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Colibri Real Estate Final Exam Part One questions with correct answers
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Colibri Real Estate Final Exam Part One questions with correct answers
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Colibri Real Estate Final Exam Part One questionswith correct answers
A parcel of land is 500 feet wide and 135 yards long . What's the age
property ? Correct Answer-First , you need to convert the length of 135
yards to feet ( 135 x 3405 ) . Then , multiply the length by the width to
find the square footage ( 405 x 500=202,500 )
June , a small business owner , is moving out of state and needs to sell
her home as well as her store property . Broker Harold tells seller June
that he will take a lower commission on the sale of her house if she lists
her commercial property with him , too . Do you think Harold must
disclose his arrangement to the bu June's house ? Correct Answer-No
Herman is the broker of Top Realty . Affiliated licensee Opal is the
designated agent for seller Craig . Herman's sister sees the property and
makes an offer . Do you think Opal is obligated to tell Craig that the
buyer is related to Herman ? Correct Answer-Yes
During a family gathering , your brother - in - law mentions a desire to
see a property that you personally have listed . You make arrangements
to show him the property . Which statement is FALSE ? Correct
Answer-Since you listed the property before your brother - in - law
asked about it , you cannot represent him as it's too late to disclose the
family relationship .
Which of these do you think would LEAST LIKELY be considered a
material fact ? Correct Answer-loud neighbors
,Of these , which is a duty that a real estate licensee owes to the client
and the customer? Correct Answer-disclosure
If listing agent Keith tells a potential buyer about Shirley's suicide , and
the buyer consequently withdraws the offer , do you think that the
executor of Shirley's estate has any recourse against Keith ? Correct
Answer-Yes
The executor of Shirley's estate contracts with broker Keith to list her
home for sale is Keith required to disclose to a prospective buyer that
Shirley committed suicide in the property's garage ? Correct Answer-No
Buyer's agent Allison assumes her out - of - town clients don't know
about the murder that took place in the house she is showing them . She
gathered every news article she could find about the crime and gave it to
the buyers before they made an offer on the house . Did Allison violate
her fiduciary duties by disclosing information about a murder without
being asked ? Correct Answer-No
If a seller has knowledge of a sexual offender next door , he must
disclose it . Correct Answer-False. Sellers typically are required to
disclose this information only if a prospective buyer asks directly .
When a seller includes an " as is " clause in a contract , do you think that
it releases the seller from disclosing known latent defects that may be in
the home ? Correct Answer-No
, Seller Mark knew he had a leak in the attic . He hired a roofing company
to replace the shingles and didn't notice any more moisture in the attic .
Two weeks after buying Mark's house , Ann sees a new damp stain on
an upstairs ceiling and sues Mark . Do you think Mark was obligated to
disclose the leak ? Correct Answer-No
Buyer Susan is looking for a home that's large enough for her to set up a
small tailoring shop in the garage . You know that the homeowners
association in the community where she wants to buy a home prohibits
this type of home business . This would be a material fact . Correct
Answer-True
Which of these situations would LEAST LIKELY trigger the need to
discuss agency relationships ? Correct Answer-a home show when
someone stops by the booth and picks up marketing materials
Broker Ben's listing for a property at 3521 Oak Street Ben's expires. A
week later, buyer client , Harriet , wants to see the 3521 Oak Street
property. Do think there could be a conflict of interest here ? Correct
Answer-There could be a conflict of interest here. Ben probably has
confidential information about that property's seller. Ben should disclose
that he was the previous listing agent . Ben can disclose material defects
about the property .
Listing agent Jay is aware that the the house has some mold damage that
is hidden from view. He notes that the seller included this information
on the property disclosure form and Jay includes it in the MLS but
makes no further mention of it to prospective buyers. Do you think that
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