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Colibri School Exam NJ 2024(updated)question and answers rated A+. $14.49   Add to cart

Exam (elaborations)

Colibri School Exam NJ 2024(updated)question and answers rated A+.

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Colibri School Exam NJ 2023(updated)question and answers rated A+In a real estate transaction the principal would BEST be described as the - correct answer Person represented by an agent Bert is showing his buyer a home in a historic district. The buyer mentions in passing that she would like to pl...

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  • August 26, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Colibri Real Estate
  • Colibri Real Estate
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Prose1
Colibri School Exam NJ
2024(updated)question and answers
rated A+

In a real estate transaction the principal would BEST be described as the - ANSWER-Person

represented by an agent



Bert is showing his buyer a home in a historic district. The buyer mentions in passing that

she would like to place solar panels on the roof. Beet knows that the homeowners

association CC&Rs would prohibit this to protect the historic character of the

neighborhood, but he doesn't tell the buyer for fear she'll loose interest in the house. Bert

has committed - ANSWER-Actual fraud



Which situation is NOT EXEMPT from the provisions of federal fair housing laws, assuming

no discriminatory advertising is used and a licensee is not involved? - ANSWER-Barb is an

owner-occupant of a duplex who will lease the other unit only to a white woman



Danita gets a deed of trust from ABC bank to finance the purchase of a house in Sunny

Acres, a new subdivision. While the loan is outstanding, who holds the title to Danita

property? - ANSWER-A trustee

,Which of these phrases would LEAST likely be evidence of a conspiracy to commit an

antitrust violation if said by a licensee? - ANSWER-"We would like to suggest that you use

Ace Title Agency for the closing."



Which lease tenancy is engaged in by a holdover tenant? - ANSWER-tenancy at sufferance



RESPA applies to ___________ financed by a federally regulated loan. - ANSWER-one- to four-

family residences.



An acceleration clause in a mortgage allows the lender to - ANSWER-Declare the loan due if

the buyer defaults



Borrower Betty's stable monthly income is $4200. She has three monthly debts: $350 car

payment, $120 student loan payment, and $80 credit card payment. What is the maximum

monthly mortgage payment she would qualify for on a conventional loan - ANSWER-$962



Luke is Marks listing agent. Mark agrees that Luke can pay 3% to a cooperating broker.

Licensee Lisa introduces buyer customer Bev to Mark's property. When Bev decides to

make an offer on the house, she calls Luke directly. Luke refuses to pay Lisa any

commission. Lisa could argue that she is entitled to a commission because she is the -

ANSWER-Procuring cause



Procuring Cause - ANSWER-

, A licensee who is interested in retail stores and shopping centers should look into entering:

residential real estate.

commercial real estate.

real estate counseling.

real estate appraisal. - ANSWER-Commercial



Of the following, which would NOT likely be a prospect?

Blogs

FSBOs

People in your target audience

Sphere of influence - ANSWER-Blogs



Which of the following is considered the most important factor in real estate value due to

the limited supply of land and immobility of real estate?

Location

Price

Appearance

Size - ANSWER-Location



What do most new real estate licensees do after passing the state exam and receiving the

state license?

Begin investing in real estate

Become a real estate attorney

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