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RE PRACTICE BOOK QUIZESWITH COMPLETE
SOLUTIONS 100% VERIFIED
How many brokers may a salesperson work for at one time?
A. three B. two C. One D. Unlimited - ANSWER C. One
Which of the following is a method of finding a sponsoring broker?
A. Watch for real estate signs B. Check online sites and newspaper advertising in the areas you intend to service. C. call the local Association of Realtors D. All of the above. - ANSWER D. All of the above
What is the best example of a "sphere of influence"
A. Central location of a telecommunication company B. People living outside an agent's city C. Friends, family, neighbors, and business associates you know and contact regularly D. Both b and c - ANSWER C. Friends, family, neighbors, and business associates you know and contact regularly
A salesperson who is actively engaged in professional real estate activities:
A. must have his or her own office. B. must be employed by a licensed real estate broker. C. must pay compensation directly to cooperating agents. d. none of the above - ANSWER b. must be employed by a licensed real estate broker
A broker is required to have:
A. a trust account B. an accounting system (disbursement ledger) C. an escrow company D. $300 of the broker's personal funds in the trust account - ANSWER b. an accounting system (disbursement ledger)
The listing agreement can best be described as a(n):
a. dual agency b. deposit receipt c. employment contract d. offer to buy - ANSWER c. employment contract
What is Broker's Error and Omission insurance?
a. insurance to protect the borrower against foreclosure b. insurance to protect the seller against buyers' claims c. insurance to protect the agent and broker against buyers' and sellers' claims d. buyers' protection against earthquake damages - ANSWER c. insurance to protect the agent and broker against buyers' and sellers' claims
b. log book c. comparative market analysis d. none of the above - ANSWER c. comparative market analysis
Open houses are good for:
a. finding buyers b. finding sellers c. neither a nor b. d. both a and b. - ANSWER d. both a and b.
why are holding open houses beneficial to you as an agent?
a. they expose your listing to the buying public and other agents who may not have previously seen your listing b. they demonstrate to your sellers how hard you are working for them to obtain best price for their home c. you get to meet potential buyers, as well as prospects, who may need to sell prior to purchasing d. all of the above - ANSWER d. all of the above
which groups should be included in your "sphere of influence"?
a. personnel managers b. postal workers c. union officials d. all of the above - ANSWER d. all of the above
"FSBO" is an abbreviation of:
a. for sale by operator b. fore sale buyer's option c. forced sale by owner d. for sale by owner - ANSWER d. for sale by owner
which of the following is a means of locating buyers looking for homes?
a. open houses b. emails c. internet search engines d. all of the above - ANSWER d. all of the above
In general, the most effective media to use in the advertising of homes is:
a. billboards or bus stop benches b. magazines or shopping guides c. newspapers or internet d. none of the above - ANSWER c. newspapers or internet
CMA stands for:
a. comparative market analysis b. computer matching analysis c. competitive member association d. none of the above - ANSWER a. comparative market analysis
c. is both a and b d. is neither a nor b - ANSWER c. is both a and b
Even though agents typically represent owners and sellers, they can occasionally be employed to represent buyers in the:
a. negotiating leaseholds b. obtaining mortgage loans c. purchasing business opportunities d. all of the foregoing activities - ANSWER d. all of the foregoing activities
The type of listing in which the owner would be held liable for a commission even if they themselves sold the property is called a(n):
a. exclusive agency listing b. exclusive right to sell listing c. multiple listing d. open listing - ANSWER b. exclusive right to sell listing
The listing which is most likely to give rise to charges of misrepresentation or fraud is the:
a. multiple listing b. open listing c. net listing d. exclusive listing - ANSWER c. net listing
a "pocket buyer" is a buyer:
a. with deep pockets, meaning lots of money b. who is prepared to buy a property before its listed with a broker c. who is a friend or relative of the broker d. all of the above - ANSWER b. who is prepared to buy a property before its listed with a broker
a "safety clause" is usually found in the most preferred type of listing, which is the:
a. open listing only b. exclusive right to sell listing c. net listing d. multiple listing - ANSWER b. exclusive right to sell listing
if you leave the employ or a broker and go to work for another broker:
a. your listings stay with your old broker. b. your listings are your own and go with you to your new brokerage. c. you must split your commission between your old and new broker. d. none of the above - ANSWER a. your listings stay with your old broker.
A commission is earned by the broker when all terms of the contract have been fulfilled and he or she has produced a buyer who is:
a. ready to buy b. able to purchase c. willing to purchase d. all of the above - ANSWER d. all of the above
c. Both a and b d. None of the above - ANSWER c. Both a and b
Which of the following is true concerning the adoption of HVCC?
a. HVCC refers to Home Valuation of Code and Conduct b. Appraisals must be ordered by third-party appraisal management companies c. as a result, AMCs are experiencing a tremendous growth d. all of the above - ANSWER d. all of the above
Exclusive listings require a:
a. definite end time b. definite date c. both a and b d. neither a nor b - ANSWER c. both a and b
The best estimate of the cash or other consideration that will be paid for a property in a fairly and reasonably exposed open market transaction on a certain date is called:
a. market value b. fair guess value c. gross value d. net value - ANSWER a. market value
What type of valuation approach involves calculating the current cost to replace or reproduce the improvement, less depreciation, and adding the value of the land?
a. comparative approach b. cost approach c. capitalization approach d. all of the above - ANSWER b. cost approach
Which of the following can provide information that may be used to complete a Comparative Market Analysis?
a. multiple listing summaries b. other brokers c. county records d. all of the above - ANSWER d. all of the above
Lead-based paint disclosure must be made for homes built:
a. prior to 1978 b. prior to 1988 c. after 1978 d. all of the above - ANSWER a. prior to 1978
Which of the following is true with regard to appraisals in California?
a. sales agents may make professional appraisals b. sales agents may make informal appraisals only c. professional appraisers must be licensed d. all of the above - ANSWER b. sales agents are allowed to make informal appraisals only
d. all of the above - ANSWER b. upkeep and maintenance
The time allocated to a salesperson to answer the company telephones is known as:
a. facetime b. phonetime c. floortime d. downtime - ANSWER c. floortime
A handy reference list of "back-up listings" in a comparable price range, school district, size, etc., is known as a (n):
a. switch sheet b. cheat sheet c. incoming call register d. all of the above - ANSWER a. switch sheet
An office caravan consists of:
a. a group of MLS cooperating brokers who visit each others' offices weekly b. a weekly outing by office salespersons to preview new brokerage listings c. a weekly visit to the car wash by all brokerage personnel d. a brokerage that operates out of a mobile home rather than a traditional office - ANSWER b. a weekly outing by office salespersons to preview new brokerage listings
The process of reconciling buyers' needs and desires with the reality of their financial capacity to buy and be called:
a. qualifying buyers b. counseling buyers c. both a and b d. neither a nor b - ANSWER c. both a and b
Which one of the following is NOT one of the three C's of credit?
a. Character b. Capacity c. Capital d. Citizenship - ANSWER d. Citizenship
The term "Feng Shui" literally means:
a. for sale b. air and earth c. wind and water d. none of the above - ANSWER c. wind and water
