COLIBRI EXAM 2024 | ACTUAL QUESTIONS
WITH COMPLETE SOLUTIONS
Missy offers seller Jordan $189,500 for his house. Jordan accepts. The appraisal comes
in at $188,000. If Missy's lender requires a loan-to-value ratio of 80%, how much of a
down payment must Missy make?
$37,600
$37,900
$39,100
$39,500 - 39,100
Standard title insurance coverage protects against loss resulting from each of the
following EXCEPT
the person signing the deed was considered mentally incompetent.
the planning board rezoned the neighborhood.
the legal description of the property indicated the wrong lot number.
a title abstractor missed an outstanding lien searching the public records. - The
planning board reasoned the neighborhood
Carla wants to buy Ben's house for $221,000. Carla includes a contingency clause in
the offer stating that she must sell her current house first. Ben agrees as long as Carla's
house sells within 45 days. They sign the purchase agreement. During that 45-day
period, the contract is
executed.
executory.
unenforceable.
voidable. - Executory
Mike has always loved the little cottage at the end of the lane. One day, he knocks on
the door and asks owner Carrie if she'd like to sell. She says she's not likely to sell. He
offers to pay her $2,000 today if she would agree to contact him if she ever decides to
sell or receives an acceptable offer from a third party, giving Mike the opportunity to
make the purchase before anyone else. This is an example of a(n)
contingency clause.
option to purchase.
right of first refusal.
tendering performance agreement. - Right of first refusal
Which of these phrases would LEAST LIKELY be evidence of a conspiracy to commit
an antitrust violation if said by a licensee?
"Every brokerage in town charges a standard 7% commission."
, "Our brokerage won't work with them because they discount all of their services."
"We would like to suggest that you use Ace Title Agency for the closing."
"Why don't you handle the business on the west side of town and leave the east side to
us?" - We would suggest ACE agency
Lester signs a contract to buy Kathy's house. The contract is conditional on Kathy
installing new carpet throughout. Kathy installed the carpet at a cost of $12,500. Before
closing, Lester tells Kathy that he does not want to buy the house. Kathy sues Lester for
$12,500 and wins. The court awarded her
collateral damage.
compensatory damages.
liquidated damages.
punitive damages. - Compensatory
What fiduciary duty do clients give up when they agree to dual agency in a specific
transaction?
accountability
confidentiality
disclosure
loyalty - Loyalty
Sheri, who has a disability, applies to rent a single-family house. She states that she
needs to install grab bars in the shower and a ramp into the house from the garage.
Landlord Don would violate federal fair housing laws if he
allows Sheri to make the renovations but insists that she remove them when her lease
is up.
makes the renovations at his own expense.
makes the renovations but requires Sheri to pay for the materials and labor.
refuses to allow Sheri to make the renovations. - Refuses renovations
A borrower goes to a lender, wishing to buy a house. The borrower promises to repay
the lender $200,000 plus interest, agreeing to use the property as security for the debt.
What two-party instrument does the borrower give the lender to create a lien on the
property?
conveyance
deed of trust
mortgage
promissory note - Mortgage
A management agreement creates an agency relationship between a real estate broker
and - Owner of investment property
Which is least likely to the outcome of a property inspection - Warrant definition of a
furnace
WITH COMPLETE SOLUTIONS
Missy offers seller Jordan $189,500 for his house. Jordan accepts. The appraisal comes
in at $188,000. If Missy's lender requires a loan-to-value ratio of 80%, how much of a
down payment must Missy make?
$37,600
$37,900
$39,100
$39,500 - 39,100
Standard title insurance coverage protects against loss resulting from each of the
following EXCEPT
the person signing the deed was considered mentally incompetent.
the planning board rezoned the neighborhood.
the legal description of the property indicated the wrong lot number.
a title abstractor missed an outstanding lien searching the public records. - The
planning board reasoned the neighborhood
Carla wants to buy Ben's house for $221,000. Carla includes a contingency clause in
the offer stating that she must sell her current house first. Ben agrees as long as Carla's
house sells within 45 days. They sign the purchase agreement. During that 45-day
period, the contract is
executed.
executory.
unenforceable.
voidable. - Executory
Mike has always loved the little cottage at the end of the lane. One day, he knocks on
the door and asks owner Carrie if she'd like to sell. She says she's not likely to sell. He
offers to pay her $2,000 today if she would agree to contact him if she ever decides to
sell or receives an acceptable offer from a third party, giving Mike the opportunity to
make the purchase before anyone else. This is an example of a(n)
contingency clause.
option to purchase.
right of first refusal.
tendering performance agreement. - Right of first refusal
Which of these phrases would LEAST LIKELY be evidence of a conspiracy to commit
an antitrust violation if said by a licensee?
"Every brokerage in town charges a standard 7% commission."
, "Our brokerage won't work with them because they discount all of their services."
"We would like to suggest that you use Ace Title Agency for the closing."
"Why don't you handle the business on the west side of town and leave the east side to
us?" - We would suggest ACE agency
Lester signs a contract to buy Kathy's house. The contract is conditional on Kathy
installing new carpet throughout. Kathy installed the carpet at a cost of $12,500. Before
closing, Lester tells Kathy that he does not want to buy the house. Kathy sues Lester for
$12,500 and wins. The court awarded her
collateral damage.
compensatory damages.
liquidated damages.
punitive damages. - Compensatory
What fiduciary duty do clients give up when they agree to dual agency in a specific
transaction?
accountability
confidentiality
disclosure
loyalty - Loyalty
Sheri, who has a disability, applies to rent a single-family house. She states that she
needs to install grab bars in the shower and a ramp into the house from the garage.
Landlord Don would violate federal fair housing laws if he
allows Sheri to make the renovations but insists that she remove them when her lease
is up.
makes the renovations at his own expense.
makes the renovations but requires Sheri to pay for the materials and labor.
refuses to allow Sheri to make the renovations. - Refuses renovations
A borrower goes to a lender, wishing to buy a house. The borrower promises to repay
the lender $200,000 plus interest, agreeing to use the property as security for the debt.
What two-party instrument does the borrower give the lender to create a lien on the
property?
conveyance
deed of trust
mortgage
promissory note - Mortgage
A management agreement creates an agency relationship between a real estate broker
and - Owner of investment property
Which is least likely to the outcome of a property inspection - Warrant definition of a
furnace
