Colibri Real Estate Final Exam- Part Three Flashcards

Colibri Real Estate Final Exam- Part Three Flashcards Sam lists a property for John. During the inspection period it is determined that $2,000 in roof repairs need to be done.Sam gives John the money for the roof repair and will be repaid at close of escrow. John cannot cancel the listing.True Maggie wants to buy Tom's house, but she is concerned about an old in-ground swimming pool. She finds out how much it would cost to fill in the pool with dirt, and asks Tom to cover the cost. Which type of measurement did Maggie use to find the cost to fill in the pool?the volume of the pool Coverage of owner's fee title insurance policies runs from the time of purchase for as long as the policyholder owns the property.Zoning requirements state that a lot must be at least four times the size of the building located on the lot. An architect draws up plans for a building that is 20,000 square feet. At least how many acres does the lot need to be?

• acres

When drawing the shape of a lot using the metes and bounds system, you typically move _______ clockwise You have constructive notice of anything you see, hear, or read.False The Burtons bought a property but declined to purchase an owner's title insurance policy; however, the lender did require the Burtons to purchase lender's title insurance. If a third party shows up two months later, claiming an interest in the Burtons' property, are the Burtons covered under the lender's policy?No, because the lender's policy only protects the lender.Which statements about title insurance are TRUE? Select all correct responses.Coverage runs from the time of purchase for as long as the policyholder owns the property.Standard title insurance provides coverage for unknown defects.A title insurance policy creates insurable title.What should be brought to settlement to itemize any changes in a property's title since the preliminary title report was issued?affidavit of title A lender typically requires title insurance to cover themortgagee.A 3.45 acre lot sells for 50 cents per square foot. What is the selling price?

$75,141

Tom needs 7,200 cubic feet of dirt to fill in the pool. But the company he contacts sells fill dirt by the cubic yard. What is the minimum amount of dirt Tom can purchase in order to fill in his pool before Maggie buys the house?267 cubic yardsTo convert cubic feet to cubic yards, you divide by 27.Sheila obtained a home loan from a commercial lender and paid for a mortgagee's title policy. Who would this policy

protect?only the lender

A summary of title history to a property, listing all recorded documents that affect title.abstract of title

A metes and bounds description reads as follows: "Start at

the intersection of Route 120 and Wells Lane. Proceed due south 1,815 feet, then due east 1,200 feet. Proceed due north 1,815 feet, then return west to point of beginning." How many acres is this property?50 How much concrete is needed to pour a driveway measuring 40 feet long, 10 feet wide, and 3 inches deep?100 cubic feetFirst, remember that all numbers must be in

the same unit of measurement: 3 inches / 12 = 0.25 feet.

Once your conversion is complete, you can find the volume

of the driveway: 40 x 10 x 0.25 = 100 cubic feet.

Each section in the government survey system is one mile by one mile.true Chris records his deed. He has now provided constructive notice.Why are real estate instruments recorded in the county in which the property is located?to give constructive notice of an interest in a particular parcel of real estate Sam takes possession of an unused farm and begins growing crops. He sends the farm's owner a letter describing his actions. Can Sam ever become owner of the farm?Yes, as long as he maintains possession.A square parcel measures 1/8 of a mile by 1/8 of a mile.How many acres is this property?10 A document stating the current title status of a piece of property.title report Paula's house sits on a quarter-acre rectangular lot. The back of her property is on a lake. The length of the property from the road to the lake is 151.25 feet. How much frontage on the water does Paula enjoy?72 feet In order to be considered part of the gross living area, the space must be useable and able to be occupied.True Jim buys a triangular-shaped lot with 60 front feet. Each side of the lot is 100 yards deep. What is the square footage of Jim's lot?9,000 square feet A corn field with a depth of 900 feet and a frontage of 484 feet is bisected by an access road, leaving two triangular lots. If the land sells for $2,000 per acre, how much is each lot worth?

$10,000

Joe is looking at two rectangular lots that are adjacent.According to the plat map, Lot A has a square footage of 46,060, and Lot B has a square footage of 43,005. The common boundary they share is 235 feet long. What is the width of Lot B?183'Lot B is 43,005 square feet, divided by the length of 235, which gives you a lot width of 183 feet.Bob takes down the above ground pool that has been in his backyard for years. It leaves a 24' x 14' patch of dead grass that he wants to replace with new sod. The sod is sold only

in 24" x 48" rolls that cost $35 each. How much will it cost Bob to purchase enough sod to cover the bare patch?1,470The bare spot is 336 square feet (24 x 14). Each roll of sod is 1,152 square inches (24 x 48). To convert square inches to square feet, divide by 144 (1,152 / 144 = 8). He