COLIBRI Real Estate Final Exam 2024/2025 (Actual Exam) Verified Questions and Answers

COLIBRI REAL ESTATE EXAM Question 1: What is the primary purpose of a real estate appraisal? • A) To determine the market value of a property • B) To assess the condition of a property • C) To estimate repair costs • D) To evaluate rental income potential • Correct Answer: A Question 2: Which document provides a detailed description of a property’s physical characteristics? • A) Deed • B) Property Disclosure Statement • C) Title Report • D) Appraisal Report • Correct Answer: B Question 3: What is an easement in real estate? • A) A legal right to use another person’s land for a specific purpose • B) A contract to purchase property • C) A type of mortgage • D) A process of property transfer • Correct Answer: A Question 4: What does "zoning" refer to in real estate? • A) The division of a municipality into districts where certain types of land use are permitted • B) The process of valuing a property • C) A type of property insurance • D) The transfer of property ownership • Correct Answer: A Question 5: In real estate transactions, what is the significance of the "closing" process? • A) It is the final step where the property title is transferred from the seller to the buyer. • B) It is the initial stage of listing the property for sale. • C) It is the period for making repairs to the property. • D) It is the time when the property is appraised for its market value. • Correct Answer: A