Colibri Real Estate Practice Final Exam Latest Update 2024-2025 Questions and Verified Correct Answers Guaranteed A+ "This property has the best view in the entire county." This statement is an example of -
CORRECT ANSWER: Puffing
160 County Drive has 4 acres of open pasture and a 1,900 square foot home. The home has 2 bedrooms and 4 bathrooms. Call 555-555-5555 now for information! What is missing from this advertisement that makes it a blind ad? - CORRECT ANSWER: The brokers identification.
A broker induces an owner to sell by telling him that Muslims are moving into the
neighborhood. This broker is guilty of - CORRECT ANSWER: blockbusting
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.
A cooperative is - CORRECT ANSWER: a type of residential property.
A property has a Gross Income Multiplier of 14, and value of $800,000. What is its
annual income? - CORRECT ANSWER: $57,143
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.
A tenant who stays beyond his lease without consent of the landlord is known as -
CORRECT ANSWER: A tenant at sufferance
A town is replacing a sidewalk that serves eight homes. The length of the sidewalk is 900 feet. Laura's property has 60 feet 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? -
CORRECT ANSWER: $1,200
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
A written pledge by a lender to lend a certain amount of money to a qualified borrower on a particular piece of real estate for a specified time under specific terms is a(n) -
CORRECT ANSWER: Conditional Approval
- / 2
A(n) ________ contract is one that unduly favors the party with superior bargaining
power. - CORRECT ANSWER: Unconscionable
A(n) ________ is one that conflicts with the ordinances that were enacted after the use
commenced. - CORRECT ANSWER: Legal nonconforming use
Alex'x home has been on the market for eight months. What is the most likely reason Alex's home has not been sold yet? - CORRECT ANSWER: The property is overpriced.
An income producing property rents for $2,790 per month and the GRM is 97. What is
the estimated market value of the property? - CORRECT ANSWER: $270,630
Bobbie decided to redeem her property after a tax sale. Bobbie exercised her -
CORRECT ANSWER: Statutory right of redemption
Broker Austin represents a party in a transaction where there is a dispute regarding the
deposited escrow money. What should Austin do? - CORRECT ANSWER: Hold the
money until both parties (or their lawyers) provide a written release.
Broker Jack has an agreement with seller Mauve that says Jack will receive compensation if anyone except Mauve sells Mauve's home. This is an example of -
CORRECT ANSWER: Exclusive Agency
Broker Jon is attaching a rider strip to a For Sale sign. What information is most likely
on this rider strip? - CORRECT ANSWER: Jon's cell phone number
Broker Ron wants to open a separate escrow account for each transaction he is involved in. Is this legal? - CORRECT ANSWER: Yes, there is no legal limit on the number if escrow accounts a broker can have.
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
Carla has been walking across a path on John's property for the past 22 years. John knows about this but has never given Carla permission. What might a court grant to
Carla? - CORRECT ANSWER: An easement by prescription
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract enforceable?
- CORRECT ANSWER: No, all leases for longer than one year must be in writing to be
enforceable.
Escrow moneys should be held in the broker's - CORRECT ANSWER: escrow account
- / 2