Colibri Real Estate Exam Questions With
Complete Solutions
A _______________ is a fee or rebate that is paid to an agent or
another participant in a transaction as an incentive to refer
customers to a particular vendor.
Bribe
Kickback
Dividend
Transfer note Correct Answers Kickback
A broker maintaining more than one place of business must
apply for and secure an additional____________ for each of the
branch offices.
branch certificate
performance bond
license
sponsoring branch license Correct Answers license
A broker must keep records of transactions on file for how long?
One year
Two years
Three years
Until the Department of State audits the records Correct
Answers Three years
A hearing decision is NOT made up of which of the following
sections?
Complaint
Findings of Fact
,Mediation
Determination Correct Answers Mediation
A licensed _______________ must display his or her license
conspicuously in the principal place of business at all times.
salesperson
broker
affiliate broker
associate broker Correct Answers broker
A licensee can be held liable for _________ amount of any
compensation received for a transaction in which the license law
was violated.
The same
Four times the
Five times the
Ten times the Correct Answers Four times the
A listing contract gives the broker the authority to
Negotiate the purchase price of the property.
Qualify buyers.
Determine which repairs will be made to the property.
Market the property. Correct Answers Market the property.
A net listing is a contract in which the broker receives as
commission all monies over and above a minimum sales price
agreed upon by the broker and the seller. This type of listing
is___________in New York.
illegal
frowned-upon
mandatory
,implied Correct Answers illegal
A real estate salesperson works on behalf of a licensed real
estate broker to perform any of the following duties associated
with real estate transactions except?
List property
Sell property
Lease property
Collect commissions Correct Answers Collect commissions
A real estate transaction has four stages. Which of the following
is NOT one of those stages?
Listing the property
Marketing the property
Negotiating the purchase contract
Settling the transaction Correct Answers Marketing the
property
A salesperson can accept a commission from
___________________.
Their sponsoring broker.
The buyer
The seller
The title company Correct Answers Their sponsoring broker.
A salesperson sells a house listed by another company for
$192,000. The salesperson's company is to receive 50% of a 7%
commission, what is the salesperson's share of the commission if
he received 45% of the amount his company receives?
$3,220
$6,720
, $3,024
$2,898 Correct Answers $3,024
A__________________ broker conducts business as a sole
proprietorship, doing business under a name other than his or
her personal name.
Limited Liability Company
Foreign
Trade Name
Listing Correct Answers Trade Name
Agent Paul is bound to inform his client of all facts that might
affect the client's interests -- both what Paul knows and what he
"should have known." Which of these situations would not be
something Paul "should know"?
There is a crack in the basement wall.
The air conditioner does not work.
The owner of the property is HIV positive.
The casement windows have broken seals. Correct Answers
The owner of the property is HIV positive.
An agent works ____ the principal and ____ the customer
For, for
With, for
For, with
With, with Correct Answers For, with
An Article 78 proceeding refers to which of the following?
An applicants or licensees right to appeal a Department hearing
decision to the Secretary of State.
Complete Solutions
A _______________ is a fee or rebate that is paid to an agent or
another participant in a transaction as an incentive to refer
customers to a particular vendor.
Bribe
Kickback
Dividend
Transfer note Correct Answers Kickback
A broker maintaining more than one place of business must
apply for and secure an additional____________ for each of the
branch offices.
branch certificate
performance bond
license
sponsoring branch license Correct Answers license
A broker must keep records of transactions on file for how long?
One year
Two years
Three years
Until the Department of State audits the records Correct
Answers Three years
A hearing decision is NOT made up of which of the following
sections?
Complaint
Findings of Fact
,Mediation
Determination Correct Answers Mediation
A licensed _______________ must display his or her license
conspicuously in the principal place of business at all times.
salesperson
broker
affiliate broker
associate broker Correct Answers broker
A licensee can be held liable for _________ amount of any
compensation received for a transaction in which the license law
was violated.
The same
Four times the
Five times the
Ten times the Correct Answers Four times the
A listing contract gives the broker the authority to
Negotiate the purchase price of the property.
Qualify buyers.
Determine which repairs will be made to the property.
Market the property. Correct Answers Market the property.
A net listing is a contract in which the broker receives as
commission all monies over and above a minimum sales price
agreed upon by the broker and the seller. This type of listing
is___________in New York.
illegal
frowned-upon
mandatory
,implied Correct Answers illegal
A real estate salesperson works on behalf of a licensed real
estate broker to perform any of the following duties associated
with real estate transactions except?
List property
Sell property
Lease property
Collect commissions Correct Answers Collect commissions
A real estate transaction has four stages. Which of the following
is NOT one of those stages?
Listing the property
Marketing the property
Negotiating the purchase contract
Settling the transaction Correct Answers Marketing the
property
A salesperson can accept a commission from
___________________.
Their sponsoring broker.
The buyer
The seller
The title company Correct Answers Their sponsoring broker.
A salesperson sells a house listed by another company for
$192,000. The salesperson's company is to receive 50% of a 7%
commission, what is the salesperson's share of the commission if
he received 45% of the amount his company receives?
$3,220
$6,720
, $3,024
$2,898 Correct Answers $3,024
A__________________ broker conducts business as a sole
proprietorship, doing business under a name other than his or
her personal name.
Limited Liability Company
Foreign
Trade Name
Listing Correct Answers Trade Name
Agent Paul is bound to inform his client of all facts that might
affect the client's interests -- both what Paul knows and what he
"should have known." Which of these situations would not be
something Paul "should know"?
There is a crack in the basement wall.
The air conditioner does not work.
The owner of the property is HIV positive.
The casement windows have broken seals. Correct Answers
The owner of the property is HIV positive.
An agent works ____ the principal and ____ the customer
For, for
With, for
For, with
With, with Correct Answers For, with
An Article 78 proceeding refers to which of the following?
An applicants or licensees right to appeal a Department hearing
decision to the Secretary of State.
