Colibri Real Estate
Colibri Real Estate Practice |Final Exam with
Correct Answers |2026 Update
Which type of report would a property manager prepare for their owner client to
lay out the plan to finance long-term improvements? -Correct Answer ✔-capital
reserve budget
Broker Jim signs a listing agreement with Seller Grace and a buyer agency
agreement with Buyer Pat. Both Grace and Pat signed written disclosure
statements agreeing to this arrangement. What is this relationship called? -
Correct Answer ✔-consensual dual agency
Which statement about asbestos is true? -Correct Answer ✔-it can cause health
problems by releasing airborne particles when old or damaged
Real estate agents are typically what kind of agent? -Correct Answer ✔-special
agent
Which of these properties would be considered a non-homestead property? -
Correct Answer ✔-warehouse
Which of the following is considered a fixed operating expense? -Correct Answer
✔-insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? -
Correct Answer ✔-septic system
Dwayne was four months into his one-year lease when property owner Larry sold
the property. Which statement is correct? -Correct Answer ✔-the new owner
must honor the lease until it expires
Ben, the property manager of a 10-unit building shows an apartment to a woman
who uses a wheelchair. The woman says that she would need to make some
modifications, such as adding grab bars in the shower and removing some
Colibri Real Estate
, Colibri Real Estate
carpeting in the bedroom. How should Ben respond? -Correct Answer ✔-he must
allow the tenant to make the modifications at her expense
how might transfer tax in New York be documented when property is conveyed? -
Correct Answer ✔-as a revenue stamp
why might a tenant in an apartment building a send a letter of intent to the
building's owner? -Correct Answer ✔-to reserve a specific unit when building
undergoes a conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She pays rent for
occupancy, but the owner of the building pays the taxes, insurance, and other
operating expenses. What kind of lease does Sandy have? -Correct Answer ✔-
gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain title to the
property until Sally has paid in full. What kind of contract do Amanda and Sally
have? -Correct Answer ✔-land contract
What is the authority that state and local governments have to enact and enforce
laws that protect the public's health, safety, morals, and general welfare? -Correct
Answer ✔-police power
which property would most probably have the shortest lease term? -Correct
Answer ✔-apartment
what is the purpose of private mortgage insurance? -Correct Answer ✔-it protects
the lender against loss in case the borrower defaults
which describes an ad valorem tax? -Correct Answer ✔-based on the assessed
value of property
when selling a house that was built before 1978, what is the seller required to do?
-Correct Answer ✔-disclose known lead paint hazards to buy
Colibri Real Estate
Colibri Real Estate Practice |Final Exam with
Correct Answers |2026 Update
Which type of report would a property manager prepare for their owner client to
lay out the plan to finance long-term improvements? -Correct Answer ✔-capital
reserve budget
Broker Jim signs a listing agreement with Seller Grace and a buyer agency
agreement with Buyer Pat. Both Grace and Pat signed written disclosure
statements agreeing to this arrangement. What is this relationship called? -
Correct Answer ✔-consensual dual agency
Which statement about asbestos is true? -Correct Answer ✔-it can cause health
problems by releasing airborne particles when old or damaged
Real estate agents are typically what kind of agent? -Correct Answer ✔-special
agent
Which of these properties would be considered a non-homestead property? -
Correct Answer ✔-warehouse
Which of the following is considered a fixed operating expense? -Correct Answer
✔-insurance premiums
A drainfield, distribution box, and perforated pipes are all elements of what? -
Correct Answer ✔-septic system
Dwayne was four months into his one-year lease when property owner Larry sold
the property. Which statement is correct? -Correct Answer ✔-the new owner
must honor the lease until it expires
Ben, the property manager of a 10-unit building shows an apartment to a woman
who uses a wheelchair. The woman says that she would need to make some
modifications, such as adding grab bars in the shower and removing some
Colibri Real Estate
, Colibri Real Estate
carpeting in the bedroom. How should Ben respond? -Correct Answer ✔-he must
allow the tenant to make the modifications at her expense
how might transfer tax in New York be documented when property is conveyed? -
Correct Answer ✔-as a revenue stamp
why might a tenant in an apartment building a send a letter of intent to the
building's owner? -Correct Answer ✔-to reserve a specific unit when building
undergoes a conversion to a condomonium
Sandy rents space in a building for her beauty and tanning salon. She pays rent for
occupancy, but the owner of the building pays the taxes, insurance, and other
operating expenses. What kind of lease does Sandy have? -Correct Answer ✔-
gross lease
Amanda Green sold her property to Sally Fay. Amanda will retain title to the
property until Sally has paid in full. What kind of contract do Amanda and Sally
have? -Correct Answer ✔-land contract
What is the authority that state and local governments have to enact and enforce
laws that protect the public's health, safety, morals, and general welfare? -Correct
Answer ✔-police power
which property would most probably have the shortest lease term? -Correct
Answer ✔-apartment
what is the purpose of private mortgage insurance? -Correct Answer ✔-it protects
the lender against loss in case the borrower defaults
which describes an ad valorem tax? -Correct Answer ✔-based on the assessed
value of property
when selling a house that was built before 1978, what is the seller required to do?
-Correct Answer ✔-disclose known lead paint hazards to buy
Colibri Real Estate
