COLIBRI REAL ESTATE PRACTICE FINAL EXAM 2025 UPDATED ACTUAL EXAM WITH
CORRECT SOLUTIONS.
Which type of report would a property manager prepare for their owner client to lay out the plan to
finance long-term improvements? - (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? - (answer)consensual dual agency
Which statement about asbestos is true? - (answer)it can cause health problems by releasing airborne
particles when old or damaged
Real estate agents are typically what kind of agent? - (answer)special agent
Which of these properties would be considered a non-homestead property? - (answer)warehouse
Which of the following is considered a fixed operating expense? - (answer)insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? - (answer)septic system
Dwayne was four months into his one-year lease when property owner Larry sold the property. Which
statement is 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? - (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? - (answer)as a revenue
stamp
, COLIBRI REAL ESTATE PRACTICE FINAL EXAM 2025 UPDATED ACTUAL EXAM WITH
CORRECT SOLUTIONS.
why might a tenant in an apartment building a send a letter of intent to the building's owner? -
(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? - (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? - (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? - (answer)police power
which property would most probably have the shortest lease term? - (answer)apartment
what is the purpose of private mortgage insurance? - (answer)it protects the lender against loss in case
the borrower defaults
which describes an ad valorem tax? - (answer)based on the assessed value of property
when selling a house that was built before 1978, what is the seller required to do? - (answer)disclose
known lead paint hazards to buy
which statement is NOT true? - (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? - (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? - (answer)obedience
CORRECT SOLUTIONS.
Which type of report would a property manager prepare for their owner client to lay out the plan to
finance long-term improvements? - (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? - (answer)consensual dual agency
Which statement about asbestos is true? - (answer)it can cause health problems by releasing airborne
particles when old or damaged
Real estate agents are typically what kind of agent? - (answer)special agent
Which of these properties would be considered a non-homestead property? - (answer)warehouse
Which of the following is considered a fixed operating expense? - (answer)insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? - (answer)septic system
Dwayne was four months into his one-year lease when property owner Larry sold the property. Which
statement is 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? - (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? - (answer)as a revenue
stamp
, COLIBRI REAL ESTATE PRACTICE FINAL EXAM 2025 UPDATED ACTUAL EXAM WITH
CORRECT SOLUTIONS.
why might a tenant in an apartment building a send a letter of intent to the building's owner? -
(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? - (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? - (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? - (answer)police power
which property would most probably have the shortest lease term? - (answer)apartment
what is the purpose of private mortgage insurance? - (answer)it protects the lender against loss in case
the borrower defaults
which describes an ad valorem tax? - (answer)based on the assessed value of property
when selling a house that was built before 1978, what is the seller required to do? - (answer)disclose
known lead paint hazards to buy
which statement is NOT true? - (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? - (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? - (answer)obedience
