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COLIBRI REAL ESTATE PRACTICE FINAL
EXAM 2026- ACTUAL QUESTIONS AND
ANSWERS
Why is the condition of bearing walls more important than non bearing walls? -
correct-answer -Bearing walls support the ceiling and the roof.
Owner Tom decided to lease out his basement to a college student. By leasing the
basement, Tom has - correct-answer -transferred a portion of his bundle of rights
What is a forecast of income and expenses that can be projected over five years?
- correct-answer -Stabilized budget
A buyer told broker Lena that she wants to move to Cuban neighborhood. Then
the buyer asked if Lena could show her the best home in a Cuban area. How
should Lena respond to this request? - correct-answer -Lena should explain to the
buyer that she ethically and legally cannot recommend housing based on national
origin.
Why would a property with a rectangular system description also have a metes
and bounds legal description? - correct-answer -Because the property is irregular
in shape.
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What is another common name for the lot and block system of legal descriptions?
- correct-answer -The recorded plat method
Homeowner Louise has been lax in protecting her property rights. According to
the ___________, Louise may lose those property rights. - correct-answer -
Doctrine of Laches
What is the most common lease term for space in an office building? - correct-
answer -3-5 years
Vicky was posing as a customer of Establishment Realty. However, she was really
there to see if Establishment Realty was following fair housing laws. Vicky was a -
correct-answer -Tester
Bobbie decided to redeem her property after a tax sale. Bobbie exercised her -
correct-answer -Statutory right of redemption
A property has a Gross Income Multiplier of 14, and value of $800,000. What is its
annual income? - correct-answer -$57,143
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Jordan has a month-to-month lease with landlord Greg. What type of lease did
Jordan sign? - correct-answer -Estate from period- to period
A tenant who stays beyond his lease without consent of the landlord is known as -
correct-answer -A tenant at sufferance
Which of the following legal description methods has been used the longest in the
US? - correct-answer -The metes and bounds system
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent and does not owe any further duties to the
principal except for - correct-answer -Accounting and Confidentiality
A(n) ________ is one that conflicts with the ordinances that were enacted after
the use commenced. - correct-answer -Legal nonconforming use
Which of the following is a valuable skill for a property manager to have? -
correct-answer -Knowledge of building systems
COLIBRI REAL ESTATE PRACTICE FINAL
EXAM 2026- ACTUAL QUESTIONS AND
ANSWERS
Why is the condition of bearing walls more important than non bearing walls? -
correct-answer -Bearing walls support the ceiling and the roof.
Owner Tom decided to lease out his basement to a college student. By leasing the
basement, Tom has - correct-answer -transferred a portion of his bundle of rights
What is a forecast of income and expenses that can be projected over five years?
- correct-answer -Stabilized budget
A buyer told broker Lena that she wants to move to Cuban neighborhood. Then
the buyer asked if Lena could show her the best home in a Cuban area. How
should Lena respond to this request? - correct-answer -Lena should explain to the
buyer that she ethically and legally cannot recommend housing based on national
origin.
Why would a property with a rectangular system description also have a metes
and bounds legal description? - correct-answer -Because the property is irregular
in shape.
,2|Page
What is another common name for the lot and block system of legal descriptions?
- correct-answer -The recorded plat method
Homeowner Louise has been lax in protecting her property rights. According to
the ___________, Louise may lose those property rights. - correct-answer -
Doctrine of Laches
What is the most common lease term for space in an office building? - correct-
answer -3-5 years
Vicky was posing as a customer of Establishment Realty. However, she was really
there to see if Establishment Realty was following fair housing laws. Vicky was a -
correct-answer -Tester
Bobbie decided to redeem her property after a tax sale. Bobbie exercised her -
correct-answer -Statutory right of redemption
A property has a Gross Income Multiplier of 14, and value of $800,000. What is its
annual income? - correct-answer -$57,143
, 3|Page
Jordan has a month-to-month lease with landlord Greg. What type of lease did
Jordan sign? - correct-answer -Estate from period- to period
A tenant who stays beyond his lease without consent of the landlord is known as -
correct-answer -A tenant at sufferance
Which of the following legal description methods has been used the longest in the
US? - correct-answer -The metes and bounds system
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent and does not owe any further duties to the
principal except for - correct-answer -Accounting and Confidentiality
A(n) ________ is one that conflicts with the ordinances that were enacted after
the use commenced. - correct-answer -Legal nonconforming use
Which of the following is a valuable skill for a property manager to have? -
correct-answer -Knowledge of building systems
