Colibri Real Estate Express Chapter 7
Exam 2025 With 100% Correct Answers
Which of the following provisions would be included in an independent contractor employment
agreement?
A. The required work schedule
B. Benefits provided by the broker
C. The amount of taxes the broker would pay
D. Which expenses the broker will pay - correct answers ✔✔D. Which expenses the broker will
pay
In an IRS audit, which of the following situations would cause the IRS to think that a contractor
might really be an employee?
A. The licensee attends sales meetings.
B. The licensee gets a commission.
C. The licensee takes unpaid sick days.
D. The licensee receives an hourly wage. - correct answers ✔✔D. The licensee receives an
hourly wage.
Participation is defined to include active service for how many weeks in a year?
A. 35
B. 45
C. 50
, D. 52 - correct answers ✔✔C. 50
Records of each transaction performed through a broker's office regarding the sale of one-to-
four-family dwellings must be kept how long?
A. Until transaction closing
B. 1 year
C. 3 years
D. 5 years - correct answers ✔✔C. 3 years
When negotiating an independent contractor agreement, which question should NOT be asked?
A. How many hours am I required to work each week?
B. Who pays the expenses?
C. Who answers the phone?
D. What are the start-up costs? - correct answers ✔✔A. How many hours am I required to work
each week?
Which of the following is a benefit that may be provided to an independent contractor?
A. Health care insurance
B. Paid vacation leave
C. Pension plan
D. Incentives - correct answers ✔✔D. Incentives
Exam 2025 With 100% Correct Answers
Which of the following provisions would be included in an independent contractor employment
agreement?
A. The required work schedule
B. Benefits provided by the broker
C. The amount of taxes the broker would pay
D. Which expenses the broker will pay - correct answers ✔✔D. Which expenses the broker will
pay
In an IRS audit, which of the following situations would cause the IRS to think that a contractor
might really be an employee?
A. The licensee attends sales meetings.
B. The licensee gets a commission.
C. The licensee takes unpaid sick days.
D. The licensee receives an hourly wage. - correct answers ✔✔D. The licensee receives an
hourly wage.
Participation is defined to include active service for how many weeks in a year?
A. 35
B. 45
C. 50
, D. 52 - correct answers ✔✔C. 50
Records of each transaction performed through a broker's office regarding the sale of one-to-
four-family dwellings must be kept how long?
A. Until transaction closing
B. 1 year
C. 3 years
D. 5 years - correct answers ✔✔C. 3 years
When negotiating an independent contractor agreement, which question should NOT be asked?
A. How many hours am I required to work each week?
B. Who pays the expenses?
C. Who answers the phone?
D. What are the start-up costs? - correct answers ✔✔A. How many hours am I required to work
each week?
Which of the following is a benefit that may be provided to an independent contractor?
A. Health care insurance
B. Paid vacation leave
C. Pension plan
D. Incentives - correct answers ✔✔D. Incentives
