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COLIBRI REAL ESTATE PRINCIPLES FINAL EXAM 2024/2025
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COLIBRI REAL ESTATE PRINCIPLES FINAL EXAM 2024/2025
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COLIBRI REAL ESTATE PRINCIPLESFINAL EXAM 2024/2025
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? - Precise 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? - Precise
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 - Precise Answer ✔✔Special Assessment
NOT
Ad valorem tax (insert why)
General real estate tax (insert why)
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? - Precise 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? - Precise 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: - Precise 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 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 - Precise 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 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: - Precise
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
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