REAL ESTATE COLIBRI PRACTICE
EXAM QUESTIONS &
ANSWERS(RATED A+)
Which item below can help protect against a home with a listed incorrect street
address or legal description in public records? - ANSWERStandard coverage title
insurance policy and extended coverage title insurance policy
What is the least likely answer needed in a "legal consent" scenario? -
ANSWERContract
What is the name used to describe the fact that a client must have consent, free will,
and act without duress when entering a contract or business relationship? -
ANSWERLegal Consent
Mortgage lenders are required to disclose financing costs and annual percentage
rate to the borrower under which law or regulation? - ANSWERTruth in Lending
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable? - ANSWERNo, all leases for longer than one year must be in writing to
be enforceable
Jessica can only afford a 7% down payment on her new cottage. What will she be
required to purchase at closing? - ANSWERPrivate Mortgage Insurance
Robert owns his property and enjoys the full bundle of rights. Can he use his
property as collateral for debt? - ANSWERYes. Robert can encumber his property
Which location is an industrial coal plant least likely to be located? -
ANSWERAdjacent to an elementary school
What happens if the Grievance Committee finds that there is a potential ethics
violation and that the complaint has been appropriately filed? - ANSWERThe
complaint is forwarded to a hearing panel of the Professional Standards Committee
Listing agents must present ________. - ANSWERAll formal and informal offers
Which of the following principles are included in the Preamble to the Code of Ethics?
- ANSWERHonesty and Integrity, Fairness, and Moral conduct in business relations
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - ANSWERAgency coupled with an interest
Who can train office staff at a brokerage firm in weekly meetings? -
ANSWERPrincipal Broker, associate brokers, and outside social media marketers
, What is the minimum earnest money deposit that a Buyer can offer to purchase a
listed home? - ANSWERZero dollars
Which action does an escrow officer typically work on in a home sale transaction? -
ANSWERCollects earnest money deposits, orders title insurance, and gathers third
party inspection reports
What was the original name of the National Association of REALTORS® when it was
first founded? - ANSWERThe National Association of Real Estate Exchanges
What is "one click away" as it relates to the real estate profession? - ANSWERWhen
a viewer online can find the agent's contact information with just one click of the
mouse, smartphone, or keyboard
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? -
ANSWERConversion and Criminal Fraud
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
Under the Rectangular survey system, which direction do the principal meridian lines
run on a map? - ANSWERNorth-South
According to Article 3, what does cooperating with other brokers involve? -
ANSWERSharing information about listings and making listings available for
showing.
Which of the following would be a type of authorized discipline that may be issued by
NAR in the case of an ethics violation? - ANSWERLetter of Warning or Letter of
Reprimand
When an agent deposits their buyer's escrow funds into their personal account, then
what is the action referred to under Agency Law? - ANSWERCommingling
Taxation, money supply, and zoning regulations are examples of what as it relates to
properties? - ANSWERGovernment influence on values
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? - ANSWERThis applies to both the public services they provide and in their
real estate employment practices.
Where can agents and brokers find additional rules and restrictions for various forms
of advertising options? - ANSWER"Do not call" lists, MLS IDX, and NAR
Membership marks manual
The Statute of Frauds usually requires or applies to _______. - ANSWERWritten
contracts, mutually voluntary legal agreements, and contracts without duress
EXAM QUESTIONS &
ANSWERS(RATED A+)
Which item below can help protect against a home with a listed incorrect street
address or legal description in public records? - ANSWERStandard coverage title
insurance policy and extended coverage title insurance policy
What is the least likely answer needed in a "legal consent" scenario? -
ANSWERContract
What is the name used to describe the fact that a client must have consent, free will,
and act without duress when entering a contract or business relationship? -
ANSWERLegal Consent
Mortgage lenders are required to disclose financing costs and annual percentage
rate to the borrower under which law or regulation? - ANSWERTruth in Lending
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable? - ANSWERNo, all leases for longer than one year must be in writing to
be enforceable
Jessica can only afford a 7% down payment on her new cottage. What will she be
required to purchase at closing? - ANSWERPrivate Mortgage Insurance
Robert owns his property and enjoys the full bundle of rights. Can he use his
property as collateral for debt? - ANSWERYes. Robert can encumber his property
Which location is an industrial coal plant least likely to be located? -
ANSWERAdjacent to an elementary school
What happens if the Grievance Committee finds that there is a potential ethics
violation and that the complaint has been appropriately filed? - ANSWERThe
complaint is forwarded to a hearing panel of the Professional Standards Committee
Listing agents must present ________. - ANSWERAll formal and informal offers
Which of the following principles are included in the Preamble to the Code of Ethics?
- ANSWERHonesty and Integrity, Fairness, and Moral conduct in business relations
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies? - ANSWERAgency coupled with an interest
Who can train office staff at a brokerage firm in weekly meetings? -
ANSWERPrincipal Broker, associate brokers, and outside social media marketers
, What is the minimum earnest money deposit that a Buyer can offer to purchase a
listed home? - ANSWERZero dollars
Which action does an escrow officer typically work on in a home sale transaction? -
ANSWERCollects earnest money deposits, orders title insurance, and gathers third
party inspection reports
What was the original name of the National Association of REALTORS® when it was
first founded? - ANSWERThe National Association of Real Estate Exchanges
What is "one click away" as it relates to the real estate profession? - ANSWERWhen
a viewer online can find the agent's contact information with just one click of the
mouse, smartphone, or keyboard
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? -
ANSWERConversion and Criminal Fraud
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
Under the Rectangular survey system, which direction do the principal meridian lines
run on a map? - ANSWERNorth-South
According to Article 3, what does cooperating with other brokers involve? -
ANSWERSharing information about listings and making listings available for
showing.
Which of the following would be a type of authorized discipline that may be issued by
NAR in the case of an ethics violation? - ANSWERLetter of Warning or Letter of
Reprimand
When an agent deposits their buyer's escrow funds into their personal account, then
what is the action referred to under Agency Law? - ANSWERCommingling
Taxation, money supply, and zoning regulations are examples of what as it relates to
properties? - ANSWERGovernment influence on values
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? - ANSWERThis applies to both the public services they provide and in their
real estate employment practices.
Where can agents and brokers find additional rules and restrictions for various forms
of advertising options? - ANSWER"Do not call" lists, MLS IDX, and NAR
Membership marks manual
The Statute of Frauds usually requires or applies to _______. - ANSWERWritten
contracts, mutually voluntary legal agreements, and contracts without duress
