Colibri Real Estate Final Exam (Ky) 1
Questions And Answers With Verified
Solutions 100% Correct!!!
Broker Joy just signed a listing agreement with a seller. When should Joy schedule
an office tour? - ANSWER✔✔Within a week after the listing is taken
What is NOT required between two parties as it relates to the violation of "mutual
assent"? - ANSWER✔✔Written contacts
Title insurance protects more against _______. - ANSWER✔✔Past events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? - ANSWER✔✔Principal broker
Who is required to be the trustee for a brokerage trust account fund? -
ANSWER✔✔Principal broker
According to article 2, which of the following statements are TRUE? -
ANSWER✔✔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
_______. - ANSWER✔✔Tester
What is physically and financially feasible, legal, and the most productive for a
property? - ANSWER✔✔Its highest and best use
A party with all ownership rights in a property is said to hold ______. -
ANSWER✔✔legal title
What is the name of the act of mixing personal funds with client funds in a trust
fund account? - ANSWER✔✔Commingling
, What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - ANSWER✔✔Agency coupled with an interest
Which national group has tried to stop real estate licensees from handling any
contacts? - ANSWER✔✔American Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to
the existing contracts or agency relationships? - ANSWER✔✔Void them, Rescind
them, Cancel them
An exclusive listing agreement may contain _______. - ANSWER✔✔Listing terms
of less than one year
Which land measurement system uses the physical features of land the most to
identify it? - ANSWER✔✔Metes and bounds
Who is most often the main closing agent in Kentucky purchase deals? -
ANSWER✔✔Title officer
When must offers be presented by an agent to the seller? - ANSWER✔✔In a
timely manner
Under the Rectangular survey system, which direction do the base lines run on a
map? - ANSWER✔✔east to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? - ANSWER✔✔A REALTOR is required to disclose any personal interest
(theirs, immediate family, or business entity they are part of) in any property
when buying or selling
Who can be a client in a real estate transaction? - ANSWER✔✔Corporation,
limited partnership, agents family members
What are the three major sections of the NAR code of ethics? -
ANSWER✔✔Duties to the client and customers, Duties to the public, Duties to
REALTORS
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