Exam (elaborations)
Colibri Real Estate Exam Questions With Complete Solutions
- Course
- Institution
Colibri Real Estate Exam Questions With Complete Solutions
[Show more]
Content preview
Colibri Real Estate Exam Questions WithComplete Solutions
A _______________ is a fee or rebate that is paid to an agent or
another participant in a transaction as an incentive to refer
customers to a particular vendor.
Bribe
Kickback
Dividend
Transfer note Correct Answers Kickback
A broker maintaining more than one place of business must
apply for and secure an additional____________ for each of the
branch offices.
branch certificate
performance bond
license
sponsoring branch license Correct Answers license
A broker must keep records of transactions on file for how long?
One year
Two years
Three years
Until the Department of State audits the records Correct
Answers Three years
A hearing decision is NOT made up of which of the following
sections?
Complaint
Findings of Fact
,Mediation
Determination Correct Answers Mediation
A licensed _______________ must display his or her license
conspicuously in the principal place of business at all times.
salesperson
broker
affiliate broker
associate broker Correct Answers broker
A licensee can be held liable for _________ amount of any
compensation received for a transaction in which the license law
was violated.
The same
Four times the
Five times the
Ten times the Correct Answers Four times the
A listing contract gives the broker the authority to
Negotiate the purchase price of the property.
Qualify buyers.
Determine which repairs will be made to the property.
Market the property. Correct Answers Market the property.
A net listing is a contract in which the broker receives as
commission all monies over and above a minimum sales price
agreed upon by the broker and the seller. This type of listing
is___________in New York.
illegal
frowned-upon
mandatory
,implied Correct Answers illegal
A real estate salesperson works on behalf of a licensed real
estate broker to perform any of the following duties associated
with real estate transactions except?
List property
Sell property
Lease property
Collect commissions Correct Answers Collect commissions
A real estate transaction has four stages. Which of the following
is NOT one of those stages?
Listing the property
Marketing the property
Negotiating the purchase contract
Settling the transaction Correct Answers Marketing the
property
A salesperson can accept a commission from
___________________.
Their sponsoring broker.
The buyer
The seller
The title company Correct Answers Their sponsoring broker.
A salesperson sells a house listed by another company for
$192,000. The salesperson's company is to receive 50% of a 7%
commission, what is the salesperson's share of the commission if
he received 45% of the amount his company receives?
$3,220
$6,720
, $3,024
$2,898 Correct Answers $3,024
A__________________ broker conducts business as a sole
proprietorship, doing business under a name other than his or
her personal name.
Limited Liability Company
Foreign
Trade Name
Listing Correct Answers Trade Name
Agent Paul is bound to inform his client of all facts that might
affect the client's interests -- both what Paul knows and what he
"should have known." Which of these situations would not be
something Paul "should know"?
There is a crack in the basement wall.
The air conditioner does not work.
The owner of the property is HIV positive.
The casement windows have broken seals. Correct Answers
The owner of the property is HIV positive.
An agent works ____ the principal and ____ the customer
For, for
With, for
For, with
With, with Correct Answers For, with
An Article 78 proceeding refers to which of the following?
An applicants or licensees right to appeal a Department hearing
decision to the Secretary of State.
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 Classroom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now