Colibri Real estate class final exam 2023/2024

Colibri Real estate class final exam 2023/2024 Which of the following cannot be a trustee? - 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 - ANSWER-100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - ANSWER-Formal metes and bounds The seller wants to net $175, 000 after paying a 6% commission to the listing broker and the $500 appraisal fee. What is the minimum selling price of the home? - ANSWER-$175,000/0.94= $186,170 $186,170 +500= $186,670 Which of the following is NOT true regarding a sale lease back transaction? - ANSWER-Lessee retains legal title An appraisal is required to obtain a VA loan, this document is called: - ANSWER-Certificate of reasonable value Which of the following below could sign a property management agreement? - ANSWER-licensed salespeople with a broker In this listing contract, the real estate broker must: - ANSWER-Exercise diligence in finding a purchaser In Arizona, a broker must be able to prove employment by a seller in order to be assured of collecting a commission. Proof of employment is: - ANSWER-A listing agreement