COLIBRI PRACTICE TEST COMPLETE STUDY
GUIDE WITH SOLVED QUESTIONS
◉ Listing brokers have the duty to their sellers to:
Answer: present all offers, including oral offers and offers without a
deposit.
◉ Liquidated damages would take the form of:
Answer: an agreement within a contract that in the event of a buyer
breach the seller will retain 3% of the contract price.
◉ A bank considering a short sale and wanting to know a likely
selling price will typically request a:
Answer: broker price opinion.
◉ Which of the following would be a violation of the state license
law?
Answer: Representing both the buyer and seller in a transaction
while claiming to act as a single agent.
◉ When may a Florida broker pay a referral fee?
,Answer: A Florida broker may pay a referral fee to an out-of-state
broker who provided contact information but did not participate in
the transaction.
◉ An FHA loan will require:
Answer: a down payment.
◉ A broker may place escrow funds into an insured account with a:
any of the following, except a(n):
Answer: broker's business account at a commercial bank.
◉ What is the minimum number of closed comparable sales that an
appraiser should use to determine a property's market value?
Answer: 3
◉ If there is a breach of contract, the type of damages based on the
actual losses of the harmed party are called:
Answer: compensatory damages
◉ Which of the following persons would not need a real estate
license to engage in real estate activities?
Answer: Court-appointed trustee
, ◉ An example of a novation would be:
Answer: the original buyer withdraws from the contract with no
further liability but allows their sister to replace them as party to the
contract.
◉ In Florida, a homestead property is still subject to:
Answer: property taxes.
◉ The Truth in Lending Act requires:
Answer: disclosure of the true cost of credit.
◉ In appraisal theory, the principle of substitution states that:
Answer: informed buyers will pay no more for a property than they
could spend to buy a comparable one nearby.
◉ A Florida broker associate:
Answer: has a broker license but continues to act as a sales associate
for another broker.
◉ The principle of substitution states that:
Answer: an informed buyer will pay no more for a property than the
cost of obtaining an equally desirable property.
GUIDE WITH SOLVED QUESTIONS
◉ Listing brokers have the duty to their sellers to:
Answer: present all offers, including oral offers and offers without a
deposit.
◉ Liquidated damages would take the form of:
Answer: an agreement within a contract that in the event of a buyer
breach the seller will retain 3% of the contract price.
◉ A bank considering a short sale and wanting to know a likely
selling price will typically request a:
Answer: broker price opinion.
◉ Which of the following would be a violation of the state license
law?
Answer: Representing both the buyer and seller in a transaction
while claiming to act as a single agent.
◉ When may a Florida broker pay a referral fee?
,Answer: A Florida broker may pay a referral fee to an out-of-state
broker who provided contact information but did not participate in
the transaction.
◉ An FHA loan will require:
Answer: a down payment.
◉ A broker may place escrow funds into an insured account with a:
any of the following, except a(n):
Answer: broker's business account at a commercial bank.
◉ What is the minimum number of closed comparable sales that an
appraiser should use to determine a property's market value?
Answer: 3
◉ If there is a breach of contract, the type of damages based on the
actual losses of the harmed party are called:
Answer: compensatory damages
◉ Which of the following persons would not need a real estate
license to engage in real estate activities?
Answer: Court-appointed trustee
, ◉ An example of a novation would be:
Answer: the original buyer withdraws from the contract with no
further liability but allows their sister to replace them as party to the
contract.
◉ In Florida, a homestead property is still subject to:
Answer: property taxes.
◉ The Truth in Lending Act requires:
Answer: disclosure of the true cost of credit.
◉ In appraisal theory, the principle of substitution states that:
Answer: informed buyers will pay no more for a property than they
could spend to buy a comparable one nearby.
◉ A Florida broker associate:
Answer: has a broker license but continues to act as a sales associate
for another broker.
◉ The principle of substitution states that:
Answer: an informed buyer will pay no more for a property than the
cost of obtaining an equally desirable property.
