colbi real estate Flashcards

colbi real estate Flashcards A licensee thinks a house should list for $220,000, but the seller client insists that she needs $249,000. If the licensee decides to take the listing anyway, which of these fiduciary duties requires the licensee to list at $249,000?obedience Who pays into the Virginia Real Estate Transaction Recovery Fund?Both licensed real estate professionals and consumers Unless they agree to a flat fee, a property owner will commonly compensate a property manager by paying a

percentage of the:

gross rental receipts.Georgette gets a 30-year fixed rate $300,000 mortgage at an interest rate of 5%. Her monthly payment of principal and interest will be $1,950. How much will be applied to the loan balance when she makes her first monthly mortgage payment?$700 On a settlement statement, a new mortgage loan generally

appears as a:

credit to the buyer The person who hires another person to represent them in

a real estate transaction is known as an):

client A tenant has committed a non-remediable lease violation if

they have:

assaulted another tenant.What is a key disadvantage of a sole proprietorship?The disadvantage is the limited access to funding.The owner's personal assets are not protected.The main purpose of a Virginia broker's physical office

space is to allow them to:

have a separate and distinct space to conduct business.A woman dies intestate and she has no heirs. By what process will her property revert to the state?Escheat An accountant pays her landlord rent for her office; she also pays all of the utility bills for the office. Her landlord pays the property taxes, mortgage, maintenance, insurance, and other costs of ownership. This is MOST

LIKELY a:

net lease Martin is a supervising broker who manages an escrow account for his brokerage.Which type of funds is Martin NOT allowed to deposit?Referral fees Which federal law prohibits discrimination based on race or color, with no exceptions?fair housing act What is the primary purpose of a deed?transfer of title When getting ready for work one morning, Ralph, who is a tenant in a Virginia rental unit, notices mold growing at the

base of the bathroom cabinet. Ralph should:

notify the property owner of the mold issue.

Which of the following terms of an agent-client relationship must be included in a written agency agreement in Virginia?Any terms of the relationship that the licensee and client have agreed to Which federal civil rights law prohibits discrimination in both real property and personal property transactions?Civil Rights Act of 1968 A prospective borrower meets with a lender to learn about financing options. The borrower promises to repay the lender $200,000 plus interest, agreeing to use the property as collateral for the debt. The borrower and lender sign a two-party instrument that allows the lender to place a lien

on the property. This is an example of a:

promissory note.Roberto deeds 100 acres of his farm to the county to expand an existing nature park. In the grant deed, Roberto stipulates that the only structures on the land can be picnic shelters and restrooms. Otherwise, title to the 100 acres

reverts to his heirs.This is an example of a:

fee simple absolute estate.Which statement related to the provisions of the Virginia Residential Landlord and Tenant Act is TRUE?A tenant does not have to allow the lessor access to their unit under any circumstances.

A proprietary lease is given to a:cooperative shareholder.

Maria, who uses a wheelchair, wants to install a ramp for

access into her rented apartment. Property owner Jack:

must allow Maria to install the ramp at her expense.The term "takeout loan" is most closely associated with what type of financing option?Construction loans Salesperson Keiko is showing a property to a potential buyer. She can tell that the potential buyer likes the property, and she is eager to make the sale. Keiko knows that the property has some foundation issues. She does not disclose this to the potential buyer. What is the term used to describe failure to advise the potential buyer of the foundation issues?Omission The sales price of a property is $400,000. The buyer is making a 20% down payment.If the lender will charge two points as an origination fee, how much will the borrower pay in points?

$6,400

Once Shelby has purchased Morgan's condominium unit,

she is subject to the condominium's:

bylaws, rules, and regulations.Licensee Penny has the listing on Glenn's house. She shows the house to buyer client Karen without telling Karen

that she's the listing agent. Penny could be considered an):

undisclosed dual agent.An investor is interested in buying a property with a net operating income of $17,600.An appraiser has determined that the appropriate capitalization rate for such a property is 11%. What is the value of the property?

$160,000

Which statement describes the concept of hypothecation?pledge of property as collateral for a loan while continuing to possess it

What can happen if a Virginia real estate licensee fails to disclose their agency relationships to interested parties?The licensee may face disciplinary action by the Virginia Real Estate Board.An acceleration clause in a mortgage allows the lender to:declare the loan due if the borrower defaults.Which statement about business cycles is TRUE? Prolonged periods of contraction can lead to a recession.

An appraiser's role is to:estimate, value

The purchase agreement between Stella and Dave includes a time is of the essence clause. A week before closing, the lender informs Stella that the loan will close a week later than expected. Dave agrees to extend the contract deadline by eight days.This would MOST LIKELY

be handled with a(n):

addenda.Which of the following statements about the Virginia Residential Property Disclosure Act is TRUE?It requires sellers to disclose all known material defects in their property.Every potential tenant should be objectively evaluated

using an):

standard rental application.Since the market has been rather cold, a homeowner thinks he'll have more luck selling his home if he engages multiple brokerages. He agrees to pay 4% commission to any broker that brings him a ready, willing, and able buyer.What did the seller MOST likely sign with these brokers?open listing agreement Which is MOST likely to stipulate that condominium owners can paint doors only a certain color?CC&Rs Which of the following is a protected class at the federal level as well as at the commonwealth level?National origin Which statement regarding a Virginia tenant who requests that maintenance be performed in their rental unit is TRUE?No notice is required when a tenant makes a maintenance request.Major decisions related to the management and operation

of a real estate cooperative in Virginia are made by:

the executive board All 36 of the ranch-style homes in Mill Creek subdivision have similar market value.What appraisal principal does this represent?Conformity In a real estate transaction, the principal would BEST be

described as the:

seller in a real estate transaction.In 1974, the Fair Housing Act was expanded to include which protected class?sex For how many years must a Virginia brokerage firm maintain transactional records?

• years

A woman who speaks with a strong accent calls the number on a "For Rent" sign on a large apartment building.The property manager tells her that the unit is rented, but he has not had time to remove the sign. A week later, the woman sees that the sign is still up. Her co-worker, who has no accent, calls and is told the unit is available. If she chooses to file a civil lawsuit in Federal Court, claiming the

property manager violated Title VIll of the Civil Rights Act of 1968, she must do so withinofthe incident.

• year

Jeri is a licensed salesperson at Square Realty but is moving to another city where Square Realty does not have a branch office. When she moves, she signs with Circle Realty, but she has two current listings at Square. What happens to those listings?they remain at Square Realty