Real Estate Colibri Practice Exam|142
Questions with Solutions
Which item below can help protect against a home with a listed incorrect
street address or legal description in public records? - -Standard coverage
title insurance policy and extended coverage title insurance policy
- Robert owns his property and enjoys the full bundle of rights. Can he use
his property as collateral for debt? - -Yes. Robert can encumber his property
- Which location is an industrial coal plant least likely to be located? - -
Adjacent to an elementary school
- What is the least likely answer needed in a "legal consent" scenario? - -
Contract
- What is the name used to describe the fact that a client must have
consent, free will, and act without duress when entering a contract or
business relationship? - -Legal Consent
- Mortgage lenders are required to disclose financing costs and annual
percentage rate to the borrower under which law or regulation? - -Truth in
Lending
- Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable? - -No, all leases for longer than one year must be in writing to
be enforceable
- Jessica can only afford a 7% down payment on her new cottage. What will
she be required to purchase at closing? - -Private Mortgage Insurance
- What happens if the Grievance Committee finds that there is a potential
ethics violation and that the complaint has been appropriately filed? - -The
complaint is forwarded to a hearing panel of the Professional Standards
Committee
- Listing agents must present ________. - -All formal and informal offers
- Which of the following principles are included in the Preamble to the Code
of Ethics? - -Honesty and Integrity, Fairness, and Moral conduct in business
relations
- What type of agency cannot be revoked by the principal, nor is terminated
if the principal dies? - -Agency coupled with an interest
, - Who can train office staff at a brokerage firm in weekly meetings? - -
Principal Broker, associate brokers, and outside social media marketers
- What is the minimum earnest money deposit that a Buyer can offer to
purchase a listed home? - -Zero dollars
- Which action does an escrow officer typically work on in a home sale
transaction? - -Collects earnest money deposits, orders title insurance, and
gathers third party inspection reports
- What was the original name of the National Association of REALTORS®
when it was first founded? - -The National Association of Real Estate
Exchanges
- What is "one click away" as it relates to the real estate profession? - -
When a viewer online can find the agent's contact information with just one
click of the mouse, smartphone, or keyboard
- A broker who spends their client's $10,000 earnest money deposit on their
office's monthly expenses such as rent, utilities, and has engaged in the act
of what? - -Conversion and Criminal Fraud
- 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
- Under the Rectangular survey system, which direction do the principal
meridian lines run on a map? - -North-South
- According to Article 3, what does cooperating with other brokers involve? -
-Sharing information about listings and making listings available for showing.
- Which of the following would be a type of authorized discipline that may be
issued by NAR in the case of an ethics violation? - -Letter of Warning or
Letter of Reprimand
- When an agent deposits their buyer's escrow funds into their personal
account, then what is the action referred to under Agency Law? - -
Commingling
- The Statute of Frauds usually requires or applies to _______. - -Written
contracts, mutually voluntary legal agreements, and contracts without
duress
- What does title insurance best protect against? - -past histories
Questions with Solutions
Which item below can help protect against a home with a listed incorrect
street address or legal description in public records? - -Standard coverage
title insurance policy and extended coverage title insurance policy
- Robert owns his property and enjoys the full bundle of rights. Can he use
his property as collateral for debt? - -Yes. Robert can encumber his property
- Which location is an industrial coal plant least likely to be located? - -
Adjacent to an elementary school
- What is the least likely answer needed in a "legal consent" scenario? - -
Contract
- What is the name used to describe the fact that a client must have
consent, free will, and act without duress when entering a contract or
business relationship? - -Legal Consent
- Mortgage lenders are required to disclose financing costs and annual
percentage rate to the borrower under which law or regulation? - -Truth in
Lending
- Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable? - -No, all leases for longer than one year must be in writing to
be enforceable
- Jessica can only afford a 7% down payment on her new cottage. What will
she be required to purchase at closing? - -Private Mortgage Insurance
- What happens if the Grievance Committee finds that there is a potential
ethics violation and that the complaint has been appropriately filed? - -The
complaint is forwarded to a hearing panel of the Professional Standards
Committee
- Listing agents must present ________. - -All formal and informal offers
- Which of the following principles are included in the Preamble to the Code
of Ethics? - -Honesty and Integrity, Fairness, and Moral conduct in business
relations
- What type of agency cannot be revoked by the principal, nor is terminated
if the principal dies? - -Agency coupled with an interest
, - Who can train office staff at a brokerage firm in weekly meetings? - -
Principal Broker, associate brokers, and outside social media marketers
- What is the minimum earnest money deposit that a Buyer can offer to
purchase a listed home? - -Zero dollars
- Which action does an escrow officer typically work on in a home sale
transaction? - -Collects earnest money deposits, orders title insurance, and
gathers third party inspection reports
- What was the original name of the National Association of REALTORS®
when it was first founded? - -The National Association of Real Estate
Exchanges
- What is "one click away" as it relates to the real estate profession? - -
When a viewer online can find the agent's contact information with just one
click of the mouse, smartphone, or keyboard
- A broker who spends their client's $10,000 earnest money deposit on their
office's monthly expenses such as rent, utilities, and has engaged in the act
of what? - -Conversion and Criminal Fraud
- 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
- Under the Rectangular survey system, which direction do the principal
meridian lines run on a map? - -North-South
- According to Article 3, what does cooperating with other brokers involve? -
-Sharing information about listings and making listings available for showing.
- Which of the following would be a type of authorized discipline that may be
issued by NAR in the case of an ethics violation? - -Letter of Warning or
Letter of Reprimand
- When an agent deposits their buyer's escrow funds into their personal
account, then what is the action referred to under Agency Law? - -
Commingling
- The Statute of Frauds usually requires or applies to _______. - -Written
contracts, mutually voluntary legal agreements, and contracts without
duress
- What does title insurance best protect against? - -past histories
