The surface chemistry of a colloidal nanoparticle is intrinsic to both its structure and function. It is therefore necessary to characterize the surfaces of colloidal materials to rationally underpin any synthetic, catalytic, or transformative mechanisms they enable. Here we characterize the surface properties of colloidal InP clusters and quantum dots by examining the binding of traditional stabilizing ligands including carboxylates, phosphonates, and thiolates. By using the In37P20X51 (X = carboxylate) cluster species as an ideally monodisperse and well-defined starting scaffold, we quantify surface-exchange equilibria. Using quantitative H-1 and P-31 NMR spectroscopy, we show that 1:1 metathesis-type binding models are insufficient to fully describe the surface dynamics. In particular, for the case of the highly reversible carboxylate ligand exchange, a more detailed isotherm approach using a two-site, competitive model is necessary. This model is used to deconvolute L- and X-type binding modalities. We additionally quantify the reversible and irreversible ligand-exchange reactions observed in the thiolate and phosphonate systems.