Colibri Real Estate Final Exam (KY) 1 Questions and Answers 100% Pass
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Course
Colibri Real Estate
Institution
Colibri Real Estate
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 NOT required between two parties as it relates to the violation of "mutual
assent"? - ️️Written c...
Colibri Real Estate Final Exam (KY) 1
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 NOT required between two parties as it relates to the violation of "mutual
assent"? - ✔️✔️Written contacts
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.
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
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
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
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
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