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COLIBRI REAL ESTATE (REAL ESTATE EXPRESS) FINAL EXAM
REVIEW 2025 QUESTIONS AND ANSWERS
1. Which statement about an oral lease is TRUE?
A. An oral lease is enforceable only for commercial property, not
residential property.
B. An oral lease is enforceable only if it renews an earlier, written
lease.
C. An oral lease for less than one year is generally enforceable.
D. An oral lease is never enforceable. - correct answer - C. An oral lease
for less than one year is generally enforceable.
2. What did the Supreme Court of the United States rule in the case of
Jones v. Alfred H. Mayer?
A. The doctrine of "separate but equal" is unconstitutional.
B. Non-citizens have equal rights to own property.
C. Persons with disabilities are a protected class.
D. Race is a protected class with no exceptions. - correct answer - D.
Race is a protected class with no exceptions.
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3. Which situation is LEAST LIKELY to terminate a relationship between a
brokerage and a homeowner who is selling his house?
A. the broker loses her license
B. the designated listing agent dies
C. the homeowner declares bankruptcy
D. the property burns down - correct answer - B. the designated listing
agent dies
4. A resident has a proprietary lease on one of the residential units in a
large complex. She also has use of the building's common areas. She
lives in a
A. condominium.
B. cooperative.
C. timeshare.
D. townhome. - correct answer - B. cooperative.
5. A special tax levy passes for 5.2 mills annually to pay for new sewers. The
levy will be in place for three years. A property has a market value of
$296,000. Property is assessed for tax purposes at 45% of its appraised
value. What will the 5.2 mill tax levy cost this property owner in total?
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A. $692.64
B. $1,539.20
C. $2,077.92
D. $2,539.68 - correct answer - C. $2,077.92
6. This is a three-part question. The first thing to do is calculate the
assessed value: Percent (Assessment Ratio) x Whole (Market Value) = Part
(Assessed Value), or 0.45 x $296,000 =
$133,200. Next, complete the problem using the tax formula: Percent
(Tax Rate) x Whole (Assessed Value) Part (Property Taxes). Insert the
values known and calculate. 0.0052 x
$133,200 = $692.64. The 5.2 mill tax levy will cost the property owner
$692.64 annually. The levy will last for three years, so the total tax burden
is $2,077.92 ($692.64 x 3).
7. Which of these factors is LEAST LIKELY to be considered by a planning board
when reviewing a developer's proposal for a new subdivision?
A. building codes
B. environmental impact
C. infrastructure needs
D. zoned permitted use - correct answer - A. building codes
8. Which statement indicates that the listing agreement is an exclusive
right to sell?
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A. the commission expected on the sale price
B. a notice regarding the broker's right to sue for nonpayment
C. a notice to terminate the agreement at the end of the listing period
D. a statement that the broker is paid regardless of who sells the property -
correct answer - D. a statement that the broker is paid regardless of who
sells the property
9. Lisa has a buyer brokerage agreement with Doug. In that contract, Lisa
agrees that Doug should earn 3% for finding her a house, whether it's paid
by the buyer or seller. She makes an offer on a house where the listing
broker is paying 3.5% commission to a buyer's broker. How much will Lisa
owe Doug?
A. 3%
B. 3.5%
C. 6.5%
D. Nothing - correct answer - D. Nothing
10. The term PITI refers to the components of a typical mortgage.
What does the "P" stand for?
A. payment
B. percentage rate
COLIBRI REAL ESTATE (REAL ESTATE EXPRESS) FINAL EXAM
REVIEW 2025 QUESTIONS AND ANSWERS
1. Which statement about an oral lease is TRUE?
A. An oral lease is enforceable only for commercial property, not
residential property.
B. An oral lease is enforceable only if it renews an earlier, written
lease.
C. An oral lease for less than one year is generally enforceable.
D. An oral lease is never enforceable. - correct answer - C. An oral lease
for less than one year is generally enforceable.
2. What did the Supreme Court of the United States rule in the case of
Jones v. Alfred H. Mayer?
A. The doctrine of "separate but equal" is unconstitutional.
B. Non-citizens have equal rights to own property.
C. Persons with disabilities are a protected class.
D. Race is a protected class with no exceptions. - correct answer - D.
Race is a protected class with no exceptions.
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3. Which situation is LEAST LIKELY to terminate a relationship between a
brokerage and a homeowner who is selling his house?
A. the broker loses her license
B. the designated listing agent dies
C. the homeowner declares bankruptcy
D. the property burns down - correct answer - B. the designated listing
agent dies
4. A resident has a proprietary lease on one of the residential units in a
large complex. She also has use of the building's common areas. She
lives in a
A. condominium.
B. cooperative.
C. timeshare.
D. townhome. - correct answer - B. cooperative.
5. A special tax levy passes for 5.2 mills annually to pay for new sewers. The
levy will be in place for three years. A property has a market value of
$296,000. Property is assessed for tax purposes at 45% of its appraised
value. What will the 5.2 mill tax levy cost this property owner in total?
, Page | 3
A. $692.64
B. $1,539.20
C. $2,077.92
D. $2,539.68 - correct answer - C. $2,077.92
6. This is a three-part question. The first thing to do is calculate the
assessed value: Percent (Assessment Ratio) x Whole (Market Value) = Part
(Assessed Value), or 0.45 x $296,000 =
$133,200. Next, complete the problem using the tax formula: Percent
(Tax Rate) x Whole (Assessed Value) Part (Property Taxes). Insert the
values known and calculate. 0.0052 x
$133,200 = $692.64. The 5.2 mill tax levy will cost the property owner
$692.64 annually. The levy will last for three years, so the total tax burden
is $2,077.92 ($692.64 x 3).
7. Which of these factors is LEAST LIKELY to be considered by a planning board
when reviewing a developer's proposal for a new subdivision?
A. building codes
B. environmental impact
C. infrastructure needs
D. zoned permitted use - correct answer - A. building codes
8. Which statement indicates that the listing agreement is an exclusive
right to sell?
, Page | 4
A. the commission expected on the sale price
B. a notice regarding the broker's right to sue for nonpayment
C. a notice to terminate the agreement at the end of the listing period
D. a statement that the broker is paid regardless of who sells the property -
correct answer - D. a statement that the broker is paid regardless of who
sells the property
9. Lisa has a buyer brokerage agreement with Doug. In that contract, Lisa
agrees that Doug should earn 3% for finding her a house, whether it's paid
by the buyer or seller. She makes an offer on a house where the listing
broker is paying 3.5% commission to a buyer's broker. How much will Lisa
owe Doug?
A. 3%
B. 3.5%
C. 6.5%
D. Nothing - correct answer - D. Nothing
10. The term PITI refers to the components of a typical mortgage.
What does the "P" stand for?
A. payment
B. percentage rate
