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2024 COLIBRI REAL ESTATE PRACTICE FINAL EXAM WITH CORRECT ANSWERS 100%
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2024 COLIBRI REAL ESTATE PRACTICE FINAL EXAM WITH CORRECT ANSWERS 100%
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2024 COLIBRI REAL ESTATEPRACTICE FINAL EXAM WITH
CORRECT ANSWERS 100%
Which of the following is a valuable skill for a property manager to have? -
CORRECT ANSWERS-Knowledge of building systems
Which of these statements about an independent contractor is false? -
CORRECT ANSWERS-He or she is reimbursed for all business expenses
Seller Monica is selling her property to Harriet. What is Monica's primary
responsibility at closing? - CORRECT ANSWERS-To deliver marketable title
In the appraisal process, looking at the number of recreational facilities, the
distances to schools and adequacy of public transportation is called -
CORRECT ANSWERS-Neighborhood Analysis
Why is the condition of bearing walls more important than non bearing walls?
- CORRECT ANSWERS-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 - CORRECT ANSWERS-transferred a portion of
his bundle of rights
What is a forecast of income and expenses that can be projected over five
years? - CORRECT ANSWERS-Stabilized budget
Jordan has a month-to-month lease with landlord Greg. What type of lease
did Jordan sign? - CORRECT ANSWERS-Estate from period- to period
A tenant who stays beyond his lease without consent of the landlord is
known as - CORRECT ANSWERS-A tenant at sufferance
Which of the following legal description methods has been used the longest
in the US? - CORRECT ANSWERS-The metes and bounds system
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent and does not owe any further duties to the
principal except for - CORRECT ANSWERS-Accounting and Confidentiality
, A(n) ________ is one that conflicts with the ordinances that were enacted after
the use commenced. - CORRECT ANSWERS-Legal nonconforming use
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? - CORRECT ANSWERS-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? - CORRECT
ANSWERS-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? - CORRECT ANSWERS-Performance Expectations
Which of the following statements best describes what happens with a
judicial foreclosure? - CORRECT ANSWERS-The mortgaged property is sold
under the supervision of a court.
Which of the following best describes the principle of conformity? - CORRECT
ANSWERS-A home maintains its highest value by being in a neighborhood
with similar-type housing.
The cost of doing direct mail advertising depends on - CORRECT ANSWERS-
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 - CORRECT ANSWERS-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? - CORRECT ANSWERS-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? - CORRECT
ANSWERS-$5,600
A seller decided to back out of a sales contract for no good reason. What
recourse does the buyer have? - CORRECT ANSWERS-To sue for specific
performance.
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