Colibri Real Estate Exam AL

Colibri Real Estate Exam (AL) How long is the full term of an Alabama commissioner?A. 2 yearsB. 5 yearsC. 6 yearsD. 10 years

• 5 years

Under what circumstance can a broker act as a qualifying broker for a real estate company and a vacation timeshare company?A. If both companies are located at the same physical addressB. If both companies are located in adjoining countiesC. If both companies are located in adjacent buildingsD. If both companies are located within five miles of each other

• If both companies are located at the same physical

address Which of these are included in the bundle of rights that goes along with the ownership of real property? Select all correct responses.A. dispositionB. exclusionC. controlD.quiet enjoymentE. severance dispositionexclusioncontrolquiet enjoyment If the post-license course is not completed within six months, what happens to an active temporary license?A. It becomes inactiveB. The Commission revokes itC. It lapsesD. It remains active

• It becomes inactive

What are the tasks for which a property manager is typically responsible? Select all correct responses.A.managing the maintenance and repair of the buildingB.maintaining tenant relationshipsC. leasing unitsD. collecting rents ALL Tammy has a one-year lease on Ben's property. When Ben dies six months into the lease, his sonA. can immediately remove Tammy from the property and take possession of his inheritance.B. must give Tammy 30 days to vacate.C.must honor the lease for the remainder of its term.D. must make arrangements to assist Tammy to move.

• must honor the lease for the remainder of its term.

Which of the following is true of a qualifying broker?A. She has supervisory responsibility for her affiliated licensees.B.She has an employee-employer relationship with her affiliated licensees.C. She does not need to supervise her licensees but must be their qualifying broker in name and on paper.D. Licensees do not need to be affiliated with a qualifying broker.

• She has supervisory responsibility for her affiliated

licensees.A brokerage must have a company license for which of the following?A. The designated main office onlyB. The home office onlyC. The qualifying office onlyD. Each separate location or branch office

• Each separate location or branch office

After passing the licensing examination, a candidate must apply for a temporary license withinA. 30 days.B. 60

days.C. 90 days.D. 120 days.

• 90 days.

What is the minimum age of the consumer member of the Commission?A. 19B. 20C. 21D. 24

• 21

Who could a real estate licensee represent in a real estate transaction? Select all correct responses.A. sellersB.tenantsC. landlordsD. buyers ALL At the end of the year, what tax form will an independent contractor receive to document their income?A.

1099-MISCB. W-2C. 1086-IND-COND. 1040

A. 1099-MISC

Which of the following is a violation of Alabama real estate license law?A. Acting for more than one party in a transaction without the knowledge and consent in writing of all partiesB. Not presenting the Consumer Information Booklet to a consumerC. Failing to keep a record of a client's funds for a minimum of five yearsD. Accepting valuable consideration from one's own qualifying broker

• Acting for more than one party in a transaction without

the knowledge and consent in writing of all parties Sue creates a life estate for her brother Dave. When Dave dies, the estate will go to Sue's sister Tina. Who is the remainderman?A. DaveB. SueC. TinaD. No one is a remainderman in this scenario.

• Tina

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?A. Rick cannot be held liable for any associated licensee's conduct.B. Since Louie has 20 years of experience, Rick is not required to supervise him, and so is not liable.C. Rick can be held liable for Louie's misconduct.D. If Louie is an independent contract, Rick cannot be held liable for his conduct.

• Rick can be held liable for Louie's misconduct.

Which is NOT an advantage to a career in real estate sales?A. the opportunity to own your own brokerageB. the option to double commission percentages during slow monthsC. the freedom to set your own hoursD. the ability to earn more if you work more

• the option to double commission percentages during

slow months Rob agrees to rent an apartment from Kristy for three months for $500 a month. He moves in on January 1 and moves out on March 31 without giving notice. What type of leasehold estate is this?A. estate at sufferanceB. tenancy at willC. estate for yearsD. periodic estate

• estate for years

Jack receives a life estate in a property, for the life of Larry.When Larry dies, the property passes to Mary, rather than to the grantor or the grantor's heirs. This is aA. life estate pur autre vie, in remainder.B. life estate pur autre vie, in reversion.C. standard life estate, in remainder.D. standard life estate, in reversion.

• life estate pur autre vie, in remainder.

Evan and Kenneth have an agreement that Evan is permitted to hunt on Kenneth's property during hunting season. This agreement is a(n)A. easement.B.encroachment.C. encumbrance.D. license.

• license.

Which is a voluntary, specific lien?A. attachment lienB.judgment lienC. mortgage lienD. property tax lien

• mortgage lien

An agent studying the results of a survey found two

easements against the property: a utility easement and a

pipeline easement. These easements areA. easements by necessity.B. easements by implication.C. easements in gross.D. prescriptive easements.

• easements in gross.

Nancy rents her house to Dave. Dave has a ________ estate, and Nancy has a ________ estate. If Nancy moves back into her house at the end of the lease, she will have a _______ estate.A. leased fee / leasehold / freeholdB.leased fee / leased fee / leaseholdC. leasehold / leased fee / freeholdD. leasehold / leased fee / leasehold

• leasehold / leased fee / freehold

In order to be considered an independent contractor, a licensee's compensation must beA. based on sales produced, not hours worked.B. based on a negotiated annual salary.C. based on an hourly wage only.D. a combination of hourly wages and commission.

• based on sales produced, not hours worked.

A homeowner has an unpaid hospital bill for $20,000. The hospital files suit and wins a judgment for the full amount.Is the homeowner's home (which he owns free and clear) at risk?A. No, because the debt must be at least $25,000 to force a sale.B. No, because the debt must exceed the value of the homestead.C. Yes, but he may be partly or fully protected by state homestead laws.D. Yes, a court may always force a sale to fulfill a judgment.

• Yes, but he may be partly or fully protected by state

homestead laws.Which is an example of a negative easement?A. The gas company uses two feet in front of your house for lines.B.You and your neighbor share a wall separating your gardens.C. Your neighbor goes to court to get the right to drive across your land to get to his.D. Your neighbor is unable to add a second story to his house if it blocks your sunlight.

• Your neighbor is unable to add a second story to his

house if it blocks your sunlight.A physical intrusion of land by another person without any lawful right to enter it is known as a(n)A. accretion.B.encroachment.C. nuisance.D. trespass.

• trespass.
• value of the annexed itemWhen Tiffany opened a cupcake shop in a strip mall, she

installed four commercial ovens. At the end of her three-year lease, Tiffany vacates the property, leaving the ovens behind. Which statement is TRUE?A. She can deduct the cost of the ovens from her last month's rent.B.