Colibri Real Estate Final Exam Questions & Answers, Exams of Real Estate Management

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COLIBRI REAL ESTATE FINAL EXAM QUESTIONS &

CORRECT ANSWERS | 2024 GRADE A+

land contract ➹➹➹: buyer pays seller to occupy and use property net lease ➹➹➹: buyer pays rent and other expenses gross lease ➹➹➹: buyer pays only rent goes to heirs ➹➹➹: Tenants in common, 2 of 3 people die. Who gets the property of those who died? Tenant owns it in severality ➹➹➹: Joint Tenancy, 3 of 4 people die. Who gets property of those who died? Client ➹➹➹: Another word for principal race, nat. origin, sex, color, religion, disability, familial status

➹➹➹: Protected by Fair Housing Act marital status ➹➹➹: Not protected by Fair Housing Act Blockbusting ➹➹➹: telling homeowners that property values will be declining because of ethical/racial makeup is changing flat, paved parking lot ➹➹➹: real estate put to its highest use puffing ➹➹➹: "This is the most prestigious street in town" $5, ➹➹➹: maximum fine for first offense name and broker ➹➹➹: an individual advertisement needs... statement that they are licensed

➹➹➹: a brokerage advertisement needs... 48 hours ➹➹➹: if listing is submitted to MLS, must notify customer within... at their next meeting ➹➹➹: Licensee must deliver Consumer Info Statement when... blanket mortgage ➹➹➹: a mortgage that covers 2 parcels of land tenancy at sufference ➹➹➹: lease expires, tenants won't leave easement in gross ➹➹➹: gas company intrudes on land to fix a gas line the seller ➹➹➹: signs the deed at a closing listing agreement ➹➹➹: least likely to require a legal description

let the client know ➹➹➹: agent takes on a listing, decides to buy house for themselves honesty ➹➹➹: Open house, declined agency relationship... What does the agent owe the person? deed ➹➹➹: proof of ownership property manager ➹➹➹: a general agent example disclose it to the buyers ➹➹➹: leak in the house, seller is trying to hide it but the agent finds it listings stay with brokerage ➹➹➹: agent switches brokerages, what happens to their listings? $20,000 per transaction ➹➹➹: maximum payout amount from the Real Estate Guaranty Fund

a third violation ➹➹➹: When will somebody be deemed a repeat offender? net listing ➹➹➹: a seller wants a certain amount, the rest of the money goes to the agent as commission redlining ➹➹➹: refusing to make loans in a minority neighborhood tenancy for years ➹➹➹: specific start and end date appurtenant easement ➹➹➹: burden one piece of land for the benefit of another piece of land consequence ➹➹➹: NOT an element for a valid and enforceable contract liquidity damages ➹➹➹: seller keeps earnest money deposit when the buyer backs out Price-Fixing ➹➹➹: A broker discussing that he was going to raise commission rates can be found guilty of:

riparian rights ➹➹➹: rights for rivers encroachment ➹➹➹: a fence 3 feet onto another property's lawn is considered an ... appurtenances ➹➹➹: rights that transfer with real property (runs with the land) littoral rights ➹➹➹: rights for lakes broker ➹➹➹: a special agent example easement in gross ➹➹➹: benefit a person, not land adverse possession ➹➹➹: title to land is gained by the open and notorious, hostile and adverse, etc. .... no loyalty ➹➹➹: What is given up if there is a dual agency?

Escheat ➹➹➹: title to property reverts to the state when a person dies without a will 1978 ➹➹➹: Lead paint checked in home built before... Graduated Lease ➹➹➹: A lease under which rental increases are made at scheduled intervals for specific amounts. Percentage Lease ➹➹➹: A lease for which the tenant's rent is calculated as a percentage of the tenant's sales. personal property ➹➹➹: lumber and concrete are delivered to a house and sitting in a backyard waiting to be used periodic tenancy ➹➹➹: specific time period tenancy at will ➹➹➹: no specified period or termination date bill of sale ➹➹➹: what is needed when a property is bought with additional items included?

improvement ➹➹➹: man-made attachment to the land opt-out option ➹➹➹: What is needed when email marketing? 5 brokers, 2 public, 1 government representative ➹➹➹: Real Estate Commission consists of... Government Survey ➹➹➹: What is this legal description: 1/4 NW of 1/2 NE of 1/4 NW? 78% ➹➹➹: if a private mortgage insurance is cancelled... CMA (Comparative Market Analysis) ➹➹➹: shows possible listing prices, possible offer prices, but CANNOT determine property value Acceleration Clause ➹➹➹: This gives the lender the right to declare all outstanding payments due upon a default by the borrower.

6 months ➹➹➹: broker keeps expired agreements for... before seller's motivation or price is discussed ➹➹➹: When should the 4 business relationships be introduced to a client? Never ➹➹➹: When can a licensee receive commission from both parties in the same transaction? RESPA ➹➹➹: only applies to 1 - 4 family residences leverage ➹➹➹: funds from tenant are used to pay property expenses security deposit ➹➹➹: LEAST likely to be needed in a lease Liquidated Damages ➹➹➹: a sum of money agreed on in advance that serves as compensation in the event of breach past 5 years ➹➹➹: cannot become an agent if a felony was committed in the past...

6 years ➹➹➹: broker keeps copies of agreements and funds received for... Compensatory Damages ➹➹➹: damages award intended to compensate a plaintiff for harm caused by defendant's act or failure to act hypothecation ➹➹➹: pledge of property as collateral for a loan 7 business days ➹➹➹: lender must deliver loan estimate within ... 10 days of receipt ➹➹➹: broker pays agent within... Transaction Broker ➹➹➹: broker who works with both parties on coming to an agreement, but is not in any agency relationship Sale-and-leaseback ➹➹➹: Owner constructs property, sells it, then stays as a tenant

metes and bounds ➹➹➹: beginning point (street name), then the direction to go call for late payments ➹➹➹: What can an unlicensed assistant NOT do? Trustee, Trustor, Beneficiary ➹➹➹: Parties of a Trust Fair Housing Act ➹➹➹: act that added religion and origin as protected classes PITI ➹➹➹: principal, interest, taxes, insurance $10, ➹➹➹: Second or subsequent violations cost Civil Rights Act of 1866 ➹➹➹: act that eliminated all racial discrimination in purchasing and selling homes HUD ➹➹➹: Who funds the FHA (Federal Housing Administration)?

Their license is automatically suspended until the end of their license term or until they find a new broker. ➹➹➹: What happens to a salespersons license when their broker's license is revoked or suspended? clearing, adding structures, draining/filling, pesticides ➹➹➹: Wetlands: need a permit for... Exclusive Right to Sell ➹➹➹: broker receives compensation no matter who sells the property Exclusive Agency ➹➹➹: broker gets compensation only if someone other than the seller find the buyer selling wetlands ➹➹➹: Wetlands: do not need a permit for...