1|Page
ILLINOIS COLIBRI TEST FINAL EXAM CURRENTLY
TESTING COMPLETE ACCURATE EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS WITH
RATIOINALES (100% CORRECT ANSWERS)
/ALREADY GRADED A+/ LATEST EXAM!!!
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
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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
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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.
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
ILLINOIS COLIBRI TEST FINAL EXAM CURRENTLY
TESTING COMPLETE ACCURATE EXAM QUESTIONS
WITH DETAILED VERIFIED ANSWERS WITH
RATIOINALES (100% CORRECT ANSWERS)
/ALREADY GRADED A+/ LATEST EXAM!!!
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
,2|Page
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
, 3|Page
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.
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
