COLIBRI REAL ESTATE FINAL EXAM
REVIEW
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📋 DOCUMENT OVERVIEW 87 Qs
This document, "Colibri Real Estate Final Exam Review," covers real estate terminology, concepts, and
laws, including types of leases (net lease, gross lease, land contract), property rights (tenancy in
common, joint tenancy), and brokerage practices (price-fixing, commission fees). The document
contains 87 questions with correct answers and detailed explanations, allowing students to review and
understand real estate concepts. This resource can be used to study and reinforce knowledge in
preparation for exams by analyzing the provided rationales and applying the concepts to real-world
scenarios.
✓ Verified Answers ✓ Exam Ready ✓ Study Guide
Trusted by thousands of students and professionals worldwide
EXAM QUESTIONS
QUESTION 1
land contract
CORRECT ANSWER
buyer pays seller to occupy and use property
RATIONALE: A land contract is a type of financing arrangement where the buyer pays the seller to occupy and use the
property, but the seller retains ownership until the buyer completes the payments. This arrangement is essentially a
contract between the buyer and seller, where the buyer is granted possession of the property in exchange for periodic
payments, but the deed to the property remains with the seller until full payment is made.
QUESTION 2
net lease
CORRECT ANSWER
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, buyer pays rent and other expenses
RATIONALE: In a net lease, the tenant is responsible for paying not only rent but also additional expenses such as
property taxes, insurance, and maintenance, which are typically the landlord's obligations in a standard lease. This shift
in responsibilities allows the landlord to pass on certain costs to the tenant and often results in a lower rent for the
tenant.
QUESTION 3
gross lease
CORRECT ANSWER
buyer pays only rent
RATIONALE: A gross lease is a type of lease arrangement where the tenant pays a fixed rent and the landlord is
responsible for all operating expenses, such as maintenance, utilities, and property taxes. This is why "buyer pays only
rent" is the correct answer, as it accurately reflects the fact that the tenant is only responsible for paying the rent and
not any additional costs or expenses.
QUESTION 4
goes to heirs
CORRECT ANSWER
Tenants in common, 2 of 3 people die. Who gets the property of those who died?
RATIONALE: When property is held in common by multiple people, each owner has a share in the property, and upon
the death of one or more owners, their share passes to their heirs according to the laws of intestacy or their will. Since
the property is held in common, with two out of three owners dying, the remaining owner would inherit the shares of
the deceased individuals, leaving their own share intact.
QUESTION 5
Tenant owns it in severality
CORRECT ANSWER
Joint Tenancy, 3 of 4 people die. Who gets property of those who died?
RATIONALE: In a joint tenancy with four people, each person has an undivided share of the property, and upon the
death of three out of the four tenants, the remaining tenant automatically acquires the shares of the deceased tenants,
effectively inheriting the entire property. This is a fundamental characteristic of joint tenancy, which contrasts with
tenancy in severality where each tenant owns a separate share of the property and has the right to deal with it
independently.
QUESTION 6
Client
CORRECT ANSWER
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, Another word for principal
RATIONALE: The term "principal" refers to the primary or main figure in a situation, such as a principal investigator or a
principal client, indicating that the client is the main or most important party involved in a transaction or relationship.
This usage aligns with the concept of a principal, emphasizing the central role of the client in the context.
QUESTION 7
race, nat. origin, sex, color, religion, disability, familial status
CORRECT ANSWER
Protected by Fair Housing Act
RATIONALE: The correct answer, "Protected by Fair Housing Act," is accurate because the Fair Housing Act specifically
prohibits discrimination in the sale, rental, and financing of housing based on these protected characteristics. By
including race, national origin, sex, color, religion, disability, and familial status, the Act provides comprehensive
protection for individuals from unfair housing practices, making it a crucial piece of legislation in promoting equal
housing opportunities.
QUESTION 8
marital status
CORRECT ANSWER
Not protected by Fair Housing Act
RATIONALE: The Fair Housing Act prohibits discrimination based on certain protected characteristics, including race,
color, national origin, religion, sex, familial status, and disability. However, marital status is not explicitly listed as a
protected characteristic, which is why it is not protected under the Fair Housing Act.
QUESTION 9
Blockbusting
CORRECT ANSWER
telling homeowners that property values will be declining because of ethical/racial makeup is changing
RATIONALE: Blockbusting refers to a real estate practice where agents or speculators deceive or mislead homeowners
about changes in a neighborhood's ethnic or racial makeup, thereby convincing them to sell their property at a low
price, often to non-white buyers, who are then targeted for further manipulation. This tactic exploits homeowners' fears
and prejudices, leading to a decline in property values and profits for the sellers, while the agents or speculators reap
the benefits.
