Exam (elaborations)
Colibri Real Estate Final Exam (KY) 1 With 100% Correct And Verified Answers
- Course
- Institution
Colibri Real Estate Final Exam (KY) 1 With 100% Correct And Verified Answers
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now