COLIBRI SCHOOL EXAM NJ 2023 UPDATE,PRACTICE
QUESTIONS WITH CORRECT ANSWERS GRADED A+.
In a real estate transaction the principal would BEST be described as the -
ANSWERS-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 -
ANSWERS-Actual fraud
Danita gets a deed of trust from ABC bank to finance the purchase of a
house in Sunny Acres, a new subdivision. While the loan is outstanding,
who holds the title to Danita property? - ANSWERS-A trustee
Which of these phrases would LEAST likely be evidence of a conspiracy to
commit an antitrust violation if said by a licensee? - ANSWERS-"We would
like to suggest that you use Ace Title Agency for the closing."
Which lease tenancy is engaged in by a holdover tenant? - ANSWERS-
tenancy at sufferance
RESPA applies to ___________ financed by a federally regulated loan. -
ANSWERS-one- to four-family residences.
An acceleration clause in a mortgage allows the lender to - ANSWERS-
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 - ANSWERS-$962
QUESTIONS WITH CORRECT ANSWERS GRADED A+.
In a real estate transaction the principal would BEST be described as the -
ANSWERS-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 -
ANSWERS-Actual fraud
Danita gets a deed of trust from ABC bank to finance the purchase of a
house in Sunny Acres, a new subdivision. While the loan is outstanding,
who holds the title to Danita property? - ANSWERS-A trustee
Which of these phrases would LEAST likely be evidence of a conspiracy to
commit an antitrust violation if said by a licensee? - ANSWERS-"We would
like to suggest that you use Ace Title Agency for the closing."
Which lease tenancy is engaged in by a holdover tenant? - ANSWERS-
tenancy at sufferance
RESPA applies to ___________ financed by a federally regulated loan. -
ANSWERS-one- to four-family residences.
An acceleration clause in a mortgage allows the lender to - ANSWERS-
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 - ANSWERS-$962
