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Illinois Colibri Final Exam Questions And
Answers |Latest 2025 | Guaranteed Pass.
When the buyer checks "yes" to dual agency on a Buyer Representation agreement, what does
the buyer actually agree to? - Answer✔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? - Answer✔9%
What is the difference between market value and market price, if any? - Answer✔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? - Answer✔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: - Answer✔bilateral contract
What technique is used to elicit "yes" responses from a client? - Answer✔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: - Answer✔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: - Answer✔the type of improvements
best suited for the land
How do you stay in control of a call from a prospect? - Answer✔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? - Answer✔Advise
the buyer to speak with his/her attorney about a financial adjustment, at the closing, for the
cost of the chandelier.
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 3:09PM.
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%? - Answer✔$840
Which of the following is considered a fixed operating expense? - Answer✔insurance premiums
Which statement is true about a comparative market analysis (CMA)? - Answer✔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? - Answer✔12 credit hours
An interest in real estate that includes the right to possess is known as: - Answer✔An estate in
land
Under Title III of this Act, discrimination in commercial properties is prohibited. To which Act
does this apply? - Answer✔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? -
Answer✔Assemblage.
"Realestate" includes such things as: - Answer✔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? - Answer✔It will revert to the state or county by escheat.
Radon gas can be traced back to: - Answer✔groundwater pollutants
RESPA applies to all of the following EXCEPT which? - Answer✔Seller-financed loan or a Loan
involving a first mortgage
Which duty an agent has to his/her client never stops? - Answer✔confidentiality
When does the seller receive a copy of the listing agreement? - Answer✔At the time of signing.
A Recorded Plat System contains all of the following, EXCEPT: - Answer✔a contiguous group of
lots, which is called a block.
Which tax is imposed on any deed or instrument which conveys interest in property? -
Answer✔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 - Answer✔ask the buyer/borrower about his religion or
national origin
2
Illinois Colibri Final Exam Questions And
Answers |Latest 2025 | Guaranteed Pass.
When the buyer checks "yes" to dual agency on a Buyer Representation agreement, what does
the buyer actually agree to? - Answer✔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? - Answer✔9%
What is the difference between market value and market price, if any? - Answer✔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? - Answer✔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: - Answer✔bilateral contract
What technique is used to elicit "yes" responses from a client? - Answer✔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: - Answer✔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: - Answer✔the type of improvements
best suited for the land
How do you stay in control of a call from a prospect? - Answer✔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? - Answer✔Advise
the buyer to speak with his/her attorney about a financial adjustment, at the closing, for the
cost of the chandelier.
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 3:09PM.
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%? - Answer✔$840
Which of the following is considered a fixed operating expense? - Answer✔insurance premiums
Which statement is true about a comparative market analysis (CMA)? - Answer✔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? - Answer✔12 credit hours
An interest in real estate that includes the right to possess is known as: - Answer✔An estate in
land
Under Title III of this Act, discrimination in commercial properties is prohibited. To which Act
does this apply? - Answer✔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? -
Answer✔Assemblage.
"Realestate" includes such things as: - Answer✔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? - Answer✔It will revert to the state or county by escheat.
Radon gas can be traced back to: - Answer✔groundwater pollutants
RESPA applies to all of the following EXCEPT which? - Answer✔Seller-financed loan or a Loan
involving a first mortgage
Which duty an agent has to his/her client never stops? - Answer✔confidentiality
When does the seller receive a copy of the listing agreement? - Answer✔At the time of signing.
A Recorded Plat System contains all of the following, EXCEPT: - Answer✔a contiguous group of
lots, which is called a block.
Which tax is imposed on any deed or instrument which conveys interest in property? -
Answer✔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 - Answer✔ask the buyer/borrower about his religion or
national origin
2
