COLIBRI REAL ESTATE FINAL EXAM
QUESTIONS & VERIFIED ANSWERS
RATED 100% CORRECT
buyer pays seller to occupy and use property - Correct Answer ✔✔ land contract
buyer pays rent and other expenses - Correct Answer ✔✔ net lease
buyer pays only rent - Correct Answer ✔✔ gross lease
Tenants in common, 2 of 3 people die. Who gets the property of those who died? -
Correct Answer ✔✔ goes to heirs
Joint Tenancy, 3 of 4 people die. Who gets property of those who died? - Correct
Answer ✔✔ Tenant owns it in severality
Another word for principal - Correct Answer ✔✔ Client
Protected by Fair Housing Act - Correct Answer ✔✔ race, nat. origin, sex, color,
religion, disability, familial status
Not protected by Fair Housing Act - Correct Answer ✔✔ marital status
telling homeowners that property values will be declining because of ethical/racial
makeup is changing - Correct Answer ✔✔ Blockbusting
real estate put to its highest use - Correct Answer ✔✔ flat, paved parking lot
"This is the most prestigious street in town" - Correct Answer ✔✔ puffing
maximum fine for first offense - Correct Answer ✔✔ $5,000
an individual advertisement needs... - Correct Answer ✔✔ name and broker
a brokerage advertisement needs... - Correct Answer ✔✔ statement that they are
licensed
if listing is submitted to MLS, must notify customer within... - Correct Answer ✔✔ 48
hours
Licensee must deliver Consumer Info Statement when... - Correct Answer ✔✔ at their
next meeting
, a mortgage that covers 2 parcels of land - Correct Answer ✔✔ blanket mortgage
lease expires, tenants won't leave - Correct Answer ✔✔ tenancy at sufference
gas company intrudes on land to fix a gas line - Correct Answer ✔✔ easement in gross
signs the deed at a closing - Correct Answer ✔✔ the seller
least likely to require a legal description - Correct Answer ✔✔ listing agreement
agent takes on a listing, decides to buy house for themselves - Correct Answer ✔✔ let
the client know
Open house, declined agency relationship... What does the agent owe the person? -
Correct Answer ✔✔ honesty
leak in the house, seller is trying to hide it but the agent finds it - Correct Answer ✔✔
disclose it to the buyers
agent switches brokerages, what happens to their listings? - Correct Answer ✔✔ listings
stay with brokerage
a seller wants a certain amount, the rest of the money goes to the agent as commission
- Correct Answer ✔✔ net listing
refusing to make loans in a minority neighborhood - Correct Answer ✔✔ redlining
NOT an element for a valid and enforceable contract - Correct Answer ✔✔
consequence
seller keeps earnest money deposit when the buyer backs out - Correct Answer ✔✔
liquidity damages
LEAST likely to be needed in a lease - Correct Answer ✔✔ security deposit
pledge of property as collateral for a loan - Correct Answer ✔✔ hypothecation
lender must deliver loan estimate within ... - Correct Answer ✔✔ 7 business days
broker pays agent within... - Correct Answer ✔✔ 10 days of receipt
beginning point (street name), then the direction to go - Correct Answer ✔✔ metes and
bounds
What can an unlicensed assistant NOT do? - Correct Answer ✔✔ call for late payments
QUESTIONS & VERIFIED ANSWERS
RATED 100% CORRECT
buyer pays seller to occupy and use property - Correct Answer ✔✔ land contract
buyer pays rent and other expenses - Correct Answer ✔✔ net lease
buyer pays only rent - Correct Answer ✔✔ gross lease
Tenants in common, 2 of 3 people die. Who gets the property of those who died? -
Correct Answer ✔✔ goes to heirs
Joint Tenancy, 3 of 4 people die. Who gets property of those who died? - Correct
Answer ✔✔ Tenant owns it in severality
Another word for principal - Correct Answer ✔✔ Client
Protected by Fair Housing Act - Correct Answer ✔✔ race, nat. origin, sex, color,
religion, disability, familial status
Not protected by Fair Housing Act - Correct Answer ✔✔ marital status
telling homeowners that property values will be declining because of ethical/racial
makeup is changing - Correct Answer ✔✔ Blockbusting
real estate put to its highest use - Correct Answer ✔✔ flat, paved parking lot
"This is the most prestigious street in town" - Correct Answer ✔✔ puffing
maximum fine for first offense - Correct Answer ✔✔ $5,000
an individual advertisement needs... - Correct Answer ✔✔ name and broker
a brokerage advertisement needs... - Correct Answer ✔✔ statement that they are
licensed
if listing is submitted to MLS, must notify customer within... - Correct Answer ✔✔ 48
hours
Licensee must deliver Consumer Info Statement when... - Correct Answer ✔✔ at their
next meeting
, a mortgage that covers 2 parcels of land - Correct Answer ✔✔ blanket mortgage
lease expires, tenants won't leave - Correct Answer ✔✔ tenancy at sufference
gas company intrudes on land to fix a gas line - Correct Answer ✔✔ easement in gross
signs the deed at a closing - Correct Answer ✔✔ the seller
least likely to require a legal description - Correct Answer ✔✔ listing agreement
agent takes on a listing, decides to buy house for themselves - Correct Answer ✔✔ let
the client know
Open house, declined agency relationship... What does the agent owe the person? -
Correct Answer ✔✔ honesty
leak in the house, seller is trying to hide it but the agent finds it - Correct Answer ✔✔
disclose it to the buyers
agent switches brokerages, what happens to their listings? - Correct Answer ✔✔ listings
stay with brokerage
a seller wants a certain amount, the rest of the money goes to the agent as commission
- Correct Answer ✔✔ net listing
refusing to make loans in a minority neighborhood - Correct Answer ✔✔ redlining
NOT an element for a valid and enforceable contract - Correct Answer ✔✔
consequence
seller keeps earnest money deposit when the buyer backs out - Correct Answer ✔✔
liquidity damages
LEAST likely to be needed in a lease - Correct Answer ✔✔ security deposit
pledge of property as collateral for a loan - Correct Answer ✔✔ hypothecation
lender must deliver loan estimate within ... - Correct Answer ✔✔ 7 business days
broker pays agent within... - Correct Answer ✔✔ 10 days of receipt
beginning point (street name), then the direction to go - Correct Answer ✔✔ metes and
bounds
What can an unlicensed assistant NOT do? - Correct Answer ✔✔ call for late payments
