COLIBRI REAL ESTATE EXAM 2025| 200 QUESTIONS WITH VERIFIED
CORRECT ANSWERS
1. Explain why applicable market data is essential in a broker price
opinion. What role does it play in determining property value?
It provides a subjective view of the property
It helps establish a fair market value based on comparable sales
It reflects the seller's emotional attachment to the property
It is used to predict future market trends
2. If a borrower defaults on their mortgage, which clause in the mortgage
agreement would primarily allow the lender to initiate foreclosure
proceedings?
Acceleration Clause
Prepayment
Clause Granting
Clause
Due-on-Sale Clause
3. What is the primary purpose of Regulation Z in the context of
consumer protection?
To regulate the interest rates charged by lenders
To protect consumers from misleading practices by the
credit industry
To establish guidelines for real estate appraisals
To enforce fair housing laws
4. What regulation mandates the information that must be included in
a closing disclosure?
RESPA
, TRID
TILA
FHA
5. What is a key requirement that must be included in a broker price
opinion aside from the basis of the price?
Historical sales data
Applicable market data
Client preferences
Property tax assessments
6. Explain the significance of the term 'debit' in the context of real
estate transactions, particularly at closing.
It refers to the total amount of money borrowed by the buyer.
It indicates the amount deducted from the seller's proceeds.
It represents the fees paid to real estate agents.
It is the amount the buyer must pay upfront before closing.
7. According to the CAN-SPAM Act, commercial e-mailers must reveal the
identity of the sender and:
The phone number of the advertiser entity
The name of the advertiser entity
Records of consent
The address of the advertiser entity
8. Explain the implications of lead-based paint regulations for sellers and real
estate agents in property transactions. What responsibilities do each party
hold?
, Sellers must disclose known hazards, while agents are not liable for
unknown issues.
Agents must conduct inspections, while sellers are exempt from
disclosure.
Both parties share equal responsibility for all disclosures.
Sellers are responsible for all inspections, while agents handle
disclosures.
9. In a buyer agency agreement, which two specific funds must be
explained to the buyer?
Broker fee & Real Estate Recovery Fund
Closing costs & Home inspection fees
Down payment & Escrow account
Property taxes & Homeowner's insurance
10. The written agency disclosure form must contain a statement of_____.
The licensee's duties to the client
Which party is the licensee's client
Any additional information the licensee deems necessary
All of the answers shown
11. If a new residential development is experiencing water pooling in the
yards after heavy rainfall, which drainage solutions could be implemented to
mitigate potential problems? Select the best option.
Install decorative ponds to enhance aesthetics.
Create a comprehensive drainage plan including gutters
and French drains.
Increase the height of the property to prevent flooding.
Limit landscaping to reduce water retention.
, 12. Cathy is hoping to purchase a home using a VA loan. A VA-assigned
real estate appraiser is required to provide ______ for the property.
A certificate of reasonable value
A certificate of resale
value A home inspection
An appraisal report
13. What type of foreclosure allows a lender to foreclose on a Deed of
Trust without going through the courts?
Judicial Foreclosure
Non-Judicial Foreclosure
Power of Sale
Foreclosure Strict
Foreclosure
14. What term is used to describe the principles outlined in the beginning
statements of the Code?
Mandatory
Aspirational
Optional
Regulatory
15. In a real estate transaction, if a buyer waits two years to enforce a
contract after the seller has breached it, which legal doctrine might the
seller invoke to argue against the buyer's claim?
Doctrine of Laches
Doctrine of Specific
Performance Doctrine of
Implied Warranty
CORRECT ANSWERS
1. Explain why applicable market data is essential in a broker price
opinion. What role does it play in determining property value?
It provides a subjective view of the property
It helps establish a fair market value based on comparable sales
It reflects the seller's emotional attachment to the property
It is used to predict future market trends
2. If a borrower defaults on their mortgage, which clause in the mortgage
agreement would primarily allow the lender to initiate foreclosure
proceedings?
Acceleration Clause
Prepayment
Clause Granting
Clause
Due-on-Sale Clause
3. What is the primary purpose of Regulation Z in the context of
consumer protection?
To regulate the interest rates charged by lenders
To protect consumers from misleading practices by the
credit industry
To establish guidelines for real estate appraisals
To enforce fair housing laws
4. What regulation mandates the information that must be included in
a closing disclosure?
RESPA
, TRID
TILA
FHA
5. What is a key requirement that must be included in a broker price
opinion aside from the basis of the price?
Historical sales data
Applicable market data
Client preferences
Property tax assessments
6. Explain the significance of the term 'debit' in the context of real
estate transactions, particularly at closing.
It refers to the total amount of money borrowed by the buyer.
It indicates the amount deducted from the seller's proceeds.
It represents the fees paid to real estate agents.
It is the amount the buyer must pay upfront before closing.
7. According to the CAN-SPAM Act, commercial e-mailers must reveal the
identity of the sender and:
The phone number of the advertiser entity
The name of the advertiser entity
Records of consent
The address of the advertiser entity
8. Explain the implications of lead-based paint regulations for sellers and real
estate agents in property transactions. What responsibilities do each party
hold?
, Sellers must disclose known hazards, while agents are not liable for
unknown issues.
Agents must conduct inspections, while sellers are exempt from
disclosure.
Both parties share equal responsibility for all disclosures.
Sellers are responsible for all inspections, while agents handle
disclosures.
9. In a buyer agency agreement, which two specific funds must be
explained to the buyer?
Broker fee & Real Estate Recovery Fund
Closing costs & Home inspection fees
Down payment & Escrow account
Property taxes & Homeowner's insurance
10. The written agency disclosure form must contain a statement of_____.
The licensee's duties to the client
Which party is the licensee's client
Any additional information the licensee deems necessary
All of the answers shown
11. If a new residential development is experiencing water pooling in the
yards after heavy rainfall, which drainage solutions could be implemented to
mitigate potential problems? Select the best option.
Install decorative ponds to enhance aesthetics.
Create a comprehensive drainage plan including gutters
and French drains.
Increase the height of the property to prevent flooding.
Limit landscaping to reduce water retention.
, 12. Cathy is hoping to purchase a home using a VA loan. A VA-assigned
real estate appraiser is required to provide ______ for the property.
A certificate of reasonable value
A certificate of resale
value A home inspection
An appraisal report
13. What type of foreclosure allows a lender to foreclose on a Deed of
Trust without going through the courts?
Judicial Foreclosure
Non-Judicial Foreclosure
Power of Sale
Foreclosure Strict
Foreclosure
14. What term is used to describe the principles outlined in the beginning
statements of the Code?
Mandatory
Aspirational
Optional
Regulatory
15. In a real estate transaction, if a buyer waits two years to enforce a
contract after the seller has breached it, which legal doctrine might the
seller invoke to argue against the buyer's claim?
Doctrine of Laches
Doctrine of Specific
Performance Doctrine of
Implied Warranty
