Question 1

Choose the one most appropriate answer for each.
-a listing that covers only out-of-pocket costs incurred by the 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 2

When one broker lists a property, another broker sells it, and they split the commission between them, it is called

Accepted Answer

A)  broker competition. 
B)  broker cooperation. 
C)  a pocket listing. 
D)  a mutual listing. 
A)  broker competition. 
B)  broker cooperation. 
C)  a pocket listing. 
D)  a mutual listing.

Question 3

The amount of commission to be paid the broker for selling a property is

Accepted Answer

A)  set by law. 
B)  negotiated at the time a buyer is found. 
C)  set forth in the rules of the state real estate commission. 
D)  stated in the listing contract. 
A)  set by law. 
B)  negotiated at the time a buyer is found. 
C)  set forth in the rules of the state real estate commission. 
D)  stated in the listing contract.

Question 4

Choose the one most appropriate answer for each.
-an organization of real estate brokers that exists for the purpose of exchanging listing information

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 5

The broker/manager receives 45% of the commissions on all sales made through her office. What would she receive on monthly sales totaling $252,000 at an average 3.7% commission (rounded to the nearest dollar)?

Accepted Answer

A)  $9,324 
B)  $4,196 
C)  $7,527 
D)  $3,765 
A)  $9,324 
B)  $4,196 
C)  $7,527 
D)  $3,765

Question 6

A residence was listed at $100,000 and sold for 92% of that amount. The rate of commission was 6%, and was divided equally between the selling and listing brokers. How much did each broker get?

Accepted Answer

A)  $5,520 
B)  $3,360 
C)  $5,510 
D)  $2,760 
A)  $5,520 
B)  $3,360 
C)  $5,510 
D)  $2,760

Question 7

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 is called an exclusive ____________________ listing.

Accepted Answer

The answer of A listing wherein the owner reserves the...

Question 8

The broker has an exclusive agency listing with the sellers. The broker shows the home to a buyer who then calls the sellers directly to make an offer to buy the property. The broker has earned a commission because the listing is an exclusive agency listing.

Accepted Answer

A) True 
 B)False

Question 9

Under the terms of an exclusive right to sell listing, a commission is due the listing broker if a buyer is found by

Accepted Answer

A)  the listing broker. 
B)  a sales associate employed by the listing broker. 
C)  another broker. 
D)  any of the above. 
A)  the listing broker. 
B)  a sales associate employed by the listing broker. 
C)  another broker. 
D)  any of the above.

Question 10

A licensed salesperson is paid 2% commission on all sales that he produces. How much dollar volume of real estate would she have to sell each month to make $3,500 per month?

Accepted Answer

A)  $122,900 
B)  $135,000 
C)  $175,000 
D)  $210,000 
A)  $122,900 
B)  $135,000 
C)  $175,000 
D)  $210,000

Question 11

Choose the one most appropriate answer for each.
-a buyer who is ready to buy at the seller's price and terms and who has the financial capability to do so

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 12

With an exclusive right to sell listing agreement, the broker will receive a commission regardless of whether the property is sold.

Accepted Answer

A) True 
 B)False

Question 13

Choose the one most appropriate answer for each.
-a listing that gives a broker the right to collect a commission no matter who sells the property 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 14

Choose the one most appropriate answer for each.
-a contract wherein a broker is employed to find a buyer or tenant

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 15

A listing that does not require the listing agent to show that he or his subagents are the procuring cause in order to earn a commission is

Accepted Answer

A)  an exclusive right to sell listing. 
B)  an exclusive agency listing. 
C)  a net listing. 
D)  illegal. 
A)  an exclusive right to sell listing. 
B)  an exclusive agency listing. 
C)  a net listing. 
D)  illegal.

Question 16

A listing that gives the broker the nonexclusive right to find a purchaser is a(n)____________________ listing.

Accepted Answer

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

Question 17

A broker is employed to find a buyer using an exclusive right to sell listing. He finds one at the seller's price and terms. If the seller then refuses to sell, the broker is entitled to a full commission.

Accepted Answer

A) True 
 B)False

Question 18

A licensed salesperson participating in a real estate transaction is allowed to accept a commission from

Accepted Answer

A)  the seller. 
B)  the buyer. 
C)  his broker. 
D)  the title company. 
A)  the seller. 
B)  the buyer. 
C)  his broker. 
D)  the title company.

Question 19

Choose the one most appropriate answer for each.
-a listing for which the commission is the difference between the sales price and the minimum price set by the seller

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 20

Choose the one most appropriate answer for each.
-a full-service broker who charges less than the prevailing commission rates in his community

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

Exam 19: The Principal-Broker Relationship: Employment

Choose the one most appropriate answer for each. -a listing that covers only out-of-pocket costs incurred by the broker

When one broker lists a property, another broker sells it, and they split the commission between them, it is called

The amount of commission to be paid the broker for selling a property is

Choose the one most appropriate answer for each. -an organization of real estate brokers that exists for the purpose of exchanging listing information

The broker/manager receives 45% of the commissions on all sales made through her office. What would she receive on monthly sales totaling $252,000 at an average 3.7% commission (rounded to the nearest dollar)?

A residence was listed at $100,000 and sold for 92% of that amount. The rate of commission was 6%, and was divided equally between the selling and listing brokers. How much did each broker get?

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 is called an exclusive ____________________ listing.

The broker has an exclusive agency listing with the sellers. The broker shows the home to a buyer who then calls the sellers directly to make an offer to buy the property. The broker has earned a commission because the listing is an exclusive agency listing.

Under the terms of an exclusive right to sell listing, a commission is due the listing broker if a buyer is found by

A licensed salesperson is paid 2% commission on all sales that he produces. How much dollar volume of real estate would she have to sell each month to make $3,500 per month?

Choose the one most appropriate answer for each. -a buyer who is ready to buy at the seller's price and terms and who has the financial capability to do so

With an exclusive right to sell listing agreement, the broker will receive a commission regardless of whether the property is sold.

Choose the one most appropriate answer for each. -a listing that gives a broker the right to collect a commission no matter who sells the property during the listing period

Choose the one most appropriate answer for each. -a contract wherein a broker is employed to find a buyer or tenant

A listing that does not require the listing agent to show that he or his subagents are the procuring cause in order to earn a commission is

A listing that gives the broker the nonexclusive right to find a purchaser is a(n)____________________ listing.

A broker is employed to find a buyer using an exclusive right to sell listing. He finds one at the seller's price and terms. If the seller then refuses to sell, the broker is entitled to a full commission.

A licensed salesperson participating in a real estate transaction is allowed to accept a commission from

Choose the one most appropriate answer for each. -a listing for which the commission is the difference between the sales price and the minimum price set by the seller

Choose the one most appropriate answer for each. -a full-service broker who charges less than the prevailing commission rates in his community

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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