Question 1

Choose the one most appropriate answer for each.
-required of a real estate broker in order to conduct negotiations within another state

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 2

A ____________________ is a person or legal entity license to act independently in conducting a real estate brokerage business.

Accepted Answer

The answer of A ____________________ is a person or legal...

Question 3

Choose the one most appropriate answer for each.
-formalizes the working arrangement between the broker and his salespersons

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 4

In most states, a person is exempt from licensure as a real estate agent when performing which of the following activities, even if receiving a fee?

Accepted Answer

A)  Renting resort condominiums for the owner as a commissioned rental agent 
B)  Negotiating an exchange of properties where no cash changes hands 
C)  Selling real property as an executor of an estate 
D)  Dealing in land options 
A)  Renting resort condominiums for the owner as a commissioned rental agent 
B)  Negotiating an exchange of properties where no cash changes hands 
C)  Selling real property as an executor of an estate 
D)  Dealing in land options

Question 5

A duly qualified person who has passed the real estate license exam and joined a brokerage firm is most properly referred to as a licensee.

Accepted Answer

A) True 
 B)False

Question 6

Choose the one most appropriate answer for each.
-permits the secretary of state to receive legal summonses on behalf of a nonresident broker

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

Who can sell real property WITHOUT a license?

Accepted Answer

A)  Anyone, as long as they only sell one property per year 
B)  An attorney, acting within his duties as an attorney 
C)  Anyone, as long as they do not sell more than $100,000 worth of property in any one year 
D)  A judge who is helping out a friend 
A)  Anyone, as long as they only sell one property per year 
B)  An attorney, acting within his duties as an attorney 
C)  Anyone, as long as they do not sell more than $100,000 worth of property in any one year 
D)  A judge who is helping out a friend

Question 8

Which of the following could be licensed as a real estate broker?

Accepted Answer

A)  A corporation 
B)  A partnership 
C)  An actual person 
D)  Any of the above 
A)  A corporation 
B)  A partnership 
C)  An actual person 
D)  Any of the above

Question 9

A residential real estate salesperson can usually expect from his or her principal broker all of the following EXCEPT

Accepted Answer

A)  supervision, training and advice. 
B)  signs, advertising, office space and supplies. 
C)  payment of dues to the local REALTORS® Association. 
D)  access to multiple listing services. 
A)  supervision, training and advice. 
B)  signs, advertising, office space and supplies. 
C)  payment of dues to the local REALTORS® Association. 
D)  access to multiple listing services.

Question 10

In most states, a branch office maintained by a licensed brokerage firm must secure a branch office license in the firm's name.

Accepted Answer

A) True 
 B)False

Question 11

Choose the one most appropriate answer for each.
-the party holding a franchise such as a franchised brokerage office

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 12

A person who sells real estate for others

Accepted Answer

A)  must be licensed in order to collect compensation. 
B)  need not be licensed if no compensation is involved. 
C)  both a and b. 
D)  neither a nor b. 
A)  must be licensed in order to collect compensation. 
B)  need not be licensed if no compensation is involved. 
C)  both a and b. 
D)  neither a nor b.

Question 13

Pat has a license and contractual rights to sell real estate in a typical state. This licensee may be presumed to be all of the following EXCEPT

Accepted Answer

A)  an agent or subagent. 
B)  a licensee. 
C)  a broker or salesperson. 
D)  a REALTOR®. 
A)  an agent or subagent. 
B)  a licensee. 
C)  a broker or salesperson. 
D)  a REALTOR®.

Question 14

The basic intent for real estate license laws and regulations was to

Accepted Answer

A)  help brokers settle their disputes. 
B)  protect the public. 
C)  protect the broker 
D)  control the real estate market. 
A)  help brokers settle their disputes. 
B)  protect the public. 
C)  protect the broker 
D)  control the real estate market.

Question 15

When a broker joins a franchise organization, the financial arrangements usually include

Accepted Answer

A)  a salary paid to the broker. 
B)  a percentage of income paid to the franchiser. 
C)  free jackets to the sales associates. 
D)  salary to the agents. 
A)  a salary paid to the broker. 
B)  a percentage of income paid to the franchiser. 
C)  free jackets to the sales associates. 
D)  salary to the agents.

Question 16

Continuing education requirements exist for the purpose of requiring licensees to stay up-to-date in their field.

Accepted Answer

A) True 
 B)False

Question 17

Choose the one most appropriate answer for each.
-membership designation for salespersons and broker licensees working for REALTORS®

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 18

The term REALTOR® applies to any licensed real estate salesperson.

Accepted Answer

A) True 
 B)False

Question 19

Choose the one most appropriate answer for each.
-a local trade organization for real estate licensees and other persons allied with the real estate industry

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

The party holding a franchise such as a franchised brokerage office is called a ____________________.

Accepted Answer

The answer of The party holding a franchise such as...

Exam 18: Licensing Laws and Professional Affiliation

Choose the one most appropriate answer for each. -required of a real estate broker in order to conduct negotiations within another state

A ____________________ is a person or legal entity license to act independently in conducting a real estate brokerage business.

Choose the one most appropriate answer for each. -formalizes the working arrangement between the broker and his salespersons

In most states, a person is exempt from licensure as a real estate agent when performing which of the following activities, even if receiving a fee?

A duly qualified person who has passed the real estate license exam and joined a brokerage firm is most properly referred to as a licensee.

Choose the one most appropriate answer for each. -permits the secretary of state to receive legal summonses on behalf of a nonresident broker

Who can sell real property WITHOUT a license?

Which of the following could be licensed as a real estate broker?

A residential real estate salesperson can usually expect from his or her principal broker all of the following EXCEPT

In most states, a branch office maintained by a licensed brokerage firm must secure a branch office license in the firm's name.

Choose the one most appropriate answer for each. -the party holding a franchise such as a franchised brokerage office

A person who sells real estate for others

Pat has a license and contractual rights to sell real estate in a typical state. This licensee may be presumed to be all of the following EXCEPT

The basic intent for real estate license laws and regulations was to

When a broker joins a franchise organization, the financial arrangements usually include

Continuing education requirements exist for the purpose of requiring licensees to stay up-to-date in their field.

Choose the one most appropriate answer for each. -membership designation for salespersons and broker licensees working for REALTORS®

The term REALTOR® applies to any licensed real estate salesperson.

Choose the one most appropriate answer for each. -a local trade organization for real estate licensees and other persons allied with the real estate industry

The party holding a franchise such as a franchised brokerage office is called a ____________________.

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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