COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK NEWEST 2024 COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS
Stock in a mutual water company is best described as: - (answer) Real Property
When two ore more parties own real property as co-owners with the right of survivorship, what is the
tenancy called? - (answer) Joint Tenancy
How long must one use another's land open and notoriously to obtain an easement by prescription? -
(answer) 5 years
Adverse possession is an example of how title to land an be acquired by: - (answer) Occupancy
In the Rectangular Survey System, what would one call the lines running East and West? - (answer)
Base lines
All property acquired by a husband and wife during a valid marriage (except for separate property) is
called: - (answer) Community Property
What is the fullest freehold estate in fee that one can hold?
A) Life Estate
B) Fee Simple Absolute
C) Fee Simple Conditional
D) Lease Hold Estate - (answer) B) Fee Simple Absolute
That which is immovable by law is also known as: - (answer) Real property
The most common way to create an agency relationship is: - (answer) Agency by agreement
If an agent provides the buyer with the Real Estate Transfer Disclosure Statement after the offer is
presented, how long does the buyer have to rescind the agreement? - (answer) 3 days
,COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK NEWEST 2024 COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS
A seller's agent may do all of the following except: - (answer) Say, "Leave it to me. I can get you the
house at the price you want."
As a result of the decision in (Easton v. Strassburger, 1984) real estate agents can be held liable for not
only for defect they know about but also: - (answer) Defects they should have known about through a
reasonable inspection.
A broker is considered which of the following to the principal? - (answer) Special agent
What properties are touched and concerned by Agency Disclosure Law? - (answer) 1-4 unit residential
property.
When underwriting a loan application, a mortgage company is usually interested in which of these
values? - (answer) Market Value
Which of the following would not be depreciated? - (answer) Unimproved land leases for open storage.
An investor buys an apartment building for $140,000 after estimating that it will have a net income of
$40,000 annually. Which value principle is at work here? - (answer) Principle of anticipation
In order to discover the fair income of the property, an appraiser looks at what? - (answer) Economic
rent
The life cycle of a neighborhood occurs in these four stages, in this order: - (answer) Growth, Stability,
Decline, Revitalization.
According to the principle of conformity, a residential property maintains a higher value when it -
(answer) Is in the center of its subdivision.
The note that calls for payment of interest only is called a/an: - (answer) Straight note
,COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK NEWEST 2024 COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS
The note that calls for periodic payment of both principal and interest so both are paid by the end of the
term is called a/an: - (answer) Fully amortized installment note.
A process which allows a borrower to remain in possession of the property while using it to secure a loan
is called: - (answer) Hypothecation
The term that describes the interest of a creditor in the property of a debtor: - (answer) Security
Interest
The deed of trust is considered to be: - (answer) Security for the debt
Who is the borrower in the written promise to pay a debt? - (answer) Maker
A couple is divorcing. The husband is ordered to convey his interest to the wife. When must she receive
the Transfer Disclosure Statement? - (answer) It is not requried.
What law applies to the sale of a business? - (answer) Bulk transfer laws.
Real property may be transferred or alienated by all of the following except: - (answer) Inheritance.
When title to land is conveyed from a trustee to a borrower after the borrower pays off the loan, the
instrument used is a/an: - (answer) Reconveyance deed.
A real estate firm has an in-house title company, mortgage broker and home inspection company under
one business entity. This is allowable only if: - (answer) Control business arrangements are clearly
disclosed to the consumer and the consumer is aware that other providers are available.
What is a trust fund account exclusively used for? - (answer) Holding clients' money.
The laws that affect the licensing and conduct of real estate agents are called: - (answer) Real estate
law.
, COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK NEWEST 2024 COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS
What funds the Real Estate Recovery Fund? - (answer) License Fees
After first reneweal, how many hours of continuing education does an agent need every four years? -
(answer) 45 hours
Which act prohibits discrimination in housing transactions? - (answer) The Rumford Act
How much can be paid on behalf of the licensee out of the Real Estate Recovery Fund per licensee? -
(answer) $250,000
A contract in which something remains to be done by one or both parties is best described as a/an: -
(answer) Executory contract
All of the following people need a license to practice real estate except: - (answer) Any trustee selling
under a deed of trust.
A seller who lives in a small town has posters made up advertising his house for sale. He posts the
posters on many telephone poles around the neighborhood. As part of the poster, he advertises that he
will pay 3% to any broker who brings him a buyer. This type of listing is: - (answer) Open listing
During a 90 day listing agreement, the seller dies: - (answer) The listing agreement is terminated.
Seller S calls a real estate agent to list his home. S tells the agent that he wants $156,000 in his pocket at
closing and the agent can have the rest for the commission. What type of listing would this be? -
(answer) A net listing.
A listing agreement is a contract between: - (answer) The seller and the broker.
