COLIBRI REAL ESTATE REAL ESTATE EXPRESS FINAL EXAM

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COLIBRI REAL ESTATE (REAL ESTATE EXPRESS) FINAL EXAM

REVIEW / ACTUAL EXAM QUESTIONS WITH

100% CORRECT VERIFIED ANSWERS/ GRADED A+

Which clause protects a lender if he does NOT want the Lon to be assumed by another party?

• Abandonment
• Subordination
• Satisfaction
• Alienation - Correct Answer - D. Alienation

Which parties typically purchase title insurance once the transaction is complete?

• The HUD and the seller
• The lender and the buyer
• I'm he licensee and they buyer
• The broker and lender - Correct Answer - B. The lender and the buyer

A town is replacing a sidewalk that serves eight (8) homes. The length of the sidewalk is 900ft. Laura's property has 60ft of the sidewalk. If the cost of the project to be paid by a special assessment is $18,000, what will Laura's assessment be?

• $775
• $900
• $1,200 1 / 3

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• $2,400 - Correct Answer - C. $1,200 (18000/900=x*60=Laura's

assessment)

Non-judicial foreclosure is required to foreclose on a _____?

• Deed of recovery
• Chain deed
• Deed of trust
• Deed of liability - Correct Answer - C. Deed of trust

A tenant who stays in rented property after the lease has expired without the consent of the landlord is said to have ____?

• A tenant at request
• A freeload tenant
• A tenant in sufferance
• An encroaching tenant - Correct Answer - C. A tenant in sufferance

What is a forecast of income and expenses that can be protected over 5 years?

• Cash flow statement
• Stabilized budget
• Balance sheet
• Capital budget - Correct Answer - B. Stabilized budget

If a cooperative corporation cannot pay its bills, what would happen?

• Only the residents who have not paid their rents on time can be affected
• HUD will bail out the struggling coop 2 / 3

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• The corporation owning the property would be dissolved, and all of the

residents could lose their interest in the cooperative

• The coop must evict all current stock owners - Correct Answer - C.

Mary abandoned her property by failing to pay its property taxes, and the property reverted to the state. This is an example of _____?

• Condemnation
• A zoning exception
• Escheat
• Eminent domain - Correct Answer - C. Escheat

Who can qualify for an FHA loan?

• Eligible veterans only, or widows or veterans who have not remarried
• People with a net worth over $1,000,000
• Anyone with qualified income
• Only members of protected classes - Correct Answer - C. Anyone with

qualified income

Which of the following is a violation of the Sherman Anti-Trust laws?

• Commingling
• Zoning
• Redlining
• Market Allocation - Correct Answer - D. Market allocation

The first step in the appraisal process is to___?

• Estimate the value of the land
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