ILLINOIS COLIBRI 2027 ANSWERS AND QUESTIONS
SET A+
✔✔A Recorded Plat System contains all of the following, EXCEPT: - ✔✔a contiguous
group of lots, which is called a block.
✔✔Which tax is imposed on any deed or instrument which conveys interest in property?
- ✔✔Real estate transfer tax
✔✔Under the Equal Credit Opportunity Act, a lender, or a real estate agent who assists
a seller in qualifying a potential buyer, may not - ✔✔ask the buyer/borrower about his
religion or national origin
✔✔Regulation Z applies to which of these situations? - ✔✔$75,000 condominium loan
✔✔Which statement is true about the Junk Fax Prevention Act is False? - ✔✔Licensees
must stop faxes upon request.
✔✔What accounting tools are used to determine a buyer's ability to pay off a loan? -
✔✔Income Ratio and Debt Ratio
✔✔John is doing a CMA for his potential sellers. He has collected the data on the
seller's property and collected data on a number of comparables. Now he's ready to
make his price adjustments. Which statement is true? - ✔✔If a comparable lacks a
feature the subject property has, he will subtract the value of that feature from the
comparable.
✔✔If any dispute between the parties arises regarding the deposited escrow money, the
sponsoring broker should _________. - ✔✔not release the money without a written
release from both parties or both parties' duly authorized agents (power of attorney or
attorney at law).
, ✔✔RESPA applies to all of the following EXCEPT which? - ✔✔Cash Sale
✔✔What does RESPA stand for? - ✔✔Real Estate Settlement Procedures Act
✔✔Which of the following is an example of "shotgunning?" - ✔✔occurs when a
homeowner obtains multiple loans secured by the same home in order to receive loan
proceeds that, in combination, greatly exceed the value of the real property
✔✔When a seller signs a listing agreement, who are the actual contract parties? -
✔✔Seller and managing broker
✔✔Even though it is attached to a structure, an item may be considered personal
property rather than real property if _____________. - ✔✔the owner originally intended
to remove it after a period of time.
✔✔Why should a buyer have representation? - ✔✔The seller has a stronger negotiation
position
✔✔Which of the following information would you not collect for a listing? - ✔✔Bank
Account Numbers
✔✔Which of the following acts can be performed by an unlicensed assistant: -
✔✔Setting appointments for property viewing
✔✔In the case of a month-to-month tenancy, the landlord may terminate it at any time
by giving how much notice? - ✔✔30 days
✔✔Ted paid $480,000 for a duplex with a 10% capitalization rate. If both units in the
duplex rented for the same amount, what is the net operating income (NOI) for the
property? - ✔✔$48,000
✔✔Why would a property owner file a quiet title suit? - ✔✔To have an encumbrance
removed if the lien holder cannot prove its validity
✔✔What is the main purpose of a mortgage Loan Estimate form? - ✔✔To provide a
means for borrowers to comparison shop more effectively for competing loan offers
✔✔The Illinois Supreme Court decision in the Chicago Bar Association, et al., vs
Quinlan and Tyson Inc. case prohibits which of the following parties from preparing
formal closing statements? - ✔✔Real estate licensees unless that licensee is also an
attorney
✔✔Which governmental agency files suits in ADA cases? - ✔✔Department of Justice
SET A+
✔✔A Recorded Plat System contains all of the following, EXCEPT: - ✔✔a contiguous
group of lots, which is called a block.
✔✔Which tax is imposed on any deed or instrument which conveys interest in property?
- ✔✔Real estate transfer tax
✔✔Under the Equal Credit Opportunity Act, a lender, or a real estate agent who assists
a seller in qualifying a potential buyer, may not - ✔✔ask the buyer/borrower about his
religion or national origin
✔✔Regulation Z applies to which of these situations? - ✔✔$75,000 condominium loan
✔✔Which statement is true about the Junk Fax Prevention Act is False? - ✔✔Licensees
must stop faxes upon request.
✔✔What accounting tools are used to determine a buyer's ability to pay off a loan? -
✔✔Income Ratio and Debt Ratio
✔✔John is doing a CMA for his potential sellers. He has collected the data on the
seller's property and collected data on a number of comparables. Now he's ready to
make his price adjustments. Which statement is true? - ✔✔If a comparable lacks a
feature the subject property has, he will subtract the value of that feature from the
comparable.
✔✔If any dispute between the parties arises regarding the deposited escrow money, the
sponsoring broker should _________. - ✔✔not release the money without a written
release from both parties or both parties' duly authorized agents (power of attorney or
attorney at law).
, ✔✔RESPA applies to all of the following EXCEPT which? - ✔✔Cash Sale
✔✔What does RESPA stand for? - ✔✔Real Estate Settlement Procedures Act
✔✔Which of the following is an example of "shotgunning?" - ✔✔occurs when a
homeowner obtains multiple loans secured by the same home in order to receive loan
proceeds that, in combination, greatly exceed the value of the real property
✔✔When a seller signs a listing agreement, who are the actual contract parties? -
✔✔Seller and managing broker
✔✔Even though it is attached to a structure, an item may be considered personal
property rather than real property if _____________. - ✔✔the owner originally intended
to remove it after a period of time.
✔✔Why should a buyer have representation? - ✔✔The seller has a stronger negotiation
position
✔✔Which of the following information would you not collect for a listing? - ✔✔Bank
Account Numbers
✔✔Which of the following acts can be performed by an unlicensed assistant: -
✔✔Setting appointments for property viewing
✔✔In the case of a month-to-month tenancy, the landlord may terminate it at any time
by giving how much notice? - ✔✔30 days
✔✔Ted paid $480,000 for a duplex with a 10% capitalization rate. If both units in the
duplex rented for the same amount, what is the net operating income (NOI) for the
property? - ✔✔$48,000
✔✔Why would a property owner file a quiet title suit? - ✔✔To have an encumbrance
removed if the lien holder cannot prove its validity
✔✔What is the main purpose of a mortgage Loan Estimate form? - ✔✔To provide a
means for borrowers to comparison shop more effectively for competing loan offers
✔✔The Illinois Supreme Court decision in the Chicago Bar Association, et al., vs
Quinlan and Tyson Inc. case prohibits which of the following parties from preparing
formal closing statements? - ✔✔Real estate licensees unless that licensee is also an
attorney
✔✔Which governmental agency files suits in ADA cases? - ✔✔Department of Justice
