COLIBRI REAL ESTATE EXAM 2025| 200 QUESTIONS WITH VERIFIED
CORRECT ANSWERS
1.Explain why applicable market data is essential in a broker price opinion. What role does it play in determining property value?It provides a subjective view of the property It helps establish a fair market value based on comparable sales It reflects the seller's emotional attachment to the property It is used to predict future market trends 2.If a borrower defaults on their mortgage, which clause in the mortgage agreement would primarily allow the lender to initiate foreclosure proceedings?Acceleration Clause Prepayment Clause Granting Clause Due-on-Sale Clause 3.What is the primary purpose of Regulation Z in the context of consumer protection?To regulate the interest rates charged by lenders To protect consumers from misleading practices by the credit industry To establish guidelines for real estate appraisals To enforce fair housing laws 4.What regulation mandates the information that must be included in a closing disclosure?
RESPA 1 / 4
TRID TILA FHA 5.What is a key requirement that must be included in a broker price opinion aside from the basis of the price?Historical sales data Applicable market data Client preferences Property tax assessments 6.Explain the significance of the term 'debit' in the context of real estate transactions, particularly at closing.It refers to the total amount of money borrowed by the buyer.It indicates the amount deducted from the seller's proceeds.It represents the fees paid to real estate agents.It is the amount the buyer must pay upfront before closing.
7.According to the CAN-SPAM Act, commercial e-mailers must reveal the
identity of the sender and:
The phone number of the advertiser entity The name of the advertiser entity Records of consent The address of the advertiser entity 8.Explain the implications of lead-based paint regulations for sellers and real estate agents in property transactions. What responsibilities do each party hold? 2 / 4
Sellers must disclose known hazards, while agents are not liable for unknown issues.Agents must conduct inspections, while sellers are exempt from disclosure.Both parties share equal responsibility for all disclosures.Sellers are responsible for all inspections, while agents handle disclosures.
9.In a buyer agency agreement, which two specific funds must be explained to the buyer?Broker fee & Real Estate Recovery Fund Closing costs & Home inspection fees Down payment & Escrow account Property taxes & Homeowner's insurance 10.The written agency disclosure form must contain a statement of_____.The licensee's duties to the client Which party is the licensee's client Any additional information the licensee deems necessary All of the answers shown 11.If a new residential development is experiencing water pooling in the yards after heavy rainfall, which drainage solutions could be implemented to mitigate potential problems? Select the best option.Install decorative ponds to enhance aesthetics.Create a comprehensive drainage plan including gutters and French drains.Increase the height of the property to prevent flooding.Limit landscaping to reduce water retention. 3 / 4
12.Cathy is hoping to purchase a home using a VA loan. A VA-assigned real estate appraiser is required to provide ______ for the property.A certificate of reasonable value A certificate of resale value A home inspection An appraisal report 13.What type of foreclosure allows a lender to foreclose on a Deed of Trust without going through the courts?Judicial Foreclosure Non-Judicial Foreclosure Power of Sale Foreclosure Strict Foreclosure 14.What term is used to describe the principles outlined in the beginning statements of the Code?Mandatory Aspirational Optional Regulatory 15.In a real estate transaction, if a buyer waits two years to enforce a contract after the seller has breached it, which legal doctrine might the seller invoke to argue against the buyer's claim?Doctrine of Laches Doctrine of Specific Performance Doctrine of Implied Warranty
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