Colibri School Exam NJ 2025 UPDATE/PRACTICE
QUESTIONS AND CORRECT VERIFIED ANSWERS
(complete solutions) ASSURED SUCCESS/GRADED A+!!!
In a real estate transaction the principal would BEST be described as the -
CORRECT ANSWER-Person represented by an agent
Bert is showing his buyer a home in a historic district. The buyer mentions in
passing that she would like to place solar panels on the roof. Beet knows that the
homeowners association CC&Rs would prohibit this to protect the historic
character of the neighborhood, but he doesn't tell the buyer for fear she'll loose
interest in the house. Bert has committed - CORRECT ANSWER-Actual fraud
RESPA applies to ___________ financed by a federally regulated loan. - CORRECT
ANSWER-one- to four-family residences.
An acceleration clause in a mortgage allows the lender to - CORRECT ANSWER-
Declare the loan due if the buyer defaults
Borrower Betty's stable monthly income is $4200. She has three monthly debts:
$350 car payment, $120 student loan payment, and $80 credit card payment.
What is the maximum monthly mortgage payment she would qualify for on a
conventional loan - CORRECT ANSWER-$962
QUESTIONS AND CORRECT VERIFIED ANSWERS
(complete solutions) ASSURED SUCCESS/GRADED A+!!!
In a real estate transaction the principal would BEST be described as the -
CORRECT ANSWER-Person represented by an agent
Bert is showing his buyer a home in a historic district. The buyer mentions in
passing that she would like to place solar panels on the roof. Beet knows that the
homeowners association CC&Rs would prohibit this to protect the historic
character of the neighborhood, but he doesn't tell the buyer for fear she'll loose
interest in the house. Bert has committed - CORRECT ANSWER-Actual fraud
RESPA applies to ___________ financed by a federally regulated loan. - CORRECT
ANSWER-one- to four-family residences.
An acceleration clause in a mortgage allows the lender to - CORRECT ANSWER-
Declare the loan due if the buyer defaults
Borrower Betty's stable monthly income is $4200. She has three monthly debts:
$350 car payment, $120 student loan payment, and $80 credit card payment.
What is the maximum monthly mortgage payment she would qualify for on a
conventional loan - CORRECT ANSWER-$962
