Colibri Real Estate Final Exam (KY) 1
Colibri Real Estate Final Exam (KY) 1
Questions and Answers Graded A 2024
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.
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
Colibri Real Estate Final Exam (KY) 1
, Colibri Real Estate Final Exam (KY) 1
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
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
Colibri Real Estate Final Exam (KY) 1
Colibri Real Estate Final Exam (KY) 1
Questions and Answers Graded A 2024
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.
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
Colibri Real Estate Final Exam (KY) 1
, Colibri Real Estate Final Exam (KY) 1
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
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
Colibri Real Estate Final Exam (KY) 1
