COLIBRI REAL ESTATE ACTUAL EXAM TEST PAPER FULL QUESTIONS CORRECT
RESPONSES
Colibri REAL Estate Final Paper 2026/2027
Questions and Answers Verified Solutions Latest
Update
Question:
Mortgage caps Rate caps Payment caps Amortization caps
Answer:
Rate caps ✔✔What type of contract consists of obligations arising from a mutual agreement and
intent to promise where the agreement and promise have not been expressed in words? An
unconscionable contract An aleatory contract An implied contract A unilateral contract - ✔✔An
implied contract ✔✔Who are the primary regulatory entities of the real estate business? The real
estate commission Local governments State governments City governments - ✔✔State
governments ✔✔The rectangular survey system divides a township into thirty six squares called
blocks. sections. parcels. lots. - ✔✔sections. ✔✔What describes plants or crops that are considered
personal property since human intervention is necessary for planting and harvesting? Appurtenances
Conservation Fodder Emblements - ✔✔Emblements ✔✔What doctrine states that if a property
owner is lax in protecting his or her rights, the property owner may lose those rights? The Doctrine
of Reapportionment The Doctrine of Laches The Act of State Doctrine The Cumulative Rights
Doctrine - ✔✔The Doctrine of Laches ✔✔Who sets the amount or rate of real estate commissions?
The real estate board The escrow agent The lender The broker - ✔✔The broker ✔✔California
requires that deaths that occurred within the past three years be disclosed unless an occupant of the
property dies with, or as a result of, cancer. leukemia. environmental factors. AIDS. - ✔✔AIDS.
✔✔What is a Real Estate Investment Trust (REIT)? A syndicate of working real estate
professionals A syndicate of people looking for their first home An unincorporated trust that holds a
large number of real estate investments A syndicate of a few investors with large sums of
investment capital - ✔✔An unincorporated trust that holds a large number of real estate investments
✔✔What type of junior lien arises when a contractor or worker is not paid in full for supplied labor
or materials used to improve a property? A tax lien A judgment lien A special assessment lien A
mechanic's lien - ✔✔A mechanic's lien ✔✔When a salesperson says or does something that creates
agency such as giving advice to a customer, giving an opinion to a customer, or negotiating on the
customer's behalf the licensee has created agency. universal agency. express agency. implied
agency. - ✔✔implied agency. ✔✔What should a customer receive to make him or her fully aware
of what is going on in a transaction, such as the condition of the property and who the licensee is
representing? A property assignment form Affidavits Disclosures A brokerage agreement - ✔✔A
brokerage agreement ✔✔What is a legal instrument for the voluntary transfer of real and personal
property after the owner's death? A trust A will A deed A title - ✔✔A will ✔✔In a CAR Residential
Purchase Agreement, who is responsible for repairing any damages that occur as a result of
, inspections? The seller The broker The buyer The inspector - ✔✔The buyer ✔✔What accurately
locates and identifies boundaries of a subject parcel to a degree acceptable by courts of law in the
state where the property is located? A stake survey A deed A legal description A title search - ✔✔A
legal description ✔✔Joe has a lease that specifies rent and other requirements, but it does not have
an expiration date or renewal cycle. What kind of leasehold estate is it? Estate at Sufferance Estate
at Will Estate for Period-to-Period Estate for Years - ✔✔Estate at Will ✔✔What type of variance
permits an applicant to vary one or more of the dimensional or physical requirements of the
applicable zoning law, code or ordinance in connection with some proposed construction? A zoning
variance A use variance A code variance An area variance - ✔✔An area variance ✔✔What duties
does an escrow agent have to all parties in a transaction? Assignment duties Fiduciary duties
Appraisal duties Principal duties - ✔✔Fiduciary duties ✔✔If a seller declines to show a property to
a minority he or she could be sued for violating HUD. fair housing laws. the Equal Opportunity Act.
