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2024 COLIBRI REAL ESTATE CHAPTER 2 EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE CHAPTER 2 EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATECHAPTER 2 EXAM QUESTIONS
WITH CORRECT ANSWERS
Leaking chimneys and furnaces are sources of - CORRECT ANSWERS-Carbon
monoxide
Other than leaking and contaminating ground water, what is another
potential risk to the environment present with underground storage tanks -
CORRECT ANSWERS-Explosion
Can be harmful when is becomes old and started to disintegrate - CORRECT
ANSWERS-All of the above
Why are wells considered an environmental issue - CORRECT ANSWERS-They
can deteriorate and allow contaminates in the soil to enter the water supply
An agency relationship may be involuntarily terminated by which of the
following? - CORRECT ANSWERS-By destruction of the property through fire,
vandalism, or natural disaster
When a seller authorizes a unilateral offer of subagency to all MLS members,
any agent who shows the listed property automatically becomes - CORRECT
ANSWERS-A subagent
An agency relationship may be involuntarily terminated by which of the
following? - CORRECT ANSWERS-Condemnation of the property
Continued exposure to toxic fumes form illegal drug manufacturing can
cause - CORRECT ANSWERS-Fatal burns to the lungs
Worn or poorly-adjusted and maintained combustion devices, such as boilers
and furnaces can be significant sources of - CORRECT ANSWERS-Carbon
monoxide
The government can confiscate a property if it is being used for what -
CORRECT ANSWERS-Manufacturing illegal drugs
,The epa regulated the storage, transportation, treatment, and disposal of
solid and hazardous wastes to protect what - CORRECT ANSWERS-Ground
water
Under CERCLA, what can licensees be held responsible for - CORRECT
ANSWERS-Improperly disclosing environmental hazards present on a
property
Which of these environmental hazards is specifically addressed in the
residential real property disclosure - CORRECT ANSWERS-Illegal
methamphetamine manufacturing
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer
Brad? - CORRECT ANSWERS-Honesty and fair dealing
Which of the following terminations of an agency relationship could result in
legal or financial ramifications? - CORRECT ANSWERS-Renunciation by the
client
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties
to the principal? - CORRECT ANSWERS-Accounting
With which of the following can a broker NOT enter into a single agency
agreement? - CORRECT ANSWERS-Seller and buyer
A person who is empowered to act on behalf of another is called? - CORRECT
ANSWERS-An agent
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties
to the principal? - CORRECT ANSWERS-Confidentiality
When a seller gives permission to a broker to submit the property to the
MLS, the seller is authorizing the broker to make a blanket unilateral offer of
what to all the other members of that MLS? - CORRECT ANSWERS-Subagency
What is the term given to an agent who is acting as a buyer's and seller's
agent in the same transaction? - CORRECT ANSWERS-Dual agent
A subagent owes customer level services to the buyer which include which of
these? - CORRECT ANSWERS-Honesty, fair dealing and the proper disclosure
of pertinent facts that affect the value of the property
Which of the following may not involuntarily terminate an agency
relationship? - CORRECT ANSWERS-Expiration of the agreement term
, Revocation of a broker's license results in - CORRECT ANSWERS-Termination
of the relationship
"As is" sales are tempered by which of the agent's duties? - CORRECT
ANSWERS-Disclosure
What kind of defects are hidden from normal vies but still must be disclosed?
- CORRECT ANSWERS-Latent
Latent defects are those - CORRECT ANSWERS-Hidden from normal view and,
therefore, must be revealed
An agent must inform client and customer that the agent represents the
client and does not represent the customer, unless - CORRECT ANSWERS-
there is a dual agency
The agent who has the job of obtaining the best possible transaction for the
seller is - CORRECT ANSWERS-the designated agent
A licensee for a seller has a duty to disclose such things except - CORRECT
ANSWERS-ability of the purchaser to offer a higher price even if the
purchaser is also the licensee's client
Since many of an agent's fiduciary duties can only be rendered to one party,
an agent would have a difficult in not impossible time performing his/her
duties in which type of agency? - CORRECT ANSWERS-Dual agency
Properties that have an undesirable reputation due to an associated
unpleasant occurrence, such as murder or gang violence, are known as -
CORRECT ANSWERS-stigmatized properties
Since the listing agreement is a contract that established an agency
relationship, which law(s) is the relationship subject to? - CORRECT
ANSWERS-All of the above
Most real estate listing contracts are which kind of agency? - CORRECT
ANSWERS-Special agency
If a client refuses to disclose material defects to a buyer, what should the
agent do? - CORRECT ANSWERS-Decline or sever the agency agreement
A licensee must provide____ of any existing agency relationships to all
parties for whom he or she provides real estate brokerage services -
CORRECT ANSWERS-A written disclosure
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