A Business Broker - CORRECT ANSWER-Specializes in the sale, purchase or lease of businesses. Is required to have a real estate license and may be licensed as a real estate broker or sales associate Follow-Up is - CORRECT ANSWER-Keeping in contact with the new owner after the closing of the sale ...

Colibri Vocabulary, Chapters 1-20 Exam

In a real estate transaction the principal would BEST be described as the - CORRECT ANSWER-Person represented by an agent Bert is showing his buyer a home in a historic district. The buyer mentions in passing that she would like to place solar panels on the roof. Beet knows that the homeowners a...

land contract - CORRECT ANSWER-buyer pays seller to occupy and use property net lease - CORRECT ANSWER-buyer pays rent and other expenses gross lease - CORRECT ANSWER-buyer pays only rent goes to heirs - CORRECT ANSWER-Tenants in common, 2 of 3 people die. Who gets the property of those who die...

Colibri Real Estate (Real Estate Express) Final Exam Review Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife o...

3. In real estate, which of the following is correct about the term "title?" Taxes and insurance are often prepaid at closing to establish the escrow account. On which page of the Closing Disclosure form will the buyer see an accounting of the escrow account set up? Page two, under other costs...

Appraisal - CORRECT ANSWER-An estimation of value. It is done by appraisers using specific techniques. Done to: obtain a loan, insurance value, divorce settlement or capital gain. Broker Price Opinion - CORRECT ANSWER-An opinion by a local expert of the of the value of a property based upon prop...