Colibri Real Estate
Colibri Real Estate Final Exam| Questions and
Answers |2026 Update
land contract -Correct Answer ✔-buyer pays seller to occupy and use property
net lease -Correct Answer ✔-buyer pays rent and other expenses
gross lease -Correct Answer ✔-buyer pays only rent
goes to heirs -Correct Answer ✔-Tenants in common, 2 of 3 people die. Who gets the
property of those who died?
Tenant owns it in severality -Correct Answer ✔-Joint Tenancy, 3 of 4 people die. Who
gets property of those who died?
Client -Correct Answer ✔-Another word for principal
race, nat. origin, sex, color, religion, disability, familial status -Correct Answer ✔-
Protected by Fair Housing Act
marital status -Correct Answer ✔-Not protected by Fair Housing Act
Blockbusting -Correct Answer ✔-telling homeowners that property values will be
declining because of ethical/racial makeup is changing
flat, paved parking lot -Correct Answer ✔-real estate put to its highest use
puffing -Correct Answer ✔-"This is the most prestigious street in town"
$5,000 -Correct Answer ✔-maximum fine for first offense
name and broker -Correct Answer ✔-an individual advertisement needs...
statement that they are licensed -Correct Answer ✔-a brokerage advertisement needs...
48 hours -Correct Answer ✔-if listing is submitted to MLS, must notify customer within...
Colibri Real Estate
, Colibri Real Estate
at their next meeting -Correct Answer ✔-Licensee must deliver Consumer Info
Statement when...
blanket mortgage -Correct Answer ✔-a mortgage that covers 2 parcels of land
tenancy at sufference -Correct Answer ✔-lease expires, tenants won't leave
easement in gross -Correct Answer ✔-gas company intrudes on land to fix a gas line
the seller -Correct Answer ✔-signs the deed at a closing
listing agreement -Correct Answer ✔-least likely to require a legal description
let the client know -Correct Answer ✔-agent takes on a listing, decides to buy house for
themselves
honesty -Correct Answer ✔-Open house, declined agency relationship... What does the
agent owe the person?
disclose it to the buyers -Correct Answer ✔-leak in the house, seller is trying to hide it
but the agent finds it
listings stay with brokerage -Correct Answer ✔-agent switches brokerages, what
happens to their listings?
net listing -Correct Answer ✔-a seller wants a certain amount, the rest of the money
goes to the agent as commission
redlining -Correct Answer ✔-refusing to make loans in a minority neighborhood
consequence -Correct Answer ✔-NOT an element for a valid and enforceable contract
liquidity damages -Correct Answer ✔-seller keeps earnest money deposit when the
buyer backs out
security deposit -Correct Answer ✔-LEAST likely to be needed in a lease
hypothecation -Correct Answer ✔-pledge of property as collateral for a loan
Colibri Real Estate
Colibri Real Estate Final Exam| Questions and
Answers |2026 Update
land contract -Correct Answer ✔-buyer pays seller to occupy and use property
net lease -Correct Answer ✔-buyer pays rent and other expenses
gross lease -Correct Answer ✔-buyer pays only rent
goes to heirs -Correct Answer ✔-Tenants in common, 2 of 3 people die. Who gets the
property of those who died?
Tenant owns it in severality -Correct Answer ✔-Joint Tenancy, 3 of 4 people die. Who
gets property of those who died?
Client -Correct Answer ✔-Another word for principal
race, nat. origin, sex, color, religion, disability, familial status -Correct Answer ✔-
Protected by Fair Housing Act
marital status -Correct Answer ✔-Not protected by Fair Housing Act
Blockbusting -Correct Answer ✔-telling homeowners that property values will be
declining because of ethical/racial makeup is changing
flat, paved parking lot -Correct Answer ✔-real estate put to its highest use
puffing -Correct Answer ✔-"This is the most prestigious street in town"
$5,000 -Correct Answer ✔-maximum fine for first offense
name and broker -Correct Answer ✔-an individual advertisement needs...
statement that they are licensed -Correct Answer ✔-a brokerage advertisement needs...
48 hours -Correct Answer ✔-if listing is submitted to MLS, must notify customer within...
Colibri Real Estate
, Colibri Real Estate
at their next meeting -Correct Answer ✔-Licensee must deliver Consumer Info
Statement when...
blanket mortgage -Correct Answer ✔-a mortgage that covers 2 parcels of land
tenancy at sufference -Correct Answer ✔-lease expires, tenants won't leave
easement in gross -Correct Answer ✔-gas company intrudes on land to fix a gas line
the seller -Correct Answer ✔-signs the deed at a closing
listing agreement -Correct Answer ✔-least likely to require a legal description
let the client know -Correct Answer ✔-agent takes on a listing, decides to buy house for
themselves
honesty -Correct Answer ✔-Open house, declined agency relationship... What does the
agent owe the person?
disclose it to the buyers -Correct Answer ✔-leak in the house, seller is trying to hide it
but the agent finds it
listings stay with brokerage -Correct Answer ✔-agent switches brokerages, what
happens to their listings?
net listing -Correct Answer ✔-a seller wants a certain amount, the rest of the money
goes to the agent as commission
redlining -Correct Answer ✔-refusing to make loans in a minority neighborhood
consequence -Correct Answer ✔-NOT an element for a valid and enforceable contract
liquidity damages -Correct Answer ✔-seller keeps earnest money deposit when the
buyer backs out
security deposit -Correct Answer ✔-LEAST likely to be needed in a lease
hypothecation -Correct Answer ✔-pledge of property as collateral for a loan
Colibri Real Estate
