Real Estate Colibri Practice Exam Questions and Answers 100% Correct

Real Estate Colibri Practice Exam Questions and Answers 100% Correct Which item below can help protect against a home with a listed incorrect street address or legal description in public records? - Answer- Standard coverage title insurance policy and extended coverage title insurance policy Robert owns his property and enjoys the full bundle of rights. Can he use his property as collateral for debt? - Answer- Yes. Robert can encumber his property Which location is an industrial coal plant least likely to be located? - Answer- Adjacent to an elementary school What is the least likely answer needed in a "legal consent" scenario? - Answer- Contract What is the name used to describe the fact that a client must have consent, free will, and act without duress when entering a contract or business relationship? - Answer- Legal Consent Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? - Answer- Truth in Lending Earl orally agreed to an 18-month lease with landlord Blake. Is this contract enforceable? - Answer- No, all leases for longer than one year must be in writing to be enforceable Jessica can only afford a 7% down payment on her new cottage. What will she be required to purchase at closing? - Answer- Private Mortgage Insurance What happens if the Grievance Committee finds that there is a potential ethics violation and that the complaint has been appropriately filed? - Answer- The complaint is forwarded to a hearing panel of the Professional Standards Committee Listing agents must present ________. - Answer- All formal and informal offers Which of the following principles are included in the Preamble to the Code of Ethics? - Answer- Honesty and Integrity, Fairness, and Moral conduct in business relations What type of agency cannot be revoked by the principal, nor is terminated if the principal dies? - Answer- Agency coupled with an interest Who can train office staff at a brokerage firm in weekly meetings? - Answer- Principal Broker, associate brokers, and outside social media marketers What is the minimum earnest money deposit that a Buyer can offer to purchase a listed home? - Answer- Zero dollars Which action does an escrow officer typically work on in a home sale transaction? - Answer- Collects earnest money deposits, orders title insurance, and gathers third party inspection reports