ILLINOIS COLIBRI TEST FINAL EXAM
CURRENTLY TESTING COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
In the case of a month-to-month tenancy, the
landlord may terminate it at any time by giving how
much notice? - ....ANSWER...30 days
Ted paid $480,000 for a duplex with a 10%
capitalization rate. If both units in the duplex rented
for the same amount, what is the net operating
income (NOI) for the property? -
....ANSWER...$48,000
Why would a property owner file a quiet title suit? -
....ANSWER...To have an encumbrance removed if the
lien holder cannot prove its validity
,What is the main purpose of a mortgage Loan
Estimate form? - ....ANSWER...To provide a means for
borrowers to comparison shop more effectively for
competing loan offers
The Illinois Supreme Court decision in the Chicago
Bar Association, et al., vs Quinlan and Tyson Inc.
case prohibits which of the following parties from
preparing formal closing statements? -
....ANSWER...Real estate licensees unless that
licensee is also an attorney
Which governmental agency files suits in ADA
cases? - ....ANSWER...Department of Justice
In the public Land Survey System, a section contains
how many acres? - ....ANSWER...640 acres
Which of these statements is correct about listing
agreements? - ....ANSWER...A listing agreement can
be changed but only if all parties agree in writing.
Getting paid by the buyer before showing him homes
is an example of - ....ANSWER...retainer fee
,Which of these items is not necessary in a lease
agreement? - ....ANSWER...hours of business
operation
To calculate the periodic payment of a loan, it is
necessary to know the loan amount, interest rate
and - ....ANSWER...loan term
What information was added to the property
condition disclosure report in 2010? -
....ANSWER...Meth Lab
Which is not a violation of antitrust laws? -
....ANSWER...blue-lining
What is the best response to questions regarding
neighborhood safety? - ....ANSWER...Refer the client
to law enforcement records.
Which organization has the authority to investigate
anyone regulated by Illinois' license act? -
....ANSWER...Real estate administration and
disciplinary board of IDFPR
, In a lease purchase arrangement ____________. -
....ANSWER...the seller and buyer enter into a
unilateral contract
Home inspectors in Illinois: - ....ANSWER...must be
licensed by the Illinois Department of Financial and
Professional Regulation.
In which type of program does an agent receive a
full commission from his/her sponsoring broker as
compensation for any sales he or she negotiates? -
....ANSWER...100% plan
Which association is designed to support minority
real estate professionals, the members are known
as Realists? - ....ANSWER...NAREB
Which of the following is true of easements in
general? - ....ANSWER...They involve the property
that contains the easement and a non-owning party.
Sandra, a real estate sales associate, found a buyer
for a $200,000 house. The seller agreed to pay a 6%
CURRENTLY TESTING COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
In the case of a month-to-month tenancy, the
landlord may terminate it at any time by giving how
much notice? - ....ANSWER...30 days
Ted paid $480,000 for a duplex with a 10%
capitalization rate. If both units in the duplex rented
for the same amount, what is the net operating
income (NOI) for the property? -
....ANSWER...$48,000
Why would a property owner file a quiet title suit? -
....ANSWER...To have an encumbrance removed if the
lien holder cannot prove its validity
,What is the main purpose of a mortgage Loan
Estimate form? - ....ANSWER...To provide a means for
borrowers to comparison shop more effectively for
competing loan offers
The Illinois Supreme Court decision in the Chicago
Bar Association, et al., vs Quinlan and Tyson Inc.
case prohibits which of the following parties from
preparing formal closing statements? -
....ANSWER...Real estate licensees unless that
licensee is also an attorney
Which governmental agency files suits in ADA
cases? - ....ANSWER...Department of Justice
In the public Land Survey System, a section contains
how many acres? - ....ANSWER...640 acres
Which of these statements is correct about listing
agreements? - ....ANSWER...A listing agreement can
be changed but only if all parties agree in writing.
Getting paid by the buyer before showing him homes
is an example of - ....ANSWER...retainer fee
,Which of these items is not necessary in a lease
agreement? - ....ANSWER...hours of business
operation
To calculate the periodic payment of a loan, it is
necessary to know the loan amount, interest rate
and - ....ANSWER...loan term
What information was added to the property
condition disclosure report in 2010? -
....ANSWER...Meth Lab
Which is not a violation of antitrust laws? -
....ANSWER...blue-lining
What is the best response to questions regarding
neighborhood safety? - ....ANSWER...Refer the client
to law enforcement records.
Which organization has the authority to investigate
anyone regulated by Illinois' license act? -
....ANSWER...Real estate administration and
disciplinary board of IDFPR
, In a lease purchase arrangement ____________. -
....ANSWER...the seller and buyer enter into a
unilateral contract
Home inspectors in Illinois: - ....ANSWER...must be
licensed by the Illinois Department of Financial and
Professional Regulation.
In which type of program does an agent receive a
full commission from his/her sponsoring broker as
compensation for any sales he or she negotiates? -
....ANSWER...100% plan
Which association is designed to support minority
real estate professionals, the members are known
as Realists? - ....ANSWER...NAREB
Which of the following is true of easements in
general? - ....ANSWER...They involve the property
that contains the easement and a non-owning party.
Sandra, a real estate sales associate, found a buyer
for a $200,000 house. The seller agreed to pay a 6%
