Colibri Real Estate Final Exam Review Questions and Answers 2024

Colibri Real Estate Final Exam Review Questions and Answers | 2024 Updated - 100% Correct Solutions (Real Estate Express)

Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty?

• Jane paid a commission to her licensed personal assistant.
• Jane paid a commission to the wife of one of her licensees who was recently killed in an auto

accident. The deceased licensee had earned the commission prior to his death.

• Jane paid a commission plus a bonus to one of her licensees.
• Jane paid a commission to a Florida licensee who is not licensed in Georgia for licensing

activity in Georgia. - D) Jane paid a commission to a Florida licensee who is not licensed in Georgia for licensing activity in Georgia.

Any salesperson can legally receive her share of the commission on a sale from

• her employing broker only.
• any cooperating broker with whom she completes a sale. C)

a builder she represents in a sale

• the purchaser of the home in a successful sale. - A) her employing broker only.

Which of the following is NOT a protected class under Georgia fair housing law?

• Sexual preference
• Familial status
• Religion
• Race - A) Sexual preference

Syed is an inactive licensee. He just moved to a new home across town. What must he do?

• Call the Commission and give it his new address.
• Report the address change when he's ready to reactivate his license. C)

Send a written notice to the Commission within 30 days.

• Notify the post office to send a change of address notice to the Commission. - C) Send a

written notice to the Commission within 30 days.

How many hours of continuing education must a licensee complete for each year of licensure?

• 8 hours
• 9 hours 1 / 4

• 5 hours
• 4 hours - B) 9 hours

Glenda is the office manager for a local real estate firm. She is responsible for coordinating the paperwork flow through the office, preparing ads and supervising the clerical staff.Glenda is

• required to have a salesperson's license. B)

violating license law.

• required to have a broker license.
• exempt from the license law. - D) exempt from the license law.

Haru is working with his buyers to draw up a written offer on a property they want to purchase.Which of the following items is not required in the offer?

• The property description
• The mortgage lender
• The method of payment
• Special stipulations the offer requires - B) The mortgage lender

Kezia just bought and closed on a new home that cost $195,000. her mortgage amount is $165,500. how much is the intangible recording tax on Kezia's property?

A) $585

B) $195

C) $165.50

D) $496.50 - D) $496.50

*An intangible recording tax is due and payable on each instrument securing one or more long- term notes at the rate of $1.50 per each $500

$165,500 ÷ $500 = 331

331 x $1.50 = $496.50

Salesperson Gordon refuse to accept an offer to purchase his home from buyer Juan Valdez of Columbia because Gordon feels the earnest money of $100 is not enough. Which of the following statements about Gordon's refusal is correct?

• Gordon is in violation of fair housing law because he discriminated on the basis of

national origin.

• Since Gordon refused on the basis of the earnest money, he is not in violation of fair

housing law.

• Gordon is in violation of civil rights law because he discriminated on the basis of race. D)

Gordon is guilty of redlining - B) Since Gordon refused on the basis of the earnest money, he is not in violation of fair housing law. 2 / 4

Jada is a community association manager. Which of the following would be one of her duties?

• Advising an owner about his legal liability for a visitor's injury on his property. B)

Following the instructions of all the owners in the community association.

• Lending $1,000 to the community association.
• Sending a monthly newsletter to the owners. - D) Sending a monthly newsletter to the

owners.

Which of the following does NOT need to be included in a property management agreement?

• A specific description of the property
• The names of the owners
• The names of the tenants
• The terms of the management fee - C) The names of the tenants

Gary got his license in May of 2021. His birthday is September 28. When will his license expire?

• May 31, 2025
• September 1, 2025
• September 30, 2025
• May 1, 2009 - C) September 30, 2025

*Real estate licenses expire on the last day of the licensee's birth month, every 4 years.

A seller's agent must disclose any adverse physical conditions in the immediate neighborhood within of a property.

• 1 mile
• 2 miles
• 5 miles
• 10 miles - A) 1 mile

Jadarius has had his license suspended. By law, Jadarius's name will b e published on the Georgia Real Estate Commission website if the licenses has been suspended for how long?

• 15 days
• 30 days
• 60 days
• 90 days - C) 60 days

Why was the Real Estate Education, Research and Recovery Fund established?

• To educate the public about real estate 3 / 4

• To fund courses for real estate agents
• To compensate consumers damaged by licensees' practices
• To conduct real estate research projects - C) To compensate consumers damaged by

licensees' practices

Which of these persons would require a real estate license?

• Suresh is a full-time employee of a utility company. He negotiates and acquires leases for the

company.

• Greta is an attorney who conveys real estate under a power of attorney.
• Jack refers clients to his licensed broker brother and receives a fee from the parties he

refers.

• A partnership sells a building owned by the partners. - C) Jack refers clients to his

licensed broker brother and receives a fee from the parties he refers.

Broker Larry received an earnest money check from a buyer for $3,000. He needed the money, so he cashed the check. At closing, he gave the seller a check for $3,180, the amount of the original check plus 6% interest. Which statement is true?

• Larry should have deposited the earnest money in a federally-insured account with other

escrow funds.

• It was okay that Larry cashed the check, but he should not have given the interest to the

seller.

• Larry should have deposited the check into his personal account and kept the interest. D)

Larry should have discussed what to do with the interest with all of the parties involved in the transaction. - A) Larry should have deposited the earnest money in a federally- insured account with other escrow funds.

Which of the following is true of Georgia support personnel?

• They must be licensed.
• They may insert factual information into form contracts under the supervision of the

employing broker.

• They may independently host open houses.
• They must always be unlicensed. - B) They may insert factual information into form

contracts under the supervision of the employing broker.

Jake and Hal are partners in a real estate firm. Jake, the qualifying broker, dies unexpectedly. Which of the following statements is FALSE?

• Hal may temporarily saves as qualifying broker if the qualifying criteria are met.
• The designated partner can sign all documents that must filed with the Commission. C)

Only Hal has the authority to disburse trust funds from the designated accounts.

• The firm has 60 days to secure a new qualifying broker. - C) Only Hal has the authority to

disburse trust funds from the designated accounts.

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