Question 1

A ____________________ broker is a full service broker who charges less than the prevailing commission rates in his community.

Accepted Answer

discount

Question 2

Most brokers are reluctant to accept net listings even when they are permitted to do so.

Accepted Answer

A) True 
 B)False  True

Question 3

A listing to find a buyer for each of the following properties will usually be for a period of time ranging from six months to one year EXCEPT

Accepted Answer

A)  farms. 
B)  commercial properties. 
C)  residential properties. 
D)  industrial properties. 
A)  farms. 
B)  commercial properties. 
C)  residential properties. 
D)  industrial properties. C

Question 4

A written agreement giving the listing broker the right to collect a commission, no matter who sells the property, within the term of the agreement, is

Accepted Answer

A)  usury. 
B)  a net listing. 
C)  an open listing. 
D)  an exclusive right to sell listing. 
A)  usury. 
B)  a net listing. 
C)  an open listing. 
D)  an exclusive right to sell listing.

Question 5

Choose the one most appropriate answer for each.
-a broker who represents the buyer in a real estate transaction

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 6

The problem with net listings is that

Accepted Answer

A)  the seller is assured of receiving the net amount he specifies. 
B)  the broker receives a higher than average commission. 
C)  the broker does not have to submit the offer to the seller if the offer is too low. 
D)  there could be a conflict of interest if dealing with an inexperienced seller. 
A)  the seller is assured of receiving the net amount he specifies. 
B)  the broker receives a higher than average commission. 
C)  the broker does not have to submit the offer to the seller if the offer is too low. 
D)  there could be a conflict of interest if dealing with an inexperienced seller.

Question 7

A licensed real estate salesperson can accept a commission from more than one broker

Accepted Answer

A)  if both brokers are fully informed in writing. 
B)  when brokers are cooperating through the multiple listing service. 
C)  at no time. 
D)  if the salesperson was the procuring cause in each transaction. 
A)  if both brokers are fully informed in writing. 
B)  when brokers are cooperating through the multiple listing service. 
C)  at no time. 
D)  if the salesperson was the procuring cause in each transaction.

Question 8

Broker Alice was to receive 6% on a property she had listed for $170,000. How much commission would she receive if the owner accepted an offer which reduced the price by 4%?

Accepted Answer

A)  $8,976 
B)  $9,792 
C)  $10,200 
D)  $17,000 
A)  $8,976 
B)  $9,792 
C)  $10,200 
D)  $17,000

Question 9

With an exclusive right to sell listing agreement, the owner may sell the property through their personal efforts without liability for a commission.

Accepted Answer

A) True 
 B)False

Question 10

Choose the one most appropriate answer for each.
-a listing wherein the owner reserves the right to sell the property himself, but agrees to list with no other broker during the listing period

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 11

A broker is attempting to collect a commission on a property after his exclusive right to sell listing expires. If he ends up in court, he must prove that he was the procuring cause.

Accepted Answer

A) True 
 B)False

Question 12

A broker who is the primary cause of a transaction is known as the ____________________ cause.

Accepted Answer

The answer of A broker who is the primary cause...

Question 13

A salesperson worked for broker Barbara when they agreed to take a note from a seller for a deferred commission. The salesperson left the first broker and now works for another broker. When the note is paid, the salesperson is entitled to receive the commission directly from Barbara because she was working for her at the time she earned the commission.

Accepted Answer

A) True 
 B)False

Question 14

An exclusive agency listing permits the owner to sell through their own effort without liability to pay a commission to the listing broker.

Accepted Answer

A) True 
 B)False

Question 15

The first thing a licensed broker must prove to recover a commission is that he has competitive commission rates.

Accepted Answer

A) True 
 B)False

Question 16

A residence originally listed at $92,000 sold for 7% less than that. If the listing broker gets half of the 6% sales commission and he gives his salesperson 60% of that, how much does the listing salesperson receive? (rounded to the nearest dollar)

Accepted Answer

A)  $1,540 
B)  $5,133 
C)  $2,567 
D)  $1,026 
A)  $1,540 
B)  $5,133 
C)  $2,567 
D)  $1,026

Question 17

Multiple listing organizations typically use

Accepted Answer

A)  an open listing. 
B)  an non-exclusive listing. 
C)  a net listing. 
D)  an exclusive right to sell listing. 
A)  an open listing. 
B)  an non-exclusive listing. 
C)  a net listing. 
D)  an exclusive right to sell listing.

Question 18

Choose the one most appropriate answer for each.
-a real estate listing between a property owner and a real estate broker

Accepted Answer

A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC 
A) abandonment 
B) advance fee listing 
C) advanced cost listing 
D) agent 
E) bargain broker
F)broker
G)buyer's broker
H)discount broker
I)employment contract
J)exclusive agency listing
K)exclusive authority to purchase
L)exclusive right to sell
M)flat-fee broker
N)Multiple listing service (MLS)
O)net listing
P)open listing
Q)procuring cause
R)ready willing and able buyer
S)real estate listing
T)REBAC

Question 19

A properly signed multiple listing agreement is the property of the multiple listing service.

Accepted Answer

A) True 
 B)False

Question 20

A listing that gives the broker the right to collect a commission no matter who sells the property during the listing period is called a(n)____________________ right to sell listing.

Accepted Answer

The answer of A listing that gives the broker the...

Exam 19: The Principal-Broker Relationship: Employment

A ____________________ broker is a full service broker who charges less than the prevailing commission rates in his community.

Most brokers are reluctant to accept net listings even when they are permitted to do so.

A listing to find a buyer for each of the following properties will usually be for a period of time ranging from six months to one year EXCEPT

A written agreement giving the listing broker the right to collect a commission, no matter who sells the property, within the term of the agreement, is

Choose the one most appropriate answer for each. -a broker who represents the buyer in a real estate transaction

The problem with net listings is that

A licensed real estate salesperson can accept a commission from more than one broker

Broker Alice was to receive 6% on a property she had listed for $170,000. How much commission would she receive if the owner accepted an offer which reduced the price by 4%?

With an exclusive right to sell listing agreement, the owner may sell the property through their personal efforts without liability for a commission.

Choose the one most appropriate answer for each. -a listing wherein the owner reserves the right to sell the property himself, but agrees to list with no other broker during the listing period

A broker is attempting to collect a commission on a property after his exclusive right to sell listing expires. If he ends up in court, he must prove that he was the procuring cause.

A broker who is the primary cause of a transaction is known as the ____________________ cause.

An exclusive agency listing permits the owner to sell through their own effort without liability to pay a commission to the listing broker.

The first thing a licensed broker must prove to recover a commission is that he has competitive commission rates.

A residence originally listed at $92,000 sold for 7% less than that. If the listing broker gets half of the 6% sales commission and he gives his salesperson 60% of that, how much does the listing salesperson receive? (rounded to the nearest dollar)

Multiple listing organizations typically use

Choose the one most appropriate answer for each. -a real estate listing between a property owner and a real estate broker

A properly signed multiple listing agreement is the property of the multiple listing service.

A listing that gives the broker the right to collect a commission no matter who sells the property during the listing period is called a(n)____________________ right to sell listing.

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

Licensing Laws and Professional Affiliation

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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