COLIBRI REAL ESTATE QUESTIONS WITH VERIFIED SOLUTIONS
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Course
Colibri
Institution
Colibri
For a real estate licensee, which is NOT a characteristic that indicates they are an independent contractor? - CORRECT ANSWER The licensee must be paid for hours spent in the brokerage office.
What are the tasks for which a property manager is typically responsible? Select all correct re...
COLIBRI REAL ESTATE 2024-2025 QUESTIONS WITH
VERIFIED SOLUTIONS
Joe Alpha of ABC Real Estate Corp. has been very successful in buying houses, fixing
them up, and reselling them. He put an advertisement in the local newspaper
seeking investors to help him purchase property and pay for renovations, promising
an excellent return on investment when the properties sold. Do you think that Joe
needs a securities broker-dealer license? - CORRECT ANSWER No
Ellie is very regimented. She likes to be in the office by 8 a.m. and be home by 5:30
p.m. She likes that same precision in her monthly budget—she wants to know
what's coming in and how much she can expect to put into her IRA. She is a good
candidate for a career in real estate sales. - CORRECT ANSWER False
Phil, a real estate licensee, considers going to work for JJ Realty. Broker Jana James
offers him a 60%-40% split on commission. If JJ Realty takes in $5,000 total
commission on Phil's first sale, what is Phil's split? - CORRECT ANSWER $3,000
A real estate licensee is more likely to be an employee of his broker. - CORRECT
ANSWER False
If a broker supervises the real estate activities of an associated licensee, that
licensee CANNOT be considered an independent contractor. - CORRECT ANSWER
False
,COLIBRI REAL ESTATE 2024-2025 QUESTIONS WITH
VERIFIED SOLUTIONS
A real estate licensee who is an independent contractor is paid based on successful
real estate transactions, not on hours worked. - CORRECT ANSWER True
Generically speaking, a person who, for a fee, sells, lists, leases, exchanges,
negotiates, or otherwise deals in the real estate of others or represents publicly that
they do so. - CORRECT ANSWER Broker
A business that serves as an intermediary between buyers and sellers and/or
lessees and lessors of real estate. - CORRECT ANSWER Brokerage
Insurance that protects real estate licensees from liability due to mistakes or
negligence. It does not cover claims related to fraud or discrimination. - CORRECT
ANSWER Errors and Omissions Insurance (E&O)
Under common law, a person who contracts to do a job for another but maintains
control over how the task will be carried out, rather than following detailed
instructions. - CORRECT ANSWER Independent Contractor
A person licensed under state law to practice real estate. - CORRECT ANSWER
Licensee
,COLIBRI REAL ESTATE 2024-2025 QUESTIONS WITH
VERIFIED SOLUTIONS
Any real estate licensee who is a member of the National Association of REALTORS®
(NAR) and his or her affiliated state/local boards. Only members may use the term
REALTOR® as it's a registered trademark of NAR. - CORRECT ANSWER
REALTOR®
Generically speaking, a real estate licensee agent who is associated with a broker
and as such may perform most of the acts a broker can on behalf of the broker. Also
called Sales Associate. - CORRECT ANSWER Salesperson
A real estate licensee who is treated as an independent contractor for tax purposes
when specified conditions are met: proper licensing; compensation based on sales;
and services performed under a written contract. - CORRECT ANSWER Statutory
Nonemployee
In which field do the majority of new licensees begin their work? - CORRECT
ANSWER Residential Sales
Which is NOT an advantage to a career in real estate sales? - CORRECT ANSWER
the option to double commission percentages during slow months
Licensee Louie has worked for Rick, the broker at ABC Realty, for 20 years. Louie has
been accused of negligence for not disclosing a material fact to a buyer. Which
, COLIBRI REAL ESTATE 2024-2025 QUESTIONS WITH
VERIFIED SOLUTIONS
statement is TRUE? - CORRECT ANSWER Rick can be held liable for Louie's
misconduct.
At the end of the year, what tax form will an independent contractor receive to
document their income? - CORRECT ANSWER 1099-MISC
Who could a real estate licensee represent in a real estate transaction? Select all
correct responses. - CORRECT ANSWER Buyers
Landlords
Sellers
Tenants
All are correct
Steven just successfully finished his required real estate prelicensing course. Which
statement is TRUE? - CORRECT ANSWER Once he joins the NAR, he can call
himself a REALTOR®.
In order to be considered an independent contractor, a licensee's compensation
must be - CORRECT ANSWER based on sales produced, not hours worked.
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