COLIBRI REAL ESTATE PRACTICE FINAL

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COLIBRI REAL ESTATE PRACTICE FINAL

EXAM

WITH CORRECT SOLUTIONS.

Why is the condition of bearing walls more important than non bearing walls? - correct answer- Bearing walls support the ceiling and the roof.

Owner Tom decided to lease out his basement to a college student. By leasing the basement, Tom has - correct answer- transferred a portion of his bundle of rights

What is a forecast of income and expenses that can be projected over five years? - correct answer- Stabilized budget

A buyer told broker Lena that she wants to move to Cuban neighborhood. Then the buyer asked if Lena could show her the best home in a Cuban area. How should Lena respond to this request? - correct answer- Lena should explain to the buyer that she ethically and legally cannot recommend housing based on national origin.

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Which of the following wills may be considered invalid? - correct answer- A will that is not signed.

Broker Torrey hires salesperson Wes as an independent contractor. As an independent contractor, Wes can expect which of the following from Broker Torrey? - correct answer- Performance Expectations

Which of the following statements best describes what happens with a judicial foreclosure? - correct answer- The mortgaged property is sold under the supervision of a court.

Which of the following best describes the principle of conformity? - correct answer- A home maintains its highest value by being in a neighborhood with similar-type housing.

The cost of doing direct mail advertising depends on - correct answer- The frequency of the mailings

A type of mortgage which allows the lender to increase the outstanding balance of a loan up to the original amount of the loan in order to advance additional funds is called an - correct answer- open-end mortgage 2 / 3

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Of the following liens: a $100,000 mortgage, a $2,500 property

tax bill, and a $8,000 mechanic's lien and a $25,000 judgement lien, which will be paid off first after a foreclosure sale? - correct answer- The $2,500 property tax lien

On a $280,000 loan, the lender charges a 2 point service charge. How much does the borrower have to pay for just these two points? - correct answer- $5,600

A seller decided to back out of a sales contract for no good reason. What recourse does the buyer have? - correct answer- To sue for specific performance.

What are the primary advantages of PEX piping? - correct answer- PEX piping is able to withstand both high and low temperatures and it is highly resistant to chemicals.

How does Planned Unit Development zoning differ from ordinary zoning? - correct answer- I requires that multiple tracts of land be developed according to a single design for efficient use of space.

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