Colibri Real Estate Final Exam
Real Estate Terms Overview
Contract and Lease Types - Land Contract: Buyer pays seller to occupy and use property. - Net Lease: Buyer pays rent and other expenses. - Gross Lease: Buyer pays only rent.
Ownership and Transfer - Tenants in Common: If two of three p...
- Land Contract: Buyer pays seller to occupy and use property.
- Net Lease: Buyer pays rent and other expenses.
- Gross Lease: Buyer pays only rent.
Ownership and Transfer
- Tenants in Common: If two of three people die, the property goes to heirs of those who died.
- Joint Tenancy: If three of four people die, the surviving owner(s) receive the property.
Fair Housing
- Protected Classes: Race, national origin, sex, color, religion, disability, familial status are protected by
the Fair Housing Act.
- Not Protected: Marital status is not protected by the Fair Housing Act.
Real Estate Practices
- Blockbusting: Telling homeowners property values will decline due to changes in the neighborhood's
ethnic/racial makeup.
- Puffing: Making exaggerated claims about a property (e.g., "This is the most prestigious street in
town").
Regulatory and Legal Provisions
- Maximum Fine: $5,000 for the first offense under applicable laws.
- Advertisement Requirements: An individual advertisement must include name and broker; a brokerage
advertisement must include a statement of licensure.
, Real Estate Transactions
- Listing Notification: If a listing is submitted to MLS, the client must be notified within 48 hours.
- Consumer Information Statement: Licensees must deliver this during their next meeting after taking a
listing.
- Blanket Mortgage: A mortgage covering two parcels of land.
- Tenancy at Sufferance: Occurs when a lease expires, and tenants refuse to leave.
Easements and Property Rights
- Easement in Gross: Allows a gas company to intrude on land to repair a gas line.
- The Seller: Signs the deed at closing.
- Listing Agreement: Least likely to require a legal description.
Agency Relationships
- Honesty: Agents owe honesty to clients, particularly when declining agency relationships.
- Disclosure Requirement: Agents must disclose issues (e.g., leaks) to buyers if discovered.
- Listings and Brokerage: Listings stay with the brokerage if an agent switches brokerages.
Financial Concepts in Real Estate
- Net Listing: Seller wants a specific amount; the remainder of the sale price is commission for the agent.
- Redlining: Refusal to make loans in a minority neighborhood.
Contract Elements
- Consequence: NOT considered an element for a valid and enforceable contract.
- Liquidated Damages: Seller retains earnest money deposit if the buyer backs out.
Leases and Deposits
- Security Deposit: Least likely to be needed in a lease.
Property Law Terms
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