Exam (elaborations)
Real Estate Colibri Practice Exam
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Real Estate Colibri Practice Exam
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Real Estate Colibri Practice ExamWhich item below can help protect against a home with a listed incorrect street address
or legal description in public records? - ANS-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? - ANS-Yes. Robert can encumber his property
Which location is an industrial coal plant least likely to be located? - ANS-Adjacent to an
elementary school
What is the least likely answer needed in a "legal consent" scenario? - ANS-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? - ANS-Legal
Consent
Mortgage lenders are required to disclose financing costs and annual percentage rate to
the borrower under which law or regulation? - ANS-Truth in Lending
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable? - ANS-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? - ANS-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? - ANS-The complaint is forwarded
to a hearing panel of the Professional Standards Committee
Listing agents must present ________. - ANS-All formal and informal offers
Which of the following principles are included in the Preamble to the Code of Ethics? -
ANS-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? - ANS-Agency coupled with an interest
, Who can train office staff at a brokerage firm in weekly meetings? - ANS-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? - ANS-Zero dollars
Which action does an escrow officer typically work on in a home sale transaction? -
ANS-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? - ANS-The National Association of Real Estate Exchanges
What is "one click away" as it relates to the real estate profession? - ANS-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? -
ANS-Conversion and Criminal Fraud
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an
office tour? - ANS-Within a week after the listing is taken
Under the Rectangular survey system, which direction do the principal meridian lines
run on a map? - ANS-North-South
According to Article 3, what does cooperating with other brokers involve? - ANS-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? - ANS-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? - ANS-Commingling
The Statute of Frauds usually requires or applies to _______. - ANS-Written contracts,
mutually voluntary legal agreements, and contracts without duress
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