COLIBRI REAL ESTATE EXAM 2026
MASTER REVIEW GUIDE INCLUDING
COMPLETE QUESTIONS AND STEP-BY-
STEP ANSWERS
⫸ Owner Tom decided to lease out his basement to a college student.
By leasing the basement, Tom has Answer: transferred a portion of his
bundle of rights
⫸ What is a forecast of income and expenses that can be projected
over five years? Answer: Stabilized budget
⫸ A buyer told broker Lena that she wants to move to Cuban
neighborhood. Then the buyer asked if Lena could show her the best
home in a Cuban area. How should Lena respond to this request?
Answer: Lena should explain to the buyer that she ethically and
legally cannot recommend housing based on national origin.
⫸ Which of the following wills may be considered invalid? Answer:
A will that is not signed.
⫸ Broker Torrey hires salesperson Wes as an independent contractor.
As an independent contractor, Wes can expect which of the following
from Broker Torrey? Answer: Performance Expectations
, ⫸ Which of the following statements best describes what happens
with a judicial foreclosure? Answer: The mortgaged property is sold
under the supervision of a court.
⫸ Which of the following best describes the principle of conformity?
Answer: A home maintains its highest value by being in a
neighborhood with similar-type housing.
⫸ The cost of doing direct mail advertising depends on Answer: The
frequency of the mailings
⫸ A type of mortgage which allows the lender to increase the
outstanding balance of a loan up to the original amount of the loan in
order to advance additional funds is called an Answer: open-end
mortgage
⫸ Of the following liens: a $100,000 mortgage, a $2,500 property tax
bill, and a $8,000 mechanic's lien and a $25,000 judgement lien,
which will be paid off first after a foreclosure sale? Answer: The
$2,500 property tax lien
⫸ On a $280,000 loan, the lender charges a 2 point service charge.
How much does the borrower have to pay for just these two points?
Answer: $5,600
⫸ A seller decided to back out of a sales contract for no good reason.
What recourse does the buyer have? Answer: To sue for specific
performance.
MASTER REVIEW GUIDE INCLUDING
COMPLETE QUESTIONS AND STEP-BY-
STEP ANSWERS
⫸ Owner Tom decided to lease out his basement to a college student.
By leasing the basement, Tom has Answer: transferred a portion of his
bundle of rights
⫸ What is a forecast of income and expenses that can be projected
over five years? Answer: Stabilized budget
⫸ A buyer told broker Lena that she wants to move to Cuban
neighborhood. Then the buyer asked if Lena could show her the best
home in a Cuban area. How should Lena respond to this request?
Answer: Lena should explain to the buyer that she ethically and
legally cannot recommend housing based on national origin.
⫸ Which of the following wills may be considered invalid? Answer:
A will that is not signed.
⫸ Broker Torrey hires salesperson Wes as an independent contractor.
As an independent contractor, Wes can expect which of the following
from Broker Torrey? Answer: Performance Expectations
, ⫸ Which of the following statements best describes what happens
with a judicial foreclosure? Answer: The mortgaged property is sold
under the supervision of a court.
⫸ Which of the following best describes the principle of conformity?
Answer: A home maintains its highest value by being in a
neighborhood with similar-type housing.
⫸ The cost of doing direct mail advertising depends on Answer: The
frequency of the mailings
⫸ A type of mortgage which allows the lender to increase the
outstanding balance of a loan up to the original amount of the loan in
order to advance additional funds is called an Answer: open-end
mortgage
⫸ Of the following liens: a $100,000 mortgage, a $2,500 property tax
bill, and a $8,000 mechanic's lien and a $25,000 judgement lien,
which will be paid off first after a foreclosure sale? Answer: The
$2,500 property tax lien
⫸ On a $280,000 loan, the lender charges a 2 point service charge.
How much does the borrower have to pay for just these two points?
Answer: $5,600
⫸ A seller decided to back out of a sales contract for no good reason.
What recourse does the buyer have? Answer: To sue for specific
performance.
