ILLINOIS COLIBRI TEST PAPER ANSWERS AND
QUESTIONS SET A+
✔✔In real estate, what is the item most often negotiated? - ✔✔
✔✔Most one- to four-unit residential properties in IL require which disclosure(s)? - ✔✔
✔✔Which Illinois act includes the following protected classes: martial status, order of
protection, military status, military discharge, ancestry, sexual orientation or preference,
age, and source of income? - ✔✔
✔✔The ________________ listing agreement gives the broker the right to market and
sell a property for a specified time period, while the owner retains the right to find a
buyer and sell the property without owing the broker a commission. - ✔✔exclusive
agency
✔✔If escrow records are lost, stolen, or destroyed due to fire, flood or any other
circumstances, the sponsoring broker must report the loss to the Division's
_____________________________________ within some specified period of time. -
✔✔Enforcement division
✔✔By providing the buyer with a/an ______________, he or she may be more realistic
when deciding on an offer price. - ✔✔
✔✔If the buyer is borrowing more than __________, the lender will require PMI
insurance, which will add to closing costs and monthly payment. - ✔✔
✔✔A buyer made an offer on a property and included $5,000 earnest money. A few
hours later, she decided that she did not want the property and wanted the money back.
How can she accomplish this? - ✔✔withdraw the offer before the seller accepts it.
, ✔✔Which of the following activities is NOT a "Non-agency" act? - ✔✔setting
appointments for property viewings
✔✔If the buyer agency agreement is for four months, how long is the agent obligated to
work with the buyer? - ✔✔
✔✔which statement is true regarding the seller's disclosure of property condition form
(the Residential Real Property Disclosure Report) ? - ✔✔
✔✔A copy of the CMA should be given to the seller - ✔✔after the seller has listed with
the licensee.
✔✔The __________________________ contains disclosures that pertain to the
"current" condition of the property and does not include prior problems that the seller
believes were fixed. - ✔✔
✔✔A licensee tells a buyer the basement of his listed property does not leak when he
knows that it does leak. This is an example of - ✔✔fraud
✔✔If any change is made to the escrow account, the sponsoring broker must notify
____________ with ten days. - ✔✔The Division
✔✔A dual agent may disclose - ✔✔material facts about the property
✔✔______________ are permitted in Illinois following a short sale unless the lender
expressly waives its right to the deficiency in the short sale agreement. - ✔✔deficiency
judgments
✔✔The state and county transfer taxes are paid by ________________. - ✔✔the seller
✔✔The three major types of listings are open, exclusive right to sale, and - ✔✔exclusive
agency
✔✔_____________ is equal to the sale price minus the value of any conveyed personal
property and any mortgage amount that survives the conveyance. - ✔✔Taxable
consideration
✔✔what is the best response to questions about neighborhood crime statistics? - ✔✔
✔✔rent is prorated for the current month and is due from _____________ at Closing on
the TRID Closing Disclosure Form for the portion of the month the buyer will own the
property. - ✔✔The seller
QUESTIONS SET A+
✔✔In real estate, what is the item most often negotiated? - ✔✔
✔✔Most one- to four-unit residential properties in IL require which disclosure(s)? - ✔✔
✔✔Which Illinois act includes the following protected classes: martial status, order of
protection, military status, military discharge, ancestry, sexual orientation or preference,
age, and source of income? - ✔✔
✔✔The ________________ listing agreement gives the broker the right to market and
sell a property for a specified time period, while the owner retains the right to find a
buyer and sell the property without owing the broker a commission. - ✔✔exclusive
agency
✔✔If escrow records are lost, stolen, or destroyed due to fire, flood or any other
circumstances, the sponsoring broker must report the loss to the Division's
_____________________________________ within some specified period of time. -
✔✔Enforcement division
✔✔By providing the buyer with a/an ______________, he or she may be more realistic
when deciding on an offer price. - ✔✔
✔✔If the buyer is borrowing more than __________, the lender will require PMI
insurance, which will add to closing costs and monthly payment. - ✔✔
✔✔A buyer made an offer on a property and included $5,000 earnest money. A few
hours later, she decided that she did not want the property and wanted the money back.
How can she accomplish this? - ✔✔withdraw the offer before the seller accepts it.
, ✔✔Which of the following activities is NOT a "Non-agency" act? - ✔✔setting
appointments for property viewings
✔✔If the buyer agency agreement is for four months, how long is the agent obligated to
work with the buyer? - ✔✔
✔✔which statement is true regarding the seller's disclosure of property condition form
(the Residential Real Property Disclosure Report) ? - ✔✔
✔✔A copy of the CMA should be given to the seller - ✔✔after the seller has listed with
the licensee.
✔✔The __________________________ contains disclosures that pertain to the
"current" condition of the property and does not include prior problems that the seller
believes were fixed. - ✔✔
✔✔A licensee tells a buyer the basement of his listed property does not leak when he
knows that it does leak. This is an example of - ✔✔fraud
✔✔If any change is made to the escrow account, the sponsoring broker must notify
____________ with ten days. - ✔✔The Division
✔✔A dual agent may disclose - ✔✔material facts about the property
✔✔______________ are permitted in Illinois following a short sale unless the lender
expressly waives its right to the deficiency in the short sale agreement. - ✔✔deficiency
judgments
✔✔The state and county transfer taxes are paid by ________________. - ✔✔the seller
✔✔The three major types of listings are open, exclusive right to sale, and - ✔✔exclusive
agency
✔✔_____________ is equal to the sale price minus the value of any conveyed personal
property and any mortgage amount that survives the conveyance. - ✔✔Taxable
consideration
✔✔what is the best response to questions about neighborhood crime statistics? - ✔✔
✔✔rent is prorated for the current month and is due from _____________ at Closing on
the TRID Closing Disclosure Form for the portion of the month the buyer will own the
property. - ✔✔The seller
