Colibri Real Estate Final Exam (KY) 1
Broker Joy just signed a listing agreement with a seller. When should Joy
schedule an office tour? correct answersWithin a week after the listing is
taken
What is NOT required between two parties as it relates to the violation
of "mutual assent"? correct answersWritten contacts
Title insurance protects more against . correct answersPast events
Who has the most liability in a fiduciary relationship dispute over a
real estate transaction? correct answersPrincipal broker
Who is required to be the trustee for a brokerage trust account
fund? correct answersPrincipal broker
According to article 2, which of the following statements are TRUE?
correct answersREALTORS® must disclose all known material facts but are
not obligated to discover latent defects in the property.
Vicky was posing as a customer of Establishment Realty. However, she was
really there to see if Establishment Realty was following fair housing laws.
Vicky was a .
correct answersTester
What is physically and financially feasible, legal, and the most productive for
a property? correct answersIts highest and best use
A party with all ownership rights in a property is said to hold .
correct answerslegal title
What is the name of the act of mixing personal funds with client funds in
a trust fund account? correct answersCommingling
What type of agency cannot be revoked by the principal, nor is
terminated if the principal dies? correct answersAgency coupled with
an interest
Which national group has tried to stop real estate licensees from handling
any contacts? correct answersAmerican Bar Association
Without legal capacity and mutual consent in place, courts may likely do
what to the existing contracts or agency relationships? correct
answersVoid them, Rescind them, Cancel them
, An exclusive listing agreement may contain . correct answersListing
terms of less than one year
Which land measurement system uses the physical features of land the
most to identify it? correct answersMetes and bounds
Who is most often the main closing agent in Kentucky purchase
deals? correct answersTitle officer
When must offers be presented by an agent to the seller? correct
answersIn a timely manner
Under the Rectangular survey system, which direction do the base lines run
on a map? correct answerseast to west
When must a REALTOR disclose a personal interest in a property when
buying or selling? correct answersA REALTOR is required to disclose any
personal interest (theirs, immediate family, or business entity they are
part of) in any property when buying or selling
Who can be a client in a real estate transaction? correct
answersCorporation, limited partnership, agents family members
What are the three major sections of the NAR code of ethics? correct
answersDuties to the client and customers, Duties to the public, Duties to
REALTORS
What is the sellers main consideration that is offered to the buyer in a
purchase deal? correct answersThe future transfer of marketable title
Who can train office staff at a brokerage firm in weekly
meetings? correct answersPrincipal Broker
Associate Broker
Outside Social Media Marketers
In which type of agency agreement may a principal work with multiple
brokers to purchase or lease a property? correct answersNon-Exclusive Buyer
Agency Agreement
Which advertising guidelines do most agents need to follow the most
closely? correct answersThe Broker's Office Policy Manual
What can happen to an agent who does not present a clients purchase
offer? correct answersHe may lose his client
The agent may end up with a suspended
license The client might file a lawsuit
against the licensee
Broker Joy just signed a listing agreement with a seller. When should Joy
schedule an office tour? correct answersWithin a week after the listing is
taken
What is NOT required between two parties as it relates to the violation
of "mutual assent"? correct answersWritten contacts
Title insurance protects more against . correct answersPast events
Who has the most liability in a fiduciary relationship dispute over a
real estate transaction? correct answersPrincipal broker
Who is required to be the trustee for a brokerage trust account
fund? correct answersPrincipal broker
According to article 2, which of the following statements are TRUE?
correct answersREALTORS® must disclose all known material facts but are
not obligated to discover latent defects in the property.
Vicky was posing as a customer of Establishment Realty. However, she was
really there to see if Establishment Realty was following fair housing laws.
Vicky was a .
correct answersTester
What is physically and financially feasible, legal, and the most productive for
a property? correct answersIts highest and best use
A party with all ownership rights in a property is said to hold .
correct answerslegal title
What is the name of the act of mixing personal funds with client funds in
a trust fund account? correct answersCommingling
What type of agency cannot be revoked by the principal, nor is
terminated if the principal dies? correct answersAgency coupled with
an interest
Which national group has tried to stop real estate licensees from handling
any contacts? correct answersAmerican Bar Association
Without legal capacity and mutual consent in place, courts may likely do
what to the existing contracts or agency relationships? correct
answersVoid them, Rescind them, Cancel them
, An exclusive listing agreement may contain . correct answersListing
terms of less than one year
Which land measurement system uses the physical features of land the
most to identify it? correct answersMetes and bounds
Who is most often the main closing agent in Kentucky purchase
deals? correct answersTitle officer
When must offers be presented by an agent to the seller? correct
answersIn a timely manner
Under the Rectangular survey system, which direction do the base lines run
on a map? correct answerseast to west
When must a REALTOR disclose a personal interest in a property when
buying or selling? correct answersA REALTOR is required to disclose any
personal interest (theirs, immediate family, or business entity they are
part of) in any property when buying or selling
Who can be a client in a real estate transaction? correct
answersCorporation, limited partnership, agents family members
What are the three major sections of the NAR code of ethics? correct
answersDuties to the client and customers, Duties to the public, Duties to
REALTORS
What is the sellers main consideration that is offered to the buyer in a
purchase deal? correct answersThe future transfer of marketable title
Who can train office staff at a brokerage firm in weekly
meetings? correct answersPrincipal Broker
Associate Broker
Outside Social Media Marketers
In which type of agency agreement may a principal work with multiple
brokers to purchase or lease a property? correct answersNon-Exclusive Buyer
Agency Agreement
Which advertising guidelines do most agents need to follow the most
closely? correct answersThe Broker's Office Policy Manual
What can happen to an agent who does not present a clients purchase
offer? correct answersHe may lose his client
The agent may end up with a suspended
license The client might file a lawsuit
against the licensee
