COLIBRI REAL ESTATE 30 HOUR FINAL
EXAM 2024-2025 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS
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What is the number one rule of adjusting properties when using the sales comparison approach to
value?
A). If the comparable is inferior to the subject, subtract value from the comparable.
B). If the comparable is superior to the subject, add value to the comparable.
C). Never adjust the subject property
D). Always use assessed value, not market value
C
Two parcels of land priced at $1,200 per acre were purchased. One parcel was 15 acres in size and the
other was 1 mile square in size. How much did these two parcels cost together?
A). $180,000
B). $640,000
C). $786,000
D). $1,020,000
C
A rented office space has a monthly income of $3,800. A suitable gross income multiplier derived from
market data is 11.1. What would the estimated value be? Round to the nearest $1,000.
A). $380,000
B). $422,000
C). $506,000
D). $342,000
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,C
If one discount point costs the borrower 1% of the loan amount, and increases the lender's yield by
1/8th of one percent, how many discount points must be purchased to lower the interest rate by 1%?
A). 1
B). 4
C). 8
D). 16
C
A borrower obtains a 30-year $210,000 amortized loan at a 6% interest rate. If his monthly payment is
$1199.10, how much is applied to the principal balance in the first month?
A). $143.54
B). $144.94
C). $169
D). $149.10
D
An FHA-insured loan in the amount of $57,500 at a 6 ½% interest rate for 30 years was closed on March
17. The first monthly payment is not due until May 1. If the interest is paid monthly in arrears, how
much pre-paid interest does the buyer owe at closing? (Use a 360-day year)
A). $145.32
B). $311.52
C). $551.20
D). $3,737.50
A
The annual property taxes of $1,700 were paid in arrears by the buyer. If the closing took place on June
4th and the seller paid through the day of closing, how did this appear on the settlement sheet if the
360-day method is used?
A). $727 DS, CB
B). $727 DB, CS
C). $973 DS, CB
D). $973 DB, CS
A
Six years ago a commercial property owner paid $490,000 for her complex which included 10 acres of
land valued at $100,000. Using a 40-year straight-line depreciation method, what would be the current
value of the apartment complex?
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,A). $330,000
B). $390,000
C). $400,000
D). $431,500
D
A home sells for $150,000 and has a mortgage loan balance of $100,000 at closing. If the commission is
5% and other closing costs are $6,000, what is the seller's net?
A). $44,000
B). $40,000
C). $32,250
D). $36,500
D
What is the volume of a 90' x 20' x 12' house?
A). 21,600 cubic feet
B). 1,800 cubic feet
C). 3,750 cubic feet
D). 36,000 cubic feet
A
A strip mall generates $215,000 in effective rental income and $3,000 in other income. The same mall
has $102,000 in operating expenses and $15,000 as reserves. What is the net operating income of the
strip mall?
A). $113,000
B). $99,000
C). $101,000
D). $116,000
C
If a lot contains 48,000 square feet and is 240' wide, how deep is the lot?
A). 480'
B). 240'
C). 200'
D). 720'
C
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, A five-sided lot has the following dimensions: side A = 44', side B = 67', side C = 91', side D = 18', and side
E = 55'. What is the perimeter of the lot?
A). 257 feet
B). 220 feet
C). 320 feet
D). 275 feet
D
A sale transaction closes on April 15th. The day of closing belongs to the seller. Real estate taxes for the
year, not yet billed, are expected to be $2,110. According to the 365-day method, what is the seller's
share of the tax bill?
A). $626
B). $675
C). $607
D). $721
C
If a buyer purchases 25% of a lot in the spring and then purchases 50% more later in the fall, what
percentage of the lot is still available for purchase?
A). 20%
B). 25%
C). 50%
D). 75%
B
Sean, age 37, sold the home he purchased three years ago and now rents an apartment. He had
originally purchased his home for $86,500 and sold it for $115,300. What is Sean's capital gain?
A). $11,320
B). $16,980
C). $28,800
D). $0
C
An apartment building that sold for $780,000 had a monthly gross income of $8,000. What is its monthly
gross rent multiplier?
A). 97.5
B). 62.4
C). 103
D). 158
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