COLIBRI PRACTICE TEST COMPREHENSIVE
QUESTIONS AND CORRECT ANSWERS
◉ Using Property as Collateral.
Answer: Robert Can Encumber His Property
◉ Least Likely Location for Coal Plant.
Answer: Adjacent to Elementary School
◉ Least Likely Answer in Legal Consent.
Answer: Contract
◉ Requirement for Legal Consent.
Answer: Consent, Free Will, Act Without Duress
◉ Disclosure of Financing Costs.
Answer: Truth in Lending
◉ Enforceability of Oral Lease.
Answer: Leases Over One Year Must Be in Writing
,◉ Requirement for 7% Down Payment.
Answer: Private Mortgage Insurance
◉ Outcome of Ethics Violation Complaint.
Answer: Forwarded to Hearing Panel
◉ Requirement for Listing Agents.
Answer: Present All Offers
◉ Principles in the Preamble to the Code of Ethics.
Answer: Honesty and Integrity, Fairness, Moral conduct in business
relations
◉ Type of agency that cannot be revoked by the principal.
Answer: Agency coupled with an interest
◉ Who can conduct office staff training at a brokerage firm?.
Answer: Principal Broker, Associate Brokers, Outside Social Media
Marketers
◉ Minimum earnest money deposit for purchasing a listed home.
Answer: Zero dollars
, ◉ Tasks of an escrow officer in a home sale transaction.
Answer: Collects earnest money deposits, Orders title insurance,
Gathers third party inspection reports
◉ Original name of the National Association of REALTORS®.
Answer: The National Association of Real Estate Exchanges
◉ Meaning of 'one click away' in real estate.
Answer: Agent's contact info accessible with one click online
◉ Broker misusing client's earnest money deposit.
Answer: Conversion and Criminal Fraud
◉ Timing for scheduling an office tour after signing a listing
agreement.
Answer: Within a week
◉ Direction of principal meridian lines under Rectangular Survey
System.
Answer: North-South
QUESTIONS AND CORRECT ANSWERS
◉ Using Property as Collateral.
Answer: Robert Can Encumber His Property
◉ Least Likely Location for Coal Plant.
Answer: Adjacent to Elementary School
◉ Least Likely Answer in Legal Consent.
Answer: Contract
◉ Requirement for Legal Consent.
Answer: Consent, Free Will, Act Without Duress
◉ Disclosure of Financing Costs.
Answer: Truth in Lending
◉ Enforceability of Oral Lease.
Answer: Leases Over One Year Must Be in Writing
,◉ Requirement for 7% Down Payment.
Answer: Private Mortgage Insurance
◉ Outcome of Ethics Violation Complaint.
Answer: Forwarded to Hearing Panel
◉ Requirement for Listing Agents.
Answer: Present All Offers
◉ Principles in the Preamble to the Code of Ethics.
Answer: Honesty and Integrity, Fairness, Moral conduct in business
relations
◉ Type of agency that cannot be revoked by the principal.
Answer: Agency coupled with an interest
◉ Who can conduct office staff training at a brokerage firm?.
Answer: Principal Broker, Associate Brokers, Outside Social Media
Marketers
◉ Minimum earnest money deposit for purchasing a listed home.
Answer: Zero dollars
, ◉ Tasks of an escrow officer in a home sale transaction.
Answer: Collects earnest money deposits, Orders title insurance,
Gathers third party inspection reports
◉ Original name of the National Association of REALTORS®.
Answer: The National Association of Real Estate Exchanges
◉ Meaning of 'one click away' in real estate.
Answer: Agent's contact info accessible with one click online
◉ Broker misusing client's earnest money deposit.
Answer: Conversion and Criminal Fraud
◉ Timing for scheduling an office tour after signing a listing
agreement.
Answer: Within a week
◉ Direction of principal meridian lines under Rectangular Survey
System.
Answer: North-South
