Colibri Real Estate Exam 2 Latest Update 2024/2025 with Complete Solutions

What happens with a judicial foreclosure? - CORRECT ANSWERS-The mortgaged property is sold under the supervision of a court. Broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? - CORRECT ANSWERS-On finding a property with good resale value Real estate licensees should know enough about building ordinances to be able to.. - CORRECT ANSWERS-alert clients of potential problems in a home. If an industrial property is described as "special purpose," it is - CORRECT ANSWERS-unsuitable for many uses and processes. During the final walk-through, the buyer sees that the seller did not remove a downed tree. What is the best way of handling this? - CORRECT ANSWERS-At the closing, the buyer could ask for a credit from the seller to remove the downed tree. Who must a principal broker supervise in a real estate office? - CORRECT ANSWERS-All licensees affiliated to the principal broker and all other unlicensed employees at that office. Broker Hannah just received a $5,000 escrow money deposit. How long does she have to deposit it under Kentucky law? - CORRECT ANSWERS-Without unreasonable delay What type of insurance is mandatory for all active licensees? - CORRECT ANSWERS-errors and omissions insurance Sales associate Nika is showing a property with an electronic lockbox, how should she access the property? - CORRECT ANSWERS-By using the E-key smartphone application What penalties may a circuit court impose on a person found violating any provision of Kentucky License Law? - CORRECT ANSWERS-A fine of between $100 and $1,000 and a jail sentence of up to 6 months. Why is designated agency a good alternative to traditional dual agency? - CORRECT ANSWERS-Even though the same broker represents each party, both the buyer and seller have a licensee who exclusively acts as their agent in the transaction. Which if the following actions is illegal in Kentucky? - CORRECT ANSWERS-Acting for more than one party in a transaction with the knowledge of all parties for him a licensee acts Why should broker Taylor create a website for her brokerage? - CORRECT ANSWERS-To brand her firm with a visual mission statement