Real Estate Colibri Practice Exam
Which item below can help protect against a home with a listed incorrect street address or legal
description in public records? - ✔✔ correct answer Standard coverage title insurance policy and
extended coverage title insurance policy
Robert owns his property and enjoys the full bundle of rights. Can he use his property as collateral for
debt? - ✔✔ correct answer Yes. Robert can encumber his property
Which location is an industrial coal plant least likely to be located? - ✔✔ correct answer Adjacent to an
elementary school
What is the least likely answer needed in a "legal consent" scenario? - ✔✔ correct answer Contract
What is the name used to describe the fact that a client must have consent, free will, and act without
duress when entering a contract or business relationship? - ✔✔ correct answer Legal Consent
Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower
under which law or regulation? - ✔✔ correct answer Truth in Lending
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract enforceable? - ✔✔ correct
answer No, all leases for longer than one year must be in writing to be enforceable
Jessica can only afford a 7% down payment on her new cottage. What will she be required to purchase at
closing? - ✔✔ correct answer Private Mortgage Insurance
What happens if the Grievance Committee finds that there is a potential ethics violation and that the
complaint has been appropriately filed? - ✔✔ correct answer The complaint is forwarded to a hearing
panel of the Professional Standards Committee
Listing agents must present ________. - ✔✔ correct answer All formal and informal offers
Which of the following principles are included in the Preamble to the Code of Ethics? - ✔✔ correct
answer Honesty and Integrity, Fairness, and Moral conduct in business relations
, Real Estate Colibri Practice Exam
What type of agency cannot be revoked by the principal, nor is terminated if the principal dies? - ✔✔
correct answer Agency coupled with an interest
Who can train office staff at a brokerage firm in weekly meetings? - ✔✔ correct answer Principal Broker,
associate brokers, and outside social media marketers
What is the minimum earnest money deposit that a Buyer can offer to purchase a listed home? - ✔✔
correct answer Zero dollars
Which action does an escrow officer typically work on in a home sale transaction? - ✔✔ correct answer
Collects earnest money deposits, orders title insurance, and gathers third party inspection reports
What was the original name of the National Association of REALTORS® when it was first founded? - ✔✔
correct answer The National Association of Real Estate Exchanges
What is "one click away" as it relates to the real estate profession? - ✔✔ correct answer When a viewer
online can find the agent's contact information with just one click of the mouse, smartphone, or
keyboard
A broker who spends their client's $10,000 earnest money deposit on their office's monthly expenses
such as rent, utilities, and has engaged in the act of what? - ✔✔ correct answer Conversion and Criminal
Fraud
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an office tour? - ✔✔
correct answer Within a week after the listing is taken
Under the Rectangular survey system, which direction do the principal meridian lines run on a map? -
✔✔ correct answer North-South
According to Article 3, what does cooperating with other brokers involve? - ✔✔ correct answer Sharing
information about listings and making listings available for showing.
Which item below can help protect against a home with a listed incorrect street address or legal
description in public records? - ✔✔ correct answer Standard coverage title insurance policy and
extended coverage title insurance policy
Robert owns his property and enjoys the full bundle of rights. Can he use his property as collateral for
debt? - ✔✔ correct answer Yes. Robert can encumber his property
Which location is an industrial coal plant least likely to be located? - ✔✔ correct answer Adjacent to an
elementary school
What is the least likely answer needed in a "legal consent" scenario? - ✔✔ correct answer Contract
What is the name used to describe the fact that a client must have consent, free will, and act without
duress when entering a contract or business relationship? - ✔✔ correct answer Legal Consent
Mortgage lenders are required to disclose financing costs and annual percentage rate to the borrower
under which law or regulation? - ✔✔ correct answer Truth in Lending
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract enforceable? - ✔✔ correct
answer No, all leases for longer than one year must be in writing to be enforceable
Jessica can only afford a 7% down payment on her new cottage. What will she be required to purchase at
closing? - ✔✔ correct answer Private Mortgage Insurance
What happens if the Grievance Committee finds that there is a potential ethics violation and that the
complaint has been appropriately filed? - ✔✔ correct answer The complaint is forwarded to a hearing
panel of the Professional Standards Committee
Listing agents must present ________. - ✔✔ correct answer All formal and informal offers
Which of the following principles are included in the Preamble to the Code of Ethics? - ✔✔ correct
answer Honesty and Integrity, Fairness, and Moral conduct in business relations
, Real Estate Colibri Practice Exam
What type of agency cannot be revoked by the principal, nor is terminated if the principal dies? - ✔✔
correct answer Agency coupled with an interest
Who can train office staff at a brokerage firm in weekly meetings? - ✔✔ correct answer Principal Broker,
associate brokers, and outside social media marketers
What is the minimum earnest money deposit that a Buyer can offer to purchase a listed home? - ✔✔
correct answer Zero dollars
Which action does an escrow officer typically work on in a home sale transaction? - ✔✔ correct answer
Collects earnest money deposits, orders title insurance, and gathers third party inspection reports
What was the original name of the National Association of REALTORS® when it was first founded? - ✔✔
correct answer The National Association of Real Estate Exchanges
What is "one click away" as it relates to the real estate profession? - ✔✔ correct answer When a viewer
online can find the agent's contact information with just one click of the mouse, smartphone, or
keyboard
A broker who spends their client's $10,000 earnest money deposit on their office's monthly expenses
such as rent, utilities, and has engaged in the act of what? - ✔✔ correct answer Conversion and Criminal
Fraud
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an office tour? - ✔✔
correct answer Within a week after the listing is taken
Under the Rectangular survey system, which direction do the principal meridian lines run on a map? -
✔✔ correct answer North-South
According to Article 3, what does cooperating with other brokers involve? - ✔✔ correct answer Sharing
information about listings and making listings available for showing.