RESPA. - ✔✔fair housing laws. ✔✔What term describes the borrower in a mortgage? A creditor A
mortgagee A mortgage lender A mortgagor - ✔✔A mortgagor ✔✔What type of contract contains
vague terms or terms that can be interpreted and understood in more than one way? A contingent
contract An ambiguous contract An indefinite contract An explicit contract - ✔✔An ambiguous
contract ✔✔What is not one of the four choices a buyer can make when a counteroffer is given back
to him or her? The counteroffer could be accepted. Another counteroffer could be made. The
counteroffer could be rejected. The counteroffer could become a lease. - ✔✔The counteroffer could
become a lease. ✔✔What describes a lease provision that gives the tenant the right to extend the
lease for an additional period of time and sets forth the terms for the renewed lease? A term lease An
extension A lease from period to period An option to renew - ✔✔An option to renew ✔✔In a deed
of trust, the three parties to the loan are the borrower, the lender and the broker. the trustee. the
seller. the licensee. - ✔✔the trustee. ✔✔What is something an escrow agent should never do?
Receive money from lenders. Offer legal advice. Obtain title insurance. Prepare closing documents.
- ✔✔Offer legal advice. ✔✔Within how many days of providing labor, material, or services must
preliminary notice be given when filing a mechanic's lien? 25 - ✔✔20 ✔✔What is an involuntary
alienation common law doctrine which transfers the property of a person who dies without heirs to
the state? Conversion Estoppel Abandonment Escheat - ✔✔Escheat ✔✔What is an additional
clause in a sales contract where the seller warrants that there are no undisclosed building codes or
zoning violations? Owner's association disclosure Inspections Survey Compliance with laws -
✔✔Compliance with laws ✔✔What will a title company issue that is an agreement by an insurer to
issue a title policy? A chain of title A certificate of deposit A title insurance commitment An escrow
disbursement - ✔✔A title insurance commitment ✔✔What informs buyers and prospective tenants
of the registered sex offender database that can be searched to identify if any sex offenders are near
a property? Identifying a Registered Sex Offender Pamphlet Notice Regarding Database of Location
of Registered Sex Offenders A Sex Offender Disclosure Form A Property Disclosure Statement -
✔✔Notice Regarding Database of Location of Registered Sex Offenders ✔✔Which of the
following is NOT a specialized federal court? U.S. Claims Court U.S. Supreme Court U.S. Tax
Court U.S. Bankruptcy Court - ✔✔U.S. Supreme Court ✔✔What describes a piece of property or
an object on a property that is crossing the boundary line of an adjacent property? A nuisance A
consideration A claim An encroachment - ✔✔An encroachment ✔✔The agency relationship
RESPONSES
Colibri REAL Estate Final Paper 2026/2027
Questions and Answers Verified Solutions Latest
Update
Question:
Mortgage caps Rate caps Payment caps Amortization caps
Answer:
Rate caps ✔✔What type of contract consists of obligations arising from a mutual agreement and
intent to promise where the agreement and promise have not been expressed in words? An
unconscionable contract An aleatory contract An implied contract A unilateral contract - ✔✔An
implied contract ✔✔Who are the primary regulatory entities of the real estate business? The real
estate commission Local governments State governments City governments - ✔✔State
governments ✔✔The rectangular survey system divides a township into thirty six squares called
blocks. sections. parcels. lots. - ✔✔sections. ✔✔What describes plants or crops that are considered
personal property since human intervention is necessary for planting and harvesting? Appurtenances
Conservation Fodder Emblements - ✔✔Emblements ✔✔What doctrine states that if a property
owner is lax in protecting his or her rights, the property owner may lose those rights? The Doctrine
of Reapportionment The Doctrine of Laches The Act of State Doctrine The Cumulative Rights
Doctrine - ✔✔The Doctrine of Laches ✔✔Who sets the amount or rate of real estate commissions?
The real estate board The escrow agent The lender The broker - ✔✔The broker ✔✔California
requires that deaths that occurred within the past three years be disclosed unless an occupant of the
property dies with, or as a result of, cancer. leukemia. environmental factors. AIDS. - ✔✔AIDS.
