Exam (elaborations)
Colibri Real Estate Final Exam (KY) 1/Questions with Answers
- Course
- Institution
Colibri Real Estate Final Exam (KY) 1/Questions with Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
Colibri Real Estate Final Exam (KY)1/Questions with Answers
Broker Joy just signed a listing agreement with a seller. When should Joy
schedule an office tour? - -Within a week after the listing is taken
- What is NOT required between two parties as it relates to the violation of
"mutual assent"? - -Written contacts
- Title insurance protects more against _______. - -Past events
- Who has the most liability in a fiduciary relationship dispute over a real
estate transaction? - -Principal broker
- Who is required to be the trustee for a brokerage trust account fund? - -
Principal broker
- According to article 2, which of the following statements are TRUE? - -
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 _______. - -Tester
- What is physically and financially feasible, legal, and the most productive
for a property? - -Its highest and best use
- A party with all ownership rights in a property is said to hold ______. - -
legal title
- What is the name of the act of mixing personal funds with client funds in a
trust fund account? - -Commingling
- What type of agency cannot be revoked by the principal, nor is terminated
if the principal dies? - -Agency coupled with an interest
- Which national group has tried to stop real estate licensees from handling
any contacts? - -American Bar Association
- Without legal capacity and mutual consent in place, courts may likely do
what to the existing contracts or agency relationships? - -Void them, Rescind
them, Cancel them
, - An exclusive listing agreement may contain _______. - -Listing terms of less
than one year
- Which land measurement system uses the physical features of land the
most to identify it? - -Metes and bounds
- Who is most often the main closing agent in Kentucky purchase deals? - -
Title officer
- When must offers be presented by an agent to the seller? - -In a timely
manner
- Under the Rectangular survey system, which direction do the base lines
run on a map? - -east to west
- When must a REALTOR disclose a personal interest in a property when
buying or selling? - -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? - -Corporation, limited
partnership, agents family members
- What are the three major sections of the NAR code of ethics? - -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? - -The future transfer of marketable title
- Who can train office staff at a brokerage firm in weekly meetings? - -
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? - -Non-Exclusive Buyer Agency
Agreement
- Which advertising guidelines do most agents need to follow the most
closely? - -The Broker's Office Policy Manual
- What can happen to an agent who does not present a clients purchase
offer? - -He may lose his client
The agent may end up with a suspended license
The client might file a lawsuit against the licensee
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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now