QUESTION 10
flat, paved parking lot
CORRECT ANSWER
real estate put to its highest use
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REVIEW
85+ (Latest 2026 Edition) 100% Verified Q&A + Answer Key Solutions
100% Guarantee Pass
📋 DOCUMENT OVERVIEW 87 Qs
This document, "Colibri Real Estate Final Exam Review," covers real estate terminology, concepts, and
laws, including types of leases (net lease, gross lease, land contract), property rights (tenancy in
common, joint tenancy), and brokerage practices (price-fixing, commission fees). The document
contains 87 questions with correct answers and detailed explanations, allowing students to review and
understand real estate concepts. This resource can be used to study and reinforce knowledge in
preparation for exams by analyzing the provided rationales and applying the concepts to real-world
scenarios.
✓ Verified Answers ✓ Exam Ready ✓ Study Guide
Trusted by thousands of students and professionals worldwide
EXAM QUESTIONS
QUESTION 1
land contract
CORRECT ANSWER
buyer pays seller to occupy and use property
RATIONALE: A land contract is a type of financing arrangement where the buyer pays the seller to occupy and use the
property, but the seller retains ownership until the buyer completes the payments. This arrangement is essentially a
contract between the buyer and seller, where the buyer is granted possession of the property in exchange for periodic
payments, but the deed to the property remains with the seller until full payment is made.
QUESTION 2
net lease
CORRECT ANSWER
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, buyer pays rent and other expenses
RATIONALE: In a net lease, the tenant is responsible for paying not only rent but also additional expenses such as
property taxes, insurance, and maintenance, which are typically the landlord's obligations in a standard lease. This shift
in responsibilities allows the landlord to pass on certain costs to the tenant and often results in a lower rent for the
tenant.
QUESTION 3
gross lease
CORRECT ANSWER
buyer pays only rent
RATIONALE: A gross lease is a type of lease arrangement where the tenant pays a fixed rent and the landlord is
responsible for all operating expenses, such as maintenance, utilities, and property taxes. This is why "buyer pays only
rent" is the correct answer, as it accurately reflects the fact that the tenant is only responsible for paying the rent and
not any additional costs or expenses.
QUESTION 4
goes to heirs
CORRECT ANSWER
Tenants in common, 2 of 3 people die. Who gets the property of those who died?
RATIONALE: When property is held in common by multiple people, each owner has a share in the property, and upon
the death of one or more owners, their share passes to their heirs according to the laws of intestacy or their will. Since
the property is held in common, with two out of three owners dying, the remaining owner would inherit the shares of
the deceased individuals, leaving their own share intact.
QUESTION 5
Tenant owns it in severality
CORRECT ANSWER
Joint Tenancy, 3 of 4 people die. Who gets property of those who died?
RATIONALE: In a joint tenancy with four people, each person has an undivided share of the property, and upon the
death of three out of the four tenants, the remaining tenant automatically acquires the shares of the deceased tenants,
effectively inheriting the entire property. This is a fundamental characteristic of joint tenancy, which contrasts with
tenancy in severality where each tenant owns a separate share of the property and has the right to deal with it
independently.
QUESTION 6
Client
CORRECT ANSWER
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, Another word for principal
RATIONALE: The term "principal" refers to the primary or main figure in a situation, such as a principal investigator or a
principal client, indicating that the client is the main or most important party involved in a transaction or relationship.
This usage aligns with the concept of a principal, emphasizing the central role of the client in the context.
QUESTION 7
race, nat. origin, sex, color, religion, disability, familial status
CORRECT ANSWER
Protected by Fair Housing Act
RATIONALE: The correct answer, "Protected by Fair Housing Act," is accurate because the Fair Housing Act specifically
prohibits discrimination in the sale, rental, and financing of housing based on these protected characteristics. By
including race, national origin, sex, color, religion, disability, and familial status, the Act provides comprehensive
protection for individuals from unfair housing practices, making it a crucial piece of legislation in promoting equal
housing opportunities.
QUESTION 8
marital status
CORRECT ANSWER
Not protected by Fair Housing Act
RATIONALE: The Fair Housing Act prohibits discrimination based on certain protected characteristics, including race,
color, national origin, religion, sex, familial status, and disability. However, marital status is not explicitly listed as a
protected characteristic, which is why it is not protected under the Fair Housing Act.
QUESTION 9
Blockbusting
CORRECT ANSWER
telling homeowners that property values will be declining because of ethical/racial makeup is changing
RATIONALE: Blockbusting refers to a real estate practice where agents or speculators deceive or mislead homeowners
about changes in a neighborhood's ethnic or racial makeup, thereby convincing them to sell their property at a low
price, often to non-white buyers, who are then targeted for further manipulation. This tactic exploits homeowners' fears
and prejudices, leading to a decline in property values and profits for the sellers, while the agents or speculators reap
the benefits.
QUESTION 10
flat, paved parking lot
CORRECT ANSWER
real estate put to its highest use
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