Real Estate Colibri Practice Exam
Questions with correct Answers
Graded A+ 2025-2026.
Which item below can help protect against a home with a listed incorrect street address
or legal description in public records? correct answers Standard coverage title
insurance policy and extended coverage title insurance policy
Robert owns his property and enjoys the full bundle of rights. Can he use his property
as collateral for debt? correct answers Yes. Robert can encumber his property
Which location is an industrial coal plant least likely to be located? correct answers
Adjacent to an elementary school
What is the least likely answer needed in a "legal consent" scenario? correct answers
Contract
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? correct
answers Legal Consent
Mortgage lenders are required to disclose financing costs and annual percentage rate to
the borrower under which law or regulation? correct answers Truth in Lending
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable? correct answers No, 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? correct answers Private Mortgage Insurance
What happens if the Grievance Committee finds that there is a potential ethics violation
and that the complaint has been appropriately filed? correct answers The complaint is
forwarded to a hearing panel of the Professional Standards Committee
Listing agents must present ________. correct answers All formal and informal offers
Which of the following principles are included in the Preamble to the Code of Ethics?
correct answers Honesty 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? correct answers Agency coupled with an interest
Who can train office staff at a brokerage firm in weekly meetings? correct answers
Principal 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? correct answers Zero dollars
Which action does an escrow officer typically work on in a home sale transaction?
correct answers Collects 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? correct answers The National Association of Real Estate Exchanges
What is "one click away" as it relates to the real estate profession? correct answers
When 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? correct
answers Conversion and Criminal Fraud
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an
office tour? correct answers Within a week after the listing is taken
Under the Rectangular survey system, which direction do the principal meridian lines
run on a map? correct answers North-South
According to Article 3, what does cooperating with other brokers involve? correct
answers Sharing 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? correct answers Letter 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? correct answers Commingling
The Statute of Frauds usually requires or applies to _______. correct answers Written
contracts, mutually voluntary legal agreements, and contracts without duress
What does title insurance best protect against? correct answers past histories
Questions with correct Answers
Graded A+ 2025-2026.
Which item below can help protect against a home with a listed incorrect street address
or legal description in public records? correct answers Standard coverage title
insurance policy and extended coverage title insurance policy
Robert owns his property and enjoys the full bundle of rights. Can he use his property
as collateral for debt? correct answers Yes. Robert can encumber his property
Which location is an industrial coal plant least likely to be located? correct answers
Adjacent to an elementary school
What is the least likely answer needed in a "legal consent" scenario? correct answers
Contract
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? correct
answers Legal Consent
Mortgage lenders are required to disclose financing costs and annual percentage rate to
the borrower under which law or regulation? correct answers Truth in Lending
Earl orally agreed to an 18-month lease with landlord Blake. Is this contract
enforceable? correct answers No, 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? correct answers Private Mortgage Insurance
What happens if the Grievance Committee finds that there is a potential ethics violation
and that the complaint has been appropriately filed? correct answers The complaint is
forwarded to a hearing panel of the Professional Standards Committee
Listing agents must present ________. correct answers All formal and informal offers
Which of the following principles are included in the Preamble to the Code of Ethics?
correct answers Honesty 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? correct answers Agency coupled with an interest
Who can train office staff at a brokerage firm in weekly meetings? correct answers
Principal 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? correct answers Zero dollars
Which action does an escrow officer typically work on in a home sale transaction?
correct answers Collects 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? correct answers The National Association of Real Estate Exchanges
What is "one click away" as it relates to the real estate profession? correct answers
When 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? correct
answers Conversion and Criminal Fraud
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an
office tour? correct answers Within a week after the listing is taken
Under the Rectangular survey system, which direction do the principal meridian lines
run on a map? correct answers North-South
According to Article 3, what does cooperating with other brokers involve? correct
answers Sharing 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? correct answers Letter 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? correct answers Commingling
The Statute of Frauds usually requires or applies to _______. correct answers Written
contracts, mutually voluntary legal agreements, and contracts without duress
What does title insurance best protect against? correct answers past histories
