Colibri Real Estate Final Exam (KY) 1
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an
office tour? correct answersWithin a week after the listing is taken
What is NOT required between two parties as it relates to the violation of "mutual
assent"? correct answersWritten contacts
Title insurance protects more against _______. correct answersPast events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? correct answersPrincipal broker
Who is required to be the trustee for a brokerage trust account fund? correct
answersPrincipal broker
According to article 2, which of the following statements are TRUE? correct
answersREALTORS® must disclose all known material facts but are not obligated to
discover latent defects in the property.
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 answersTester
What is physically and financially feasible, legal, and the most productive for a property?
correct answersIts highest and best use
A party with all ownership rights in a property is said to hold ______. correct
answerslegal title
What is the name of the act of mixing personal funds with client funds in a trust fund
account? correct answersCommingling
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? correct answersAgency coupled with an interest
Which national group has tried to stop real estate licensees from handling any contacts?
correct answersAmerican Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? correct answersVoid them, Rescind them,
Cancel them
, An exclusive listing agreement may contain _______. correct answersListing terms of
less than one year
Which land measurement system uses the physical features of land the most to identify
it? correct answersMetes and bounds
Who is most often the main closing agent in Kentucky purchase deals? correct
answersTitle officer
When must offers be presented by an agent to the seller? correct answersIn a timely
manner
Under the Rectangular survey system, which direction do the base lines run on a map?
correct answerseast to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? correct answersA 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 answersCorporation, limited
partnership, agents family members
What are the three major sections of the NAR code of ethics? correct answersDuties 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 answersThe future transfer of marketable title
Who can train office staff at a brokerage firm in weekly meetings? correct
answersPrincipal 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 answersNon-Exclusive Buyer Agency Agreement
Which advertising guidelines do most agents need to follow the most closely? correct
answersThe Broker's Office Policy Manual
What can happen to an agent who does not present a clients purchase offer? correct
answersHe may lose his client
The agent may end up with a suspended license
The client might file a lawsuit against the licensee
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an
office tour? correct answersWithin a week after the listing is taken
What is NOT required between two parties as it relates to the violation of "mutual
assent"? correct answersWritten contacts
Title insurance protects more against _______. correct answersPast events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? correct answersPrincipal broker
Who is required to be the trustee for a brokerage trust account fund? correct
answersPrincipal broker
According to article 2, which of the following statements are TRUE? correct
answersREALTORS® must disclose all known material facts but are not obligated to
discover latent defects in the property.
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 answersTester
What is physically and financially feasible, legal, and the most productive for a property?
correct answersIts highest and best use
A party with all ownership rights in a property is said to hold ______. correct
answerslegal title
What is the name of the act of mixing personal funds with client funds in a trust fund
account? correct answersCommingling
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? correct answersAgency coupled with an interest
Which national group has tried to stop real estate licensees from handling any contacts?
correct answersAmerican Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? correct answersVoid them, Rescind them,
Cancel them
, An exclusive listing agreement may contain _______. correct answersListing terms of
less than one year
Which land measurement system uses the physical features of land the most to identify
it? correct answersMetes and bounds
Who is most often the main closing agent in Kentucky purchase deals? correct
answersTitle officer
When must offers be presented by an agent to the seller? correct answersIn a timely
manner
Under the Rectangular survey system, which direction do the base lines run on a map?
correct answerseast to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? correct answersA 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 answersCorporation, limited
partnership, agents family members
What are the three major sections of the NAR code of ethics? correct answersDuties 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 answersThe future transfer of marketable title
Who can train office staff at a brokerage firm in weekly meetings? correct
answersPrincipal 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 answersNon-Exclusive Buyer Agency Agreement
Which advertising guidelines do most agents need to follow the most closely? correct
answersThe Broker's Office Policy Manual
What can happen to an agent who does not present a clients purchase offer? correct
answersHe may lose his client
The agent may end up with a suspended license
The client might file a lawsuit against the licensee
