COLIBRI REAL ESTATE EXAM
SCRIPT 2026 COMPLETE 200
QUESTIONS AND ANSWERS
VERIFIED SOLUTIONS
◉ 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.. 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?. Answer: $3,000
◉ A real estate licensee is more likely to be an employee of his broker..
Answer: False
◉ If a broker supervises the real estate activities of an associated
licensee, that licensee CANNOT be considered an independent
contractor.. Answer: False
◉ A real estate licensee who is an independent contractor is paid based
on successful real estate transactions, not on hours worked.. 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.. Answer: Broker
◉ A business that serves as an intermediary between buyers and sellers
and/or lessees and lessors of real estate.. 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.. 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.. Answer: Independent Contractor
◉ A person licensed under state law to practice real estate.. Answer:
Licensee
◉ 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.. 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.. 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.. Answer: Statutory Nonemployee
◉ In which field do the majority of new licensees begin their work?.
Answer: Residential Sales
◉ Which is NOT an advantage to a career in real estate sales?. 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?. 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?. Answer: 1099-MISC
◉ Who could a real estate licensee represent in a real estate transaction?
Select all correct responses.. Answer: Buyers
Landlords
Sellers
Tenants
All are correct
, ◉ Steven just successfully finished his required real estate prelicensing
course. Which statement is TRUE?. 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. 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?. Answer: The licensee must be paid
for hours spent in the brokerage office.
◉ What are the tasks for which a property manager is typically
responsible? Select all correct responses.. 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.. Answer: True
◉ Real estate cycles tend to lag somewhat behind general business
cycles in response to supply and demand.. Answer: True
SCRIPT 2026 COMPLETE 200
QUESTIONS AND ANSWERS
VERIFIED SOLUTIONS
◉ 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.. 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?. Answer: $3,000
◉ A real estate licensee is more likely to be an employee of his broker..
Answer: False
◉ If a broker supervises the real estate activities of an associated
licensee, that licensee CANNOT be considered an independent
contractor.. Answer: False
◉ A real estate licensee who is an independent contractor is paid based
on successful real estate transactions, not on hours worked.. 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.. Answer: Broker
◉ A business that serves as an intermediary between buyers and sellers
and/or lessees and lessors of real estate.. 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.. 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.. Answer: Independent Contractor
◉ A person licensed under state law to practice real estate.. Answer:
Licensee
◉ 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.. 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.. 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.. Answer: Statutory Nonemployee
◉ In which field do the majority of new licensees begin their work?.
Answer: Residential Sales
◉ Which is NOT an advantage to a career in real estate sales?. 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?. 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?. Answer: 1099-MISC
◉ Who could a real estate licensee represent in a real estate transaction?
Select all correct responses.. Answer: Buyers
Landlords
Sellers
Tenants
All are correct
, ◉ Steven just successfully finished his required real estate prelicensing
course. Which statement is TRUE?. 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. 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?. Answer: The licensee must be paid
for hours spent in the brokerage office.
◉ What are the tasks for which a property manager is typically
responsible? Select all correct responses.. 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.. Answer: True
◉ Real estate cycles tend to lag somewhat behind general business
cycles in response to supply and demand.. Answer: True
