Colibri Real Estate Practice Final Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Colibri%20Real%20Es
Colibri Real Estate Practice Final Exam
1. Why is the condition of bearing walls more important than non bearingwalls?
ANS Bearing walls support the ceiling and the roof.
2. Owner Tom decided to lease out his basement to a college student. Byleasing the
basement,Tom has
ANS transferred a portion of his bundle of rights
3. What is a forecast of income and expenses that can be projected over fiveyears?
ANS Stabilized budget
4. A buyer told broker Lena that she wants to move to Cuban neighborhood. Then the
buyer asked if Lena could show her the best home in a Cuban area.How should Lena
respond to this request?
ANS Lena should explain to the buyer thatshe ethically and legally cannot recommend housing
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based on national origin.
5. Which of the following wills may be considered invalid?
ANS A will that is notsigned.
6. Broker Torrey hires salesperson Wes as an independent contractor. As anindependent
contractor, Wes can expect which of the following from Broker Torrey?
ANS Performance Expectations
7. Which of the following statements best describes what happens with a judicial
foreclosure?
ANS The mortgaged property is sold under the supervision of acourt.
8. Which of the following best describes the principle of conformity?
ANS A homemaintains its highest value by being in a neighborhood with similar-type housing.
9. The cost of doing direct mail advertising depends on
ANS The frequency of themailings
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10. A type of mortgage which allows the lender to increase the outstandingbalance of a
loan up to the original amount of the loan in order to advance additional funds is called
an
ANS open-end mortgage
11. Of the following liens a $100,000 mortgage, a $2,500 property tax bill, and a $8,000
mechanic's lien and a $25,000 judgement lien, which will be paid off first after a
foreclosure sale?
ANS The $2,500 property tax lien
12. On a $280,000 loan, the lender charges a 2 point service charge. How much does the
borrower have to pay for just these two points?
ANS $5,600
13. A seller decided to back out of a sales contract for no good reason. Whatrecourse does
the buyer have?
ANS To sue for specific performance.
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