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