Colibri Real Estate Final Exam Questions with Accurate Answers
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Course
Colibri real estate
Institution
Colibri Real Estate
Colibri Real Estate Final Exam Questions with Accurate Answers
land contract
buyer pays seller to occupy and use property
net lease
buyer pays rent and other expenses
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easement in gross - answergas company intrudes on land to fix a gas line
the seller - answersigns the deed at a closing
listing agreement - answerleast likely to require a legal description
let the client know - answeragent takes on a listing, decides to buy house for
themselves
honesty - answerOpen house, declined agency relationship... What does the agent owe
the person?
disclose it to the buyers - answerleak in the house, seller is trying to hide it but the agent
finds it
listings stay with brokerage - answeragent switches brokerages, what happens to their
listings?
net listing - answera seller wants a certain amount, the rest of the money goes to the
agent as commission
redlining - answerrefusing to make loans in a minority neighborhood
consequence - answerNOT an element for a valid and enforceable contract
liquidity damages - answerseller keeps earnest money deposit when the buyer backs
out
security deposit - answerLEAST likely to be needed in a lease
hypothecation - answerpledge of property as collateral for a loan
7 business days - answerlender must deliver loan estimate within ...
10 days of receipt - answerbroker pays agent within...
metes and bounds - answerbeginning point (street name), then the direction to go
call for late payments - answerWhat can an unlicensed assistant NOT do?
PITI - answerprincipal, interest, taxes, insurance
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