Colibri Real Estate Practice Exams
Someone who is interested in working in the field of real estate must begin their career in residential
brokerage ️True
A seller hires your new brokerage to represent them in selling their house. Who is the principal? ️The
seller
Nan is a real estate...
Colibri Real Estate Practice Exams
Someone who is interested in working in the field of real estate must begin their career in residential
brokerage ✔️True
A seller hires your new brokerage to represent them in selling their house. Who is the principal? ✔️The
seller
Nan is a real estate licensee who wishes to become a broker. She'll need: ✔️several years of
experience, advanced training, and to pass a broker exam.
Whose responsibility is it to ensure that a licensee's license remains active? ✔️The licensee and the
licensee's broker
Generally speaking, under what circumstances must a broker maintain a client trust account? ✔️Any
time the brokerage maintains trust funds
Lana accepts an earnest money check on behalf of a buyer. While waiting for the seller's response to the
buyer's offer, Lana should keep it safe by depositing it into the brokerage business account. ✔️False;
The one thing Lana should never do is deposit the check into the business account.
Which of the following workers would qualify as a statutory non-employee?
1. Gil, who works 30 hours a week in the front office of a brokerage and earns $20 per hour
2. Cal, who is a broker for Get 'Er Done Realty and has 12 affiliated licensees.
3. Brenda, who is unlicensed but receives a commission every time her supervisor makes a real estate
sale.
4. Mark, who is licensed and has a written employment agreement with a broker but has yet to earn any
commission ✔️Mark, who is licensed and has a written employment agreement with a broker but has
yet to earn any commission
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