Colibri Real Estate Final Exam (KY) 1 Questions and Answers Graded A 2024
9 views 0 purchase
Course
Colibri Real Estate
Institution
Colibri Real Estate
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
What is NOT required between two parties as it relates to the violation of "mutual assent"? -Correct Answer Written contacts
Title insura...
Colibri Real Estate Final Exam (KY) 1
Questions and Answers Graded A 2024
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
What is NOT required between two parties as it relates to the violation of "mutual
assent"? -Correct Answer ✔Written contacts
Title insurance protects more against _______. -Correct Answer ✔Past events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? -Correct Answer ✔Principal broker
Who is required to be the trustee for a brokerage trust account fund? -Correct Answer
✔Principal broker
According to article 2, which of the following statements are TRUE? -Correct Answer
✔REALTORS® must disclose all known material facts but are not obligated to discover
latent defects in the property.
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 _______. -
Correct Answer ✔Tester
What is physically and financially feasible, legal, and the most productive for a property?
-Correct Answer ✔Its highest and best use
A party with all ownership rights in a property is said to hold ______. -Correct Answer
✔legal title
What is the name of the act of mixing personal funds with client funds in a trust fund
account? -Correct Answer ✔Commingling
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? -Correct Answer ✔Agency coupled with an interest
Which national group has tried to stop real estate licensees from handling any contacts?
-Correct Answer ✔American Bar Association
Colibri Real Estate Final Exam (KY) 1
, Colibri Real Estate Final Exam (KY) 1
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? -Correct Answer ✔Void them, Rescind them,
Cancel them
An exclusive listing agreement may contain _______. -Correct Answer ✔Listing terms of
less than one year
Which land measurement system uses the physical features of land the most to identify
it? -Correct Answer ✔Metes and bounds
Who is most often the main closing agent in Kentucky purchase deals? -Correct Answer
✔Title officer
When must offers be presented by an agent to the seller? -Correct Answer ✔In a timely
manner
Under the Rectangular survey system, which direction do the base lines run on a map?
-Correct Answer ✔east to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? -Correct Answer ✔A REALTOR is required to disclose any personal interest
(theirs, immediate family, or business entity they are part of) in any property when
buying or selling
Who can be a client in a real estate transaction? -Correct Answer ✔Corporation, limited
partnership, agents family members
What are the three major sections of the NAR code of ethics? -Correct Answer ✔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? -
Correct Answer ✔The future transfer of marketable title
Who can train office staff at a brokerage firm in weekly meetings? -Correct Answer
✔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? -Correct Answer ✔Non-Exclusive Buyer Agency
Agreement
Which advertising guidelines do most agents need to follow the most closely? -Correct
Answer ✔The Broker's Office Policy Manual
Colibri Real Estate Final Exam (KY) 1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PossibleA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
