COLIBRI REAL ESTATE EXAM PREMIUM SCRIPT TESTED QUESTIONS CORRECT
ANSWERS
Colibri REAL Estate EXAM Practice TEST
2026/2027 Questions and Answers Verified Solutions
Latest Update
Question:
Chapter 1: conditions affecting the property title deposit or down payment procedures riders type of
deed to be conveyedWhich is typically an element of a pre- printed purchase contract? Select all
correct responses.
Answer:
conditions affecting the property title deposit or down payment procedures riders type of deed to be
conveyedWhich is typically an element of a pre- printed purchase contract? Select all correct
responses.
Question:
A simple formula that leads to rapport with clients is.
Answer:
Watch + Listen + Match.
Question:
The Indiana Legislature granted IREC exclusive authority for which function? Select all correct
responses.
Answer:
adopt standards of competent practice and rules of behavior censure, deny, issue, revoke, or suspend
licenses and/or licensees conduct hearings to investigate complaints against licensees take action in
circuit court to enforce license law
Question:
Julia contracts with Joe to create the lace wedding dress she designed. Joe shows up at the first
fitting with a pink satin dress, although the design is similar. Joe demands the full $8,200 indicated
,in the contract. Julia refuses to pay. He sues, and the court rules that Julia owes him nothing because
this was.
Answer:
a material breach.
Question:
Attorney David is serving as executor of an estate that includes Indiana real estate. Is David allowed
to sell the property?
Answer:
Yes
Question:
Who is required to receive a copy of the Indiana Residential Sales Disclosure Form?
Answer:
buyer prior to acceptance of their offer
Question:
At closing, who signs the new deed?
Answer:
the seller only
Question:
Senate Bill 275 changed real estate licensing to a single licensure structure with brokers and
managing brokers having the same experience and education requirements.
Answer:
False
,Question:
Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at the asking price if
Jenny will install a new roof and if Adam can qualify for a loan sufficient to cover the purchase.
Until the roof is installed and the financing obtained, the contract is said to be.
Answer:
executory.
Question:
Upon termination, a licensee must turn over all listings and exclusive buyer agency agreements to
the managing broker.
Answer:
True
Question:
An agreement in which the buyer is "open" to work with an unlimited number of brokers, and only
the broker who locates the property that the buyer purchases is paid compensation is a(n).
Answer:
non-exclusive buyer agency agreement.
Question:
Who receives a copy of the purchase offer? Select all correct responses.
Answer:
managing broker prospective purchasers sellers
Question:
All advertising listing a property must display the name of the managing broker or firm.
Answer:
True
, Question:
Which act(s) is designated as a Class A infraction of real estate laws and regulations? Select all
correct responses.
Answer:
attempting to obtain a license through fraud or deception committing acts in another state resulting
in disciplinary action engaging in false advertising practicing with a license that is inactive or
unassigned
Question:
Which of the following is designated as an incompetent real estate practice under Indiana real estate
regulations? Select all correct responses.
Answer:
acting in dual capacity of licensee and undisclosed client in any transaction offering real property on
any terms other than those authorized by the owner representing a managing broker other than the
one with whom the licensee is associated
Question:
IREC may summarily suspend a broker's license without a hearing for up to 90 days.
Answer:
True
Question:
The Indiana Real Estate Commission (IREC) randomly conducts investigations regarding potential
license law violations.
Answer:
False IREC conducts investigations usually based on complaints or inquiries it receives; it randomly
conducts licensee audits
ANSWERS
Colibri REAL Estate EXAM Practice TEST
2026/2027 Questions and Answers Verified Solutions
Latest Update
Question:
Chapter 1: conditions affecting the property title deposit or down payment procedures riders type of
deed to be conveyedWhich is typically an element of a pre- printed purchase contract? Select all
correct responses.
Answer:
conditions affecting the property title deposit or down payment procedures riders type of deed to be
conveyedWhich is typically an element of a pre- printed purchase contract? Select all correct
responses.
Question:
A simple formula that leads to rapport with clients is.
Answer:
Watch + Listen + Match.
Question:
The Indiana Legislature granted IREC exclusive authority for which function? Select all correct
responses.
Answer:
adopt standards of competent practice and rules of behavior censure, deny, issue, revoke, or suspend
licenses and/or licensees conduct hearings to investigate complaints against licensees take action in
circuit court to enforce license law
Question:
Julia contracts with Joe to create the lace wedding dress she designed. Joe shows up at the first
fitting with a pink satin dress, although the design is similar. Joe demands the full $8,200 indicated
,in the contract. Julia refuses to pay. He sues, and the court rules that Julia owes him nothing because
this was.
Answer:
a material breach.
Question:
Attorney David is serving as executor of an estate that includes Indiana real estate. Is David allowed
to sell the property?
Answer:
Yes
Question:
Who is required to receive a copy of the Indiana Residential Sales Disclosure Form?
Answer:
buyer prior to acceptance of their offer
Question:
At closing, who signs the new deed?
Answer:
the seller only
Question:
Senate Bill 275 changed real estate licensing to a single licensure structure with brokers and
managing brokers having the same experience and education requirements.
Answer:
False
,Question:
Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at the asking price if
Jenny will install a new roof and if Adam can qualify for a loan sufficient to cover the purchase.
Until the roof is installed and the financing obtained, the contract is said to be.
Answer:
executory.
Question:
Upon termination, a licensee must turn over all listings and exclusive buyer agency agreements to
the managing broker.
Answer:
True
Question:
An agreement in which the buyer is "open" to work with an unlimited number of brokers, and only
the broker who locates the property that the buyer purchases is paid compensation is a(n).
Answer:
non-exclusive buyer agency agreement.
Question:
Who receives a copy of the purchase offer? Select all correct responses.
Answer:
managing broker prospective purchasers sellers
Question:
All advertising listing a property must display the name of the managing broker or firm.
Answer:
True
, Question:
Which act(s) is designated as a Class A infraction of real estate laws and regulations? Select all
correct responses.
Answer:
attempting to obtain a license through fraud or deception committing acts in another state resulting
in disciplinary action engaging in false advertising practicing with a license that is inactive or
unassigned
Question:
Which of the following is designated as an incompetent real estate practice under Indiana real estate
regulations? Select all correct responses.
Answer:
acting in dual capacity of licensee and undisclosed client in any transaction offering real property on
any terms other than those authorized by the owner representing a managing broker other than the
one with whom the licensee is associated
Question:
IREC may summarily suspend a broker's license without a hearing for up to 90 days.
Answer:
True
Question:
The Indiana Real Estate Commission (IREC) randomly conducts investigations regarding potential
license law violations.
Answer:
False IREC conducts investigations usually based on complaints or inquiries it receives; it randomly
conducts licensee audits
