Chapter 1 Q & A

Question 1

Which of the following can independently conduct real estate business on the behalf of others for compensation?
a. a licensed practicing attorney.
b. a licensed real estate salesperson.
c. a licensed real estate associated broker
d. a licensed real estate broker

Answer 1

d. a licensed real estate broker

Question 2

People who sell real estate for others:
a. must be licensed in order to collect compensation
b. need not b licensed if no more than $1,000 in compensation is involved
c. need not be licensed if they are involved in no more than one transaction a year
d. have no obligation to become licensed, but may do so voluntarily

Answer 2

a. must be licensed in order to collect compensation

Question 3

Which of the following could be licensed as a real estate broker?
a. a corporation
b. a partnership
c. an actual person
d. all of the above

Answer 3

d. all of the above

Question 4

Which of the following is NOT a real estate license category?
A. SALESPERSON
b. broker
c. attorney-in-fact
d. associate broker

Answer 4

c. Attorney-in-fact

Question 5

A real estate contract is a contract between:
a. the owner and the listing broker
b. the owner, the broker, and the listing sales person
c. the owner and the listing salesperson
d. the broker and the listing salesperson

Answer 5

a. The owner and the listing broker

Question 6

The ultimate responsibility for a mistake in a document prepared by a real estate salesperson rest:
a. equally on the salesperson the employing broker
b. on the employing broker
c. with the lead associate broker
d. with the salesperson

Answer 6

b. on the employing broker

Question 7

Continuing education requirements exist for the purpose of:
a. ensuring that only competent license applicants are granted real estate licenses
b. requiring licensees to stay up to date in their field.
c. making sure the public is properly educated
d. creating jobs for educators

Answer 7

b. requiring licensees to stay up to date in their field

Question 8

Before being granted an original salesperson’s license, an applicant must:
a. pass the examination for salesperson licensure
b. name the broker with whom the applicant will associate
c. complete any state-mandated education requirements
d. do all of the above

Answer 8

d. do all of the above

Question 9

Brokers who wish to operate outside their home state will usually be required to file a notice of consent with the Secretary of State in:
a. their home state
b. each state in which they wish to operate
c. Washington D.C.
d. any state

Answer 9

b. Each State in which they wish to operate

Question 10

Real estate brokers may operate a business as a sole proprietorship under:
a. their own name only
b. a fictitious name only
c. a trade name
d. a corporate charter

Answer 10

c. a trade name