Exam (elaborations)
COLIBRI PA SALESPERSON FINAL EXAM 2024/2025
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COLIBRI PA SALESPERSON 40 HR FINAL EXAM 2024/2025
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COLIBRI PA SALESPERSON FINALEXAM 2024/2025
The final step a licensee will take when preparing a CMA is:
1. Choosing comparables
2. Estimating a reasonable selling price range
3. Making adjustments to comparables
4. Collecting and analyzing information - Precise Answer
✔✔CORRECT ANSWER:
Estimating a reasonable selling price range
A broker price opinion must include what the price was based on and:
1. License number
2. The broker's phone number
3. Applicable market data
4. A legal description - Precise Answer ✔✔CORRECT ANSWER:
Applicable market data
,If an agent is found guilty of false advertising, what may the FTC issue?
1. A summons
2. A cease-and-desist order to stop running the ad
3. A suit for defamation
4. A continuation - Precise Answer ✔✔CORRECT ANSWER:
A cease-and-desist order to stop running the ad
What function does the Federal Housing Administration (FHA) play in
the mortgage loan process?
1. FHA builds homes
2. FHA insures loans
3. FHA lends money
4. FHA establishes national interest rates on mortgage loans - Precise
Answer ✔✔CORRECT ANSWER:
FHA insures loans
Contract law states that a material breach of contract is a(n):
1. Reparable break in a legally binding contract
,2. Contract section that can be omitted based on a written agreement of
all parties
3. Irreparable break in a legally binding contract
4. Contract that lacks the ability to undergo due process - Precise
Answer ✔✔CORRECT ANSWER:
Irreparable break in a legally binding contract
Which appraisal approach is a means of appraising a property based on
the assumption that value is equal to the present worth of future rights to
income?
1. Cost
2. Income
3. Sales comparison
4. Value analysis - Precise Answer ✔✔CORRECT ANSWER:
Income
Who provides detailed information about identifying consumer issues?
1. The Office of PA's Attorney General
2. The PA Dep't of Economic Development
3. The PA Dep't of General Services
, 4. The Dep't of PA's Revenue - Precise Answer ✔✔CORRECT
ANSWER:
The Office of PA's Attorney General
Individuals and business organizations whose sole enterprise is
performing a real estate-related service or function are called:
1. Investment specialists
2. Property experts
3. Real estate professionals
4. Mortgage brokers - Precise Answer ✔✔CORRECT ANSWER:
Real estate professionals
What does Entitlement refer to in a Department of Veterans Affairs
loan?
1. The maximum interest rate that a veteran can pay on any type of
mortgage loan
2. The maximum number of dollars that the borrower must deposit when
seeking a DVA loan
3. The maximum number of dollars that DVA will pay if the lender
suffers a loss
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