Brokerage Practice

Question 1

A kind of listing, as to form, where it can be through vocal.

Answer 1

Verbal listing

Question 2

A brokerage is a firm that acts as an intermediary between .

Answer 2

a purchaser and a seller

Question 3

Refers to a record of all important copies of all documents of transaction.

Answer 3

Report

Question 4

Refers to the consideration which is entrusted to the third party.

Answer 4

ESCROW

Question 5

A real estate dealer is a principal.

Answer 5

TRUE

Question 6

The real estate broker must be ___ to the principal.

Answer 6

LOYAL

Question 7

Refers to the type of listing that can be given to more than two brokers

Answer 7

Open listing

Question 8

Has both the willingness and the capacity to buy the property.

Answer 8

PROSPECT

Question 9

Broker entitled for a commission if he is the .

Answer 9

Procuring cause

Question 10

Real estate broker as profession, real estate dealer A.

Answer 10

BUSINESS

Question 11

Professional fee is payable in full upon .

Answer 11

Consummation of the contract

Question 12

The relation between one who reposes confidence in another who acts as his agent, based on trust and confidence

Answer 12

Fiduciary

Question 13

An outside broker who joins with another broker in the sale of real property.

Answer 13

Cooperating broker

Question 14

A clause contained in a listing that provides protection for the broker.

Answer 14

Protection clause

Question 15

One who stays on the leased premised after his lease has expired,

Answer 15

Hold over tenant

Question 16

A tenant that continues from period to period such as month to month.

Answer 16

Periodic tenant

Question 17

A lease with fixed rent for an initial term and provision for predetermined increases at specified interval.

Answer 17

Step up lease

Question 18

A estate that exist when tenant wrongfully remains after the expiration of a lease.

Answer 18

Tenancy at sufferance

Question 19

Tenancy that can be cancelled anytime by landlord or tenant.

Answer 19

Tenancy at will

Question 20

Replacing one party in an existing contract with a new player and releasing the first party of all liability.

Answer 20

Novation

Question 21

To pledge something as collateral without giving up possession.

Answer 21

Hypothecate

Question 22

A legal document in which property is transferred to third party trustee as security for an obligation.

Answer 22

Trust deed

Question 23

Refers to the land and all those items which are attached to the land

Answer 23

REAL PROPERTY

Question 24

Performs his acts on behalf of another.

Answer 24

BROKER

Question 25

The process of reconciling the opposing views of the parties to the transaction.

Answer 25

Negotiation

Question 26

The system of combining all properties into a common list.

Answer 26

Multiple listing

Question 27

The broker can act as fiduciary.

Answer 27

TRUE

Question 28

Seller sets a minimum acceptable selling price.

Answer 28

NET LISTING

Question 29

Finds a specified property in exchange for the principal’s property.

Answer 29

Exchanged Agency

Question 30

Any person who earns profit from his investment.

Answer 30

Real estate dealer

Question 31

The business of making sales and purchases for a commission.

Answer 31

brokerage

Question 32

Collect personal information about the client for the lender including employment and medical history.

Answer 32

broker

Question 33

Broker or dealer shall deal in or otherwise buy or sell, for its own account or for the account of customers.

Answer 33

broker only