Real Estate Colibri Practice Exam

REAL ESTATE COLIBRI PRACTICE EXAM




Which item below can help protect against a home with a listed incorrect street address or legal de
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scription in public records? - rh rh rh rh




answersStandard coverage title insurance policy and extended coverage title insurance policy
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Robert owns his property and enjoys the full bundle of rights. Can he use his property as collateral f
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or debt? - answersYes. Robert can encumber his property
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Which location is an industrial coal plant least likely to be located? -
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answersAdjacent to an elementary school
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What is the least likely answer needed in a "legal consent" scenario? - answersContract
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What is the name used to describe the fact that a client must have consent, free will, and act witho
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ut duress when entering a contract or business relationship? - answersLegal Consent
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Mortgage lenders are required to disclose financing costs and annual percentage rate to the borro
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wer under which law or regulation? - answersTruth in Lending
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Earl orally agreed to an 18-month lease with landlord Blake. Is this contract enforceable? -
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answersNo, all leases for longer than one year must be in writing to be enforceable
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Jessica can only afford a 7% down payment on her new cottage. What will she be required to purch
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ase at closing? - answersPrivate Mortgage Insurance
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, What happens if the Grievance Committee finds that there is a potential ethics violation and that t
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he complaint has been appropriately filed? -
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answersThe complaint is forwarded to a hearing panel of the Professional Standards Committee
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Listing agents must present ________. - answersAll formal and informal offers
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Which of the following principles are included in the Preamble to the Code of Ethics? -
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answersHonesty and Integrity, Fairness, and Moral conduct in business relations
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What type of agency cannot be revoked by the principal, nor is terminated if the principal dies? -
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answersAgency coupled with an interest
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Who can train office staff at a brokerage firm in weekly meetings? -
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answersPrincipal Broker, associate brokers, and outside social media marketers
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What is the minimum earnest money deposit that a Buyer can offer to purchase a listed home? -
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answersZero dollars
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Which action does an escrow officer typically work on in a home sale transaction? -
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answersCollects earnest money deposits, orders title insurance, and gathers third party inspectio
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n reports
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What was the original name of the National Association of REALTORS® when it was first founded? -
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answersThe National Association of Real Estate Exchanges
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What is "one click away" as it relates to the real estate profession? -
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answersWhen a viewer online can find the agent's contact information with just one click of the m
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ouse, smartphone, or keyboard
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A broker who spends their client's $10,000 earnest money deposit on their office's monthly expen
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ses such as rent, utilities, and has engaged in the act of what? -
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answersConversion and Criminal Fraud
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