ILLINOIS COLIBRI FINAL EXAM QUESTIONS AND
100% VERIFIED ANSWERS | LATEST 2025/ 2026
UPDATE | GRADED A+ | 100% SUCCESS
what document is a detailed accounting of the transaction that is
prepared before closing? - correct answer -Settlement Statement
Real estate agents must be able to convert measurements. which
conversion is incorrect? - correct answer -Convert feet to yards: divide
the number of feet by 9
Agent Fred was asked a lot of questions by a customer regarding a
seller's motivation. In order not to appear uninformed, how might
Agent Fred respond? - correct answer -"Client confidentiality keeps me
from providing that information."
In practice, property management compensation is established by
_____________. - correct answer -the property management company
,Sales agent Ben needs to convert feet to inches. How should he make
the calculation? - correct answer -Multiply the number of feet by 12.
The broker is required to keep: - correct answer -
The roof of a property cost $10,000. The economic life of the roof is 20
years. Assuming the straight-line method of depreciation, what is the
depreciated value of the roof after 3 years? - correct answer -$8,500
WHATTTT
A property manager is charged with protecting the principal's asset.
Which of his required duties would that be ? - correct answer -honesty
A lease that continues from month to month is known as a(n): - correct
answer -Tenancy by month
What is the purpose of the license laws? - correct answer -protect the
public
,When a licensee works with a buyer, who is interested in the licensee's
listing, and the licensee is not practicing dual agency, this person the
buyer is referred to as a ________________. - correct answer -
consumer
A house is being appraised using the sales comparison approach. The
house has three bedrooms, two bathrooms, and a patio. The appraiser
selects a comparable house that has three bedrooms, 2.5 bathrooms,
and no patio. The comparable house just sold for $100,000. A half-bath
is valued at $5,000, and a patio at $1,000. Assuming all else is equal,
what is the adjusted value of the comparable? - correct answer -
$96,000
Tom owns a 1,200 square foot, rectangular shaped ranch house that
just barely fits on his 50 foot wide lot. If the house is 30 feet wide, what
is the length of the house? - correct answer -40 feet
If a property is being sold that is in poor condition, the buyer may be
asked to do what? - correct answer -waive his rights to sue
, If net income on a property is $20,000 and the cap rate is 5%, the
value of the property using the income capitalization method is -
correct answer -$400,000
Sponsored licensees, including teams, may not operate under an
assumed business name ______________________________. - correct
answer -unless registered under an assumed business name
Trid Mortgages applies to ________________ consumer mortgages. -
correct answer -close to end
Does the MLS determine the rates that member brokers can charge for
their services? - correct answer -
When a broker makes a change to an escrow account, what action must
be taken? - correct answer -Broker must submit the change to the Real
Estate Division of IDFPR.
100% VERIFIED ANSWERS | LATEST 2025/ 2026
UPDATE | GRADED A+ | 100% SUCCESS
what document is a detailed accounting of the transaction that is
prepared before closing? - correct answer -Settlement Statement
Real estate agents must be able to convert measurements. which
conversion is incorrect? - correct answer -Convert feet to yards: divide
the number of feet by 9
Agent Fred was asked a lot of questions by a customer regarding a
seller's motivation. In order not to appear uninformed, how might
Agent Fred respond? - correct answer -"Client confidentiality keeps me
from providing that information."
In practice, property management compensation is established by
_____________. - correct answer -the property management company
,Sales agent Ben needs to convert feet to inches. How should he make
the calculation? - correct answer -Multiply the number of feet by 12.
The broker is required to keep: - correct answer -
The roof of a property cost $10,000. The economic life of the roof is 20
years. Assuming the straight-line method of depreciation, what is the
depreciated value of the roof after 3 years? - correct answer -$8,500
WHATTTT
A property manager is charged with protecting the principal's asset.
Which of his required duties would that be ? - correct answer -honesty
A lease that continues from month to month is known as a(n): - correct
answer -Tenancy by month
What is the purpose of the license laws? - correct answer -protect the
public
,When a licensee works with a buyer, who is interested in the licensee's
listing, and the licensee is not practicing dual agency, this person the
buyer is referred to as a ________________. - correct answer -
consumer
A house is being appraised using the sales comparison approach. The
house has three bedrooms, two bathrooms, and a patio. The appraiser
selects a comparable house that has three bedrooms, 2.5 bathrooms,
and no patio. The comparable house just sold for $100,000. A half-bath
is valued at $5,000, and a patio at $1,000. Assuming all else is equal,
what is the adjusted value of the comparable? - correct answer -
$96,000
Tom owns a 1,200 square foot, rectangular shaped ranch house that
just barely fits on his 50 foot wide lot. If the house is 30 feet wide, what
is the length of the house? - correct answer -40 feet
If a property is being sold that is in poor condition, the buyer may be
asked to do what? - correct answer -waive his rights to sue
, If net income on a property is $20,000 and the cap rate is 5%, the
value of the property using the income capitalization method is -
correct answer -$400,000
Sponsored licensees, including teams, may not operate under an
assumed business name ______________________________. - correct
answer -unless registered under an assumed business name
Trid Mortgages applies to ________________ consumer mortgages. -
correct answer -close to end
Does the MLS determine the rates that member brokers can charge for
their services? - correct answer -
When a broker makes a change to an escrow account, what action must
be taken? - correct answer -Broker must submit the change to the Real
Estate Division of IDFPR.
