final colibri real estate exam PT
What is the name for the act of spending client funds without permission from a trust
fund account? - ✔️✔️Conversion
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? - ✔️✔️All of the above
Which step in the construction building process is likeliest to be first? - ✔️✔️Grading
The term "business ethics" applies to which of the following statements? - ✔️✔️A form
of applied ethics that examines ethical principles that arise in a business environment.
What must a licensee first do before advertising listed property? - ✔️✔️Obtain the
owner's consent.
A 90-day listing agreement is a type of _____. - ✔️✔️Special Agency
Which of the following would be an example of personal ethics? - ✔️✔️All of the above
Buyer Immanuel's broker finds out information about the seller which will help Immanuel
in the transaction. Loyalty is one of the duties of _____. - ✔️✔️protection.
Who can train office staff at a brokerage firm in weekly meetings? - ✔️✔️All of the
above
A property has sold for $185,000. The listing agreement calls for a commission of 6.5%.
The listing broker and selling broker agree to share the commission equally. What will
the listing agent receive if the agent is scheduled to get a 65% share from his broker? -
✔️✔️$3,908
Who is required to be the trustee for a brokerage trust account fund? - ✔️✔️Principal
Broker
Under what type of contract is a seller obligated to sell, but the buyer is not obligated to
buy? - ✔️✔️Option
, What must a licensee first obtain before engaging in property management? - ✔️✔️A
current written property management agreement.
When may a REALTOR® accept a rebate for services or suggest the use of services of
a business entity in which they have direct interest in? - ✔️✔️Only with their client's
knowledge and consent.
What type of bank accounts are trust funds placed into once received from clients? -
✔️✔️Non-interest bearing accounts
What is "one click away" as it relates to the real estate profession? - ✔️✔️When a
viewer online can find the agent's contact information with just one click of the mouse,
smartphone, or keyboard
What would be a valid reason for a city to approve a zoning variance? - ✔️✔️All of the
Above
Who can financially be held liable for a Salesperson or Associate Broker being
physically assaulted at an open house showing? - ✔️✔️
Who does the Buyer's Agent owe their primary loyalty to in a purchase deal? - ✔️✔️To
the Buyer
For a dispute to qualify for arbitration, which of the following conditions must be met? -
✔️✔️All of the above.
What should a Principal Broker do when he wants to add new unique clauses to a
complex commercial real estate purchase contract to minimize his risks? - ✔️✔️Seek
out the advice of a trusted real estate attorney
What can an injured party in a breach of contract situation do to attempt to minimize the
damage? - ✔️✔️All of the above
Arbitration refers to what type of claim? - ✔️✔️A money claim.
How many square miles are there in a township? - ✔️✔️36
Under the Rectangular survey system, which direction do the base lines run on a map?
- ✔️✔️East-West
Seller Monica is selling her property to Harriet. What is Monica's primary responsibility
at closing? - ✔️✔️To deliver marketable title
What is the name for the act of spending client funds without permission from a trust
fund account? - ✔️✔️Conversion
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? - ✔️✔️All of the above
Which step in the construction building process is likeliest to be first? - ✔️✔️Grading
The term "business ethics" applies to which of the following statements? - ✔️✔️A form
of applied ethics that examines ethical principles that arise in a business environment.
What must a licensee first do before advertising listed property? - ✔️✔️Obtain the
owner's consent.
A 90-day listing agreement is a type of _____. - ✔️✔️Special Agency
Which of the following would be an example of personal ethics? - ✔️✔️All of the above
Buyer Immanuel's broker finds out information about the seller which will help Immanuel
in the transaction. Loyalty is one of the duties of _____. - ✔️✔️protection.
Who can train office staff at a brokerage firm in weekly meetings? - ✔️✔️All of the
above
A property has sold for $185,000. The listing agreement calls for a commission of 6.5%.
The listing broker and selling broker agree to share the commission equally. What will
the listing agent receive if the agent is scheduled to get a 65% share from his broker? -
✔️✔️$3,908
Who is required to be the trustee for a brokerage trust account fund? - ✔️✔️Principal
Broker
Under what type of contract is a seller obligated to sell, but the buyer is not obligated to
buy? - ✔️✔️Option
, What must a licensee first obtain before engaging in property management? - ✔️✔️A
current written property management agreement.
When may a REALTOR® accept a rebate for services or suggest the use of services of
a business entity in which they have direct interest in? - ✔️✔️Only with their client's
knowledge and consent.
What type of bank accounts are trust funds placed into once received from clients? -
✔️✔️Non-interest bearing accounts
What is "one click away" as it relates to the real estate profession? - ✔️✔️When a
viewer online can find the agent's contact information with just one click of the mouse,
smartphone, or keyboard
What would be a valid reason for a city to approve a zoning variance? - ✔️✔️All of the
Above
Who can financially be held liable for a Salesperson or Associate Broker being
physically assaulted at an open house showing? - ✔️✔️
Who does the Buyer's Agent owe their primary loyalty to in a purchase deal? - ✔️✔️To
the Buyer
For a dispute to qualify for arbitration, which of the following conditions must be met? -
✔️✔️All of the above.
What should a Principal Broker do when he wants to add new unique clauses to a
complex commercial real estate purchase contract to minimize his risks? - ✔️✔️Seek
out the advice of a trusted real estate attorney
What can an injured party in a breach of contract situation do to attempt to minimize the
damage? - ✔️✔️All of the above
Arbitration refers to what type of claim? - ✔️✔️A money claim.
How many square miles are there in a township? - ✔️✔️36
Under the Rectangular survey system, which direction do the base lines run on a map?
- ✔️✔️East-West
Seller Monica is selling her property to Harriet. What is Monica's primary responsibility
at closing? - ✔️✔️To deliver marketable title
