Colibri Real Estate Chapter 2 Quiz Questions Flashcards

Colibri Real Estate Chapter 2 Quiz Questions Flashcards When must loan services provide borrowers with an escrow statement which summarized all inflows and outflows in the previous 12 months?Annually When a seller gives permission to a broker to submit the property to the MLS, the seller is authorizing the broker to make a blanket unilateral offer of what to all the other members of that MLS?Subagency A subagent owes customer level services to the buyer which include which of these?Honesty, fair dealing and the proper disclosure of pertinent facts that affect the value of the property Before a licensee sign a listing agreement with a seller, he/she mist Give the seller an agency disclosure For purposes of the TRID rule, a business day is aday on which the creditor's office are open to the public for carrying out substantially all of its business functions A plat of survey is best described asa survey of an entire subdivision Who is the "disinterested third party" in a closing?The escrow agent Which of the following is NOT an element in the recorded plat system of legal description?Point of beginning The escrow agent will open an escrow in the names ofAll parties involved When the agency relationship has been terminated, the licensee is no longer considered the principal's agent but still owes which of the following duties to the principal?Accounting A licensee must provide____ of any existing agency relationships to all parties for whom he or she provides real estate brokerage services A written disclosure What is the Closing Disclosure form used for? To disclose settlement costs to the buyer RESPA is administered by theConsumer Financial Protection Bureau Benchmarks are used toProvide reference elevations for nearby properties Beginning at the SE corner of the intersection of Olive & 270, thence south 350 ft, thence west 350 ft, thence north 400 ft, thence east 400 ft. Is this a good legal description?No, this is not a good legal description because it does not begin and end at the point of beginning The real estate transfer tax is also known as revenue stamps Standard elevation reference points established throughout the country are called Datums What type of closing consists of all parities in the transaction meeting at one time?Face-to-Face Which of the following statements best describes the term "consummation" as defined under Regulation Z?The time that a consumer becomes contractually obligated on a credit transaction Which statement is true about accepting referral fees?It could be a violation of state licensing laws An agent must inform client and customer that the agent represents the client and does not represent the customer, unless there is a dual agency

Since many of an agent's fiduciary duties can only be rendered to one party, an agent would have a difficult in not impossible time performing his/her duties in which type of agency?Dual agency To make it easier to describe elevations, surveyors refer to standard elevation points called Benchmarks A full legal description in a recorded plat must includethe subdivision's location within a section, a township, a country, and a state Which pages of the Closing Disclosure will look the same regardless of the loan type the consumer is getting?Pages 2 and 3 Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad?Honesty and fair dealing Which land description method employs a subdivision plat map?The lot and block system An agency relationship may be involuntarily terminated by which of the following?By destruction of the property through fire, vandalism, or natural disaster "As is" sales are tempered by which of the agent's duties?Disclosure What kind of defects are hidden from normal vies but still must be disclosed?Latent As a legal descriptor of land, a township square consists of36 square mile When a seller authorizes a unilateral offer of subagency to all MLS members, any agent who shows the listed property automatically becomes A subagent A person who is empowered to act on behalf of another is called?An agent A legal description of a property is one which Accurately located and identifies the boundaries of the property and distinguished it from all other properties A check or quadrangle is defined by the intersection of pairs of guide meridian and standard parallels Which of the following items does the seller usually pay?Satisfaction of existing liens A licensee for the buyer has a duty to disclose such things except why the seller is selling if the licensee knows this from a previous relationship with the seller Revocation of a broker's license results in Termination of the relationship Properties that have an undesirable reputation due to an associated unpleasant occurrence, such as murder or gang violence, are known as stigmatized properties Which of the following information will the escrow agent NOT need?The buyer's credit report When the agency relationship has been terminated, the licensee is no longer considered the principal's agent but still owes which of the following duties to the principal?Confidentiality Which of the following statements best defines what is included in a Closing Disclosure?A Closing Disclosure details all financial particulars of a transaction Under FIRPTA requirements, what must the seller deliver to the buyer?A FIRPTA Certificate

