Colibri Real Estate exam questions and answers 2024
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Joe Alpha of ABC Real Estate Corp. has been very successful in buying houses, fixing them up, and reselling them. He put an advertisement in the local newspaper seeking investors to help him purchase property and pay for renovations, promising an excellent return on investment when the properties s...
Colibri Real Estate exam questions and
answers 2024
Joe Alpha of ABC Real Estate Corp. has been very successful in buying houses, fixing
them up, and reselling them. He put an advertisement in the local newspaper seeking
investors to help him purchase property and pay for renovations, promising an excellent
return on investment when the properties sold. Do you think that Joe needs a securities
broker-dealer license? -Correct Answer ✔No
Ellie is very regimented. She likes to be in the office by 8 a.m. and be home by 5:30
p.m. She likes that same precision in her monthly budget—she wants to know what's
coming in and how much she can expect to put into her IRA. She is a good candidate
for a career in real estate sales. -Correct Answer ✔False
Phil, a real estate licensee, considers going to work for JJ Realty. Broker Jana James
offers him a 60%-40% split on commission. If JJ Realty takes in $5,000 total
commission on Phil's first sale, what is Phil's split? -Correct Answer ✔$3,000
A real estate licensee is more likely to be an employee of his broker. -Correct Answer
✔False
If a broker supervises the real estate activities of an associated licensee, that licensee
CANNOT be considered an independent contractor. -Correct Answer ✔False
A real estate licensee who is an independent contractor is paid based on successful
real estate transactions, not on hours worked. -Correct Answer ✔True
Generically speaking, a person who, for a fee, sells, lists, leases, exchanges,
negotiates, or otherwise deals in the real estate of others or represents publicly that
they do so. -Correct Answer ✔Broker
A business that serves as an intermediary between buyers and sellers and/or lessees
and lessors of real estate. -Correct Answer ✔Brokerage
Insurance that protects real estate licensees from liability due to mistakes or negligence.
It does not cover claims related to fraud or discrimination. -Correct Answer ✔Errors and
Omissions Insurance (E&O)
Under common law, a person who contracts to do a job for another but maintains
control over how the task will be carried out, rather than following detailed instructions. -
Correct Answer ✔Independent Contractor
A person licensed under state law to practice real estate. -Correct Answer ✔Licensee
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Any real estate licensee who is a member of the National Association of REALTORS®
(NAR) and his or her affiliated state/local boards. Only members may use the term
REALTOR® as it's a registered trademark of NAR. -Correct Answer ✔REALTOR®
Generically speaking, a real estate licensee agent who is associated with a broker and
as such may perform most of the acts a broker can on behalf of the broker. Also called
Sales Associate. -Correct Answer ✔Salesperson
A real estate licensee who is treated as an independent contractor for tax purposes
when specified conditions are met: proper licensing; compensation based on sales; and
services performed under a written contract. -Correct Answer ✔Statutory Nonemployee
In which field do the majority of new licensees begin their work? -Correct Answer
✔Residential Sales
Which is NOT an advantage to a career in real estate sales? -Correct Answer ✔the
option to double commission percentages during slow months
Licensee Louie has worked for Rick, the broker at ABC Realty, for 20 years. Louie has
been accused of negligence for not disclosing a material fact to a buyer. Which
statement is TRUE? -Correct Answer ✔Rick can be held liable for Louie's misconduct.
At the end of the year, what tax form will an independent contractor receive to document
their income? -Correct Answer ✔1099-MISC
Who could a real estate licensee represent in a real estate transaction? Select all
correct responses. -Correct Answer ✔Buyers
Landlords
Sellers
Tenants
All are correct
Steven just successfully finished his required real estate prelicensing course. Which
statement is TRUE? -Correct Answer ✔Once he joins the NAR, he can call himself a
REALTOR®.
In order to be considered an independent contractor, a licensee's compensation must
be -Correct Answer ✔based on sales produced, not hours worked.
For a real estate licensee, which is NOT a characteristic that indicates they are an
independent contractor? -Correct Answer ✔The licensee must be paid for hours spent
in the brokerage office.
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What are the tasks for which a property manager is typically responsible? Select all
correct responses. -Correct Answer ✔Collecting Rents
Leasing Units
Maintaining Tenant Relationships
Managing the Maintenance and Repair of the Building
All are correct
The theory of supply and demand states that when supply exceeds demand, prices will
fall. -Correct Answer ✔True
Real estate cycles tend to lag somewhat behind general business cycles in response to
supply and demand. -Correct Answer ✔True
As the supply of homes in the area rises, what would you expect to happen to home
prices in the short term? -Correct Answer ✔Home prices will fall slightly from their high
points.
When Widget moves out, what type of market is Big City likely to experience? -Correct
Answer ✔Buyer's Market
Cost inflation can affect new home prices as builders pass along their higher costs for
labor and materials. -Correct Answer ✔True
Higher taxes tend to encourage spending and investing. -Correct Answer ✔False
P-E-G-S -Correct Answer ✔Physical
Economic
Government
Social
A situation in the housing market when there are many homes available for sale, but
few buyers. -Correct Answer ✔Buyer's Market
The interest rate that people or businesses must pay to use another's money for their
own purposes. -Correct Answer ✔Cost of Money
The main business or industry in an area that supports and sustains the community. -
Correct Answer ✔Economic Base
An increase in the cost of goods or services or too many people wanting too few goods.
-Correct Answer ✔Inflation
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