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COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK LATEST 2025/2026
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
When Dave and Lucy get married, they decide to sell each of their
homes and buy one house together. Lucy's house sells for
$700,000; Dave's house sells for $300,000, and they're going to
buy a $1 million house. If Lucy wants a 70% interest in the new
house, what form of ownership must they take?
A) joint tenancy
B) tenancy in common
C) tenancy by the entirety
D) tenancy in severalty - ANSWER-B) tenancy in common
A property is listed for $200,000. The broker gets an offer from
Gina for $150,000 cash with a closing in 90 days, one from Tim at
$155,000, subject to the buyer getting a first mortgage for
$130,000, an offer from Shari at $190,000 subject to the owner
taking back a purchase money mortgage with closing in 30 days.
The broker should disclose which offer(s)?
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A) all of the offers
B) none of the offers, as they are all below the asking price
C) only the first offer until the seller makes a decision to accept or
reject, then present the next offer
D) whichever offer is the highest and has the most favorable
terms to the seller - ANSWER-A) all of the offers
An acceleration clause in a mortgage allows the lender to
A) charge a penalty if the borrower misses a payment.
B) charge a penalty if the borrower pays off the loan early.
C) declare the loan due if the borrower defaults.
D) declare the loan due if the borrower sells the property. -
ANSWER-C) declare the loan due if the borrower defaults.
Ad valorem taxes are assessed
A) based on a person's income.
B) based on the property's value.
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C) on a decedent's estate.
D) to covert costs of specific improvements to a neighborhood. -
ANSWER-B) based on the property's value
The lead paint disclosure deals with homes built prior to
A) 1978
B) 1982
C) 1992
D) 2001 - ANSWER-A) 1978
A woman purchased a home on a lake. A boat was included in the
sale. What is most likely required at settlement to transfer
ownership of that boat to her?
A) bill of sale
B) deed
C) purchase agreement
D) sales contract - ANSWER-A) bill of sale
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F signs an exclusive right to sell listing agreement with broker R.
Before the listing expires, F terminates the agreement for no
reason. The following day, F sells the property to a co-worker.
Which statement is TRUE?
A) R can sue F to recover only the marketing expenses.
B) R can sue F for the full commission based on the list price.
C) R can sue F for the full commission based on the sales price.
D) R has no right to sue F, since a seller can terminate a listing at
any time without cause. - ANSWER-C) R can sue F for the full
commission based on the sales price.
Which statement about lead paint is FALSE?
A) Issues arise when lead-based paint begins to chip or flake.
B) Lead paint disclosure must be made when selling a house built
prior to 1982.
C) Lead poisoning occurs via the nose and mouth; it must be
breathed in or ingested.
COLLIBRI REAL ESTATE FINAL EXAM QUESTIONS BANK LATEST 2025/2026
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
When Dave and Lucy get married, they decide to sell each of their
homes and buy one house together. Lucy's house sells for
$700,000; Dave's house sells for $300,000, and they're going to
buy a $1 million house. If Lucy wants a 70% interest in the new
house, what form of ownership must they take?
A) joint tenancy
B) tenancy in common
C) tenancy by the entirety
D) tenancy in severalty - ANSWER-B) tenancy in common
A property is listed for $200,000. The broker gets an offer from
Gina for $150,000 cash with a closing in 90 days, one from Tim at
$155,000, subject to the buyer getting a first mortgage for
$130,000, an offer from Shari at $190,000 subject to the owner
taking back a purchase money mortgage with closing in 30 days.
The broker should disclose which offer(s)?
,2|Page
A) all of the offers
B) none of the offers, as they are all below the asking price
C) only the first offer until the seller makes a decision to accept or
reject, then present the next offer
D) whichever offer is the highest and has the most favorable
terms to the seller - ANSWER-A) all of the offers
An acceleration clause in a mortgage allows the lender to
A) charge a penalty if the borrower misses a payment.
B) charge a penalty if the borrower pays off the loan early.
C) declare the loan due if the borrower defaults.
D) declare the loan due if the borrower sells the property. -
ANSWER-C) declare the loan due if the borrower defaults.
Ad valorem taxes are assessed
A) based on a person's income.
B) based on the property's value.
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C) on a decedent's estate.
D) to covert costs of specific improvements to a neighborhood. -
ANSWER-B) based on the property's value
The lead paint disclosure deals with homes built prior to
A) 1978
B) 1982
C) 1992
D) 2001 - ANSWER-A) 1978
A woman purchased a home on a lake. A boat was included in the
sale. What is most likely required at settlement to transfer
ownership of that boat to her?
A) bill of sale
B) deed
C) purchase agreement
D) sales contract - ANSWER-A) bill of sale
, 4|Page
F signs an exclusive right to sell listing agreement with broker R.
Before the listing expires, F terminates the agreement for no
reason. The following day, F sells the property to a co-worker.
Which statement is TRUE?
A) R can sue F to recover only the marketing expenses.
B) R can sue F for the full commission based on the list price.
C) R can sue F for the full commission based on the sales price.
D) R has no right to sue F, since a seller can terminate a listing at
any time without cause. - ANSWER-C) R can sue F for the full
commission based on the sales price.
Which statement about lead paint is FALSE?
A) Issues arise when lead-based paint begins to chip or flake.
B) Lead paint disclosure must be made when selling a house built
prior to 1982.
C) Lead poisoning occurs via the nose and mouth; it must be
breathed in or ingested.
