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COLIBRI REAL ESTATE (REAL ESTATE EXPRESS)
FINAL EXAM LATEST UPDATE THIS YEAR (2026-
2027) ALL 300 QUESTIONS AND CORRECT
ANSWERS WITH RATIONALES
COLIBRI REAL ESTATE (REAL ESTATE EXPRESS) FINAL EXAM
300 RANDOMIZED SCENARIO-BASED PRACTICE QUESTIONS
1. A seller tells a licensee that they must sell their home within 60 days due to a job transfer.
The licensee knows the market is slow and that the seller's desired price is unrealistic. What
is the licensee's best course of action?
A) List the property at the seller's desired price to secure the listing
B) Advise the seller on market conditions and suggest a more competitive price
C) Refuse the listing because the timeline is unrealistic
D) List the property at a lower price without telling the seller
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Answer: B. Licensees have a fiduciary duty to provide honest and competent advice. The licensee
should advise the seller on market realities while allowing the seller to make the final pricing
decision.
2. A property is being sold "as-is." Which of the following statements is TRUE regarding the
seller's disclosure obligations?
A) The seller has no disclosure obligations when selling a property "as-is"
B) The seller must still disclose known material defects affecting the property
C) The seller must only disclose defects that are visible during a home inspection
D) The seller must provide a warranty of habitability
Answer: B. Selling a property "as-is" does not relieve the seller of the obligation to disclose
known material defects. The buyer is purchasing the property in its current condition, but the
seller cannot conceal known issues.
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3. A buyer submits an offer on a property with a contingency that the property appraises for
at least the purchase price. The property appraises for $10,000 less than the agreed price.
Which of the following is the buyer's BEST option?
A) Proceed with the purchase at the original price
B) Renegotiate the price with the seller
C) Terminate the contract and get their earnest money back
D) File a complaint against the appraiser
Answer: C. An appraisal contingency allows the buyer to terminate the contract and receive
their earnest money back if the property does not appraise for the purchase price. The buyer
could also choose to renegotiate or cover the difference.
4. A licensee represents a buyer who wants to make an offer on a property. The licensee
discovers that the seller is a close relative. What should the licensee do?
A) Proceed with the transaction as usual
B) Disclose the relationship to the buyer and obtain written consent
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C) Refer the buyer to another agent
D) Withdraw from the transaction
Answer: B. Licensees must disclose any personal or familial relationship with a party to a
transaction to the other party and obtain written consent to avoid conflicts of interest.
5. An investor wants to purchase a property that generates $50,000 in annual gross income
with operating expenses of $20,000. Using a capitalization rate of 8%, what is the estimated
value of the property?
A) $250,000
B) $375,000
C) $625,000
D) $875,000
Answer: B. Net operating income (NOI) is $50,000 - $20,000 = $30,000. Value = NOI / Cap Rate =
$30,.08 = $375,000.
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COLIBRI REAL ESTATE (REAL ESTATE EXPRESS)
FINAL EXAM LATEST UPDATE THIS YEAR (2026-
2027) ALL 300 QUESTIONS AND CORRECT
ANSWERS WITH RATIONALES
COLIBRI REAL ESTATE (REAL ESTATE EXPRESS) FINAL EXAM
300 RANDOMIZED SCENARIO-BASED PRACTICE QUESTIONS
1. A seller tells a licensee that they must sell their home within 60 days due to a job transfer.
The licensee knows the market is slow and that the seller's desired price is unrealistic. What
is the licensee's best course of action?
A) List the property at the seller's desired price to secure the listing
B) Advise the seller on market conditions and suggest a more competitive price
C) Refuse the listing because the timeline is unrealistic
D) List the property at a lower price without telling the seller
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, Page 2 of 177
Answer: B. Licensees have a fiduciary duty to provide honest and competent advice. The licensee
should advise the seller on market realities while allowing the seller to make the final pricing
decision.
2. A property is being sold "as-is." Which of the following statements is TRUE regarding the
seller's disclosure obligations?
A) The seller has no disclosure obligations when selling a property "as-is"
B) The seller must still disclose known material defects affecting the property
C) The seller must only disclose defects that are visible during a home inspection
D) The seller must provide a warranty of habitability
Answer: B. Selling a property "as-is" does not relieve the seller of the obligation to disclose
known material defects. The buyer is purchasing the property in its current condition, but the
seller cannot conceal known issues.
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, Page 3 of 177
3. A buyer submits an offer on a property with a contingency that the property appraises for
at least the purchase price. The property appraises for $10,000 less than the agreed price.
Which of the following is the buyer's BEST option?
A) Proceed with the purchase at the original price
B) Renegotiate the price with the seller
C) Terminate the contract and get their earnest money back
D) File a complaint against the appraiser
Answer: C. An appraisal contingency allows the buyer to terminate the contract and receive
their earnest money back if the property does not appraise for the purchase price. The buyer
could also choose to renegotiate or cover the difference.
4. A licensee represents a buyer who wants to make an offer on a property. The licensee
discovers that the seller is a close relative. What should the licensee do?
A) Proceed with the transaction as usual
B) Disclose the relationship to the buyer and obtain written consent
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, Page 4 of 177
C) Refer the buyer to another agent
D) Withdraw from the transaction
Answer: B. Licensees must disclose any personal or familial relationship with a party to a
transaction to the other party and obtain written consent to avoid conflicts of interest.
5. An investor wants to purchase a property that generates $50,000 in annual gross income
with operating expenses of $20,000. Using a capitalization rate of 8%, what is the estimated
value of the property?
A) $250,000
B) $375,000
C) $625,000
D) $875,000
Answer: B. Net operating income (NOI) is $50,000 - $20,000 = $30,000. Value = NOI / Cap Rate =
$30,.08 = $375,000.
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