✔✔What is a Real Estate Investment Trust (REIT)? A syndicate of working real estate
professionals A syndicate of people looking for their first home An unincorporated trust that holds a
large number of real estate investments A syndicate of a few investors with large sums of
investment capital - ✔✔An unincorporated trust that holds a large number of real estate investments
✔✔What type of junior lien arises when a contractor or worker is not paid in full for supplied labor
or materials used to improve a property? A tax lien A judgment lien A special assessment lien A
mechanic's lien - ✔✔A mechanic's lien ✔✔When a salesperson says or does something that creates
agency such as giving advice to a customer, giving an opinion to a customer, or negotiating on the
customer's behalf the licensee has created agency. universal agency. express agency. implied
agency. - ✔✔implied agency. ✔✔What should a customer receive to make him or her fully aware
of what is going on in a transaction, such as the condition of the property and who the licensee is
representing? A property assignment form Affidavits Disclosures A brokerage agreement - ✔✔A
brokerage agreement ✔✔What is a legal instrument for the voluntary transfer of real and personal
property after the owner's death? A trust A will A deed A title - ✔✔A will ✔✔In a CAR Residential
Purchase Agreement, who is responsible for repairing any damages that occur as a result of
, inspections? The seller The broker The buyer The inspector - ✔✔The buyer ✔✔What accurately
locates and identifies boundaries of a subject parcel to a degree acceptable by courts of law in the
state where the property is located? A stake survey A deed A legal description A title search - ✔✔A
legal description ✔✔Joe has a lease that specifies rent and other requirements, but it does not have
an expiration date or renewal cycle. What kind of leasehold estate is it? Estate at Sufferance Estate
at Will Estate for Period-to-Period Estate for Years - ✔✔Estate at Will ✔✔What type of variance
permits an applicant to vary one or more of the dimensional or physical requirements of the
applicable zoning law, code or ordinance in connection with some proposed construction? A zoning
variance A use variance A code variance An area variance - ✔✔An area variance ✔✔What duties
does an escrow agent have to all parties in a transaction? Assignment duties Fiduciary duties
Appraisal duties Principal duties - ✔✔Fiduciary duties ✔✔If a seller declines to show a property to
a minority he or she could be sued for violating HUD. fair housing laws. the Equal Opportunity Act.
RESPA. - ✔✔fair housing laws. ✔✔What term describes the borrower in a mortgage? A creditor A
mortgagee A mortgage lender A mortgagor - ✔✔A mortgagor ✔✔What type of contract contains
vague terms or terms that can be interpreted and understood in more than one way? A contingent
contract An ambiguous contract An indefinite contract An explicit contract - ✔✔An ambiguous
contract ✔✔What is not one of the four choices a buyer can make when a counteroffer is given back
to him or her? The counteroffer could be accepted. Another counteroffer could be made. The
counteroffer could be rejected. The counteroffer could become a lease. - ✔✔The counteroffer could
become a lease. ✔✔What describes a lease provision that gives the tenant the right to extend the
lease for an additional period of time and sets forth the terms for the renewed lease? A term lease An
extension A lease from period to period An option to renew - ✔✔An option to renew ✔✔In a deed
of trust, the three parties to the loan are the borrower, the lender and the broker. the trustee. the
seller. the licensee. - ✔✔the trustee. ✔✔What is something an escrow agent should never do?
Receive money from lenders. Offer legal advice. Obtain title insurance. Prepare closing documents.
- ✔✔Offer legal advice. ✔✔Within how many days of providing labor, material, or services must
preliminary notice be given when filing a mechanic's lien? 25 - ✔✔20 ✔✔What is an involuntary
alienation common law doctrine which transfers the property of a person who dies without heirs to
the state? Conversion Estoppel Abandonment Escheat - ✔✔Escheat ✔✔What is an additional
clause in a sales contract where the seller warrants that there are no undisclosed building codes or
zoning violations? Owner's association disclosure Inspections Survey Compliance with laws -
✔✔Compliance with laws ✔✔What will a title company issue that is an agreement by an insurer to
issue a title policy? A chain of title A certificate of deposit A title insurance commitment An escrow
disbursement - ✔✔A title insurance commitment ✔✔What informs buyers and prospective tenants
of the registered sex offender database that can be searched to identify if any sex offenders are near
a property? Identifying a Registered Sex Offender Pamphlet Notice Regarding Database of Location
of Registered Sex Offenders A Sex Offender Disclosure Form A Property Disclosure Statement -
✔✔Notice Regarding Database of Location of Registered Sex Offenders ✔✔Which of the
following is NOT a specialized federal court? U.S. Claims Court U.S. Supreme Court U.S. Tax
Court U.S. Bankruptcy Court - ✔✔U.S. Supreme Court ✔✔What describes a piece of property or
an object on a property that is crossing the boundary line of an adjacent property? A nuisance A
consideration A claim An encroachment - ✔✔An encroachment ✔✔The agency relationship
