Colibri Real Estate Chapter 2 Quiz
Questions 2025 With 100% Correct
Answers
An agency relationship may be involuntarily terminated by which of the following? - correct
answers ✔✔By destruction of the property through fire, vandalism, or natural disaster
When a seller authorizes a unilateral offer of subagency to all MLS members, any agent who
shows the listed property automatically becomes - correct answers ✔✔A subagent
An agency relationship may be involuntarily terminated by which of the following? - correct
answers ✔✔Condemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? - correct answers
✔✔Honesty and fair dealing
Which of the following terminations of an agency relationship could result in legal or financial
ramifications? - correct answers ✔✔Renunciation by the client
When the agency relationship has been terminated, the licensee is no longer considered the
principal's agent but still owes which of the following duties to the principal? - correct answers
✔✔Accounting
With which of the following can a broker NOT enter into a single agency agreement? - correct
answers ✔✔Seller and buyer
A person who is empowered to act on behalf of another is called? - correct answers ✔✔An
agent
,When the agency relationship has been terminated, the licensee is no longer considered the
principal's agent but still owes which of the following duties to the principal? - correct answers
✔✔Confidentiality
When a seller gives permission to a broker to submit the property to the MLS, the seller is
authorizing the broker to make a blanket unilateral offer of what to all the other members of
that MLS? - correct answers ✔✔Subagency
What is the term given to an agent who is acting as a buyer's and seller's agent in the same
transaction? - correct answers ✔✔Dual agent
A subagent owes customer level services to the buyer which include which of these? - correct
answers ✔✔Honesty, fair dealing and the proper disclosure of pertinent facts that affect the
value of the property
Which of the following may not involuntarily terminate an agency relationship? - correct
answers ✔✔Expiration of the agreement term
Revocation of a broker's license results in - correct answers ✔✔Termination of the relationship
"As is" sales are tempered by which of the agent's duties? - correct answers ✔✔Disclosure
What kind of defects are hidden from normal vies but still must be disclosed? - correct answers
✔✔Latent
Latent defects are those - correct answers ✔✔Hidden from normal view and, therefore, must
be revealed
,An agent must inform client and customer that the agent represents the client and does not
represent the customer, unless - correct answers ✔✔there is a dual agency
The agent who has the job of obtaining the best possible transaction for the seller is - correct
answers ✔✔the designated agent
A licensee for a seller has a duty to disclose such things except - correct answers ✔✔ability of
the purchaser to offer a higher price even if the purchaser is also the licensee's client
Since many of an agent's fiduciary duties can only be rendered to one party, an agent would
have a difficult in not impossible time performing his/her duties in which type of agency? -
correct answers ✔✔Dual agency
Properties that have an undesirable reputation due to an associated unpleasant occurrence,
such as murder or gang violence, are known as - correct answers ✔✔stigmatized properties
Since the listing agreement is a contract that established an agency relationship, which law(s) is
the relationship subject to? - correct answers ✔✔All of the above
Most real estate listing contracts are which kind of agency? - correct answers ✔✔Special agency
If a client refuses to disclose material defects to a buyer, what should the agent do? - correct
answers ✔✔Decline or sever the agency agreement
A licensee must provide____ of any existing agency relationships to all parties for whom he or
she provides real estate brokerage services - correct answers ✔✔A written disclosure
In Indiana, contractual relationships are always formed at what level? - correct answers
✔✔Managing broker
, The licensee may disclose to the seller the financial status of the potential buyer customer. Is
this statement true or false and why? - correct answers ✔✔True if the agent has knowledge of
the buyer's financial status
Representing both principal parties to a real estate transaction is - correct answers ✔✔A dual
agency
A legal doctrine by which a person is prevented from asserting rights or facts that are
inconsistent with a previous position or representation made by act, conduct, or silence is -
correct answers ✔✔An estoppel
If an agency relationship has not been established by a written agreement, does the relationship
exist, and if so, what kind of relationship is it? - correct answers ✔✔Yes, it is an implied agency
Before a licensee sign a listing agreement with a seller, he/she mist - correct answers ✔✔Give
the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except - correct answers ✔✔why the
seller is selling if the licensee knows this from a previous relationship with the seller
The licensee could be known as a transaction broker, facilitator, or coordinator in which type of
agency? - correct answers ✔✔Non-agency
To make it easier to describe elevations, surveyors refer to standard elevation points called -
correct answers ✔✔Benchmarks
What is a "block" in the lot and block system of description? - correct answers ✔✔A group of
