COLIBRI NJ REAL ESTATE EXAM 2024 EXAM WITH A
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
1. A woman purchased a home on a lake. A boat was included in the sale.
What is most likely required at settlement to transfer ownership of that
boat to her?
A. bill of sale
B. deed
C. purchase agreement
D. sales
contract A.
2. F signs an exclusive right to sell listing agreement with broker R. Before
the listing expires, F terminates the agreement for no reason. The following
day, F sells the property to a co-worker. Which statement is TRUE?
A. R can sue F to recover only the marketing expenses.
B. R can sue F for the full commission based on the list price.
C. R can sue F for the full commission based on the sales price.
D. R has no right to sue F, since a seller can terminate a listing at any
time without cause. C.
3. Which statement about lead paint is FALSE?
A. Issues arise when lead-based paint begins to chip or flake.
B. Lead paint disclosure must be made when selling a house built prior to 1982.
C. Lead poisoning occurs via the nose and mouth; it must be breathed in or
ingested.
D. Lead present in water is colorless, odorless,
and tasteless. B.
4. A developer purchases a foreclosed property for $96,000, intending to rehab
it. Instead, he lets it deteriorate and finally sells it a few years later for
$84,000. Calculate his loss.
A. 8.75%
B. 11.4%
C. 12.5%
D.
14.2%
C.
,COLIBRI NJ REAL ESTATE EXAM 2024 EXAM WITH A
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
5. A homeowner lists her property at $155,000. Her broker receives an offer
from A for
$135,000 cash and a closing in 30 days; another offer from B for $145,000,
subject to the owner taking back a purchase money mortgage; and an offer
from C at $150,000, subject to the buyer obtaining a mortgage. What should
the listing broker do?
A. Present all of the offers to the seller, even if the seller accepts the first offer.
B. Present none of the offers, as they are all below the seller's asking price.
C. Present only the first offer until the seller makes a decision; then present the
next offer.
D. Present whichever offer is the highest and has the most favorable
terms for the seller. A.
6. K is a transfer student from Korea looking for a one-bedroom apartment.
She asks for something near the university. Her rental agent L shows her
apartments only in an area known as Chinatown, telling her she'd feel more at
home there. L could be guilty of
A. blockbusting.
B. panic peddling.
C. redlining.
D. steerin
g. D.
7. A lender must provide the Closing Disclosure to a borrower at least
prior to settlement.
A. 1 business day
B. 3 business days
C. 3 calendar days
D. 5 business
days B.
8. An investor is evaluating the performance of his duplex. If he subtracts
debt service from the net operating income, what does he find?
A. cash flow before taxes
B. cash-on-cash return
C. effective gross income
D. reserves for
replacement A.
9. Market value can be defined as the
A. amount a buyer paid to purchase a property.
,COLIBRI NJ REAL ESTATE EXAM 2024 EXAM WITH A
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
B. cost in materials and labor necessary to construct property.
C. most probable selling price in a typical transaction.
D. what a property actually sold for. 511
Practice Exam C.
, COLIBRI NJ REAL ESTATE EXAM 2024 EXAM WITH A
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
10. A real estate licensee has actual knowledge of structural damage to the
floor boards of a home he has listed due to termite infestation. He informs
the buyer's agent that there are no termites or termite damage in the home.
The buyer signs a contract to purchase the property. Is the listing agent
susceptible to claims of fraud?
A. No, because the buyer should have discovered the termite damage.
B. No, because the buyer's agent should have been looking out for the buyer.
C. Not as long as there is an as-is clause in the purchase agreement.
D. Yes, because he intentionally withheld a
material defect. D.
11. A buyer offers a seller $189,500 for his house. The seller accepts. The
appraisal comes in at
$188,000. If the buyer's lender requires a loan to-value ratio of 80%,
how much of a down payment must she make?
A. $37,600
B. $37,900
C. $39,100
D.
$39,500
C.
12. Legally, the presence of a sexual offender in the neighborhood is considered
A. confidential information that a licensee cannot disclose.
B. an immaterial fact that a licensee is not required to disclose.
C. a material fact that a licensee must disclose.
D. a material fact that the seller must
disclose. B.
13. An investor paid $330,000 for a small strip mall, plus $20,000 in closing
costs. The land on which it sits is valued at 45%. What is the total amount
that he will be able to deduct next year as depreciation (rounded)?
A. $3,808
B. $4,038
C. $4,654
D.
$4,936
C.
