Real Estate Colibri Practice Exam Verified Q&A Actual Test Questions

Real
Estate
Colibri
Practice
Exam
Which
item
below
can
help
protect
against
a
home
with
a
listed
incorrect
street
address
or
legal
description
in
public
records?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-Yes.
Robert
can
encumber
his
property
Which
location
is
an
industrial
coal
plant
least
likely
to
be
located?
-
CORRECT
ANSWER-Adjacent
to
an
elementary
school
What
is
the
least
likely
answer
needed
in
a
"legal
consent"
scenario?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-Legal
Consent
Mortgage
lenders
are
required
to
disclose
financing
costs
and
annual
percentage
rate
to
the
borrower
under
which
law
or
regulation?
-
CORRECT
ANSWER-Truth
in
Lending
Earl
orally
agreed
to
an
18-month
lease
with
landlord
Blake.
Is
this
contract
enforceable?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-The
complaint
is
forwarded
to
a
hearing
panel
of
the
Professional
Standards
Committee Listing
agents
must
present
________.
-
CORRECT
ANSWER-All
formal
and
informal
offers
Which
of
the
following
principles
are
included
in
the
Preamble
to
the
Code
of
Ethics?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-Agency
coupled
with
an
interest
Who
can
train
office
staff
at
a
brokerage
firm
in
weekly
meetings?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-Zero
dollars
Which
action
does
an
escrow
officer
typically
work
on
in
a
home
sale
transaction?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-The
National
Association
of
Real
Estate
Exchanges
What
is
"one
click
away"
as
it
relates
to
the
real
estate
profession?
-
CORRECT
ANSWER-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?
-
CORRECT
ANSWER-Conversion
and
Criminal
Fraud
Broker
Joy
just
signed
a
listing
agreement
with
a
seller.
When
should
Joy
schedule
an
office
tour?
-
CORRECT
ANSWER-Within
a
week
after
the
listing
is
taken