ILLINOIS COLIBRI ANSWERS AND QUESTIONS SET
A+
✔✔Which of the following is considered a fixed operating expense? - ✔✔insurance
premiums
✔✔Which statement is true about a comparative market analysis (CMA)? - ✔✔It can
help a seller decide what to ask for the property
✔✔Beginning after the 2013 renewal, individuals renewing or obtaining a managing
broker's license must complete how many CE credit hours, in addition to the Broker
Management Course? - ✔✔12 credit hours
✔✔An interest in real estate that includes the right to possess is known as: - ✔✔An
estate in land
✔✔Under Title III of this Act, discrimination in commercial properties is prohibited. To
which Act does this apply? - ✔✔American With Disabilities Act
✔✔When two adjacent pieces of property are joined together, the value of the one
larger parcel may be greater than the value of the two separately. Which principle of
value is this? - ✔✔Assemblage.
✔✔"Realestate" includes such things as: - ✔✔fences, sidewalks, and piers on a parcel
of land.
✔✔If an owner of real property dies without leaving a will and with no legal heirs, what
will generally happen to the property? - ✔✔It will revert to the state or county by
escheat.
✔✔Radon gas can be traced back to: - ✔✔groundwater pollutants
, ✔✔RESPA applies to all of the following EXCEPT which? - ✔✔Seller-financed loan or a
Loan involving a first mortgage
✔✔Which duty an agent has to his/her client never stops? - ✔✔confidentiality
✔✔When does the seller receive a copy of the listing agreement? - ✔✔At the time of
signing.
✔✔A Recorded Plat System contains all of the following, EXCEPT: - ✔✔a contiguous
group of lots, which is called a block.
✔✔Which tax is imposed on any deed or instrument which conveys interest in property?
- ✔✔Real estate transfer tax
✔✔Under the Equal Credit Opportunity Act, a lender, or a real estate agent who assists
a seller in qualifying a potential buyer, may not - ✔✔ask the buyer/borrower about his
religion or national origin
✔✔Regulation Z applies to which of these situations? - ✔✔$75,000 condominium loan
✔✔Which statement is true about the Junk Fax Prevention Act is False? - ✔✔Licensees
must stop faxes upon request.
✔✔What accounting tools are used to determine a buyer's ability to pay off a loan? -
✔✔Income Ratio and Debt Ratio
✔✔John is doing a CMA for his potential sellers. He has collected the data on the
seller's property and collected data on a number of comparables. Now he's ready to
make his price adjustments. Which statement is true? - ✔✔If a comparable lacks a
feature the subject property has, he will subtract the value of that feature from the
comparable.
✔✔If any dispute between the parties arises regarding the deposited escrow money, the
sponsoring broker should _________. - ✔✔not release the money without a written
release from both parties or both parties' duly authorized agents (power of attorney or
attorney at law).
✔✔RESPA applies to all of the following EXCEPT which? - ✔✔Cash Sale
✔✔What does RESPA stand for? - ✔✔Real Estate Settlement Procedures Act
A+
✔✔Which of the following is considered a fixed operating expense? - ✔✔insurance
premiums
✔✔Which statement is true about a comparative market analysis (CMA)? - ✔✔It can
help a seller decide what to ask for the property
✔✔Beginning after the 2013 renewal, individuals renewing or obtaining a managing
broker's license must complete how many CE credit hours, in addition to the Broker
Management Course? - ✔✔12 credit hours
✔✔An interest in real estate that includes the right to possess is known as: - ✔✔An
estate in land
✔✔Under Title III of this Act, discrimination in commercial properties is prohibited. To
which Act does this apply? - ✔✔American With Disabilities Act
✔✔When two adjacent pieces of property are joined together, the value of the one
larger parcel may be greater than the value of the two separately. Which principle of
value is this? - ✔✔Assemblage.
✔✔"Realestate" includes such things as: - ✔✔fences, sidewalks, and piers on a parcel
of land.
✔✔If an owner of real property dies without leaving a will and with no legal heirs, what
will generally happen to the property? - ✔✔It will revert to the state or county by
escheat.
✔✔Radon gas can be traced back to: - ✔✔groundwater pollutants
, ✔✔RESPA applies to all of the following EXCEPT which? - ✔✔Seller-financed loan or a
Loan involving a first mortgage
✔✔Which duty an agent has to his/her client never stops? - ✔✔confidentiality
✔✔When does the seller receive a copy of the listing agreement? - ✔✔At the time of
signing.
✔✔A Recorded Plat System contains all of the following, EXCEPT: - ✔✔a contiguous
group of lots, which is called a block.
✔✔Which tax is imposed on any deed or instrument which conveys interest in property?
- ✔✔Real estate transfer tax
✔✔Under the Equal Credit Opportunity Act, a lender, or a real estate agent who assists
a seller in qualifying a potential buyer, may not - ✔✔ask the buyer/borrower about his
religion or national origin
✔✔Regulation Z applies to which of these situations? - ✔✔$75,000 condominium loan
✔✔Which statement is true about the Junk Fax Prevention Act is False? - ✔✔Licensees
must stop faxes upon request.
✔✔What accounting tools are used to determine a buyer's ability to pay off a loan? -
✔✔Income Ratio and Debt Ratio
✔✔John is doing a CMA for his potential sellers. He has collected the data on the
seller's property and collected data on a number of comparables. Now he's ready to
make his price adjustments. Which statement is true? - ✔✔If a comparable lacks a
feature the subject property has, he will subtract the value of that feature from the
comparable.
✔✔If any dispute between the parties arises regarding the deposited escrow money, the
sponsoring broker should _________. - ✔✔not release the money without a written
release from both parties or both parties' duly authorized agents (power of attorney or
attorney at law).
✔✔RESPA applies to all of the following EXCEPT which? - ✔✔Cash Sale
✔✔What does RESPA stand for? - ✔✔Real Estate Settlement Procedures Act
