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2024 COLIBRI REAL ESTATE (MISSOURI) EXAM WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE (MISSOURI) EXAM WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE(MISSOURI) EXAM WITH CORRECT
ANSWERS
Disability - CORRECT ANSWERS-a mental or physical impairment that
substantially limits one or more major life activities
Discharge of Mortgage - CORRECT ANSWERS-The lender's release of all
further obligations on the part of a borrower; required once a borrowers loan
is paid off. The lender issues the discharge of contract, and the borrower
should record this document. Also called Release of lien or Satisfaction of
Mortgage
Disclosure - CORRECT ANSWERS-The revelation of any material facts or
defects
Discount point - CORRECT ANSWERS-A form of pre-paid interest that is
charged by a lender to increase the yield on a lower-than-market interest
rate loan; one point equals 1% of the loan amount. Important: while
discounts points cost 1% of the loan amount, they don't buy down a full 1%
of the interest rate. A typical 1% discount point may only buy down 0.25% or
so of the interest rate
discount rate - CORRECT ANSWERS-The interest rate charged by the Federal
Reserve Banks on loans to member commercial banks. Also referred to as
the Federal Discount Rate.
Abandonment - CORRECT ANSWERS-Non-payment of taxes
Absolute Auction - CORRECT ANSWERS-An auction where the property is sold
to the highest qualified bidder; there is no minimum bid or reserve or right of
confirmation. Also called Without Reserve.
Abstract of Title - CORRECT ANSWERS-A brief, chronological summary of the
recorded documents affecting title to a particular parcel of real property.
Acceleration Clause - CORRECT ANSWERS-A contract clause giving the lender
the right to declare the entire loan amount due immediately because of
borrower's default, or other reasons in the contract.
,Acceptance - CORRECT ANSWERS-When a party agrees to the terms of an
offer to enter into a contract, thereby creating a binding contract.
Devise - CORRECT ANSWERS-To transfer real property by will; real property
transferred in a will
Direct Capitalization Rate - CORRECT ANSWERS-A rate of return, stated as a
percentage, used to derive a value opinion from the anticipated net
operating income a property could generate. It is used for direct
capitalization in the income approach. Also called Cap Rate or Rate.
Accession - CORRECT ANSWERS-The acquisition of title to land by its addition
to real estate already owned, through human actions or natural processes.
Accounting - CORRECT ANSWERS-In an agency relationship, the agent's
fiduciary duty to the principal to strictly account for all monies received.
Accretion - CORRECT ANSWERS-A gradual addition to dry land by the forces
of nature, as when the tide deposits water-borne sediment on shoreline
property.
Accrued - CORRECT ANSWERS-an accumulation
Accrued Expense - CORRECT ANSWERS-Item on a settlement statement for
which the cost has been incurred, but the expense has not yet been paid.
Such expenses are considered to be paid in arrears.
Acknowledgement - CORRECT ANSWERS-Recognition of validity; a document
signers declaration to an authorized official (usually notary public) that he is
signing voluntarily
Acre - CORRECT ANSWERS-A measure of land equal to 43,560 square feet.
One square mile contains 640 acres.
Actionable Fraud - CORRECT ANSWERS-Fraud that meets certain criteria, so
that a victim can successfully sue. The victim must prove the defendant
concealed material facts or made false statements (intentionally or
negligently) with the intent to induce the victim to enter a transaction, and
the victim was harmed by relying on misrepresentations.
Actual Eviction - CORRECT ANSWERS-The legal process of forcing someone
off of a property or preventing someone from re-entering the property
, Actual Fraud - CORRECT ANSWERS-An intentional misrepresentation or
concealment of a material fact; when a person actively conceals material
information or makes statements that he knows are false or misleading.
Actual Notice - CORRECT ANSWERS-Personal knowledge of a fact, rather than
knowledge imputed or inferred by law
Ad Valorem - CORRECT ANSWERS-Latin for according to value
Adequate Consideration - CORRECT ANSWERS-Consideration that is
comparable in value to the consideration the other party to the contract is
giving.
Adjustable rate mortgage (ARM) - CORRECT ANSWERS-A type of loan
structure that permits the lender to periodically change or vary the interest
rate charged, based on a standard index.
Administrator - CORRECT ANSWERS-A person appointed by the probate court
to manage and distribute the estate of a deceased person when no executor
is named in the will or there is no will.
Adverse Possession - CORRECT ANSWERS-The actual, open, notorious,
hostile, and continuous possession of another's land under a claim of title.
Possession for a statutory period may be a means of acquiring title.
Affidavit of title - CORRECT ANSWERS-A statement, sworn in front of a notary
public or other authorized official, by the seller or grantor of property that
identifies the grantor, identifies the grantor's marital status, and certifies
that the grantor has no new judgments, liens, divorces, unrecorded deeds, or
other potential title defects since the title examination was completed. It also
certifies that the grantor is indeed in possession of the property.
Affiliated business arrangement (ABA) - CORRECT ANSWERS-A situation
where a person in a position to refer settlement services-or an associate of
that person-has either an affiliate relationship with or a direct or beneficial
ownership interest of more than 1% in a provider of settlement services and
who then refers business to that provider or in some way influences the
selection of that provider.
Agency - CORRECT ANSWERS-A relationship of trust created when one
person (the principal) gives another person (the agent) the right to represent
the principal in dealings with third parties.
Agency coupled with an interest - CORRECT ANSWERS-A situation in which
the agent has a personal interest in the subject of the agency, as when one
co-owner has been authorized by the others to sell their property.
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