CORRECT ANSWER : - answers rated A+ Question 1: 2 friends were dee...

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Colibri School Exam NJ (updated)question and answers rated A+

Question 1:

• friends were deeded a property by name with no further

explanation. What is their title status?

CORRECT ANSWER :

Tenants in common - when joint tenancy is not clearly stated in the deed, grantees take title as tenants in common to avoid the results of accidental joint tenancy. Tenants by entirety and community property owners are only available for married couples.

Question 2:

In real estate, which of the following is correct about the term "title?"

CORRECT ANSWER :

[No answer provided in the text]

Question 3:

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• characteristics of the real estate market

CORRECT ANSWER :

Durability. Real estate is durable. ...Heterogeneity. Every unit of real estate is unique in terms of its location, the building, and its financing. ...High transaction costs. ...Long time delays. ...Both an investment good and a consumption good. ...Immobility.

Question 4:

• Essential Elements of a Deed

CORRECT ANSWER:

Consideration (valuable or good) Execution (signed by a competent grantor and two witnesses) Description of property Delivery and acceptance (voluntary) Interest or estate being conveyed (habendum clause)

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Names of a grantee and grantor Granting and other appropriate clauses

Question 5:

8 functions of real estate: ABARSALE

CORRECT ANSWER :

Advertise, Buy, Appraise, Rent, Sell, Auction, Lease, Exchange

Question 6:

• Duties of a Single Agent

CORRECT ANSWER :

• Dealing honestly and fairly;
• Loyalty;
• Confidentiality;
• Obedience;
• Full disclosure;
• Accounting for all funds;
• Skill, care, and diligence in the transaction;

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• Presenting all offers and counteroffers in a timely manner,

unless a party has previously directed the licensee otherwise in writing; and

• Disclosing all known facts that materially affect the value of

residential real property and are not readily observable.

Question 7:

• duties of the single agent

CORRECT ANSWER :

• present all offers

Question 8:

24 hours

CORRECT ANSWER :

a broker must give a copy of the written listing agreement to the seller within 24 hours after the seller signs the agreement.Failure to do so is violation of section 475.25(1)(r), FS which is punishable by a $200 fine.