COLIBRI REAL ESTATE FINAL EXAM LATEST
UPDATED (2025-2026)
land contract - ANSWER buyer pays seller to occupy and use property
net lease - ANSWER buyer pays other expenses and rent
gross lease - ANSWER buyer pays only rent
goes to heirs - ANSWER Tenants in common, 2 out of 3 people die. Who gets
the deceased's property?
Tenant holds it in severality - ANSWER Joint Tenancy, 3 of 4 people die. Who
takes deceased's property?
Client - ANSWER Another name for principal
race, nat. origin, sex, color, religion, disability, familial status - ANSWER
Protected under Fair Housing Act
marital status - ANSWER Not protected under Fair Housing Act
Blockbusting - ANSWER notifying homeowners that property values will be
going down because ethical/racial makeup is changing
flat, paved parking lot - ANSWER real estate being put to its highest and best
use
puffing - ANSWER "This is the most prestigious street in town"
$5,000 - ANSWER maximum fine for a first-time offense
name and broker - ANSWER an advertisement by an individual must include.
statement that they are licensed - ANSWER a brokerage advertisement must.
, ### 48 hours - ANSWER if listing is placed in MLS, must notify customer
within.
### at their next meeting - ANSWER Licensee must provide Consumer Info
Statement when.
### blanket mortgage - ANSWER a mortgage that encumbers 2 parcels of land
### tenancy at sufference - ANSWER lease terminates, tenants refuse to leave
easement in gross - ANSWER gas company trespasses on property to fix a gas
line
the seller - ANSWER signs deed at a closing
listing agreement - ANSWER least likely to require a legal description
let the client know - ANSWER agent takes a listing, wishes to buy house for
himself
honesty - ANSWER Open house, refused agency relationship. What does the
agent owe the individual?
disclose it to the buyers - ANSWER leak in the house, seller trying to hide it
but agent finds it
listings stay with brokerage - ANSWER agent switches brokerages, what
happens to his or her listings?
net listing - ANSWER a seller wants to net a certain amount, the rest of the
money to the agent as commission
redlining - ANSWER refusing to make loans in a minority neighborhood
UPDATED (2025-2026)
land contract - ANSWER buyer pays seller to occupy and use property
net lease - ANSWER buyer pays other expenses and rent
gross lease - ANSWER buyer pays only rent
goes to heirs - ANSWER Tenants in common, 2 out of 3 people die. Who gets
the deceased's property?
Tenant holds it in severality - ANSWER Joint Tenancy, 3 of 4 people die. Who
takes deceased's property?
Client - ANSWER Another name for principal
race, nat. origin, sex, color, religion, disability, familial status - ANSWER
Protected under Fair Housing Act
marital status - ANSWER Not protected under Fair Housing Act
Blockbusting - ANSWER notifying homeowners that property values will be
going down because ethical/racial makeup is changing
flat, paved parking lot - ANSWER real estate being put to its highest and best
use
puffing - ANSWER "This is the most prestigious street in town"
$5,000 - ANSWER maximum fine for a first-time offense
name and broker - ANSWER an advertisement by an individual must include.
statement that they are licensed - ANSWER a brokerage advertisement must.
, ### 48 hours - ANSWER if listing is placed in MLS, must notify customer
within.
### at their next meeting - ANSWER Licensee must provide Consumer Info
Statement when.
### blanket mortgage - ANSWER a mortgage that encumbers 2 parcels of land
### tenancy at sufference - ANSWER lease terminates, tenants refuse to leave
easement in gross - ANSWER gas company trespasses on property to fix a gas
line
the seller - ANSWER signs deed at a closing
listing agreement - ANSWER least likely to require a legal description
let the client know - ANSWER agent takes a listing, wishes to buy house for
himself
honesty - ANSWER Open house, refused agency relationship. What does the
agent owe the individual?
disclose it to the buyers - ANSWER leak in the house, seller trying to hide it
but agent finds it
listings stay with brokerage - ANSWER agent switches brokerages, what
happens to his or her listings?
net listing - ANSWER a seller wants to net a certain amount, the rest of the
money to the agent as commission
redlining - ANSWER refusing to make loans in a minority neighborhood
