4/28/25, 5:15 PM COLIBRI EXAM NJ LATEST 2024-2025 …
COLIBRI NJ ACTUAL EXAM LATEST VERSION 2024-2025
COMPLETE EXAM WITH ACCURATE QUESTIONS AND VERIFIED
ANSWERS \\REAL EXAM WITH ALL QUESTIONS AND ANSWERS
GUARANTEED PASS \\GRADED A+
A homestead exemption in $25,000
Florida is available to those
who qualify and file The base homestead exemption is $25,000. There is an
documents making the additional $25,000 available for qualified property
Florida home a primary owners; however, the additional $25,000 does NOT
residence. The base apply to school taxes.
homestead exemption is:
debit seller $483.29; credit buyer $483.29
A closing is March 5 for a
The purpose of proration is to assign the amount owed
rental property with an
to the responsible party. The taxes will be paid by the
annual tax bill of $2800.
buyer at the end of the year. The buyer needs money
Calculate and show the
from the seller for the days that the seller owned.
debit and credits for the tax
$2800/365 = $7.67 per day. Jan = 31 days, Feb. = 28
proration between the
days and March = 4 day total 63 X $7.67 = $483.21 that
buyer and seller
the seller owes for the time he owned. NOTE: The
using the 365-day
amount taken from the seller is given to the buyer - it is
method, the day of
the same amount. Use 3 decimal places and don't
closing belongs to the
clear the calculator between steps.
buyer.
John is a sales associate who 10,000
has
complaints against him for For second and subsequent violations, $2500 to $5000
making false statements fine and suspension for up to six years or revocation.
about the property and for The fine is $5000 maximum for each offense.
giving advice about the
… 1/26
,4/28/25, 5:41 PM Colibri Practice Test
purchase contract. This is the
third time these same
violations have been
investigated. If John is
found
guilty of violating these two
practices at the formal
hearing, the maximum fine
John can face is:
an adequate legal description.
A deed and a real estate
purchase The property must be accurately described in any
agreement would not be purchase agreement and deed, so there is no question
considered valid without: about what is being transferred. In a deed, the legal
description is in the premises clause.
The Defeasance clause
A mortgage is a legal
contract with terms that If the borrower defaults, the lender can call the balance
benefit both the lender due; the maintenance clause required the borrower to
and the keep the property in good condition, and the
borrower. Which clause is a alienation clause prevents the sale to another borrower.
benefit to the borrower and The defeasance clause requires the lender to record a
NOT to the lender? document when the loan is paid - killing the lien.
When a homeowner is the delinquent taxpayer names are published in the local paper.
delinquent on
property taxes, the first Property taxes are delinquent on April first of the year
step taken by the following non-payment. A list of delinquent payers is
government in correcting the published in a local county wide-newspaper.
late payment is:
Broker Joe has a listing for a terminate the contract.
distressed seller. He finds a
buyer for the property who Bankruptcy is a court action - or operation of law that
enters into a contract for has the power to terminate existing contracts.
purchase.
Ten-days prior to closing,
the seller calls Joe to share
that he has had to file for
/ 2/26
, 4/28/25, 5:41 PM Colibri Practice Test
bankruptcy. This filing
may:
by will and by deed.
The two voluntary forms of
Voluntary alienation is a transfer willingly. There are only
title transfer are:
two ways: during the lifetime of the grantor, a deed is
used; and if the owner is deceased, a will is used.
/ 3/26
COLIBRI NJ ACTUAL EXAM LATEST VERSION 2024-2025
COMPLETE EXAM WITH ACCURATE QUESTIONS AND VERIFIED
ANSWERS \\REAL EXAM WITH ALL QUESTIONS AND ANSWERS
GUARANTEED PASS \\GRADED A+
A homestead exemption in $25,000
Florida is available to those
who qualify and file The base homestead exemption is $25,000. There is an
documents making the additional $25,000 available for qualified property
Florida home a primary owners; however, the additional $25,000 does NOT
residence. The base apply to school taxes.
homestead exemption is:
debit seller $483.29; credit buyer $483.29
A closing is March 5 for a
The purpose of proration is to assign the amount owed
rental property with an
to the responsible party. The taxes will be paid by the
annual tax bill of $2800.
buyer at the end of the year. The buyer needs money
Calculate and show the
from the seller for the days that the seller owned.
debit and credits for the tax
$2800/365 = $7.67 per day. Jan = 31 days, Feb. = 28
proration between the
days and March = 4 day total 63 X $7.67 = $483.21 that
buyer and seller
the seller owes for the time he owned. NOTE: The
using the 365-day
amount taken from the seller is given to the buyer - it is
method, the day of
the same amount. Use 3 decimal places and don't
closing belongs to the
clear the calculator between steps.
buyer.
John is a sales associate who 10,000
has
complaints against him for For second and subsequent violations, $2500 to $5000
making false statements fine and suspension for up to six years or revocation.
about the property and for The fine is $5000 maximum for each offense.
giving advice about the
… 1/26
,4/28/25, 5:41 PM Colibri Practice Test
purchase contract. This is the
third time these same
violations have been
investigated. If John is
found
guilty of violating these two
practices at the formal
hearing, the maximum fine
John can face is:
an adequate legal description.
A deed and a real estate
purchase The property must be accurately described in any
agreement would not be purchase agreement and deed, so there is no question
considered valid without: about what is being transferred. In a deed, the legal
description is in the premises clause.
The Defeasance clause
A mortgage is a legal
contract with terms that If the borrower defaults, the lender can call the balance
benefit both the lender due; the maintenance clause required the borrower to
and the keep the property in good condition, and the
borrower. Which clause is a alienation clause prevents the sale to another borrower.
benefit to the borrower and The defeasance clause requires the lender to record a
NOT to the lender? document when the loan is paid - killing the lien.
When a homeowner is the delinquent taxpayer names are published in the local paper.
delinquent on
property taxes, the first Property taxes are delinquent on April first of the year
step taken by the following non-payment. A list of delinquent payers is
government in correcting the published in a local county wide-newspaper.
late payment is:
Broker Joe has a listing for a terminate the contract.
distressed seller. He finds a
buyer for the property who Bankruptcy is a court action - or operation of law that
enters into a contract for has the power to terminate existing contracts.
purchase.
Ten-days prior to closing,
the seller calls Joe to share
that he has had to file for
/ 2/26
, 4/28/25, 5:41 PM Colibri Practice Test
bankruptcy. This filing
may:
by will and by deed.
The two voluntary forms of
Voluntary alienation is a transfer willingly. There are only
title transfer are:
two ways: during the lifetime of the grantor, a deed is
used; and if the owner is deceased, a will is used.
/ 3/26
