Colibri Real Estate - CA Salesperson - Readiness Assessment Guide with Q & S 2024.
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Course
Colibri Real Estate
Institution
Colibri Real Estate
Colibri Real Estate - CA Salesperson - Readiness Assessment Guide with Q & S 2024.Colibri Real Estate - CA Salesperson - Readiness Assessment Guide with Q & S 2024.Colibri Real Estate - CA Salesperson - Readiness Assessment Guide with Q & S 2024.
,1. When considering land use controls, which entity is typically
responsible for zoning ordinances?
a) State government
b) Local municipalities
c) Federal government
d) Homeowners associations
Correct Answer: b) Local municipalities
2. In California, a real estate agent's fiduciary duty to their client
includes all of the following EXCEPT:
a) Confidentiality
b) Disclosure
c) Accounting
d) Providing legal advice
Correct Answer: d) Providing legal advice
3. Which appraisal method estimates the value of a property by
comparing it to similar properties with known sale prices?
a) Income approach
, b) Cost approach
c) Sales comparison approach
d) Investment method
Correct Answer: c) Sales comparison approach
4. What type of financing might a buyer use to purchase a property
with a very low initial interest rate that can fluctuate over time?
a) Fixed-rate mortgage
b) Adjustable-rate mortgage
c) Interest-only mortgage
d) Balloon mortgage
Correct Answer: b) Adjustable-rate mortgage
5. The transfer of property through a will is known as:
a) Inheritance
b) Devise
c) Bequest
d) Intestate succession
Correct Answer: b) Devise
, 6. Which of the following is NOT a required disclosure in
California real estate transactions?
a) Natural Hazard Disclosure
b) Lead-Based Paint Disclosure
c) Previous death in the property within the last 3 years
d) Energy efficiency rating
Correct Answer: d) Energy efficiency rating
7. In a real estate contract, the term "contingency" refers to:
a) A clause that allows for the renegotiation of terms
b) A condition that must be met for the contract to be binding
c) A breach of contract
d) A fixed deadline for contract fulfillment
Correct Answer: b) A condition that must be met for the
contract to be binding
8. A real estate professional who represents both the buyer and the
seller in the same transaction is known as a:
a) Dual agent
b) Transaction broker
c) Single agent
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