Colibri Real Estate FINAL EXAM | 400 ACTUAL EXAMS COMPLETE
QUETIONS AND ANSWERS 2025 LATEST UPDATED | 100% RATED
CORRECT | GRADED A+
Joe Alpha of ABC Real Estate Corp. has been very successful in buying houses, fixing them up,
and reselling them. He put an advertisement in the local newspaper seeking investors to help him
purchase property and pay for renovations, promising an excellent return on investment when the
properties sold. Do you think that Joe needs a securities broker-dealer license? - (Correct
Answer)No
Ellie is very regimented. She likes to be in the office by 8 a.m. and be home by 5:30 p.m. She
likes that same precision in her monthly budget—she wants to know what's coming in and how
much she can expect to put into her IRA. She is a good candidate for a career in real estate sales.
- (Correct Answer)False
心的坚强决定了我们的命运。当
我们面对挫折时，是一颗不屈的
Phil, a real estate licensee, considers going to work for JJ Realty. Broker Jana James offers him a
60%-40% split on commission. If心让我们勇敢前行
JJ Realty takes in $5,000 total commission on Phil's first sale,
what is Phil's split? - (Correct Answer)$3,000
A real estate licensee is more likely to be an employee of his broker. - (Correct Answer)False
If a broker supervises the real estate activities of an associated licensee, that licensee CANNOT
be considered an independent contractor. - (Correct Answer)False
A real estate licensee who is an independent contractor is paid based on successful real estate
transactions, not on hours worked. - (Correct Answer)True
Generically speaking, a person who, for a fee, sells, lists, leases, exchanges, negotiates, or
otherwise deals in the real estate of others or represents publicly that they do so. - (Correct
Answer)Broker
,A business that serves as an intermediary between buyers and sellers and/or lessees and lessors
of real estate. - (Correct Answer)Brokerage
Insurance that protects real estate licensees from liability due to mistakes or negligence. It does
not cover claims related to fraud or discrimination. - (Correct Answer)Errors and Omissions
Insurance (E&O)
Under common law, a person who contracts to do a job for another but maintains control over
how the task will be carried out, rather than following detailed instructions. - (Correct
Answer)Independent Contractor
A person licensed under state law to practice real estate. - (Correct Answer)Licensee
Any real estate licensee who is a member of the National Association of REALTORS® (NAR)
and his or her affiliated state/local心的坚强决定了我们的命运。当
boards. Only members may use the term REALTOR® as it's a
registered trademark of NAR. - (Correct Answer)REALTOR®
我们面对挫折时，是一颗不屈的
心让我们勇敢前行
Generically speaking, a real estate licensee agent who is associated with a broker and as such
may perform most of the acts a broker can on behalf of the broker. Also called Sales Associate. -
(Correct Answer)Salesperson
A real estate licensee who is treated as an independent contractor for tax purposes when specified
conditions are met: proper licensing; compensation based on sales; and services performed under
a written contract. - (Correct Answer)Statutory Nonemployee
In which field do the majority of new licensees begin their work? - (Correct Answer)Residential
Sales
Which is NOT an advantage to a career in real estate sales? - (Correct Answer)the option to
double commission percentages during slow months
,Licensee Louie has worked for Rick, the broker at ABC Realty, for 20 years. Louie has been
accused of negligence for not disclosing a material fact to a buyer. Which statement is TRUE? -
(Correct Answer)Rick can be held liable for Louie's misconduct.
At the end of the year, what tax form will an independent contractor receive to document their
income? - (Correct Answer)1099-MISC
Who could a real estate licensee represent in a real estate transaction? Select all correct
responses. - (Correct Answer)Buyers
Landlords
Sellers
Tenants
All are correct 心的坚强决定了我们的命运。当
我们面对挫折时，是一颗不屈的
Steven just successfully finished his required real estate prelicensing course. Which statement is
心让我们勇敢前行
TRUE? - (Correct Answer)Once he joins the NAR, he can call himself a REALTOR®.
In order to be considered an independent contractor, a licensee's compensation must be - (Correct
Answer)based on sales produced, not hours worked.
For a real estate licensee, which is NOT a characteristic that indicates they are an independent
contractor? - (Correct Answer)The licensee must be paid for hours spent in the brokerage office.
What are the tasks for which a property manager is typically responsible? Select all correct
responses. - (Correct Answer)Collecting Rents
Leasing Units
Maintaining Tenant Relationships
Managing the Maintenance and Repair of the Building
, All are correct
The theory of supply and demand states that when supply exceeds demand, prices will fall. -
(Correct Answer)True
Real estate cycles tend to lag somewhat behind general business cycles in response to supply and
demand. - (Correct Answer)True
As the supply of homes in the area rises, what would you expect to happen to home prices in the
short term? - (Correct Answer)Home prices will fall slightly from their high points.
When Widget moves out, what type of market is Big City likely to experience? - (Correct
Answer)Buyer's Market
心的坚强决定了我们的命运。当
Cost inflation can affect new home prices as builders pass along their higher costs for labor and
我们面对挫折时，是一颗不屈的
materials. - (Correct Answer)True
心让我们勇敢前行
Higher taxes tend to encourage spending and investing. - (Correct Answer)False
P-E-G-S - (Correct Answer)Physical
Economic
Government
Social
A situation in the housing market when there are many homes available for sale, but few buyers.