lots in a subdivision
Questions 2025 With 100% Correct
Answers
An agency relationship may be involuntarily terminated by which of the following? - correct
answers ✔✔By destruction of the property through fire, vandalism, or natural disaster
When a seller authorizes a unilateral offer of subagency to all MLS members, any agent who
shows the listed property automatically becomes - correct answers ✔✔A subagent
An agency relationship may be involuntarily terminated by which of the following? - correct
answers ✔✔Condemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? - correct answers
✔✔Honesty and fair dealing
Which of the following terminations of an agency relationship could result in legal or financial
ramifications? - correct answers ✔✔Renunciation by the client
When the agency relationship has been terminated, the licensee is no longer considered the
principal's agent but still owes which of the following duties to the principal? - correct answers
✔✔Accounting
With which of the following can a broker NOT enter into a single agency agreement? - correct
answers ✔✔Seller and buyer
A person who is empowered to act on behalf of another is called? - correct answers ✔✔An
agent
,When the agency relationship has been terminated, the licensee is no longer considered the
principal's agent but still owes which of the following duties to the principal? - correct answers
✔✔Confidentiality
When a seller gives permission to a broker to submit the property to the MLS, the seller is
authorizing the broker to make a blanket unilateral offer of what to all the other members of
that MLS? - correct answers ✔✔Subagency
What is the term given to an agent who is acting as a buyer's and seller's agent in the same
transaction? - correct answers ✔✔Dual agent
A subagent owes customer level services to the buyer which include which of these? - correct
answers ✔✔Honesty, fair dealing and the proper disclosure of pertinent facts that affect the
value of the property
Which of the following may not involuntarily terminate an agency relationship? - correct
answers ✔✔Expiration of the agreement term
Revocation of a broker's license results in - correct answers ✔✔Termination of the relationship
"As is" sales are tempered by which of the agent's duties? - correct answers ✔✔Disclosure
What kind of defects are hidden from normal vies but still must be disclosed? - correct answers
✔✔Latent
Latent defects are those - correct answers ✔✔Hidden from normal view and, therefore, must
be revealed
,An agent must inform client and customer that the agent represents the client and does not
represent the customer, unless - correct answers ✔✔there is a dual agency
The agent who has the job of obtaining the best possible transaction for the seller is - correct
answers ✔✔the designated agent
A licensee for a seller has a duty to disclose such things except - correct answers ✔✔ability of
the purchaser to offer a higher price even if the purchaser is also the licensee's client
Since many of an agent's fiduciary duties can only be rendered to one party, an agent would
have a difficult in not impossible time performing his/her duties in which type of agency? -
correct answers ✔✔Dual agency
Properties that have an undesirable reputation due to an associated unpleasant occurrence,
such as murder or gang violence, are known as - correct answers ✔✔stigmatized properties
Since the listing agreement is a contract that established an agency relationship, which law(s) is
the relationship subject to? - correct answers ✔✔All of the above
Most real estate listing contracts are which kind of agency? - correct answers ✔✔Special agency
If a client refuses to disclose material defects to a buyer, what should the agent do? - correct
answers ✔✔Decline or sever the agency agreement
A licensee must provide____ of any existing agency relationships to all parties for whom he or
she provides real estate brokerage services - correct answers ✔✔A written disclosure
In Indiana, contractual relationships are always formed at what level? - correct answers
✔✔Managing broker
, The licensee may disclose to the seller the financial status of the potential buyer customer. Is
this statement true or false and why? - correct answers ✔✔True if the agent has knowledge of
the buyer's financial status
Representing both principal parties to a real estate transaction is - correct answers ✔✔A dual
agency
A legal doctrine by which a person is prevented from asserting rights or facts that are
inconsistent with a previous position or representation made by act, conduct, or silence is -
correct answers ✔✔An estoppel
If an agency relationship has not been established by a written agreement, does the relationship
exist, and if so, what kind of relationship is it? - correct answers ✔✔Yes, it is an implied agency
Before a licensee sign a listing agreement with a seller, he/she mist - correct answers ✔✔Give
the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except - correct answers ✔✔why the
seller is selling if the licensee knows this from a previous relationship with the seller
The licensee could be known as a transaction broker, facilitator, or coordinator in which type of
agency? - correct answers ✔✔Non-agency
To make it easier to describe elevations, surveyors refer to standard elevation points called -
correct answers ✔✔Benchmarks
What is a "block" in the lot and block system of description? - correct answers ✔✔A group of
lots in a subdivision
