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2024 COLIBRI REAL ESTATE TEST EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE TEST EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE TESTEXAM QUESTIONS WITH CORRECT
ANSWERS
What mortgage clause states that the trustee will accept the trust when the
deed of trust is "duly executed & acknowledged" and is properly recorded? -
CORRECT ANSWERS-Trustee Acceptance
HUD's attempts to resolve a complaint, by getting assurance from the person
against whom the complaint was filed that he or she will remedy the alleged
violation, is called? - CORRECT ANSWERS-Conciliation
What is the primary purpose of instituting FACTA? - CORRECT ANSWERS-To
combat identity theft, and enhance the accuracy and privacy of information
held by credit reporting agencies.
In the case of multiple offers who should review counteroffer terms that
deviate from the standard fill-in-the-blank forms? - CORRECT ANSWERS-An
attorney
Conventional loans usually require the debt ratio be? - CORRECT ANSWERS-
Less than 36%
What is formed when people join together and own or control housing or
related facilities? - CORRECT ANSWERS-Co-op Ownership
Money that the buyer or seller receives at closing is called what? - CORRECT
ANSWERS-debit
What is the purpose of negotiating? - CORRECT ANSWERS-Settling Disputes
What doctrine states a court has determined a contract unenforceable due to
needless delay? - CORRECT ANSWERS-Doctrine of Laches
Assessed Values (-) Exemptions= - CORRECT ANSWERS-Tax Base
In reference to fair housing fines, what does HUD do? - CORRECT ANSWERS-
HUD does NOT give fines, recommends fines to federal court proceedings
, The Fair Housing Initiatives Program(FHIP) is the only federal grant program
with the sole purpose of what? - CORRECT ANSWERS-Supporting private
partnerships in preventing and overcoming housing discrimination
Who is responsible for lead-based paint knowledge if the salesperson doesn't
know, and the seller does? - CORRECT ANSWERS-Seller/Landlords
A good negotiator is a good? - CORRECT ANSWERS-Bargainer/ Communicator
Protects consumers from misleading practices by the credit industry and
provides them with reliable information about the costs of credit. - CORRECT
ANSWERS-Regulation Z
Required to foreclose on a Deed of Trust. Lender does not have to go
through the courts to foreclose; and it is therefore, a quicker process. -
CORRECT ANSWERS-Non-Judicial Foreclosure
Investor clients will normally be far better informed about the market,
require less hand-holding, and bring? - CORRECT ANSWERS-Less Opportunity
for the agent
Commercial property is used specifically for? - CORRECT ANSWERS-Business
Properties
Price is the number that quantifies? - CORRECT ANSWERS-Cost
The services a licensees owes ONLY to a client? - CORRECT ANSWERS-
Agency Disclosure
How long does an individual have to file a complaint with the Housing and
Urban Development Agency(HUD)? - CORRECT ANSWERS-1 Year
What actions make up the majority of exclusionary discrimination cases
against landlords? - CORRECT ANSWERS-False Advertisements
What does a For Sale By Owner(FSBO) seller sign that identifies the buyer,
and guarantees the agent a commission if the buyer purchases? - CORRECT
ANSWERS-Commission Agreement for Sale
What clause allows for parcels and units to be sold from a blanket mortgage?
- CORRECT ANSWERS-Release Clause
To avoid litigation, what should all Real Estate(RE) companies using websites
develop? - CORRECT ANSWERS-An Internet Advertising Policy
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