- (Correct Answer)Buyer's Market
The interest rate that people or businesses must pay to use another's money for their own
purposes. - (Correct Answer)Cost of Money
QUETIONS AND ANSWERS 2025 LATEST UPDATED | 100% RATED
CORRECT | GRADED A+
Joe Alpha of ABC Real Estate Corp. has been very successful in buying houses, fixing them up,
and reselling them. He put an advertisement in the local newspaper seeking investors to help him
purchase property and pay for renovations, promising an excellent return on investment when the
properties sold. Do you think that Joe needs a securities broker-dealer license? - (Correct
Answer)No
Ellie is very regimented. She likes to be in the office by 8 a.m. and be home by 5:30 p.m. She
likes that same precision in her monthly budget—she wants to know what's coming in and how
much she can expect to put into her IRA. She is a good candidate for a career in real estate sales.
- (Correct Answer)False
心的坚强决定了我们的命运。当
我们面对挫折时，是一颗不屈的
Phil, a real estate licensee, considers going to work for JJ Realty. Broker Jana James offers him a
60%-40% split on commission. If心让我们勇敢前行
JJ Realty takes in $5,000 total commission on Phil's first sale,
what is Phil's split? - (Correct Answer)$3,000
A real estate licensee is more likely to be an employee of his broker. - (Correct Answer)False
If a broker supervises the real estate activities of an associated licensee, that licensee CANNOT
be considered an independent contractor. - (Correct Answer)False
A real estate licensee who is an independent contractor is paid based on successful real estate
transactions, not on hours worked. - (Correct Answer)True
Generically speaking, a person who, for a fee, sells, lists, leases, exchanges, negotiates, or
otherwise deals in the real estate of others or represents publicly that they do so. - (Correct
Answer)Broker
,A business that serves as an intermediary between buyers and sellers and/or lessees and lessors
of real estate. - (Correct Answer)Brokerage
Insurance that protects real estate licensees from liability due to mistakes or negligence. It does
not cover claims related to fraud or discrimination. - (Correct Answer)Errors and Omissions
Insurance (E&O)
Under common law, a person who contracts to do a job for another but maintains control over
how the task will be carried out, rather than following detailed instructions. - (Correct
Answer)Independent Contractor
A person licensed under state law to practice real estate. - (Correct Answer)Licensee
Any real estate licensee who is a member of the National Association of REALTORS® (NAR)
and his or her affiliated state/local心的坚强决定了我们的命运。当
boards. Only members may use the term REALTOR® as it's a
registered trademark of NAR. - (Correct Answer)REALTOR®
我们面对挫折时，是一颗不屈的
心让我们勇敢前行
Generically speaking, a real estate licensee agent who is associated with a broker and as such
may perform most of the acts a broker can on behalf of the broker. Also called Sales Associate. -
(Correct Answer)Salesperson
A real estate licensee who is treated as an independent contractor for tax purposes when specified
conditions are met: proper licensing; compensation based on sales; and services performed under
a written contract. - (Correct Answer)Statutory Nonemployee
In which field do the majority of new licensees begin their work? - (Correct Answer)Residential
Sales
Which is NOT an advantage to a career in real estate sales? - (Correct Answer)the option to
double commission percentages during slow months
,Licensee Louie has worked for Rick, the broker at ABC Realty, for 20 years. Louie has been
accused of negligence for not disclosing a material fact to a buyer. Which statement is TRUE? -
(Correct Answer)Rick can be held liable for Louie's misconduct.
At the end of the year, what tax form will an independent contractor receive to document their
income? - (Correct Answer)1099-MISC
Who could a real estate licensee represent in a real estate transaction? Select all correct
responses. - (Correct Answer)Buyers
Landlords
Sellers
Tenants
All are correct 心的坚强决定了我们的命运。当
我们面对挫折时，是一颗不屈的
Steven just successfully finished his required real estate prelicensing course. Which statement is
心让我们勇敢前行
TRUE? - (Correct Answer)Once he joins the NAR, he can call himself a REALTOR®.
In order to be considered an independent contractor, a licensee's compensation must be - (Correct
Answer)based on sales produced, not hours worked.
For a real estate licensee, which is NOT a characteristic that indicates they are an independent
contractor? - (Correct Answer)The licensee must be paid for hours spent in the brokerage office.
What are the tasks for which a property manager is typically responsible? Select all correct
responses. - (Correct Answer)Collecting Rents
Leasing Units
Maintaining Tenant Relationships
Managing the Maintenance and Repair of the Building
, All are correct
The theory of supply and demand states that when supply exceeds demand, prices will fall. -
(Correct Answer)True
Real estate cycles tend to lag somewhat behind general business cycles in response to supply and
demand. - (Correct Answer)True
As the supply of homes in the area rises, what would you expect to happen to home prices in the
short term? - (Correct Answer)Home prices will fall slightly from their high points.
When Widget moves out, what type of market is Big City likely to experience? - (Correct
Answer)Buyer's Market
心的坚强决定了我们的命运。当
Cost inflation can affect new home prices as builders pass along their higher costs for labor and
我们面对挫折时，是一颗不屈的
materials. - (Correct Answer)True
心让我们勇敢前行
Higher taxes tend to encourage spending and investing. - (Correct Answer)False
P-E-G-S - (Correct Answer)Physical
Economic
Government
Social
A situation in the housing market when there are many homes available for sale, but few buyers.
- (Correct Answer)Buyer's Market
The interest rate that people or businesses must pay to use another's money for their own
purposes. - (Correct Answer)Cost of Money
