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COLIBRI REAL ESTATE FINAL EXAM (KY) 1
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COLIBRI REAL ESTATE FINAL EXAM (KY) 1
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COLIBRI REAL ESTATE FINAL EXAM (KY) 1Broker Joy just signed a listing agreement with a seller. When should Joy schedule an
office tour? - Answers -Within a week after the listing is taken
What is NOT required between two parties as it relates to the violation of "mutual
assent"? - Answers -Written contacts
Title insurance protects more against _______. - Answers -Past events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? - Answers -Principal broker
Who is required to be the trustee for a brokerage trust account fund? - Answers -
Principal broker
According to article 2, which of the following statements are TRUE? - Answers -
REALTORS® must disclose all known material facts but are not obligated to discover
latent defects in the property.
Vicky was posing as a customer of Establishment Realty. However, she was really there
to see if Establishment Realty was following fair housing laws. Vicky was a _______. -
Answers -Tester
Where can agents and brokers find additional rules and restrictions for various forms of
advertising options? - Answers -"Do not call" lists
MLS IDX (Internet Data eXchange)
NAR Membership Marks Manual
What is the timeframe in which a request for arbitration must be filled? - Answers -
Within 180 days of the closing of the transaction, or 180 days from when the fact of the
request could have been known, whichever is later.
Which type of offer does an agent not have to present to the seller? - Answers -Letters
Emails
Texts
**None of the above
Which type of third party benefit coverage protection or form of insurance is the least
likely to have a physical inspection of the interior of the property? - Answers -Standard
Coverage title insurance policy
, An apartment complex generates $905,000 in Effective Gross Income and $14,000 in
other income. The same complex has $415,000 in operating expenses and $39,000 as
reserves. What is the Net Operating Income of the complex? - Answers -$465,000
REALTORS® intending to share or sell consumer information gathered on the internet
must - Answers -Disclose that possibility in a readily apparent manner on the site.
What is another common name for the lot and block system of legal descriptions? -
Answers -The recorded plat method
Dan is buying Jessica's house. The closing date (day belongs to seller) of the sale
transaction is March 9th. Current year real estate taxes are $1,900 (will be billed to Dan
next year). Use the 365-day method for prorating. What is Jessica's share of the real
estate taxes for the current year? - Answers -$354 (Hint: Annual amount / 365 days or
monthly amount /length of month = daily amount. Daily amount x # days = proration. So,
$1, = $5.21 daily amount x (31 January days + 28 February days + 9 March
days =) 68 days = $354.28, or $354 Jessica's share.)
Should a licensee who represents both the buyer and seller tell the buyer about material
defects on the seller's property? - Answers -Yes, any defects known to the broker
should have been disclosed to the buyer.
Which groups website generally offers the most options for guidelines for the use of real
estate forms in Kentucky? - Answers -KREC
What is physically and financially feasible, legal, and the most productive for a property?
- Answers -Its highest and best use
A party with all ownership rights in a property is said to hold ______. - Answers -legal
title
What is the name of the act of mixing personal funds with client funds in a trust fund
account? - Answers -Commingling
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - Answers -Agency coupled with an interest
Which national group has tried to stop real estate licensees from handling any contacts?
- Answers -American Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? - Answers -Void them, Rescind them,
Cancel them
An exclusive listing agreement may contain _______. - Answers -Listing terms of less
than one year
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