COLIBRI REAL ESTATE PRACTICE
FINAL EXAM QUESTIONS &
CLARIFIED SOLUTIONS PASSED
100%
Which type of report would a property manager prepare for their owner client to lay out
the plan to finance long-term improvements? - Correct Answer ✔✔ capital reserve
budget
Broker Jim signs a listing agreement with Seller Grace and a buyer agency agreement
with Buyer Pat. Both Grace and Pat signed written disclosure statements agreeing to
this arrangement. What is this relationship called? - Correct Answer ✔✔ consensual
dual agency
Which statement about asbestos is true? - Correct Answer ✔✔ it can cause health
problems by releasing airborne particles when old or damaged
Real estate agents are typically what kind of agent? - Correct Answer ✔✔ special agent
Which of these properties would be considered a non-homestead property? - Correct
Answer ✔✔ warehouse
Which of the following is considered a fixed operating expense? - Correct Answer ✔✔
insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? - Correct
Answer ✔✔ septic system
Dwayne was four months into his one-year lease when property owner Larry sold the
property. Which statement is correct? - Correct Answer ✔✔ the new owner must honor
the lease until it expires
Ben, the property manager of a 10-unit building shows an apartment to a woman who
uses a wheelchair. The woman says that she would need to make some modifications,
such as adding grab bars in the shower and removing some carpeting in the bedroom.
How should Ben respond? - Correct Answer ✔✔ he must allow the tenant to make the
modifications at her expense
how might transfer tax in New York be documented when property is conveyed? -
Correct Answer ✔✔ as a revenue stamp
, why might a tenant in an apartment building a send a letter of intent to the building's
owner? - Correct Answer ✔✔ to reserve a specific unit when building undergoes a
conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She pays rent for
occupancy, but the owner of the building pays the taxes, insurance, and other operating
expenses. What kind of lease does Sandy have? - Correct Answer ✔✔ gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain title to the property
until Sally has paid in full. What kind of contract do Amanda and Sally have? - Correct
Answer ✔✔ land contract
What is the authority that state and local governments have to enact and enforce laws
that protect the public's health, safety, morals, and general welfare? - Correct Answer
✔✔ police power
which property would most probably have the shortest lease term? - Correct Answer
✔✔ apartment
what is the purpose of private mortgage insurance? - Correct Answer ✔✔ it protects the
lender against loss in case the borrower defaults
which describes an ad valorem tax? - Correct Answer ✔✔ based on the assessed value
of property
when selling a house that was built before 1978, what is the seller required to do? -
Correct Answer ✔✔ disclose known lead paint hazards to buy
which statement is NOT true? - Correct Answer ✔✔ underground storage tanks pose no
hazard to residential areas
Mary's property has been assessed at a higher percentage of value than all of the other
properties on the same assessment roll. What is this an example of? - Correct Answer
✔✔ unequal assessment
Which fiduciary duty would require a listing agent to limit showings to a one-hour block
on Sunday mornings if the seller insists? - Correct Answer ✔✔ obedience
What is the correct term used to reference the surface of the earth, the minerals
beneath the surface, the water on or below the earth's surface, and all natural things
attached to the surface? - Correct Answer ✔✔ land
Which is these statements is least likely to be an expression of steering? - Correct
Answer ✔✔ "I hope you'll like this house as it seems to have all the amenities you
requested"
FINAL EXAM QUESTIONS &
CLARIFIED SOLUTIONS PASSED
100%
Which type of report would a property manager prepare for their owner client to lay out
the plan to finance long-term improvements? - Correct Answer ✔✔ capital reserve
budget
Broker Jim signs a listing agreement with Seller Grace and a buyer agency agreement
with Buyer Pat. Both Grace and Pat signed written disclosure statements agreeing to
this arrangement. What is this relationship called? - Correct Answer ✔✔ consensual
dual agency
Which statement about asbestos is true? - Correct Answer ✔✔ it can cause health
problems by releasing airborne particles when old or damaged
Real estate agents are typically what kind of agent? - Correct Answer ✔✔ special agent
Which of these properties would be considered a non-homestead property? - Correct
Answer ✔✔ warehouse
Which of the following is considered a fixed operating expense? - Correct Answer ✔✔
insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? - Correct
Answer ✔✔ septic system
Dwayne was four months into his one-year lease when property owner Larry sold the
property. Which statement is correct? - Correct Answer ✔✔ the new owner must honor
the lease until it expires
Ben, the property manager of a 10-unit building shows an apartment to a woman who
uses a wheelchair. The woman says that she would need to make some modifications,
such as adding grab bars in the shower and removing some carpeting in the bedroom.
How should Ben respond? - Correct Answer ✔✔ he must allow the tenant to make the
modifications at her expense
how might transfer tax in New York be documented when property is conveyed? -
Correct Answer ✔✔ as a revenue stamp
, why might a tenant in an apartment building a send a letter of intent to the building's
owner? - Correct Answer ✔✔ to reserve a specific unit when building undergoes a
conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She pays rent for
occupancy, but the owner of the building pays the taxes, insurance, and other operating
expenses. What kind of lease does Sandy have? - Correct Answer ✔✔ gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain title to the property
until Sally has paid in full. What kind of contract do Amanda and Sally have? - Correct
Answer ✔✔ land contract
What is the authority that state and local governments have to enact and enforce laws
that protect the public's health, safety, morals, and general welfare? - Correct Answer
✔✔ police power
which property would most probably have the shortest lease term? - Correct Answer
✔✔ apartment
what is the purpose of private mortgage insurance? - Correct Answer ✔✔ it protects the
lender against loss in case the borrower defaults
which describes an ad valorem tax? - Correct Answer ✔✔ based on the assessed value
of property
when selling a house that was built before 1978, what is the seller required to do? -
Correct Answer ✔✔ disclose known lead paint hazards to buy
which statement is NOT true? - Correct Answer ✔✔ underground storage tanks pose no
hazard to residential areas
Mary's property has been assessed at a higher percentage of value than all of the other
properties on the same assessment roll. What is this an example of? - Correct Answer
✔✔ unequal assessment
Which fiduciary duty would require a listing agent to limit showings to a one-hour block
on Sunday mornings if the seller insists? - Correct Answer ✔✔ obedience
What is the correct term used to reference the surface of the earth, the minerals
beneath the surface, the water on or below the earth's surface, and all natural things
attached to the surface? - Correct Answer ✔✔ land
Which is these statements is least likely to be an expression of steering? - Correct
Answer ✔✔ "I hope you'll like this house as it seems to have all the amenities you
requested"
