Colibri practice test - Study guides, Class notes & Summaries

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3. In real estate, which of the following is correct about the term "title?" - correct answer Taxes and insurance are often prepaid at closing to establish the escrow account. On which page of the Closing Disclosure form will the buyer see an accounting of the escrow account set up? - correct answer Page two, under other costs On page two of the form, other costs are itemized for buyers and sellers. Taxes, prepaids, and initial escrow payment at closing - usually two months' worth, are...

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Colibri Practice Test/ 120+ Questions & Answers/ Terms like: Also known as the "to have and to hold" the Habendum Clause. This is the clause that describes the rights being transferred. Exceptions and reservations are included in this clause. When a cap rate used with income capitalization is high, the following relationship with sales price exists-Answer risk and cap rate are higher, the sales price is usually lower. Cap rate is likened to the risk factor when purchasing an investm...

colibri real estate practice questions and answers 100% correct Which of the following would be an example of a licensee specializing in business type? - Answer- Jim specializes in clients who want to buy restaurants. Which of the following statements is not true? - Answer- A broker is not responsible for the acts of independent contractors. Which of these statements is true? - Answer- Salespersons must perform all of their activities on behalf of their employing broker. Which of the fol...

colibri real estate practice questions and answers 100% correct Which of the following would be an example of a licensee specializing in business type? - Answer- Jim specializes in clients who want to buy restaurants. Which of the following statements is not true? - Answer- A broker is not responsible for the acts of independent contractors. Which of these statements is true? - Answer- Salespersons must perform all of their activities on behalf of their employing broker. Which of the fol...

Colibri Real Estate Practice Questions & Answers | 100% Correct | Verified 2024 Version Which of the following would be an example of a licensee specializing in business type? - Jim specializes in clients who want to buy restaurants. Which of the following statements is not true? - A broker is not responsible for the acts of independent contractors. Which of these statements is true? - Salespersons must perform all of their activities on behalf of their employing broker. Which of...