COLIBRI REAL ESTATE FINAL EXAM
(KY) 1 QUESTIONS &
ANSWERS(RATED A+)
Broker Joy just signed a listing agreement with a seller. When should Joy schedule
an office tour? - ANSWERWithin a week after the listing is taken
What is NOT required between two parties as it relates to the violation of "mutual
assent"? - ANSWERWritten contacts
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - ANSWERAgency coupled with an interest
Which national group has tried to stop real estate licensees from handling any
contacts? - ANSWERAmerican Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? - ANSWERVoid them, Rescind them,
Cancel them
An exclusive listing agreement may contain _______. - ANSWERListing terms of
less than one year
Title insurance protects more against _______. - ANSWERPast events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? - ANSWERPrincipal broker
Who is required to be the trustee for a brokerage trust account fund? -
ANSWERPrincipal broker
According to article 2, which of the following statements are TRUE? -
ANSWERREALTORS® 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
_______. - ANSWERTester
What is physically and financially feasible, legal, and the most productive for a
property? - ANSWERIts highest and best use
A party with all ownership rights in a property is said to hold ______. - ANSWERlegal
title
, What is the name of the act of mixing personal funds with client funds in a trust fund
account? - ANSWERCommingling
Which land measurement system uses the physical features of land the most to
identify it? - ANSWERMetes and bounds
Who is most often the main closing agent in Kentucky purchase deals? -
ANSWERTitle officer
When must offers be presented by an agent to the seller? - ANSWERIn a timely
manner
Under the Rectangular survey system, which direction do the base lines run on a
map? - ANSWEReast to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? - ANSWERA 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? - ANSWERCorporation, limited
partnership, agents family members
What are the three major sections of the NAR code of ethics? - ANSWERDuties 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? - ANSWERThe future transfer of marketable title
Who can train office staff at a brokerage firm in weekly meetings? -
ANSWERPrincipal 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? - ANSWERNon-Exclusive Buyer Agency Agreement
Should a licensee who represents both the buyer and seller tell the buyer about
material defects on the seller's property? - ANSWERYes, any defects known to the
broker should have been disclosed to the buyer.
Which groups website generally offers the most options for guidelines for the use of
real estate forms in Kentucky? - ANSWERKREC
Who is likeliest to be the cooperating broker in a home listing deal found on the local
MLS - ANSWERbuyer's broker
When is the current FDIC coverage limit per bank account? - ANSWER$250,000
(KY) 1 QUESTIONS &
ANSWERS(RATED A+)
Broker Joy just signed a listing agreement with a seller. When should Joy schedule
an office tour? - ANSWERWithin a week after the listing is taken
What is NOT required between two parties as it relates to the violation of "mutual
assent"? - ANSWERWritten contacts
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - ANSWERAgency coupled with an interest
Which national group has tried to stop real estate licensees from handling any
contacts? - ANSWERAmerican Bar Association
Without legal capacity and mutual consent in place, courts may likely do what to the
existing contracts or agency relationships? - ANSWERVoid them, Rescind them,
Cancel them
An exclusive listing agreement may contain _______. - ANSWERListing terms of
less than one year
Title insurance protects more against _______. - ANSWERPast events
Who has the most liability in a fiduciary relationship dispute over a real estate
transaction? - ANSWERPrincipal broker
Who is required to be the trustee for a brokerage trust account fund? -
ANSWERPrincipal broker
According to article 2, which of the following statements are TRUE? -
ANSWERREALTORS® 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
_______. - ANSWERTester
What is physically and financially feasible, legal, and the most productive for a
property? - ANSWERIts highest and best use
A party with all ownership rights in a property is said to hold ______. - ANSWERlegal
title
, What is the name of the act of mixing personal funds with client funds in a trust fund
account? - ANSWERCommingling
Which land measurement system uses the physical features of land the most to
identify it? - ANSWERMetes and bounds
Who is most often the main closing agent in Kentucky purchase deals? -
ANSWERTitle officer
When must offers be presented by an agent to the seller? - ANSWERIn a timely
manner
Under the Rectangular survey system, which direction do the base lines run on a
map? - ANSWEReast to west
When must a REALTOR disclose a personal interest in a property when buying or
selling? - ANSWERA 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? - ANSWERCorporation, limited
partnership, agents family members
What are the three major sections of the NAR code of ethics? - ANSWERDuties 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? - ANSWERThe future transfer of marketable title
Who can train office staff at a brokerage firm in weekly meetings? -
ANSWERPrincipal 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? - ANSWERNon-Exclusive Buyer Agency Agreement
Should a licensee who represents both the buyer and seller tell the buyer about
material defects on the seller's property? - ANSWERYes, any defects known to the
broker should have been disclosed to the buyer.
Which groups website generally offers the most options for guidelines for the use of
real estate forms in Kentucky? - ANSWERKREC
Who is likeliest to be the cooperating broker in a home listing deal found on the local
MLS - ANSWERbuyer's broker
When is the current FDIC coverage limit per bank account? - ANSWER$250,000