The most important document at closing is the deed The description of a recorded plat property first presents the property's lot number or letter The liability for withholding estimated taxes equal to 10% of the sale price in the sale of a property owned by a foreigner is shared by buyer and broker How are directions described in a metes and bounds survey?In terms of degrees east or west of an imaginary north-south axis RESPA would apply to which of these?Second mortgage on a condominium The buyer's primary function at closing is to Pay the purchase price for the property A legal description in the rectangular survey system will also include a metes and bounds or lot or block description if the property Is irregular in shape The fundamental components of the metes and bounds system are Reference points, angles, and distances The licensee may disclose to the seller the financial status of the potential buyer customer. Is this statement true or false and why?True if the agent has knowledge of the buyer's financial status A mortgage Loan Estimate must bein writing and contain the information prescribed by the TRID rule What document clarifies that the signatures of Robert Davis, Robert J. Davis, and Bob Davis are one and the same person?Robert's Name Affidavit What is the term given to an agent who is acting as a buyer's and seller's agent in the same transaction?Dual agent From the seller's point of view, what do credits represent?More money at closing Which of the following lines in the Rectangular Survey System run north and south?Range lines What are the dimensions of a township?Six miles square Most real estate listing contracts are which kind of agency?Special agency A parcel's street address is an insufficient legal description because It lacks permanence and sufficient data for a surveyor to locate it On the comparison chart of closing statement items, how is a home warranty plan credited or debited?Seller debit If an agency relationship has not been established by a written agreement, does the relationship exist, and if so, what kind of relationship is it?Yes, it is an implied agency RESPA does not apply to which of the following? Seller-financed loan A benchmarkprovides a reference for indication elevation in a survey Both the buyer and thelender should have title insurance Which property is exempt from FIRPTA?A condominium purchased for $299,000 and used as a buyer's personal residence What method of legal description was the first one used in America?Metes and bounds system

The legal description of a recorded plat is incomplete if it lacks The subdivision's location in a section and township If a client refuses to disclose material defects to a buyer, what should the agent do?Decline or sever the agency agreement Latent defects are thoseHidden from normal view and, therefore, must be revealed What is the seller's primary function at closing? To deliver the title The licensee could be known as a transaction broker, facilitator, or coordinator in which type of agency?Non-agency Escrow agents are also known as aDisinterested third party A legal doctrine by which a person is prevented from asserting rights or facts that are inconsistent with a previous position or representation made by act, conduct, or silence is An estoppel Representing both principal parties to a real estate transaction is A dual agency Which of the following terminations of an agency relationship could result in legal or financial ramifications?Renunciation by the client Accepted methods of legal description do not includeblock and tackle After the borrower and the property have been qualified to the lender's satisfaction and while the preliminary title report is being researched and prepared, what happens?The escrow process goes into full swing Since the listing agreement is a contract that established an agency relationship, which law(s) is the relationship subject to?All of the above Which of the following tasks are NOT part of the actual closing?The tile search is completed With which of the following can a broker NOT enter into a single agency agreement?Seller and buyer Which of the following may not involuntarily terminate an agency relationship?Expiration of the agreement term The agent who has the job of obtaining the best possible transaction for the seller is the designated agent Which of the following is TRUE regarding the recording of a deed?It is not a legal requirement that a deed be recorded in the County Clerk's office In Indiana, contractual relationships are always formed at what level?Managing broker Which of the following statement is TRUE? If the creditor provides a corrected disclosure, it may also be required to provide the consumer with an additional three-business-day writing period prior to consummation What is a "block" in the lot and block system of description?A group of lots in a subdivision An agency relationship may be involuntarily terminated by which of the following?Condemnation of the property If the owner has satisfied any liens on the property, what proof must the owner provide?Certification of Lien Satisfaction