COLIBRI REAL ESTATE PRACTICE
FINAL EXAM QUESTIONS AND
ANSWERS GRADED A+ 2025/2026
Which type of report would a property manager prepare for their owner client to lay out the
plan to finance long-term improvements? - ANS capital reserve budget
Broker Jim signs a listing agreement with Seller Grace and a buyer agency agreement with Buyer
Pat. Both Grace and Pat signed written disclosure statements agreeing to this arrangement.
What is this relationship called? - ANS consensual dual agency
Which statement about asbestos is true? - ANS it can cause health problems by releasing
airborne particles when old or damaged
Real estate agents are typically what kind of agent? - ANS special agent
Which of these properties would be considered a non-homestead property? -
ANS warehouse
Which of the following is considered a fixed operating expense? - ANS insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? - ANS septic
system
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Dwayne was four months into his one-year lease when property owner Larry sold the property.
Which statement is correct? - ANS the new owner must honor the lease until it expires
Ben, the property manager of a 10-unit building shows an apartment to a woman who uses a
wheelchair. The woman says that she would need to make some modifications, such as adding
grab bars in the shower and removing some carpeting in the bedroom. How should Ben
respond? - ANS he must allow the tenant to make the modifications at her expense
how might transfer tax in New York be documented when property is conveyed? - ANS as a
revenue stamp
why might a tenant in an apartment building a send a letter of intent to the building's owner? -
ANS to reserve a specific unit when building undergoes a conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She pays rent for occupancy,
but the owner of the building pays the taxes, insurance, and other operating expenses. What
kind of lease does Sandy have? - ANS gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain title to the property until Sally
has paid in full. What kind of contract do Amanda and Sally have? - ANS land contract
What is the authority that state and local governments have to enact and enforce laws that
protect the public's health, safety, morals, and general welfare? - ANS police power
which property would most probably have the shortest lease term? - ANS apartment
what is the purpose of private mortgage insurance? - ANS it protects the lender against loss
in case the borrower defaults
which describes an ad valorem tax? - ANS based on the assessed value of property
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
FINAL EXAM QUESTIONS AND
ANSWERS GRADED A+ 2025/2026
Which type of report would a property manager prepare for their owner client to lay out the
plan to finance long-term improvements? - ANS capital reserve budget
Broker Jim signs a listing agreement with Seller Grace and a buyer agency agreement with Buyer
Pat. Both Grace and Pat signed written disclosure statements agreeing to this arrangement.
What is this relationship called? - ANS consensual dual agency
Which statement about asbestos is true? - ANS it can cause health problems by releasing
airborne particles when old or damaged
Real estate agents are typically what kind of agent? - ANS special agent
Which of these properties would be considered a non-homestead property? -
ANS warehouse
Which of the following is considered a fixed operating expense? - ANS insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? - ANS septic
system
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Dwayne was four months into his one-year lease when property owner Larry sold the property.
Which statement is correct? - ANS the new owner must honor the lease until it expires
Ben, the property manager of a 10-unit building shows an apartment to a woman who uses a
wheelchair. The woman says that she would need to make some modifications, such as adding
grab bars in the shower and removing some carpeting in the bedroom. How should Ben
respond? - ANS he must allow the tenant to make the modifications at her expense
how might transfer tax in New York be documented when property is conveyed? - ANS as a
revenue stamp
why might a tenant in an apartment building a send a letter of intent to the building's owner? -
ANS to reserve a specific unit when building undergoes a conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She pays rent for occupancy,
but the owner of the building pays the taxes, insurance, and other operating expenses. What
kind of lease does Sandy have? - ANS gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain title to the property until Sally
has paid in full. What kind of contract do Amanda and Sally have? - ANS land contract
What is the authority that state and local governments have to enact and enforce laws that
protect the public's health, safety, morals, and general welfare? - ANS police power
which property would most probably have the shortest lease term? - ANS apartment
what is the purpose of private mortgage insurance? - ANS it protects the lender against loss
in case the borrower defaults
which describes an ad valorem tax? - ANS based on the assessed value of property
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
