REAL ESTATE COLIBRI PRACTICE EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+

REAL ESTATE COLIBRI PRACTICE EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Which item below can help protect against a home with a listed incorrect street address or legal description in public records? Correct 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? Correct Answer: Yes. Robert can encumber his property Which location is an industrial coal plant least likely to be located? Correct Answer: Adjacent to an elementary school What is the least likely answer needed in a "legal consent" scenario? Correct 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? Correct Answer: Legal Consent Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower under which law or regulation? Correct Answer: Truth in Lending Earl orally agreed to an 18-month lease with landlord Blake. Is this contract enforceable? Correct 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? Correct 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? Correct Answer: The complaint is forwarded to a hearing panel of the Professional Standards Committee Listing agents must present ________. Correct Answer: All formal and informal offers Which of the following principles are included in the Preamble to the Code of Ethics? Correct 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? Correct Answer: Agency coupled with an interest Who can train office staff at a brokerage firm in weekly meetings? Correct 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? Correct Answer: Zero dollars Which action does an escrow officer typically work on in a home sale transaction? Correct Answer: Collects earnest money deposits, orders title insurance, and gathers third party inspection reports What was the original name of the National Association of REALTORS® when it was first founded? Correct Answer: The National Association of Real Estate Exchanges What is "one click away" as it relates to the real estate profession? Correct Answer: When a viewer online can find the agent's contact information with just one click of the mouse, smartphone, or keyboard A broker who spends their client's $10,000 earnest money deposit on their office's monthly expenses such as rent, utilities, and has engaged in the act of what? Correct Answer: Conversion and Criminal Fraud Broker Joy just signed a listing agreement with a seller. When should Joy schedule an office tour? Correct Answer: Within a week after the listing is taken