Exam (elaborations)
Colibri Real Estate Principles Final Exam With 100% Correct And Verified Answers
- Course
- Institution
Colibri Real Estate Principles Final Exam With 100% Correct And Verified Answers
[Show more]
Content preview
Colibri Real Estate Principles Final ExamWith 100% Correct And Verified Answers
Long Beach salesperson Eric Janey is providing sellers Julie and Zach
Roberts with the necessary disclosures they must be given upon the sale
of real property. Which of the following is NOT a disclosure that is given
upon the sale of real property? - Correct Answer-Mold Disclosure
Required
Lead-based Paint Disclosure Required
Natural Hazards Disclosure Required
Radon Detection Test Disclosure - NOT REQUIRED IN CA
Escrow cannot be terminated in which of the following ways? - Correct
Answer-Death of one of the principals
ESCROW CAN BE TERMINATED BY
The completion of escrow
Mutual agreement
By a court or interpleader action
Kathy Bates has just moved into a condominium complex of 60 units. The
complex has a swimming pool, and a management company takes care of
the upkeep of the outside of the property. The monthly cost for pool
maintenance, grass cutting, tree trimming, private street maintenance, and
the newly-updated clubhouse is currently $400.00 a month. Each year, the
cost of such services increases, as do the costs for necessary repairs as
the buildings get older. This year, new roofs are in order for all of the
buildings. The condominium association, which is made up of the owners
of the property, decides that, in order to cover the increase in costs, and to
replace the roofs on the property, they must pass a - Correct Answer-
Special Assessment
NOT
Ad valorem tax (insert why)
General real estate tax (insert why)
Vendarsol
,Pauline Chasse has just signed a lease agreement with landlord, Wayne
Godbrey to rent a house he owns in Delano. The lease states definite
beginning (January 1, 2016) and ending (October 30, 2016) dates, and sets
forth the rent amount and due dates and all additional property and
personal information required in such a lease. Wayne hands a copy to
Pauline, but she notices that he has not signed it. When she comments
about this to him, he tells her that signatures are not necessary since the
lease is for less than a year. Which of the following is true of this
situation? - Correct Answer-Leases of less than 1 year are not required to
be in writing. However, if a lease is in writing, then it must be signed by the
lessor (in this case, Wayne)
Which of the following is NOT considered one of the basic types of
Common Interest Developments? - Correct Answer-Mobile Home Parks
The below ARE considered Common Interest
Developments
Condominiums
Cooperatives
Planned developments
Under Article 7 on "hard money loans" (cash) of
$30,000.00 and over for first trust deed loans, and
$20,000.00 and over for junior deeds of trust,
except where the new usury laws apply, the loan
broker's commission maximum is: - Correct
Answer-The broker MAY CHARGE as much
commission as the borrower will agree to pay.
The regulations also require that the broker
provides to BOTH the buyer and seller, on first
trust deed loans UNDER $30,000.00, and on junior
trust deed loans UNDER $20,000.00, copies of the
appraisal report.Loans on owner-occupied homes
Vendarsol
,that are negotiated by a broker for a term of 6 or
more years may not have a balloon payment. In any
situation that involves a balloon payment, the
SELLER is required to notify the BUYER between 60 and 150
days BEFORE the payment is due.If the home is NOT occupied by
the owner, then the loans are exempt from balloon payments, IF the
loan term is less than 3 years.Threshold Reporting is the
requirement to report annual and quarterly loan activities (review
of trust fund) to the California BRE, IF, within the past 12 months,
a broker has negotiated any combination of 10 or more loans to a
subdivision OR a total of more than $1,000,000.00 in loans.
Regulations for "big lending," as this is known, include the
requirement that advertising must be reviewed by the CalBRE. The
intent of the threshold reporting regulations is to protect the public
by overseeing the loan activity of these "big lenders," who are using
their real estate licenses to take on such activities.
In 2013, Jack and Shirley Wright moved from Riverside, in
Southern California, up to Santa Clara, in Northern California,
when Jack's company opened a new branch office there. They
decided to rent for a while so they could get to know the area before
buying a home. Three weeks ago, they finally found and put a
contract on a lovely 3-bedroom ranch, and the sellers accepted the
first offer. They took that as a good sign, but now it's only 5 days
until the close of escrow and they still haven't signed the escrow
papers yet. In fact, they aren't due to sign the escrow papers until
the day before the actual close of escrow. The Wrights are under the
impression that something is wrong, because when they sold their
last home, the escrow instructions had to be signed by both parties
to the transaction immediately after they all signed the purchase
agreement--about 60 days ahead of the actual close of escrow date.
Which of th - Correct Answer-The escrow practices in Southern
California differ from those in Northern California. In Southern
California, the escrow instructions are signed by the buyer and
seller shortly after they've signed the purchase agreement, just after
Vendarsol
, the start of escrow, which is about 60 days prior to the actual close
of escrow. In Northern California, the escrow instructions are
usually not signed until one or two days just before the close of
escrow.
Ollie and Molly Overton have just taken out a 30-year straight term
loan on their new "starter home" in Bellflower. This means that: -
Correct Answer-They will make payments of interest only, with the
principal due on the loan due date in 30 years.
Co-authors and sisters, Mary and Perry Corrigan, have just written
their fourth bestseller, even though Mary lives on the East Coast,
while Perry resides in Calistoga. When the home next door to Perry
is sold, Perry buys it and then gift deeds it to her sister so that they
can live side-by-side for the several months of the year they spend
writing together. In this situation, what consideration is necessary
for this deed to be considered valid and legal? - Correct Answer-
Love and affection is the only consideration necessary.
A Gift deed here refers to the transfer of ownership
of a property between relatives without an
exchange of money.
Consideration is an object of value each party
involved in a contract, in this case, a transfer of
deed, brings to the contract. In a situation where
money is exchanged for a property, the
considerations are the money and the property.
However, love and affection can also be a form of
consideration, referred to as good consideration.
This kind of consideration is valid between relatives
and is also used to donate to charities.
Vendarsol
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77988 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now