Question 1

In most states, members of the real estate commission are full-time employees appointed by the governor.

Accepted Answer

A) True 
 B)False  False

Question 2

In the following examples, who needs a real estate license?

Accepted Answer

A)  Trustees selling foreclosed property for a lender 
B)  Government employees finding tenants for government properties 
C)  An attorney at law selling his clients property to settle an estate 
D)  A nonexempt person dealing in real property for others for compensation 
A)  Trustees selling foreclosed property for a lender 
B)  Government employees finding tenants for government properties 
C)  An attorney at law selling his clients property to settle an estate 
D)  A nonexempt person dealing in real property for others for compensation D

Question 3

Who, of the following would be required to have a real estate license?

Accepted Answer

A)  A secretary who answers the phone in a real estate office 
B)  An attorney who specializes in real estate law 
C)  An escrow officer 
D)  A person who solicits buyers and sellers for a broker 
A)  A secretary who answers the phone in a real estate office 
B)  An attorney who specializes in real estate law 
C)  An escrow officer 
D)  A person who solicits buyers and sellers for a broker D

Question 4

The first state to legislate licensing requirements for real estate agents was

Accepted Answer

A)  Texas. 
B)  Rhode Island. 
C)  California. 
D)  New York. 
A)  Texas. 
B)  Rhode Island. 
C)  California. 
D)  New York.

Question 5

Choose the one most appropriate answer for each.
-a state board that advises and sets policies regarding real estate licensees and real estate transaction procedures

Accepted Answer

A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend 
A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend

Question 6

Choose the one most appropriate answer for each.
-to temporarily make ineffective

Accepted Answer

A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend 
A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend

Question 7

Which of the following may conduct a real estate brokerage business without a proper license?

Accepted Answer

A)  Members of the state bar 
B)  Attorneys-in-fact 
C)  Both a and b 
D)  Neither a nor b 
A)  Members of the state bar 
B)  Attorneys-in-fact 
C)  Both a and b 
D)  Neither a nor b

Question 8

A designation awarded for completion of real estate courses sponsored by Boards of REALTORS® is the GRI or Graduate of the REALTORS® ____________________.

Accepted Answer

The answer of A designation awarded for completion of real...

Question 9

Over time, states have established licensing requirements dealing with all EXCEPT

Accepted Answer

A)  minimum age. 
B)  education. 
C)  residency. 
D)  Intelligence Quotient (IQ). 
A)  minimum age. 
B)  education. 
C)  residency. 
D)  Intelligence Quotient (IQ).

Question 10

A real estate broker differs from a real estate salesperson under the law in that the

Accepted Answer

A)  broker is liable for the acts of the salesperson. 
B)  salesperson may take a listing with him when he changes brokers. 
C)  law recognizes no differences. 
D)  salesperson is responsible for the acts of the broker. 
A)  broker is liable for the acts of the salesperson. 
B)  salesperson may take a listing with him when he changes brokers. 
C)  law recognizes no differences. 
D)  salesperson is responsible for the acts of the broker.

Question 11

A real estate listing is a contract between

Accepted Answer

A)  the owner and the listing broker. 
B)  the owner, the broker, and the listing salesperson. 
C)  the owner and the listing salesperson. 
D)  the broker and the listing salesperson. 
A)  the owner and the listing broker. 
B)  the owner, the broker, and the listing salesperson. 
C)  the owner and the listing salesperson. 
D)  the broker and the listing salesperson.

Question 12

A license may be revoked upon proof of violation of fair housing laws.

Accepted Answer

A) True 
 B)False

Question 13

A nonexempt person who sells real estate for others

Accepted Answer

A)  must always be licensed. 
B)  need not be licensed if there is no listing agreement.. 
C)  must be a licensed broker. 
D)  can sell real estate to people in other states. 
A)  must always be licensed. 
B)  need not be licensed if there is no listing agreement.. 
C)  must be a licensed broker. 
D)  can sell real estate to people in other states.

Question 14

Which of the following is responsible for processing license applications, issuing real estate licenses, and collecting license fees?

Accepted Answer

A)  State legislature 
B)  Federal Department of Real Estate Licenses 
C)  Attorney General 
D)  State Real Estate Commission or Department 
A)  State legislature 
B)  Federal Department of Real Estate Licenses 
C)  Attorney General 
D)  State Real Estate Commission or Department

Question 15

Brokers who wish to operate outside their home state will usually be required to file a notice of consent with the secretary of state in each state in which they wish to operate.

Accepted Answer

A) True 
 B)False

Question 16

The sales associate, affiliated with a broker, who brings about a sale is paid by the title company.

Accepted Answer

A) True 
 B)False

Question 17

The broker in charge of an office is called the ____________________ broker.

Accepted Answer

The answer of The broker in charge of an office...

Question 18

A ____________________ license is required of a real estate broker in order to conduct negotiations within another state.

Accepted Answer

The answer of A ____________________ license is required of a...

Question 19

Choose the one most appropriate answer for each.
-an independent agent who negotiates transactions for a fee

Accepted Answer

A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend 
A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend

Question 20

Choose the one most appropriate answer for each.
-one who uses his own methods and is responsible only as to results

Accepted Answer

A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend 
A) broker 
B) continuing education 
C) employment contract 
D) fictitious business name 
E) franchisee
F)independent contractor
G)licensee
H)nonresident license
I)notice of consent
J)principal broker
K)real estate commission
L)real estate salesperson
M)REALTOR®
N)REALTOR-Associate®
O)realty board
P)recovery fund
Q)revoke
R)sales associate
S)securities license
T)suspend

Exam 18: Licensing Laws and Professional Affiliation

In most states, members of the real estate commission are full-time employees appointed by the governor.

In the following examples, who needs a real estate license?

Who, of the following would be required to have a real estate license?

The first state to legislate licensing requirements for real estate agents was

Choose the one most appropriate answer for each. -a state board that advises and sets policies regarding real estate licensees and real estate transaction procedures

Choose the one most appropriate answer for each. -to temporarily make ineffective

Which of the following may conduct a real estate brokerage business without a proper license?

A designation awarded for completion of real estate courses sponsored by Boards of REALTORS® is the GRI or Graduate of the REALTORS® ____________________.

Over time, states have established licensing requirements dealing with all EXCEPT

A real estate broker differs from a real estate salesperson under the law in that the

A real estate listing is a contract between

A license may be revoked upon proof of violation of fair housing laws.

A nonexempt person who sells real estate for others

Which of the following is responsible for processing license applications, issuing real estate licenses, and collecting license fees?

Brokers who wish to operate outside their home state will usually be required to file a notice of consent with the secretary of state in each state in which they wish to operate.

The sales associate, affiliated with a broker, who brings about a sale is paid by the title company.

The broker in charge of an office is called the ____________________ broker.

A ____________________ license is required of a real estate broker in order to conduct negotiations within another state.

Choose the one most appropriate answer for each. -an independent agent who negotiates transactions for a fee

Choose the one most appropriate answer for each. -one who uses his own methods and is responsible only as to results

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

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