ILLINOIS COLIBRI TEST FINAL EXAM CURRENTLY
TESTING COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
Which of the following is considered a fixed operating expense? - ans -insurance
premiums
Which statement is true about a comparative market analysis (CMA)? - ans -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? - ans -12 credit hours
An interest in real estate that includes the right to possess is known as: - ans -An
estate in land
Under Title III of this Act, discrimination in commercial properties is prohibited. To
which Act does this apply? - ans -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? - ans -Assemblage.
"Realestate" includes such things as: - ans -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? - ans -It will revert to the state or
county by escheat.
Radon gas can be traced back to: - ans -groundwater pollutants
, RESPA applies to all of the following EXCEPT which? - ans -Seller-financed loan or
a Loan involving a first mortgage
Which duty an agent has to his/her client never stops? - ans -confidentiality
When does the seller receive a copy of the listing agreement? - ans -At the time of
signing.
A Recorded Plat System contains all of the following, EXCEPT: - ans -a contiguous
group of lots, which is called a block.
Which tax is imposed on any deed or instrument which conveys interest in
property? - ans -Real estate transfer tax
Under the Equal Credit Opportunity Act, a lender, or a real estate agent who
assists a seller in qualifying a potential buyer, may not - ans -ask the
buyer/borrower about his religion or national origin
Regulation Z applies to which of these situations? - ans -$75,000 condominium
loan
Which statement is true about the Junk Fax Prevention Act is False? - ans -
Licensees must stop faxes upon request.
What accounting tools are used to determine a buyer's ability to pay off a loan? -
ans -Income Ratio and Debt Ratio
John is doing a CMA for his potential sellers. He has collected the data on the
seller's property and collected data on a number of comparables. Now he's ready
to make his price adjustments. Which statement is true? - ans -If a comparable
lacks a feature the subject property has, he will subtract the value of that feature
from the comparable.
If any dispute between the parties arises regarding the deposited escrow money,
the sponsoring broker should _________. - ans -not release the money without a
written release from both parties or both parties' duly authorized agents (power
of attorney or attorney at law).
TESTING COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
Which of the following is considered a fixed operating expense? - ans -insurance
premiums
Which statement is true about a comparative market analysis (CMA)? - ans -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? - ans -12 credit hours
An interest in real estate that includes the right to possess is known as: - ans -An
estate in land
Under Title III of this Act, discrimination in commercial properties is prohibited. To
which Act does this apply? - ans -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? - ans -Assemblage.
"Realestate" includes such things as: - ans -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? - ans -It will revert to the state or
county by escheat.
Radon gas can be traced back to: - ans -groundwater pollutants
, RESPA applies to all of the following EXCEPT which? - ans -Seller-financed loan or
a Loan involving a first mortgage
Which duty an agent has to his/her client never stops? - ans -confidentiality
When does the seller receive a copy of the listing agreement? - ans -At the time of
signing.
A Recorded Plat System contains all of the following, EXCEPT: - ans -a contiguous
group of lots, which is called a block.
Which tax is imposed on any deed or instrument which conveys interest in
property? - ans -Real estate transfer tax
Under the Equal Credit Opportunity Act, a lender, or a real estate agent who
assists a seller in qualifying a potential buyer, may not - ans -ask the
buyer/borrower about his religion or national origin
Regulation Z applies to which of these situations? - ans -$75,000 condominium
loan
Which statement is true about the Junk Fax Prevention Act is False? - ans -
Licensees must stop faxes upon request.
What accounting tools are used to determine a buyer's ability to pay off a loan? -
ans -Income Ratio and Debt Ratio
John is doing a CMA for his potential sellers. He has collected the data on the
seller's property and collected data on a number of comparables. Now he's ready
to make his price adjustments. Which statement is true? - ans -If a comparable
lacks a feature the subject property has, he will subtract the value of that feature
from the comparable.
If any dispute between the parties arises regarding the deposited escrow money,
the sponsoring broker should _________. - ans -not release the money without a
written release from both parties or both parties' duly authorized agents (power
of attorney or attorney at law).
