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Colibri Practice Test/ 100+ Questions & Answers/ . Terms like: Taxes and insurance are often prepaid at closing to establish the escrow account. On which page of the Closing Disclosure form will the buyer see an accounting of the escrow account set up-Answer Page two, under other costs On...

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  • July 2, 2024
  • 30
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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Colibri Practice Test/ 100+ Questions &
Answers/ 2024-2025.
Taxes and insurance are often prepaid at closing to establish the escrow account.
On which page of the Closing Disclosure form will the buyer see an accounting of
the escrow account set up-Answer
Page two, under other costs


On page two of the form, other costs are itemized for buyers and sellers. Taxes,
prepaids, and initial escrow payment at closing - usually two months' worth, are
paid by the buyer and shown on page 2.
How is the sales price reflected on the closing form for the buyer and the seller-
Answer

,The sales price is a debit to the buyer and a credit to the seller


The seller receives the sales price less adjustment at closings or debit. The buyer
pays the sales price less adjustment for deposit and loans.
Which clause in a deed defines the ownership taken by the grantee and clarifies
the purpose of the deed-Answer
The Habendum Clause


Also known as the "to have and to hold" the Habendum Clause. This is the clause
that describes the rights being transferred. Exceptions and reservations are
included in this clause.
When a cap rate used with income capitalization is high, the following relationship
with sales price exists-Answer
risk and cap rate are higher, the sales price is usually lower.


Cap rate is likened to the risk factor when purchasing an investment property - a
high cap rate indicates high risk, and often the sales price is lower.
Property is located next to a busy freeway; semi-trucks use the freeway all night
long. After two years on the market, the seller reduced his price by 25%. Which
loss of value has occurred-Answer
Economic or external obsolescence


Economic or external obsolescence is a loss of value outside of the perimeter
boundary of the property, beyond the owner's control, and almost always
incurable.

, A homestead exemption in Florida is available to those who qualify and file
documents making the Florida home a primary residence. The base homestead
exemption is-Answer
$25,000


The base homestead exemption is $25,000. There is an additional $25,000
available for qualified property owners; however, the additional $25,000 does
NOT apply to school taxes.
A closing is March 5 for a rental property with an annual tax bill of $2800.
Calculate and show the debit and credits for the tax proration between the buyer
and seller using the 365-day method, the day of closing belongs to the buyer.
debit seller $483.29; credit buyer $483.29


The purpose of proration is to assign the amount owed to the responsible party.
The taxes will be paid by the buyer at the end of the year. The buyer needs money
from the seller for the days that the seller owned. $2800/365 = $7.67 per day. Jan
= 31 days, Feb. = 28 days and March = 4 day total 63 X $7.67 = $483.21 that the
seller owes for the time he owned. NOTE-Answer The amount taken from the
seller is given to the buyer - it is the same amount. Use 3 decimal places and don't
clear the calculator between steps.ol
John is a sales associate who has complaints against him for making false
statements about the property and for giving advice about the purchase contract.
This is the third time these same violations have been investigated. If John is
found guilty of violating these two practices at the formal hearing, the maximum
fine John can face is-Answer

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