CORRECT DETAILED ANSWERS
Stock in a mutual water company is best described as: - (answer) Real Property
When two ore more parties own real property as co-owners with the right of survivorship, what is the
tenancy called? - (answer) Joint Tenancy
How long must one use another's land open and notoriously to obtain an easement by prescription? -
(answer) 5 years
Adverse possession is an example of how title to land an be acquired by: - (answer) Occupancy
In the Rectangular Survey System, what would one call the lines running East and West? - (answer)
Base lines
All property acquired by a husband and wife during a valid marriage (except for separate property) is
called: - (answer) Community Property
What is the fullest freehold estate in fee that one can hold?
A) Life Estate
B) Fee Simple Absolute
C) Fee Simple Conditional
D) Lease Hold Estate - (answer) B) Fee Simple Absolute
That which is immovable by law is also known as: - (answer) Real property
The most common way to create an agency relationship is: - (answer) Agency by agreement
If an agent provides the buyer with the Real Estate Transfer Disclosure Statement after the offer is
presented, how long does the buyer have to rescind the agreement? - (answer) 3 days
,COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK NEWEST 2024 COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS
A seller's agent may do all of the following except: - (answer) Say, "Leave it to me. I can get you the
house at the price you want."
As a result of the decision in (Easton v. Strassburger, 1984) real estate agents can be held liable for not
only for defect they know about but also: - (answer) Defects they should have known about through a
reasonable inspection.
A broker is considered which of the following to the principal? - (answer) Special agent
What properties are touched and concerned by Agency Disclosure Law? - (answer) 1-4 unit residential
property.
When underwriting a loan application, a mortgage company is usually interested in which of these
values? - (answer) Market Value
Which of the following would not be depreciated? - (answer) Unimproved land leases for open storage.
An investor buys an apartment building for $140,000 after estimating that it will have a net income of
$40,000 annually. Which value principle is at work here? - (answer) Principle of anticipation
In order to discover the fair income of the property, an appraiser looks at what? - (answer) Economic
rent
The life cycle of a neighborhood occurs in these four stages, in this order: - (answer) Growth, Stability,
Decline, Revitalization.
According to the principle of conformity, a residential property maintains a higher value when it -
(answer) Is in the center of its subdivision.
The note that calls for payment of interest only is called a/an: - (answer) Straight note
,COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK NEWEST 2024 COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS
The note that calls for periodic payment of both principal and interest so both are paid by the end of the
term is called a/an: - (answer) Fully amortized installment note.
A process which allows a borrower to remain in possession of the property while using it to secure a loan
is called: - (answer) Hypothecation
The term that describes the interest of a creditor in the property of a debtor: - (answer) Security
Interest
The deed of trust is considered to be: - (answer) Security for the debt
Who is the borrower in the written promise to pay a debt? - (answer) Maker
A couple is divorcing. The husband is ordered to convey his interest to the wife. When must she receive
the Transfer Disclosure Statement? - (answer) It is not requried.
What law applies to the sale of a business? - (answer) Bulk transfer laws.
Real property may be transferred or alienated by all of the following except: - (answer) Inheritance.
When title to land is conveyed from a trustee to a borrower after the borrower pays off the loan, the
instrument used is a/an: - (answer) Reconveyance deed.
A real estate firm has an in-house title company, mortgage broker and home inspection company under
one business entity. This is allowable only if: - (answer) Control business arrangements are clearly
disclosed to the consumer and the consumer is aware that other providers are available.
What is a trust fund account exclusively used for? - (answer) Holding clients' money.
The laws that affect the licensing and conduct of real estate agents are called: - (answer) Real estate
law.
, COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK NEWEST 2024 COMPLETE 300 QUESTIONS AND
CORRECT DETAILED ANSWERS
What funds the Real Estate Recovery Fund? - (answer) License Fees
After first reneweal, how many hours of continuing education does an agent need every four years? -
(answer) 45 hours
Which act prohibits discrimination in housing transactions? - (answer) The Rumford Act
How much can be paid on behalf of the licensee out of the Real Estate Recovery Fund per licensee? -
(answer) $250,000
A contract in which something remains to be done by one or both parties is best described as a/an: -
(answer) Executory contract
All of the following people need a license to practice real estate except: - (answer) Any trustee selling
under a deed of trust.
A seller who lives in a small town has posters made up advertising his house for sale. He posts the
posters on many telephone poles around the neighborhood. As part of the poster, he advertises that he
will pay 3% to any broker who brings him a buyer. This type of listing is: - (answer) Open listing
During a 90 day listing agreement, the seller dies: - (answer) The listing agreement is terminated.
Seller S calls a real estate agent to list his home. S tells the agent that he wants $156,000 in his pocket at
closing and the agent can have the rest for the commission. What type of listing would this be? -
(answer) A net listing.
A listing agreement is a contract between: - (answer) The seller and the broker.
