Illinois Colibri Final Exam 🍎🤍 WITH
CORRECT ANSWERS [QUESTIONS AND
CORRECT ANSWERS EXAM ] 100%
PASS ALREADY GRADED [A+]
When the buyer checks "yes" to dual agency on a Buyer Representation agreement,
what does the buyer actually agree to? - CORRECT ANSWER-By checking "yes" to this
paragraph, the buyer is only acknowledging that the possibility of dual agency exists.
Sam paid $500,000 for a five-unit apartment building. The gross income is $1,000 per
month per unit, with annual expenses of $15,000 annually. What was the capitalization
rate for this investment? - CORRECT ANSWER-9%
What is the difference between market value and market price, if any? - CORRECT
ANSWER-Market value is an estimate; market price is the price at which a property
sold.
Which of the following is true of an amortizing loan? - CORRECT ANSWER-Part of
each periodic payment is applied to repayment of the loan balance in advance and part
is applied to payment of interest in arrears.
A contract in which both parties exchange promises is a: - CORRECT ANSWER-
bilateral contract
What technique is used to elicit "yes" responses from a client? - CORRECT ANSWER-
Keep up a running commentary - for example, this is the living room.
If a landlord rejects a prospective tenant based on a bad credit report, according to the
fair credit reporting Act, the prospective tenant: - CORRECT ANSWER-may require the
landlord to submit all of his reasons for rejection in writing.
All of the following is included as part of a survey, EXCEPT: - CORRECT ANSWER-the
type of improvements best suited for the land
How do you stay in control of a call from a prospect? - CORRECT ANSWER-Asking
questions
, On the day prior to closing, the buyer does a walk-through and sees that the seller took
a chandelier that was supposed to remain. What should the buyer's broker do? -
CORRECT ANSWER-Advise the buyer to speak with his/her attorney about a financial
adjustment, at the closing, for the cost of the chandelier.
A loan applicant has an annual gross income of $36,000. How much will a lender allow
the applicant to pay for monthly housing expense to qualify for a loan if the lender uses
an income ratio of 28%? - CORRECT ANSWER-$840
Which of the following is considered a fixed operating expense? - CORRECT
ANSWER-insurance premiums
Which statement is true about a comparative market analysis (CMA)? - CORRECT
ANSWER-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? - CORRECT ANSWER-12 credit hours
An interest in real estate that includes the right to possess is known as: - CORRECT
ANSWER-An estate in land
Under Title III of this Act, discrimination in commercial properties is prohibited. To which
Act does this apply? - CORRECT ANSWER-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? - CORRECT ANSWER-Assemblage.
"Realestate" includes such things as: - CORRECT ANSWER-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? - CORRECT ANSWER-It will revert to the state or
county by escheat.
Radon gas can be traced back to: - CORRECT ANSWER-groundwater pollutants
RESPA applies to all of the following EXCEPT which? - CORRECT ANSWER-Seller-
financed loan or a Loan involving a first mortgage
Which duty an agent has to his/her client never stops? - CORRECT ANSWER-
confidentiality
When does the seller receive a copy of the listing agreement? - CORRECT ANSWER-
At the time of signing.
CORRECT ANSWERS [QUESTIONS AND
CORRECT ANSWERS EXAM ] 100%
PASS ALREADY GRADED [A+]
When the buyer checks "yes" to dual agency on a Buyer Representation agreement,
what does the buyer actually agree to? - CORRECT ANSWER-By checking "yes" to this
paragraph, the buyer is only acknowledging that the possibility of dual agency exists.
Sam paid $500,000 for a five-unit apartment building. The gross income is $1,000 per
month per unit, with annual expenses of $15,000 annually. What was the capitalization
rate for this investment? - CORRECT ANSWER-9%
What is the difference between market value and market price, if any? - CORRECT
ANSWER-Market value is an estimate; market price is the price at which a property
sold.
Which of the following is true of an amortizing loan? - CORRECT ANSWER-Part of
each periodic payment is applied to repayment of the loan balance in advance and part
is applied to payment of interest in arrears.
A contract in which both parties exchange promises is a: - CORRECT ANSWER-
bilateral contract
What technique is used to elicit "yes" responses from a client? - CORRECT ANSWER-
Keep up a running commentary - for example, this is the living room.
If a landlord rejects a prospective tenant based on a bad credit report, according to the
fair credit reporting Act, the prospective tenant: - CORRECT ANSWER-may require the
landlord to submit all of his reasons for rejection in writing.
All of the following is included as part of a survey, EXCEPT: - CORRECT ANSWER-the
type of improvements best suited for the land
How do you stay in control of a call from a prospect? - CORRECT ANSWER-Asking
questions
, On the day prior to closing, the buyer does a walk-through and sees that the seller took
a chandelier that was supposed to remain. What should the buyer's broker do? -
CORRECT ANSWER-Advise the buyer to speak with his/her attorney about a financial
adjustment, at the closing, for the cost of the chandelier.
A loan applicant has an annual gross income of $36,000. How much will a lender allow
the applicant to pay for monthly housing expense to qualify for a loan if the lender uses
an income ratio of 28%? - CORRECT ANSWER-$840
Which of the following is considered a fixed operating expense? - CORRECT
ANSWER-insurance premiums
Which statement is true about a comparative market analysis (CMA)? - CORRECT
ANSWER-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? - CORRECT ANSWER-12 credit hours
An interest in real estate that includes the right to possess is known as: - CORRECT
ANSWER-An estate in land
Under Title III of this Act, discrimination in commercial properties is prohibited. To which
Act does this apply? - CORRECT ANSWER-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? - CORRECT ANSWER-Assemblage.
"Realestate" includes such things as: - CORRECT ANSWER-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? - CORRECT ANSWER-It will revert to the state or
county by escheat.
Radon gas can be traced back to: - CORRECT ANSWER-groundwater pollutants
RESPA applies to all of the following EXCEPT which? - CORRECT ANSWER-Seller-
financed loan or a Loan involving a first mortgage
Which duty an agent has to his/her client never stops? - CORRECT ANSWER-
confidentiality
When does the seller receive a copy of the listing agreement? - CORRECT ANSWER-
At the time of signing.
