Question 1

Choose the one most appropriate answer for each.
-required when selling an investment contract

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

When moving to a new state, a licensed real estate agent in one state can presume his license status in the former state will be given credit in his new state of residence

Accepted Answer

A)  always. 
B)  sometimes. 
C)  never. 
D)  when moving to Texas only. 
A)  always. 
B)  sometimes. 
C)  never. 
D)  when moving to Texas only.

Question 3

Choose the one most appropriate answer for each.
-broker in charge of an 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 4

Choose the one most appropriate answer for each.
-a state-operated fund that can be tapped to pay for uncollectible judgments against real estate licensees

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 5

A real estate ____________________ is a state board that advises and sets policies regarding real estate licensees and transaction procedures.

Accepted Answer

The answer of A real estate ____________________ is a state...

Question 6

Since real estate agents will be handling other people's money, some states will examine licensee's

Accepted Answer

A)  bank account. 
B)  credit history. 
C)  age. 
D)  financial statement. 
A)  bank account. 
B)  credit history. 
C)  age. 
D)  financial statement.

Question 7

To temporarily make ineffective is to ____________________.

Accepted Answer

The answer of To temporarily make ineffective is to ____________________....

Question 8

Real estate commissions typically do all of the following EXCEPT

Accepted Answer

A)  review license exam answers. 
B)  hold hearings in response to complaints of improper actions of licensees. 
C)  enact new real estate legislation or amend existing legislation. 
D)  determine the number and location of exam testing sites. 
A)  review license exam answers. 
B)  hold hearings in response to complaints of improper actions of licensees. 
C)  enact new real estate legislation or amend existing legislation. 
D)  determine the number and location of exam testing sites.

Question 9

Choose the one most appropriate answer for each.
-one who holds a license

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 10

Property owners who want to sell their home are interested in how much it will cost to sell it.

Accepted Answer

A) True 
 B)False

Question 11

Real estate brokers may operate a business as a sole proprietorship under their own name only.

Accepted Answer

A) True 
 B)False

Question 12

A real estate broker's or salesperson's license would most likely be revoked for

Accepted Answer

A)  failure to pay REALTORS® dues. 
B)  misrepresentations. 
C)  failure to practice real estate. 
D)  failing to split a commission with an unlicensed individual. 
A)  failure to pay REALTORS® dues. 
B)  misrepresentations. 
C)  failure to practice real estate. 
D)  failing to split a commission with an unlicensed individual.

Question 13

Real estate commissions or departments act to protect the public by regulation and education. The following would be the usual activity of these organizations EXCEPT

Accepted Answer

A)  requiring a specific number of answers on a real estate license exam. 
B)  requiring all licensees to be reexamined every two years. 
C)  holding public hearings in response to complaints of improper actions of licensees. 
D)  requiring a licensee to post a bond or contribute to a recovery fund. 
A)  requiring a specific number of answers on a real estate license exam. 
B)  requiring all licensees to be reexamined every two years. 
C)  holding public hearings in response to complaints of improper actions of licensees. 
D)  requiring a licensee to post a bond or contribute to a recovery fund.

Question 14

Choose the one most appropriate answer for each.
-a business operated under any name other than the owner's name

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 15

Which of the following is a copyrighted term owned by NAR?

Accepted Answer

A)  Realty 
B)  Realtist 
C)  REALTOR® 
D)  Narob 
A)  Realty 
B)  Realtist 
C)  REALTOR® 
D)  Narob

Question 16

Choose the one most appropriate answer for each.
-a salesperson or broker employed by a 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 17

Choose the one most appropriate answer for each.
-a registered trademark owned by the National Association of REALTORS® for exclusive use by its members

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

A(n)____________________ contractor is one who contracts to do work according to their own methods and is responsible to his employer only for the results of that work.

Accepted Answer

The answer of A(n)____________________ contractor is one who contracts to...

Question 19

To recall and make void is to ____________________.

Accepted Answer

The answer of To recall and make void is to...

Question 20

In which states are licensing examinations required for a real estate license?

Accepted Answer

A)  Only the western states 
B)  All but the New England states 
C)  All but Texas, Hawaii and Alaska 
D)  Every state 
A)  Only the western states 
B)  All but the New England states 
C)  All but Texas, Hawaii and Alaska 
D)  Every state

Exam 18: Licensing Laws and Professional Affiliation

Choose the one most appropriate answer for each. -required when selling an investment contract

When moving to a new state, a licensed real estate agent in one state can presume his license status in the former state will be given credit in his new state of residence

Choose the one most appropriate answer for each. -broker in charge of an office

Choose the one most appropriate answer for each. -a state-operated fund that can be tapped to pay for uncollectible judgments against real estate licensees

A real estate ____________________ is a state board that advises and sets policies regarding real estate licensees and transaction procedures.

Since real estate agents will be handling other people's money, some states will examine licensee's

To temporarily make ineffective is to ____________________.

Real estate commissions typically do all of the following EXCEPT

Choose the one most appropriate answer for each. -one who holds a license

Property owners who want to sell their home are interested in how much it will cost to sell it.

Real estate brokers may operate a business as a sole proprietorship under their own name only.

A real estate broker's or salesperson's license would most likely be revoked for

Real estate commissions or departments act to protect the public by regulation and education. The following would be the usual activity of these organizations EXCEPT

Choose the one most appropriate answer for each. -a business operated under any name other than the owner's name

Which of the following is a copyrighted term owned by NAR?

Choose the one most appropriate answer for each. -a salesperson or broker employed by a broker

Choose the one most appropriate answer for each. -a registered trademark owned by the National Association of REALTORS® for exclusive use by its members

A(n)____________________ contractor is one who contracts to do work according to their own methods and is responsible to his employer only for the results of that work.

To recall and make void is to ____________________.

In which states are licensing examinations required for a real estate license?

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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