Illinois Colibri Final Exam.Final Test 2026\2027.
When the buyer checks "yes" to dual agency on a Buyer Representation agreement,
what does the buyer actually agree to?
By checking "yes" to this paragraph, the buyer is only acknowledging that the possibility of
dual agency exists.
Sam paid $500,000 for a five-unit apartment building. The gross income is $1,000
per month per unit, with annual expenses of $15,000 annually. What was the
capitalization rate for this investment?
9%
What is the difference between market value and market price, if any?
Market value is an estimate; market price is the price at which a property sold.
Which of the following is true of an amortizing loan?
Part of each periodic payment is applied to repayment of the loan balance in advance and
part is applied to payment of interest in arrears.
A contract in which both parties exchange promises is a:
bilateral contract
What technique is used to elicit "yes" responses from a client?
Keep up a running commentary - for example, this is the living room.
If a landlord rejects a prospective tenant based on a bad credit report, according to
the fair credit reporting Act, the prospective tenant:
may require the landlord to submit all of his reasons for rejection in writing.
All of the following is included as part of a survey, EXCEPT:
the type of improvements best suited for the land
How do you stay in control of a call from a prospect?
Asking questions
On the day prior to closing, the buyer does a walk-through and sees that the seller
took a chandelier that was supposed to remain. What should the buyer's broker do?
, Illinois Colibri Final Exam.Final Test 2026\2027.
Advise the buyer to speak with his/her attorney about a financial adjustment, at the closing,
for the cost of the chandelier.
A loan applicant has an annual gross income of $36,000. How much will a lender allow
the applicant to pay for monthly housing expense to qualify for a loan if the lender
uses an income ratio of 28%?
$840
Which of the following is considered a fixed operating expense?
insurance premiums
Which statement is true about a comparative market analysis (CMA)?
It can help a seller decide what to ask for the property
Beginning after the 2013 renewal, individuals renewing or obtaining a managing
broker's license must complete how many CE credit hours, in addition to the Broker
Management Course?
12 credit hours
An interest in real estate that includes the right to possess is known as:
An estate in land
Under Title III of this Act, discrimination in commercial properties is prohibited. To
which Act does this apply?
American With Disabilities Act
When two adjacent pieces of property are joined together, the value of the one larger
parcel may be greater than the value of the two separately. Which principle of value
is this?
Assemblage.
"Realestate" includes such things as:
fences, sidewalks, and piers on a parcel of land.
If an owner of real property dies without leaving a will and with no legal heirs, what
will generally happen to the property?
It will revert to the state or county by escheat.
Radon gas can be traced back to:
groundwater pollutants
RESPA applies to all of the following EXCEPT which?
When the buyer checks "yes" to dual agency on a Buyer Representation agreement,
what does the buyer actually agree to?
By checking "yes" to this paragraph, the buyer is only acknowledging that the possibility of
dual agency exists.
Sam paid $500,000 for a five-unit apartment building. The gross income is $1,000
per month per unit, with annual expenses of $15,000 annually. What was the
capitalization rate for this investment?
9%
What is the difference between market value and market price, if any?
Market value is an estimate; market price is the price at which a property sold.
Which of the following is true of an amortizing loan?
Part of each periodic payment is applied to repayment of the loan balance in advance and
part is applied to payment of interest in arrears.
A contract in which both parties exchange promises is a:
bilateral contract
What technique is used to elicit "yes" responses from a client?
Keep up a running commentary - for example, this is the living room.
If a landlord rejects a prospective tenant based on a bad credit report, according to
the fair credit reporting Act, the prospective tenant:
may require the landlord to submit all of his reasons for rejection in writing.
All of the following is included as part of a survey, EXCEPT:
the type of improvements best suited for the land
How do you stay in control of a call from a prospect?
Asking questions
On the day prior to closing, the buyer does a walk-through and sees that the seller
took a chandelier that was supposed to remain. What should the buyer's broker do?
, Illinois Colibri Final Exam.Final Test 2026\2027.
Advise the buyer to speak with his/her attorney about a financial adjustment, at the closing,
for the cost of the chandelier.
A loan applicant has an annual gross income of $36,000. How much will a lender allow
the applicant to pay for monthly housing expense to qualify for a loan if the lender
uses an income ratio of 28%?
$840
Which of the following is considered a fixed operating expense?
insurance premiums
Which statement is true about a comparative market analysis (CMA)?
It can help a seller decide what to ask for the property
Beginning after the 2013 renewal, individuals renewing or obtaining a managing
broker's license must complete how many CE credit hours, in addition to the Broker
Management Course?
12 credit hours
An interest in real estate that includes the right to possess is known as:
An estate in land
Under Title III of this Act, discrimination in commercial properties is prohibited. To
which Act does this apply?
American With Disabilities Act
When two adjacent pieces of property are joined together, the value of the one larger
parcel may be greater than the value of the two separately. Which principle of value
is this?
Assemblage.
"Realestate" includes such things as:
fences, sidewalks, and piers on a parcel of land.
If an owner of real property dies without leaving a will and with no legal heirs, what
will generally happen to the property?
It will revert to the state or county by escheat.
Radon gas can be traced back to:
groundwater pollutants
RESPA applies to all of the following EXCEPT which?
