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final colibri real estate exam PT Questions With Complete Solutions
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final colibri real estate exam PT Questions With Complete Solutions
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final colibri real estate exam PT QuestionsWith Complete Solutions
A "house location survey" is also called a ________. Correct
Answers
A 90-day listing agreement is a type of _____. Correct Answers
Special Agency
A broker induces an owner to sell by telling him that Muslims
are moving into the neighborhood. This broker is guilty of
_____. Correct Answers
A nonexclusive listing agreement wherein the seller retains the
right to work with more than one broker to sell or lease a
property is known as _______. Correct Answers
A person who is 16 years of age does not meet the agency
relationship or contract requirements covered under which
answer? Correct Answers
A property has sold for $185,000. The listing agreement calls for
a commission of 6.5%. The listing broker and selling broker
agree to share the commission equally. What will the listing
agent receive if the agent is scheduled to get a 65% share from
his broker? Correct Answers $3,908
A property is being appraised by the cost approach. The
appraiser estimates that the land is worth $10,000 and the
replacement cost of the improvements is $75,000. Total
,depreciation from all causes is $7,000. What is the indicated
value of the property? Correct Answers $78,000
A REALTOR® is preparing a valuation of a property for a fee
on a sliding scale depending on what value of the property he
comes up with. Is this allowed? Correct Answers No, fees for
preparing appraisals or other valuations must not be contingent
upon the amount of the appraisal or valuation.
A REALTOR® keeps all monies in one business account that he
uses for all business expenditures and transfers monies out at
appropriate times during a transaction, is this allowable?
Correct Answers no
A REALTOR® knows his friend wants to make an offer on a
property he has listed so he holds another offer he has received
to present to the client until his friend's offer arrives. Is this
allowed? Correct Answers No, offers must be submitted
objectively and as quickly as possible.
A residential REALTOR® with no commercial real experience
has a new client who wants her to list his commercial real estate.
What must the REALTOR® do before taking the listing?
Correct Answers The appraised value of the property.
A(n) ________ contract is one that unduly favors the party with
superior bargaining power. Correct Answers
According to Article 2, which of the following statements are
TRUE? Correct Answers REALTORS® must disclose all
, known material facts but are not obligated to discover latent
defects in the property.
Agency that is based upon Old English Common Law is also
known as ________. Correct Answers
An Accountant, Lawyer, Insurance Agent, and Principal Broker
all share what types of relationships with their clients? Correct
Answers Fiduciary
An ethics complaint hearing requires screening by the _______.
Correct Answers Grievance Committee.
An exclusive listing agreement may contain ________. Correct
Answers Listing term of less than one year
An Extended Coverage Policy is the least likeliest to insure or
protect against which answer? Correct Answers
Arbitration refers to what type of claim? Correct Answers A
money claim.
Article 10 mandates that REALTORS® may not deny
professional services on the basis of any of the protected classes.
What areas of their practice does this Article apply to? Correct
Answers
As it pertains to Article 13 of the NAR's Code of Ethics, what
must agents not do in contractual situations? Correct Answers
Engage in the unauthorized practice of law
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