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COLIBRI Real Estate Final Exam TestBank 2024/2025 Latest Exam Sets Complete Guide
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COLIBRI Real Estate Final Exam TestBank 2024/2025 Latest Exam Sets Complete Guide
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1|Page,COLIBRI REAL ESTATE EXAM- TESTBANK
Question 1: What is the primary purpose of a real estate appraisal?
A) To determine the market value of a property
B) To assess the condition of a property
C) To estimate repair costs
D) To evaluate rental income potential
Correct Answer: A
Question 2: Which document provides a detailed description of a property’s physical
characteristics?
A) Deed
B) Property Disclosure Statement
C) Title Report
D) Appraisal Report
Correct Answer: B
Question 3: What is an easement in real estate?
A) A legal right to use another person’s land for a specific purpose
B) A contract to purchase property
C) A type of mortgage
D) A process of property transfer
Correct Answer: A
Question 4: What does "zoning" refer to in real estate?
A) The division of a municipality into districts where certain types of land use are
permitted
B) The process of valuing a property
C) A type of property insurance
D) The transfer of property ownership
Correct Answer: A
Question 5: In real estate transactions, what is the significance of the "closing" process?
2|Page
, A) It is the final step where the property title is transferred from the seller to the buyer.
B) It is the initial stage of listing the property for sale.
C) It is the period for making repairs to the property.
D) It is the time when the property is appraised for its market value.
Correct Answer: A
Question 6: What is a "mortgage"?
A) A loan secured by real property
B) A type of insurance policy
C) A contract for the sale of real estate
D) A tax assessed on property
Correct Answer: A
Question 7: Which document is used to transfer ownership of real property from one party to
another?
A) Deed
B) Lease
C) Appraisal
D) Title Insurance
Correct Answer: A
Question 8: What is a "real estate brokerage"?
A) A business that assists buyers and sellers in real estate transactions
B) A type of real estate investment
C) A document used to secure financing
D) A legal term for property ownership
Correct Answer: A
Question 9: What does the term "escrow" refer to in real estate transactions?
A) A neutral third party that holds funds or documents until conditions of a sale are met
B) The process of negotiating a sale price
C) The finalization of the property deed
D) The initial property inspection
Correct Answer: A
Question 10: Which of the following is a type of real estate ownership?
A) Fee simple
B) Leasehold
C) Both A and B
D) None of the above
3|Page
, Correct Answer: C
Question 11: What is the "fair market value" of a property?
A) The price at which the property would sell in an open and competitive market
B) The value assessed by the local tax authority
C) The price set by the seller in a listing
D) The value of the property based on rental income
Correct Answer: A
Question 12: In real estate, what is a "listing agreement"?
A) A contract between a property owner and a real estate agent to sell or lease the
property
B) A document that outlines property taxes
C) A type of mortgage agreement
D) A legal description of the property
Correct Answer: A
Question 13: What does "amortization" refer to in terms of a mortgage?
A) The gradual repayment of a loan over time through periodic payments
B) The process of buying and selling property
C) The assessment of property value
D) The transfer of property title
Correct Answer: A
Question 14: Which term describes a property’s value based on its potential income?
A) Investment value
B) Market value
C) Assessed value
D) Replacement value
Correct Answer: A
Question 15: What is a "property management agreement"?
A) A contract between a property owner and a property manager outlining the manager’s
responsibilities
B) A document for selling property
C) A type of lease agreement
D) A legal description of the property
Correct Answer: A
Question 16: What is the role of a "title company" in a real estate transaction?
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