ILLINOIS COLIBRI COMPREHENSIVE ANSWERS AND
QUESTIONS SET A+
✔✔In making dollar adjustments in the sales comparison approach, the appraiser: -
✔✔adds value to a comparable that is inferior to the subject property.
✔✔What is the most common reason a property fails to sell? - ✔✔Overpricing
✔✔A policy manual is a reflection of the broker's - ✔✔mission statement
✔✔The economic concept that says a buyer will pay no more for one property than he
would have to pay for an equally desirable and available property is _______. -
✔✔substitution
✔✔Which of the following items is not typically prorated? - ✔✔Security deposits
✔✔which of the following about counteroffers is TRUE? - ✔✔if the buyer rejects the first
counter offer, the seller can accept the buyers original offer
✔✔A seller and a buyer privately agree on a certain purchase price. Then they agree to
inflate the selling price and share any excess loan proceeds the buyer is able to obtain.
This is an example of - ✔✔mortgage fraud
✔✔Among other provisions, the Superfund Act (CERCLA) and Superfund Amendment
and Reauthorization Act of 1986 provided that - ✔✔parties responsible for improper
disposal of hazardous waste could be charged for the cleanup costs
✔✔A property owner has the right to transfer water rights: - ✔✔only if there are water
rights attached to the property.
✔✔Which of these items is important to include on your weekly listing activity report? -
✔✔your advertising budget
, ✔✔what document is a detailed accounting of the transaction that is prepared before
closing? - ✔✔Settlement Statement
✔✔Real estate agents must be able to convert measurements. which conversion is
incorrect? - ✔✔Convert feet to yards: divide the number of feet by 9
✔✔Agent Fred was asked a lot of questions by a customer regarding a seller's
motivation. In order not to appear uninformed, how might Agent Fred respond? -
✔✔"Client confidentiality keeps me from providing that information."
✔✔In practice, property management compensation is established by _____________.
- ✔✔the property management company
✔✔Sales agent Ben needs to convert feet to inches. How should he make the
calculation? - ✔✔Multiply the number of feet by 12.
✔✔The broker is required to keep: - ✔✔
✔✔The roof of a property cost $10,000. The economic life of the roof is 20 years.
Assuming the straight-line method of depreciation, what is the depreciated value of the
roof after 3 years? - ✔✔$8,500 WHATTTT 😅
✔✔A property manager is charged with protecting the principal's asset. Which of his
required duties would that be ? - ✔✔honesty
✔✔A lease that continues from month to month is known as a(n): - ✔✔Tenancy by
month
✔✔What is the purpose of the license laws? - ✔✔protect the public
✔✔When a licensee works with a buyer, who is interested in the licensee's listing, and
the licensee is not practicing dual agency, this person the buyer is referred to as a
________________. - ✔✔consumer
✔✔A house is being appraised using the sales comparison approach. The house has
three bedrooms, two bathrooms, and a patio. The appraiser selects a comparable
house that has three bedrooms, 2.5 bathrooms, and no patio. The comparable house
just sold for $100,000. A half-bath is valued at $5,000, and a patio at $1,000. Assuming
all else is equal, what is the adjusted value of the comparable? - ✔✔$96,000
QUESTIONS SET A+
✔✔In making dollar adjustments in the sales comparison approach, the appraiser: -
✔✔adds value to a comparable that is inferior to the subject property.
✔✔What is the most common reason a property fails to sell? - ✔✔Overpricing
✔✔A policy manual is a reflection of the broker's - ✔✔mission statement
✔✔The economic concept that says a buyer will pay no more for one property than he
would have to pay for an equally desirable and available property is _______. -
✔✔substitution
✔✔Which of the following items is not typically prorated? - ✔✔Security deposits
✔✔which of the following about counteroffers is TRUE? - ✔✔if the buyer rejects the first
counter offer, the seller can accept the buyers original offer
✔✔A seller and a buyer privately agree on a certain purchase price. Then they agree to
inflate the selling price and share any excess loan proceeds the buyer is able to obtain.
This is an example of - ✔✔mortgage fraud
✔✔Among other provisions, the Superfund Act (CERCLA) and Superfund Amendment
and Reauthorization Act of 1986 provided that - ✔✔parties responsible for improper
disposal of hazardous waste could be charged for the cleanup costs
✔✔A property owner has the right to transfer water rights: - ✔✔only if there are water
rights attached to the property.
✔✔Which of these items is important to include on your weekly listing activity report? -
✔✔your advertising budget
, ✔✔what document is a detailed accounting of the transaction that is prepared before
closing? - ✔✔Settlement Statement
✔✔Real estate agents must be able to convert measurements. which conversion is
incorrect? - ✔✔Convert feet to yards: divide the number of feet by 9
✔✔Agent Fred was asked a lot of questions by a customer regarding a seller's
motivation. In order not to appear uninformed, how might Agent Fred respond? -
✔✔"Client confidentiality keeps me from providing that information."
✔✔In practice, property management compensation is established by _____________.
- ✔✔the property management company
✔✔Sales agent Ben needs to convert feet to inches. How should he make the
calculation? - ✔✔Multiply the number of feet by 12.
✔✔The broker is required to keep: - ✔✔
✔✔The roof of a property cost $10,000. The economic life of the roof is 20 years.
Assuming the straight-line method of depreciation, what is the depreciated value of the
roof after 3 years? - ✔✔$8,500 WHATTTT 😅
✔✔A property manager is charged with protecting the principal's asset. Which of his
required duties would that be ? - ✔✔honesty
✔✔A lease that continues from month to month is known as a(n): - ✔✔Tenancy by
month
✔✔What is the purpose of the license laws? - ✔✔protect the public
✔✔When a licensee works with a buyer, who is interested in the licensee's listing, and
the licensee is not practicing dual agency, this person the buyer is referred to as a
________________. - ✔✔consumer
✔✔A house is being appraised using the sales comparison approach. The house has
three bedrooms, two bathrooms, and a patio. The appraiser selects a comparable
house that has three bedrooms, 2.5 bathrooms, and no patio. The comparable house
just sold for $100,000. A half-bath is valued at $5,000, and a patio at $1,000. Assuming
all else is equal, what is the adjusted value of the comparable? - ✔✔$96,000