14. Which obligation has first priority in the event of a foreclosure sale?
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
1. A woman purchased a home on a lake. A boat was included in the sale.
What is most likely required at settlement to transfer ownership of that
boat to her?
A. bill of sale
B. deed
C. purchase agreement
D. sales
contract A.
2. F signs an exclusive right to sell listing agreement with broker R. Before
the listing expires, F terminates the agreement for no reason. The following
day, F sells the property to a co-worker. Which statement is TRUE?
A. R can sue F to recover only the marketing expenses.
B. R can sue F for the full commission based on the list price.
C. R can sue F for the full commission based on the sales price.
D. R has no right to sue F, since a seller can terminate a listing at any
time without cause. C.
3. Which statement about lead paint is FALSE?
A. Issues arise when lead-based paint begins to chip or flake.
B. Lead paint disclosure must be made when selling a house built prior to 1982.
C. Lead poisoning occurs via the nose and mouth; it must be breathed in or
ingested.
D. Lead present in water is colorless, odorless,
and tasteless. B.
4. A developer purchases a foreclosed property for $96,000, intending to rehab
it. Instead, he lets it deteriorate and finally sells it a few years later for
$84,000. Calculate his loss.
A. 8.75%
B. 11.4%
C. 12.5%
D.
14.2%
C.
,COLIBRI NJ REAL ESTATE EXAM 2024 EXAM WITH A
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
5. A homeowner lists her property at $155,000. Her broker receives an offer
from A for
$135,000 cash and a closing in 30 days; another offer from B for $145,000,
subject to the owner taking back a purchase money mortgage; and an offer
from C at $150,000, subject to the buyer obtaining a mortgage. What should
the listing broker do?
A. Present all of the offers to the seller, even if the seller accepts the first offer.
B. Present none of the offers, as they are all below the seller's asking price.
C. Present only the first offer until the seller makes a decision; then present the
next offer.
D. Present whichever offer is the highest and has the most favorable
terms for the seller. A.
6. K is a transfer student from Korea looking for a one-bedroom apartment.
She asks for something near the university. Her rental agent L shows her
apartments only in an area known as Chinatown, telling her she'd feel more at
home there. L could be guilty of
A. blockbusting.
B. panic peddling.
C. redlining.
D. steerin
g. D.
7. A lender must provide the Closing Disclosure to a borrower at least
prior to settlement.
A. 1 business day
B. 3 business days
C. 3 calendar days
D. 5 business
days B.
8. An investor is evaluating the performance of his duplex. If he subtracts
debt service from the net operating income, what does he find?
A. cash flow before taxes
B. cash-on-cash return
C. effective gross income
D. reserves for
replacement A.
9. Market value can be defined as the
A. amount a buyer paid to purchase a property.
,COLIBRI NJ REAL ESTATE EXAM 2024 EXAM WITH A
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
B. cost in materials and labor necessary to construct property.
C. most probable selling price in a typical transaction.
D. what a property actually sold for. 511
Practice Exam C.
, COLIBRI NJ REAL ESTATE EXAM 2024 EXAM WITH A
STUDY GUIDE | 300 VERIFIED QUESTIONS AND
ANSWERS | LATEST UPDATE GRADED A | 2024
10. A real estate licensee has actual knowledge of structural damage to the
floor boards of a home he has listed due to termite infestation. He informs
the buyer's agent that there are no termites or termite damage in the home.
The buyer signs a contract to purchase the property. Is the listing agent
susceptible to claims of fraud?
A. No, because the buyer should have discovered the termite damage.
B. No, because the buyer's agent should have been looking out for the buyer.
C. Not as long as there is an as-is clause in the purchase agreement.
D. Yes, because he intentionally withheld a
material defect. D.
11. A buyer offers a seller $189,500 for his house. The seller accepts. The
appraisal comes in at
$188,000. If the buyer's lender requires a loan to-value ratio of 80%,
how much of a down payment must she make?
A. $37,600
B. $37,900
C. $39,100
D.
$39,500
C.
12. Legally, the presence of a sexual offender in the neighborhood is considered
A. confidential information that a licensee cannot disclose.
B. an immaterial fact that a licensee is not required to disclose.
C. a material fact that a licensee must disclose.
D. a material fact that the seller must
disclose. B.
13. An investor paid $330,000 for a small strip mall, plus $20,000 in closing
costs. The land on which it sits is valued at 45%. What is the total amount
that he will be able to deduct next year as depreciation (rounded)?
A. $3,808
B. $4,038
C. $4,654
D.
$4,936
C.
14. Which obligation has first priority in the event of a foreclosure sale?
