The University of Chicago (and perhaps other colleges) do their own placement exams in summer or orientation week, in subjects such as calculus. Such exams help not mainly to “place students out” of a subject but instead to determine the appropriate level of the course that they may take. See, for example: https://orientation.uchicago.edu/page/placement-tests
In some subjects the prior AP exam scores may allow a student to “place out” of a requirement, for example a language requirement. But the college may still have it’s own placement exams. See here: http://languages.uchicago.edu/Students/students_proficiency.php
Columbia University has a similar approach regarding placement. https://www.cc-seas.columbia.edu/placementexams