ILLINOIS COLIBRI TEST FINAL EXAM CURRENTLY
TESTING COMPLETE ACCURATE EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
When the buyer checks "yes" to dual agency on a Buyer Representation
agreement, what does the buyer actually agree to? - ans -By checking "yes" to this
paragraph, the buyer is only acknowledging that the possibility of dual agency
exists.
Which organization has the authority to investigate anyone regulated by Illinois'
license act? - ans -Real estate administration and disciplinary board of IDFPR
In a lease purchase arrangement ____________. - ans -the seller and buyer enter
into a unilateral contract
Home inspectors in Illinois: - ans -must be licensed by the Illinois Department of
Financial and Professional Regulation.
In which type of program does an agent receive a full commission from his/her
sponsoring broker as compensation for any sales he or she negotiates? - ans -
100% plan
Which association is designed to support minority real estate professionals, the
members are known as Realists? - ans -NAREB
Which of the following is true of easements in general? - ans -They involve the
property that contains the easement and a non-owning party.
Sandra, a real estate sales associate, found a buyer for a $200,000 house. The
seller agreed to pay a 6% commission to the listing broker, half of which will be
paid to Sandra's broker. Sandra is on a 50-50 split with her broker. What is the
amount of her commission? - ans -$3,000
, A person's payment history comprises approximately __% of his or her FICO score.
- ans -35%
A property is secured by a mortgage that does not contain a "power of sale"
clause. To foreclose, the lien holder will have to - ans -file a foreclosure suit.
Which of the following is not a national estate trade organization? - ans -NRA
(National Rifal Association/ Net Rental Income�)
Seller Jane is offering an $800 bonus to any agent who sells her home within
three weeks. How would an agent be paid the bonus? - ans -The bonus is to be
given to agents sponsoring broker and then passed on to agent.
The appraisal that is used in making a Comparative Market Analysis is _________.
- ans -SCA Sales comparable approach
The difference between what a borrower has to pay to purchase a property and
the amount a lender will lend on the property is the ___________. - ans -buyer's
down payment
James, a sponsoring broker/property manager, must maintain all security deposits
in an escrow account for the the duration of the lease, unless the ____________.
- ans -unless the tenant waives this requirement in writing and must appear in
lease in bold print
What is the relationship called when a principal allows a licensee to represent him
or her? - ans -Agency
All web links must be designed: - ans -Not to mislead or deceive the public as the
ownership of any listing information
To whom does a deed in lieu of foreclosure offer advantages? - ans -both
borrower and lender to avoid foreclosure costs
which of these following situations is not a typical reason to renegotiate a sales
contract? - ans -seller charges jobs
TESTING COMPLETE ACCURATE EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
When the buyer checks "yes" to dual agency on a Buyer Representation
agreement, what does the buyer actually agree to? - ans -By checking "yes" to this
paragraph, the buyer is only acknowledging that the possibility of dual agency
exists.
Which organization has the authority to investigate anyone regulated by Illinois'
license act? - ans -Real estate administration and disciplinary board of IDFPR
In a lease purchase arrangement ____________. - ans -the seller and buyer enter
into a unilateral contract
Home inspectors in Illinois: - ans -must be licensed by the Illinois Department of
Financial and Professional Regulation.
In which type of program does an agent receive a full commission from his/her
sponsoring broker as compensation for any sales he or she negotiates? - ans -
100% plan
Which association is designed to support minority real estate professionals, the
members are known as Realists? - ans -NAREB
Which of the following is true of easements in general? - ans -They involve the
property that contains the easement and a non-owning party.
Sandra, a real estate sales associate, found a buyer for a $200,000 house. The
seller agreed to pay a 6% commission to the listing broker, half of which will be
paid to Sandra's broker. Sandra is on a 50-50 split with her broker. What is the
amount of her commission? - ans -$3,000
, A person's payment history comprises approximately __% of his or her FICO score.
- ans -35%
A property is secured by a mortgage that does not contain a "power of sale"
clause. To foreclose, the lien holder will have to - ans -file a foreclosure suit.
Which of the following is not a national estate trade organization? - ans -NRA
(National Rifal Association/ Net Rental Income�)
Seller Jane is offering an $800 bonus to any agent who sells her home within
three weeks. How would an agent be paid the bonus? - ans -The bonus is to be
given to agents sponsoring broker and then passed on to agent.
The appraisal that is used in making a Comparative Market Analysis is _________.
- ans -SCA Sales comparable approach
The difference between what a borrower has to pay to purchase a property and
the amount a lender will lend on the property is the ___________. - ans -buyer's
down payment
James, a sponsoring broker/property manager, must maintain all security deposits
in an escrow account for the the duration of the lease, unless the ____________.
- ans -unless the tenant waives this requirement in writing and must appear in
lease in bold print
What is the relationship called when a principal allows a licensee to represent him
or her? - ans -Agency
All web links must be designed: - ans -Not to mislead or deceive the public as the
ownership of any listing information
To whom does a deed in lieu of foreclosure offer advantages? - ans -both
borrower and lender to avoid foreclosure costs
which of these following situations is not a typical reason to renegotiate a sales
contract? - ans -seller charges jobs
