Duties As A Broker

Question 1

Duties as a broker

Answer 1

Loyalty
Obedience lawful
Full disclosure
Confidentiality
Written Agency agreement
Limited agency
Gather correct information
Disclosure of relationship and information
Source of data
Agency confirmation
10 day response

Question 2

Bureaucratic theory

Answer 2

Utilizes the unity of command principle members should report to know more than one superior each superior should have 5 to 8 subordinates

Question 3

Quantitative theory

Answer 3

Problems are stated in mathematical symbols 

Question 4

The systems approach or theory

Answer 4

Very complicated systems with management acting as the force that integrates and coordinates the enterprise, open system rather than a close system. This is dynamic interaction with its environment.

Question 5

Behavioral theory

Answer 5

Focus on the role of individual and group behaviors concepts include motivation, perception, learning, personality, group dynamics, leadership satisfaction, etc. X theory = people are lazy. Y theory = people are reliable.

Question 6

Borrowing risk

Answer 6

The result of indebtedness, usually low because of low cost of inventory

Question 7

Business operating risk

Answer 7

The variability of the company’s earnings before interest and taxes

Question 8

The balance sheet 

Answer 8

A snapshot of the firms financial position at one specific point in time. Assets - liabilities = owners equity.

Does not include listings under contract’s reputation human resources

Question 9

The income statement

Answer 9

Reports the results of operations over some period of time usually monthly or quarterly.

Gross revenue- operating expenses= operating income or ebit 

Question 10

Company dollar

Answer 10

Total income minus commissions paid, including commissions, paid to the broker and or owner. This becomes the girls effective operating income.