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Colibri Real Estate Test Questions with correct Answers
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Colibri Real Estate Test Questions
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Colibri Real Estate Test QuestionsWhat is the primary purpose of instituting FACTA? - answerTo combat identity theft, and
enhance the accuracy and privacy of information held by credit reporting agencies.
In the case of multiple offers who should review counteroffer terms that deviate from the
standard fill-in-the-blank forms? - answerAn attorney
Conventional loans usually require the debt ratio be? - answerLess than 36%
What is formed when people join together and own or control housing or related
facilities? - answerCo-op Ownership
Commercial property is used specifically for? - answerBusiness Properties
Price is the number that quantifies? - answerCost
The services a licensees owes ONLY to a client? - answerAgency Disclosure
How long does an individual have to file a complaint with the Housing and Urban
Development Agency(HUD)? - answer1 Year
What actions make up the majority of exclusionary discrimination cases against
landlords? - answerFalse Advertisements
What does a For Sale By Owner(FSBO) seller sign that identifies the buyer, and
guarantees the agent a commission if the buyer purchases? - answerCommission
Agreement for Sale
What clause allows for parcels and units to be sold from a blanket mortgage? -
answerRelease Clause
To avoid litigation, what should all Real Estate(RE) companies using websites develop?
- answerAn Internet Advertising Policy
What is it called when the lack of public sites in urban minority areas have contributed to
the urban decay? - answerPublic Domain Racism
What gives the public constructive notice of a grantee's ownership? - answerRecording
the Deed
, Life insurance companies typically invest how much of their assets in RE? -
answer(3/4), three- fourths
Why should agents avoid expressing value judgements when advertising? - answerSo
as to not mislead the consumer
With a reverse annuity mortgage, the lender is making payments to? - answerBorrower
An insured conventional loan is similar to a Federal Housing Administration(FHA) loan,
except the insurer is? - answerSecondary Lender
What protected class was added by Fair Housing Amendments Act in 1988? -
answerFamilies with children, and people with disabilities
According to government regulations, the majority of a savings and loan association's
assets must be in? - answerReal Estate Loans
What type of deed offers the greatest protection and is the most used? - answerGeneral
Warranty Deed
In universal agency who is held accountable for the actions of the agent? - answerThe
Principal
Who is responsible for enforcing Code of Ethics, providing mediation and holding
arbitration hearings? - answerNational Association of Realtors(NAR)
What article in Broker/Salesperson Independent Contractor Agreement says
salesperson cannot charge a commission less than the brokers established %? -
answerCommissions
Where would the seller give information about private or public architecture review
control of the property in the Seller's Property Disclosure? - answerStructural Items
Effective Gross Income (-) Total Operating Expenses= - answerNet Operating Income
If an agent is not sure what another party is saying, what should they do? - answerAsk
Questions
Objective infeasibility means what? - answerNo one can render performance
What type of loan is linked to an economic index? - answerAdjustable Rate
Mortgage(ARM)
Described as a measure of the strength of a currency or monetary system? -
answerPurchasing Power
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