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2024 COLIBRI REAL ESTATE (KY) 1 FINAL EXAM WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE (KY) 1 FINAL EXAM WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE (KY) 1FINAL EXAM WITH CORRECT
ANSWERS
Which advertising guidelines do most agents need to follow the most
closely? - CORRECT ANSWERS-The Broker's Office Policy Manual
What can happen to an agent who does not present a clients purchase offer?
- CORRECT ANSWERS-He may lose his client
The agent may end up with a suspended license
The client might file a lawsuit against the licensee
Broker Joy just signed a listing agreement with a seller. When should Joy
schedule an office tour? - CORRECT ANSWERS-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 ANSWERS-Written contacts
Title insurance protects more against _______. - CORRECT ANSWERS-Past
events
Who has the most liability in a fiduciary relationship dispute over a real
estate transaction? - CORRECT ANSWERS-Principal broker
When must a REALTOR disclose a personal interest in a property when
buying or selling? - CORRECT ANSWERS-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? - CORRECT ANSWERS-
Corporation, limited partnership, agents family members
What are the three major sections of the NAR code of ethics? - CORRECT
ANSWERS-Duties to the client and customers, Duties to the public, Duties to
REALTORS
What is the sellers main consideration that is offered to the buyer in a
purchase deal? - CORRECT ANSWERS-The future transfer of marketable title
, Who can train office staff at a brokerage firm in weekly meetings? - CORRECT
ANSWERS-Principal Broker
Associate Broker
Outside Social Media Marketers
In which type of agency agreement may a principal work with multiple
brokers to purchase or lease a property? - CORRECT ANSWERS-Non-Exclusive
Buyer Agency Agreement
Who is required to be the trustee for a brokerage trust account fund? -
CORRECT ANSWERS-Principal broker
According to article 2, which of the following statements are TRUE? -
CORRECT ANSWERS-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 ANSWERS-Tester
What is physically and financially feasible, legal, and the most productive for
a property? - CORRECT ANSWERS-Its highest and best use
A party with all ownership rights in a property is said to hold ______. -
CORRECT ANSWERS-legal title
What is the name of the act of mixing personal funds with client funds in a
trust fund account? - CORRECT ANSWERS-Commingling
What type of agency cannot be revoked by the principal, nor is terminated if
the principal dies? - CORRECT ANSWERS-Agency coupled with an interest
Which national group has tried to stop real estate licensees from handling
any contacts? - CORRECT ANSWERS-American Bar Association
Without legal capacity and mutual consent in place, courts may likely do
what to the existing contracts or agency relationships? - CORRECT
ANSWERS-Void them, Rescind them, Cancel them
An exclusive listing agreement may contain _______. - CORRECT ANSWERS-
Listing terms of less than one year
Which land measurement system uses the physical features of land the most
to identify it? - CORRECT ANSWERS-Metes and bounds
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