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Colibri Real Estate (Real Estate Express) Final Exam ACTUAL TESTBANK +QUESTION AND CORRECT DETAILED ANSWERS RATED A GRADE.GUARANTEED PASS 100%.

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Colibri Real Estate (Real Estate Express) Final Exam ACTUAL TESTBANK +QUESTION AND CORRECT DETAILED ANSWERS RATED A GRADE.GUARANTEED PASS 100%. Licensee Patti is having lunch with an old school friend, Janet. Janet tells Patti, "It's time to downsize, I sure wish I could sell my house." Patti resp...

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  • January 5, 2024
  • 278
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • colibri real estate
  • colibri real estate
  • colibri real estate
  • colibri real estate real estate express final ex
  • colibri real estate real estate expres

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Colibri Real Estate (Real Estate Express) Final Exam ACTUAL TESTBANK
2024 1335+QUESTION AND CORRECT DETAILED ANSWERS RATED A
GRADE.GUARANTEED PASS 100%.


Licensee Patti is having lunch with an old school friend, Janet. Janet tells Patti, "It's
time to downsize, I sure wish I could sell my house." Patti responds, "Well I have
just the person for you. Make sure you're home at 7:00 this evening." Identify the
statement that best describes the situation.


A) Janet cannot assume any relationship
B) Janet could be Patti's client through express agency
C) Janet could be Patti's client through implied agency
D) Janet has just made Patti her universal agent - ANSWER-C) Janet could be Patti's
client through implied agency


Which is NOT a necessary element for a valid and enforceable purchase contract?


A) consideration
B) contractual capacity
C) earnest money deposit
D) mutual agreement - ANSWER-C) earnest money deposit


Which statement about a comparative market analysis is FALSE?


A) A CMA can assist a buyer in determining a fair price to offer for a home.
B) A CMA can assist a seller in determining an appropriate listing price.

,C) A CMA may be used to determine property value for a federally regulated loan.
D) A CMA should evaluate properties currently listed, recently sold or with expired
listings. - ANSWER-C) A CMA may be used to determine property value for a
federally regulated loan.


When Dave and Lucy get married, they decide to sell each of their homes and buy
one house together. Lucy's house sells for $700,000; Dave's house sells for
$300,000, and they're going to buy a $1 million house. If Lucy wants a 70%
interest in the new house, what form of ownership must they take?


A) joint tenancy
B) tenancy in common
C) tenancy by the entirety
D) tenancy in severalty - ANSWER-B) tenancy in common


A property is listed for $200,000. The broker gets an offer from Gina for $150,000
cash with a closing in 90 days, one from Tim at $155,000, subject to the buyer
getting a first mortgage for $130,000, an offer from Shari at $190,000 subject to
the owner taking back a purchase money mortgage with closing in 30 days. The
broker should disclose which offer(s)?


A) all of the offers
B) none of the offers, as they are all below the asking price
C) only the first offer until the seller makes a decision to accept or reject, then
present the next offer
D) whichever offer is the highest and has the most favorable terms to the seller -
ANSWER-A) all of the offers

,An acceleration clause in a mortgage allows the lender to


A) charge a penalty if the borrower misses a payment.
B) charge a penalty if the borrower pays off the loan early.
C) declare the loan due if the borrower defaults.
D) declare the loan due if the borrower sells the property. - ANSWER-C) declare
the loan due if the borrower defaults.


Ad valorem taxes are assessed


A) based on a person's income.
B) based on the property's value.
C) on a decedent's estate.
D) to covert costs of specific improvements to a neighborhood. - ANSWER-B)
based on the property's value


The lead paint disclosure deals with homes built prior to


A) 1978
B) 1982
C) 1992
D) 2001 - ANSWER-A) 1978


A woman purchased a home on a lake. A boat was included in the sale. What is
most likely required at settlement to transfer ownership of that boat to her?

, A) bill of sale
B) deed
C) purchase agreement
D) sales contract - ANSWER-A) bill of sale


F signs an exclusive right to sell listing agreement with broker R. Before the listing
expires, F terminates the agreement for no reason. The following day, F sells the
property to a co-worker. Which statement is TRUE?


A) R can sue F to recover only the marketing expenses.
B) R can sue F for the full commission based on the list price.
C) R can sue F for the full commission based on the sales price.
D) R has no right to sue F, since a seller can terminate a listing at any time without
cause. - ANSWER-C) R can sue F for the full commission based on the sales price.


Which statement about lead paint is FALSE?


A) Issues arise when lead-based paint begins to chip or flake.
B) Lead paint disclosure must be made when selling a house built prior to 1982.
C) Lead poisoning occurs via the nose and mouth; it must be breathed in or
ingested.
D) Lead present in water is colorless, odorless, and tasteless. - ANSWER-B) Lead
paint disclosure must be made when selling a house built prior to 1982.

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