COLIBRI REAL ESTATE EXAM BUNDLE TEST BANK SOLVED QUESTIONS 100 PERCENT
CORRECT ANSWERS
Colibri REAL Estate EXAM Bundle 2026/2027
Questions and Answers Verified Solutions Latest
Update
Question:
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
Question:
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
Question:
A real estate licensee is more likely to be an employee of his broker.
Answer:
False
Question:
If a broker supervises the real estate activities of an associated licensee, that licensee CANNOT be
considered an independent contractor.
Answer:
False
,Question:
A real estate licensee who is an independent contractor is paid based on successful real estate
transactions, not on hours worked.
Answer:
True
Question:
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
Question:
A business that serves as an intermediary between buyers and sellers and/or lessees and lessors of
real estate.
Answer:
Brokerage
Question:
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)
Question:
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
Question:
A person licensed under state law to practice real estate.
Answer:
Licensee
Question:
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®
Question:
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
Question:
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
, Question:
In which field do the majority of new licensees begin their work?
Answer:
Residential Sales
Question:
Which is NOT an advantage to a career in real estate sales?
Answer:
the option to double commission percentages during slow months
Question:
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.
Question:
At the end of the year, what tax form will an independent contractor receive to document their
income?
Answer:
1099-MISC
Question:
Who could a real estate licensee represent in a real estate transaction? Select all correct responses.
Answer:
Buyers Landlords Sellers Tenants All are correct
CORRECT ANSWERS
Colibri REAL Estate EXAM Bundle 2026/2027
Questions and Answers Verified Solutions Latest
Update
Question:
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
Question:
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
Question:
A real estate licensee is more likely to be an employee of his broker.
Answer:
False
Question:
If a broker supervises the real estate activities of an associated licensee, that licensee CANNOT be
considered an independent contractor.
Answer:
False
,Question:
A real estate licensee who is an independent contractor is paid based on successful real estate
transactions, not on hours worked.
Answer:
True
Question:
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
Question:
A business that serves as an intermediary between buyers and sellers and/or lessees and lessors of
real estate.
Answer:
Brokerage
Question:
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)
Question:
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
Question:
A person licensed under state law to practice real estate.
Answer:
Licensee
Question:
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®
Question:
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
Question:
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
, Question:
In which field do the majority of new licensees begin their work?
Answer:
Residential Sales
Question:
Which is NOT an advantage to a career in real estate sales?
Answer:
the option to double commission percentages during slow months
Question:
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.
Question:
At the end of the year, what tax form will an independent contractor receive to document their
income?
Answer:
1099-MISC
Question:
Who could a real estate licensee represent in a real estate transaction? Select all correct responses.
Answer:
Buyers Landlords Sellers Tenants All are correct
