COLIBRI REAL ESTATE EXAM STUDY GUIDE COMPLETE QUESTIONS FULL SOLUTION
Colibri REAL Estate EXAM Final Paper 2026/2027
Questions and Answers Verified Solutions Latest
Update
Question:
Which of the following statements is true regarding real estate trust accounts in Georgia?
Answer:
A broker may have multiple trust accounts as long as each is registered with the Real Estate
Commission Interest-bearing trust accounts are permitted as long as the contract states that the
designated trust money will be held in an interest- bearing account as well as to whom the interest
will be paid. Trust money must be held in a separate FDIC insured "trust account." A broker is not
limited to the number of trust accounts he or she may open as long as each account number and bank
account name is provided to the Commission.
Question:
The real estate closing date is May 25. The lender uses a 360-day calendar for interest proration and
payments are due on the 15th day of each month. The loan balance is $84,000 with an interest rate
of 8%. How much accrued interest will the seller owe at closing?
Answer:
$186.67 The 360-day calendar assumes every month has 30 days. $84,000 x 8% = $6,720 for the
total interest by year. $6,720 divided by 12 = $560 for the interest per month. $560 divided by 30
days = 18.6666 for the interest per day. 10 x 18.6666 = 186.67 for the interest for 10 days.
Question:
All of the following are true about a CAM license in Georgia EXCEPT:
Answer:
It allows the licensee to manage residential and condominium communities as well as provide real
estate services to homebuyers and sellers The holder of a CAM license must satisfy license law
education and exam requirements. The license only permits the holder to engage in community
management activities. The license may be acquired without holding a salesperson's license but a
salesperson or broker might additionally acquire the CAM license.
,Question:
Which of the following property legal descriptions is NOT used in Georgia?
Answer:
Rectangular survey system The metes and bounds system and lot, block system are the only two
legal descriptions for property used in Georgia.
Question:
The Real Estate Settlement Procedures Act (RESPA) is administered by the
Answer:
Department of Housing and Urban Development HUD administers RESPA rules and compliance.
The Division of Real Estate regulates real estate professionals. ALTA regulates title companies.
NAR promulgates a code of ethics.
Question:
Which of the following statements is true concerning Georgia's Real Estate Commissioner?
Answer:
The Commissioner is hired by the Real Estate Commission If the Commissioner or any of the
Commissioner's staff holds a real estate license, it must be placed on inactive status. The
Commissioner is not a member of the Real Estate Commission, but is hired by the Commission.
Question:
A property generated $135,000 income per year. A vacancy and collection loss of 5% is normal for
the area. The building expenses are $8500. What was the gross income?
Answer:
$135,000 Gross income is the total amount a property generates in income before expenses are
removed.
Question:
,The agreement of sale should provide that if the property is damaged or destroyed by fire before the
deal is consummated, the loss will fall upon the
Answer:
the seller The "risk of loss" is transferred to the buyer upon the signing of the sales contract. Thus,
the sales contract should include a clause that would keep the risk of loss on the seller and require
the seller to maintain insurance. If this clause were not inserted in the sales contract, then the buyer
would be responsible for any damage to the property and still have to buy the property, regardless of
condition.
Question:
A lead-based paint disclosure form is required for all residential dwellings built before January 1,
1978. When applicable, who must sign the form?
Answer:
buyer, seller, and both agents All parties must sign the disclosure form. Both agents are equally
liable for compliance.
Question:
A legal property description in Georgia that identifies boundaries and is commonly used to survey
property is known as:
Answer:
System of metes and bounds The principal method of delineating property boundaries for surveys
and creating a legal description for property in Georgia is called the metes and bounds system. The
short form, also known as lot, block system, is the other acceptable legal description for property in
Georgia.
Question:
What is an involuntary specific lien?
Answer:
mechanic's lien The IRS lien is a general involuntary lien against all items owned by an individual
(including, but not limited to, real estate). The mechanic's lien is an involuntary specific lien against
property worked on by a contractor. The mortgage is a voluntary specific lien given freely by the
landowner to the buyer. The easement is not a lien, although it is an encumbrance on the property.
, Question:
Which statement is TRUE?
Answer:
You receive stock in a cooperative and a deed in a condominium Condominium owners receive a
deed and cooperative owners buy stock and receive a proprietary lease.
Question:
What is the gross commission on a property that sold for $450,000 with a rate of commission of
6%?
Answer:
$27,000 $450,000 x.06 = $27,000
Question:
Which would be an example of voluntary alienation?
Answer:
sale Eminent domain is the government's right to take private property with just compensation and is
an involuntary transfer of title. Escheat is when one dies without a will and without heirs, so title
involuntarily transfers to the state. Adverse possession is acquiring someone else's title through open
notorious, exclusive, and continuous use of the property (also involuntary). The sale of property is
usually a voluntary event.
Question:
At a listing appointment, Patty promises the sellers they will get four open houses a month. The
seller signs the agreement. In the first month of marketing, Patty's husband becomes ill and Patty
cancels the open house. The seller got only two open houses that month. Which best describes the
situation?
Answer:
Patty is breaching her broker's duty of accountability Agents are accountable to the client for their
actions. If the seller was promised four open houses a month, that is what the seller should get.
