Real Estate Colibri Practice Exam Latest Update 2024-2025 150 Questions and Verified Correct Answers Guaranteed A+ A "house location survey" is also called a ________. - CORRECT ANSWER: Drive-by survey
A 90-day listing agreement is a type of _____. - CORRECT ANSWER: Special Agency
A broker who spends their client's $10,000 earnest money deposit on their office's monthly expenses such as rent, utilities, and has engaged in the act of what? -
CORRECT ANSWER: Conversion and Criminal Fraud
A developer wants to develop an 18-acre subdivision. He figures that the streets and common area will take up about 20% of this overall area. If the minimum lot size is to be 10,000 SF, how many lots can the developer have on this property? - CORRECT
ANSWER: 62 lots
A party's failure to perform a specific action or obligation included in a written contract can later be construed as what by the other party in the agreement? - CORRECT
ANSWER: Breach of Contract
A REALTOR® is preparing a valuation of a property for a fee on a sliding scale depending on what value of the property he comes up with. Is this allowed? - CORRECT ANSWER: No, fees for preparing appraisals or other valuations must not be contingent upon the amount of the appraisal or valuation.
A REALTOR® keeps all monies in one business account that he uses for all business expenditures and transfers monies out at appropriate times during a transaction, is this
allowable? - CORRECT ANSWER: No, a REALTOR® must keep monies coming into
their possession in trust for other persons in separate special accounts in an appropriate financial institution.
A residential REALTOR® with no commercial real experience has a new client who wants her to list his commercial real estate. What must the REALTOR® do before taking the listing? - CORRECT ANSWER: Inform the client of her lack of expertise in commercial real estate.
A seller decided to back out of a sales contract for no good reason. What recourse
does the buyer have? - CORRECT ANSWER: To sue for specific performance
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.
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According to Article 3, what does cooperating with other brokers involve? - CORRECT ANSWER: Sharing information about listings and making listings available for showing.
Agency that is based upon Old English Common Law is also known as ________. -
CORRECT ANSWER: Common Law Agency
All the licensees of Red Cardinal Realty and Blue Wildcat Realty met together and decided not to do future business with Hilltopper Realty because of their low
commission rates. This is an example of _____. - CORRECT ANSWER: a group
boycott.
Article 10 mandates that REALTORS® may not deny professional services on the basis of any of the protected classes. What areas of their practice does this Article apply to? - CORRECT ANSWER: This applies to both the public services they provide and in their real estate employment practices.
As it pertains to Article 13 of the NAR's Code of Ethics, what must agents not do in contractual situations? - CORRECT ANSWER: Engage in the unauthorized practice of law
Before ordering disciplinary action against a licensee, the Commission must _____. -
CORRECT ANSWER: order a hearing.
Broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? - CORRECT ANSWER: On finding a property with good resale value
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
Broker Willy has a buyer who has seen a property three times and seems ready to make an offer. However, the buyer is objecting because the air conditioning system is 9
years old. What should Willy do? - CORRECT ANSWER: Ask the buyer if the buyer
would like to make an offer taking the age of the a/c unit into account.
Buyer Emilio wants to see a For Sale by Owner (FSBO) property. What might his
broker do before showing Emilio the FSBO? - CORRECT ANSWER: Have Emilio agree
to pay the broker's commission if he buys the FSBO.
Buyer Immanuel's broker finds out information about the seller which will help Immanuel in the transaction. Loyalty is one of the duties of _____. - CORRECT
ANSWER: protection.
Carla has been walking across a path on John's property for the past 22 years. John knows about this but has never given Carla permission. What might a court grant to
Carla? - CORRECT ANSWER: An easement by prescription
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