Colibri Real Estate Final Exam Study Guide with Complete Solutions

Colibri Real Estate Final Exam Study Guide with Complete Solutions buyer pays seller to occupy and use property - Answer-land contract buyer pays rent and other expenses - Answer-net lease buyer pays only rent - Answer-gross lease Tenants in common, 2 of 3 people die. Who gets the property of those who died? - Answer-goes to heirs Joint Tenancy, 3 of 4 people die. Who gets property of those who died? - Answer- Tenant owns it in severality Another word for principal - Answer-Client Protected by Fair Housing Act - Answer-race, nat. origin, sex, color, religion, disability, familial status Not protected by Fair Housing Act - Answer-marital status telling homeowners that property values will be declining because of ethical/racial makeup is changing - Answer-Blockbusting real estate put to its highest use - Answer-flat, paved parking lot "This is the most prestigious street in town" - Answer-puffing maximum fine for first offense - Answer-$5,000 an individual advertisement needs... - Answer-name and broker EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISH SEPTEMBER 2024 2/7 a brokerage advertisement needs... - Answer-statement that they are licensed if listing is submitted to MLS, must notify customer within... - Answer-48 hours Licensee must deliver Consumer Info Statement when... - Answer-at their next meeting a mortgage that covers 2 parcels of land - Answer-blanket mortgage lease expires, tenants won't leave - Answer-tenancy at sufference gas company intrudes on land to fix a gas line - Answer-easement in gross signs the deed at a closing - Answer-the seller least likely to require a legal description - Answer-listing agreement agent takes on a listing, decides to buy house for themselves - Answer-let the client know Open house, declined agency relationship... What does the agent owe the person? - Answer-honesty leak in the house, seller is trying to hide it but the agent finds it - Answer-disclose it to the buyers agent switches brokerages, what happens to their listings? - Answer-listings stay with brokerage a seller wants a certain amount, the rest of the money goes to the agent as commission - Answer-net listing refusing to make loans in a minority neighborhood - Answer-redlining EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED FIRST PUBLISH SEPTEMBER 2024 3/7 NOT an element for a valid and enforceable contract - Answer-consequence seller keeps earnest money deposit when the buyer backs out - Answer-liquidity damages LEAST likely to be needed in a lease - Answer-security deposit pledge of property as collateral for a loan - Answer-hypothecation lender must deliver loan estimate within ... - Answer-7 business days broker pays agent within... - Answer-10 days of receipt beginning point (street name), then the direction to go - Answer-metes and bounds What can an unlicensed assistant NOT do? - Answer-call for late payments principal, interest, taxes, insurance - Answer-PITI Wetlands: need a permit for... - Answer-clearing, adding structures, draining/filling, pesticides Wetlands: do not need a permit for... - Answer-sellin