Colibri REAL Estate EXAM Final Paper 2026/2027
Questions and Answers Verified Solutions Latest
Update
Question:
Which of the following statements is true regarding real estate trust accounts in Georgia?
Answer:
A broker may have multiple trust accounts as long as each is registered with the Real Estate
Commission Interest-bearing trust accounts are permitted as long as the contract states that the
designated trust money will be held in an interest- bearing account as well as to whom the interest
will be paid. Trust money must be held in a separate FDIC insured "trust account." A broker is not
limited to the number of trust accounts he or she may open as long as each account number and bank
account name is provided to the Commission.
Question:
The real estate closing date is May 25. The lender uses a 360-day calendar for interest proration and
payments are due on the 15th day of each month. The loan balance is $84,000 with an interest rate
of 8%. How much accrued interest will the seller owe at closing?
Answer:
$186.67 The 360-day calendar assumes every month has 30 days. $84,000 x 8% = $6,720 for the
total interest by year. $6,720 divided by 12 = $560 for the interest per month. $560 divided by 30
days = 18.6666 for the interest per day. 10 x 18.6666 = 186.67 for the interest for 10 days.
Question:
All of the following are true about a CAM license in Georgia EXCEPT:
Answer:
It allows the licensee to manage residential and condominium communities as well as provide real
estate services to homebuyers and sellers The holder of a CAM license must satisfy license law
education and exam requirements. The license only permits the holder to engage in community
management activities. The license may be acquired without holding a salesperson's license but a
salesperson or broker might additionally acquire the CAM license.
,Question:
Which of the following property legal descriptions is NOT used in Georgia?
Answer:
Rectangular survey system The metes and bounds system and lot, block system are the only two
legal descriptions for property used in Georgia.
Question:
The Real Estate Settlement Procedures Act (RESPA) is administered by the
Answer:
Department of Housing and Urban Development HUD administers RESPA rules and compliance.
The Division of Real Estate regulates real estate professionals. ALTA regulates title companies.
NAR promulgates a code of ethics.
Question:
Which of the following statements is true concerning Georgia's Real Estate Commissioner?
Answer:
The Commissioner is hired by the Real Estate Commission If the Commissioner or any of the
Commissioner's staff holds a real estate license, it must be placed on inactive status. The
Commissioner is not a member of the Real Estate Commission, but is hired by the Commission.
Question:
A property generated $135,000 income per year. A vacancy and collection loss of 5% is normal for
the area. The building expenses are $8500. What was the gross income?
Answer:
$135,000 Gross income is the total amount a property generates in income before expenses are
removed.
Question:
,The agreement of sale should provide that if the property is damaged or destroyed by fire before the
deal is consummated, the loss will fall upon the
Answer:
the seller The "risk of loss" is transferred to the buyer upon the signing of the sales contract. Thus,
the sales contract should include a clause that would keep the risk of loss on the seller and require
the seller to maintain insurance. If this clause were not inserted in the sales contract, then the buyer
would be responsible for any damage to the property and still have to buy the property, regardless of
condition.
Question:
A lead-based paint disclosure form is required for all residential dwellings built before January 1,
1978. When applicable, who must sign the form?
Answer:
buyer, seller, and both agents All parties must sign the disclosure form. Both agents are equally
liable for compliance.
Question:
A legal property description in Georgia that identifies boundaries and is commonly used to survey
property is known as:
Answer:
System of metes and bounds The principal method of delineating property boundaries for surveys
and creating a legal description for property in Georgia is called the metes and bounds system. The
short form, also known as lot, block system, is the other acceptable legal description for property in
Georgia.
Question:
What is an involuntary specific lien?
Answer:
mechanic's lien The IRS lien is a general involuntary lien against all items owned by an individual
(including, but not limited to, real estate). The mechanic's lien is an involuntary specific lien against
property worked on by a contractor. The mortgage is a voluntary specific lien given freely by the
landowner to the buyer. The easement is not a lien, although it is an encumbrance on the property.
, Question:
Which statement is TRUE?
Answer:
You receive stock in a cooperative and a deed in a condominium Condominium owners receive a
deed and cooperative owners buy stock and receive a proprietary lease.
Question:
What is the gross commission on a property that sold for $450,000 with a rate of commission of
6%?
Answer:
$27,000 $450,000 x.06 = $27,000
Question:
Which would be an example of voluntary alienation?
Answer:
sale Eminent domain is the government's right to take private property with just compensation and is
an involuntary transfer of title. Escheat is when one dies without a will and without heirs, so title
involuntarily transfers to the state. Adverse possession is acquiring someone else's title through open
notorious, exclusive, and continuous use of the property (also involuntary). The sale of property is
usually a voluntary event.
Question:
At a listing appointment, Patty promises the sellers they will get four open houses a month. The
seller signs the agreement. In the first month of marketing, Patty's husband becomes ill and Patty
cancels the open house. The seller got only two open houses that month. Which best describes the
situation?
Answer:
Patty is breaching her broker's duty of accountability Agents are accountable to the client for their
actions. If the seller was promised four open houses a month, that is what the seller should get.
