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Colibri Practice Test Questions With Complete Solutions.
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Colibri Practice Test Questions With Complete Solutions.
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Colibri Practice Test Questions With Complete Solutions2 friends were deeded a property by name with no further
explanation. What is their title status? Correct Answers
Tenants in common - when joint tenancy is not clearly stated in
the deed, grantees take title as tenants in common to avoid the
results of accidental joint tenancy. Tenants by entirety and
community property owners are only available for married
couples.
24 hours Correct Answers a broker must give a copy of the
written listing agreement to the seller within 24 hours after the
seller signs the agreement. Failure to do so is violation of section
475.25(1)(r), FS which is punishable by a $200 fine.
3. In real estate, which of the following is correct about the term
"title?" Correct Answers
475 and rule 61 (j) (2) Correct Answers practicing beyond the
scope of a sales associate is a violation of license law
475.25 (1)(d) Correct Answers Failure to account and deliver
475.42 Correct Answers speaks about the requirements of
licensing before practicing for brokers and agents. Also
receiving commissions without licenses.
5 characteristics of the real estate market Correct Answers
Durability. Real estate is durable. ...
,Heterogeneity. Every unit of real estate is unique in terms of its
location, the building, and its financing. ...
High transaction costs. ...
Long time delays. ...
Both an investment good and a consumption good. ...
Immobility.
7 Essential Elements of a Deed Correct Answers Consideration
(valuable or good)
Execution (signed by a competent grantor and two witnesses)
Description of property
Delivery and acceptance (voluntary)
Interest or estate being conveyed (habendum clause)
Names of a grantee and grantor
Granting and other appropriate clauses
8 functions of real estate: ABARSALE Correct Answers
Advertise, Buy, Appraise, Rent, Sell, Auction, Lease, Exchange
9 Duties of a Single Agent Correct Answers 1. Dealing
honestly and fairly;
2. Loyalty;
3. Confidentiality;
4. Obedience;
5. Full disclosure;
6. Accounting for all funds;
7. Skill, care, and diligence in the transaction;
,8. Presenting all offers and counteroffers in a timely manner,
unless a party has previously directed the licensee otherwise in
writing; and
9. Disclosing all known facts that materially affect the value of
residential real property and are not readily observable.
9 duties of the single agent Correct Answers - present all offers
A broker may be licensed under how many trade names?
Correct Answers No more than 1 trade name.
A broker must retain one legible copy of a rescinded or
cancelled contract and any brokerage relationship disclosures
( Chapter 475 FS) for how many years? Correct Answers 5
A broker operating under a trade name without registering the
name with the commission is a violation of Correct Answers
misdemeanor of the second degree
A broker's records must be available for inspection during
business hours. Who inspects the records? Correct Answers A
DBPR employee or authorized representative
All business records must be available for inspection during
business hours; inspections are done by the DBPR investigator
or an authorized representative.
A buyer is closing with a purchase price of $232,000 and a
down payment of 10%. He will pay the doc stamps on the note
and the intangible tax on the mortgage. What are the transfer tax
, charges to the buyer? Correct Answers $731 for the note;
$417.60 for the mortgage
Florida transfer taxes at closing are 70 cents per 100 or fraction
thereof. The note is $232,000 less 10% = $208,800/100 = 2088
one hundreds X .70 = $730.80. This is rounded to $731 (fraction
thereof). The intangible tax on the mortgage is: $208,800 X .002
= $417.60.
A buyer pruchased a property but did NOT record the deed.
Correct Answers The buyer's interest is not fully protected
against third parties.
A closing is March 5 for a rental property with an annual tax bill
of $2800. Calculate and show the debit and credits for the tax
proration between the buyer and seller using the 365-day
method, the day of closing belongs to the buyer. Correct
Answers debit seller $483.29; credit buyer $483.29
The purpose of proration is to assign the amount owed to the
responsible party. The taxes will be paid by the buyer at the end
of the year. The buyer needs money from the seller for the days
that the seller owned. $2800/365 = $7.67 per day. Jan = 31 days,
Feb. = 28 days and March = 4 day total 63 X $7.67 = $483.21
that the seller owes for the time he owned. NOTE: The amount
taken from the seller is given to the buyer - it is the same
amount. Use 3 decimal places and don't clear the calculator
between steps.
A corporation is legally treated as a single person so it owns
property in Correct Answers severalty
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