Colibri Real Estate Final Exam (KY) 1
Vicky was posing as a customer of Establishment Realty. However, she was really there
to see if Establishment Realty was following fair housing laws. Vicky was a _______. -
CORRECT ANSWER-Tester
What is physically and financially feasible, legal, and the most productive for a property?
- CORRECT ANSWER-Its highest and best use
A party with all ownership rights in a property is said to hold ______. - CORRECT
ANSWER-legal title
What is the name of the act of mixing personal funds with client funds in a trust fund
account? - CORRECT ANSWER-Commingling
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - CORRECT ANSWER-Agency coupled with an interest
Which national group has tried to stop real estate licensees from handling any contacts?
- CORRECT ANSWER-American Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? - CORRECT ANSWER-Void them, Rescind
them, Cancel them
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
What is NOT required between two parties as it relates to the violation of "mutual
assent"? - CORRECT ANSWER-Written contacts
Title insurance protects more against _______. - CORRECT ANSWER-Past events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? - CORRECT ANSWER-Principal broker
Who is required to be the trustee for a brokerage trust account fund? - CORRECT
ANSWER-Principal broker
According to article 2, which of the following statements are TRUE? - CORRECT
ANSWER-REALTORS® must disclose all known material facts but are not obligated to
discover latent defects in the property.
, An exclusive listing agreement may contain _______. - CORRECT ANSWER-Listing
terms of less than one year
Which land measurement system uses the physical features of land the most to identify
it? - CORRECT ANSWER-Metes and bounds
Who is most often the main closing agent in Kentucky purchase deals? - CORRECT
ANSWER-Title officer
When must offers be presented by an agent to the seller? - CORRECT ANSWER-In a
timely manner
Under the Rectangular survey system, which direction do the base lines run on a map?
- CORRECT ANSWER-east to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? - CORRECT ANSWER-A REALTOR is required to disclose any personal
interest (theirs, immediate family, or business entity they are part of) in any property
when buying or selling
Who can be a client in a real estate transaction? - CORRECT ANSWER-Corporation,
limited partnership, agents family members
What are the three major sections of the NAR code of ethics? - CORRECT ANSWER-
Duties to the client and customers, Duties to the public, Duties to REALTORS
What is the sellers main consideration that is offered to the buyer in a purchase deal? -
CORRECT ANSWER-The future transfer of marketable title
Who can train office staff at a brokerage firm in weekly meetings? - CORRECT
ANSWER-Principal Broker
Associate Broker
Outside Social Media Marketers
In which type of agency agreement may a principal work with multiple brokers to
purchase or lease a property? - CORRECT ANSWER-Non-Exclusive Buyer Agency
Agreement
Which advertising guidelines do most agents need to follow the most closely? -
CORRECT ANSWER-The Broker's Office Policy Manual
What can happen to an agent who does not present a clients purchase offer? -
CORRECT ANSWER-He may lose his client
The agent may end up with a suspended license
Vicky was posing as a customer of Establishment Realty. However, she was really there
to see if Establishment Realty was following fair housing laws. Vicky was a _______. -
CORRECT ANSWER-Tester
What is physically and financially feasible, legal, and the most productive for a property?
- CORRECT ANSWER-Its highest and best use
A party with all ownership rights in a property is said to hold ______. - CORRECT
ANSWER-legal title
What is the name of the act of mixing personal funds with client funds in a trust fund
account? - CORRECT ANSWER-Commingling
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - CORRECT ANSWER-Agency coupled with an interest
Which national group has tried to stop real estate licensees from handling any contacts?
- CORRECT ANSWER-American Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? - CORRECT ANSWER-Void them, Rescind
them, Cancel them
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
What is NOT required between two parties as it relates to the violation of "mutual
assent"? - CORRECT ANSWER-Written contacts
Title insurance protects more against _______. - CORRECT ANSWER-Past events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? - CORRECT ANSWER-Principal broker
Who is required to be the trustee for a brokerage trust account fund? - CORRECT
ANSWER-Principal broker
According to article 2, which of the following statements are TRUE? - CORRECT
ANSWER-REALTORS® must disclose all known material facts but are not obligated to
discover latent defects in the property.
, An exclusive listing agreement may contain _______. - CORRECT ANSWER-Listing
terms of less than one year
Which land measurement system uses the physical features of land the most to identify
it? - CORRECT ANSWER-Metes and bounds
Who is most often the main closing agent in Kentucky purchase deals? - CORRECT
ANSWER-Title officer
When must offers be presented by an agent to the seller? - CORRECT ANSWER-In a
timely manner
Under the Rectangular survey system, which direction do the base lines run on a map?
- CORRECT ANSWER-east to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? - CORRECT ANSWER-A REALTOR is required to disclose any personal
interest (theirs, immediate family, or business entity they are part of) in any property
when buying or selling
Who can be a client in a real estate transaction? - CORRECT ANSWER-Corporation,
limited partnership, agents family members
What are the three major sections of the NAR code of ethics? - CORRECT ANSWER-
Duties to the client and customers, Duties to the public, Duties to REALTORS
What is the sellers main consideration that is offered to the buyer in a purchase deal? -
CORRECT ANSWER-The future transfer of marketable title
Who can train office staff at a brokerage firm in weekly meetings? - CORRECT
ANSWER-Principal Broker
Associate Broker
Outside Social Media Marketers
In which type of agency agreement may a principal work with multiple brokers to
purchase or lease a property? - CORRECT ANSWER-Non-Exclusive Buyer Agency
Agreement
Which advertising guidelines do most agents need to follow the most closely? -
CORRECT ANSWER-The Broker's Office Policy Manual
What can happen to an agent who does not present a clients purchase offer? -
CORRECT ANSWER-He may lose his client
The agent may end up with a suspended license
