CANVAS QUIZ: Chapter 1 Flashcards
A list of prospects regularly contacted by an agent in the hopes of making them clients is called a:
a) harassment suit waiting to happen.
b) family tree.
c) circle of last resort.
d) sphere of influence.
d) sphere of influence.
Errors and Omission Insurance:
a) is a form of professional liability insurance.
b) protects agents and their brokers from catastrophic lawsuits.
c) is a form of professional liability insurance and protects agents and their brokers (from catastrophic lawsuits).
d) none of these are correct.
c) is a form of professional liability insurance and protects agents and brokers (from catastrophic lawsuits).
Kind of a trick question; a and b are technically correct, but for the sake of full clarity, c is the best answer.
An agent with a salesperson’s license can only work for:
a) himself or herself in the first year.
b) one broker at a time.
c) the DRE.
d) tips.
b) one broker at a time.
A salesperson who sells results rather than time, and whose physical conduct is not subject to the control of another is an:
a) employer.
b) employee.
c) independent contractor.
d) all of these answers are correct.
c) independent contractor.
Calls to people you already know are:
a) warm calls.
b) cold calls.
c) familiarity calls.
d) wild calls.
a) warm calls.
A specific neighborhood, community, or zip code in which you solicit for real estate business is called a(n):
a) home turf.
b) geographical farm.
c) Google farm.
d) Google sphere.
b) geographical farm.
When you pass the state licensing exam who makes your name and phone number a public record?
a) State Franchise Tax Board
b) Board of Equalization
c) Department of Real Estate (DRE)
d) County Clerk’s Office
c) Department of Real Estate (DRE)
What do you call the agreement that determines what percentage of the commission belongs to the broker and what percentage belongs to the agent?
a) commissioner regulation
b) commission split
c) California Real Estate Protocols
d) IRS Independent Contractor Regulations
b) commission split
Upon close of escrow, a broker pays an agent a “straight commission” based on:
a) the total annual income of the brokerage.
b) a percentage of the selling price.
c) the recommendation of the seller.
d) the length of a time a property took to sell.
b) a percentage of the selling price.
A broker who works for another broker is a:
a) semi-broker.
b) regulating broker.
c) broker’s assistant.
d) broker’s associate.
d) broker’s associate.
A listing agreement establishes a fiduciary relationship between a:
a) banker and agent.
b) seller and buyer.
c) broker and principal (seller).
d) none are correct.
c) broker and principal (seller).
Transaction files (including scanned files with digital signatures) must be kept by the employing broker for:
a) 3 months
b) 1 year
c) 18 months
d) 3 years
d) 3 years
An office concerned with its immediate and residual impact on the environment is called a(n):
a) lame office.
b) green office.
c) progressive office.
d) environmentally certified office.
b) green office.
A form of real estate brokerage ownership characterized by an office run by one owner solely responsible for all decisions is legally known as a(n):
a) private association.
b) sole proprietorship.
c) independent brokerage.
d) real estate dictatorship.
b) sole proprietorship.
A legal “artificial being” that conducts business under its California Secretary of State chartered name is legally known as a:
a) for-profit robotic.
b) franchise.
c) corporation.
d) partnership.
c) corporation.
