Practice Quizzes 1 Flashcards
When testing the conduct of an agent while engaged in real estate related activities, the independent contractor (IC) provision in the broker-agent employment agreement cannot and does not change the sales agent’s classification as:
an agent of the broker.
An outside salesperson is defined as a person who regularly works:
more than half of their time away from their place of employment.
An agent needs to collect income data during an interview with a prospective broker, including:
the number of sales the agent is likely to close during their first year..
the share of the gross broker fees the agent will receive under the fee-sharing schedule offered by the broker.
The best time for a sales agent to renegotiate their share of broker fees is:
at the height of a booming market.
To keep claims from clients and others under control, a broker needs to maintain a:
risk reduction program.
Agents are required to be members of the trade association that owns a multiple listing service (MLS) to post listings and access the MLS database.
False
When a dual agency is established on a one-to-four unit residential sales transaction, the dual agent may pass on any pricing information from the buyer to the seller without the buyer’s prior consent.
False
A broker must disclose to their seller the existence of an indirect interest one of the broker’s agents holds in the property.
True
A Compensation Disclosure form is used to inform sellers/buyers of the broker’s ownership interest in an affiliated business.
False
The content of the Agency Law Disclosure form is not dictated by statute.
False
An Agency Law Disclosure form needs to be presented to all parties by an agent when listing, selling, buying or leasing for a term greater than one year:
commercial property..
mobilehomes.
A separate agency confirmation provision is not mandated for inclusion in purchase agreement forms.
False
An open listing does not need to contain an expiration date.
true
A seller’s broker needs to disclose to the seller the broker fee they will receive on a net listing:
before the seller accepts a buyer’s offer.
A broker is prohibited from including an advance fee provision in a guaranteed sale listing.
True
A client’s oral promise to pay a broker fee entitles the broker to enforce collection of the fee.
False
The diligent effort of a broker under an exclusive listing includes:
analyzing the property..
marketing the property.
A broker will be paid a full listing fee on the further leasing of the listed property without the broker’s consent when a(n) ____________________ is included in the listing agreement.
withdrawal-from-sale clause
A broker can require a seller to relist with them if the seller decides to sell within the cancellation period.
False
A properly worded and perfected safety clause is enforceable:
even when a seller relists with another broker.
The price agreed to in a purchase agreement is based on the property conditions “as disclosed.”
True
A broker needs to keep all advance cost accounting records for at least:
3 years
Placing a “For Sale” sign ___________ is a misdemeanor public nuisance
on private property with the owner’s permission.
on public property with the city’s permission
Special agency duties owed to a buyer by a broker arise when the broker enters into an exclusive right-to-buy listing agreement with the buyer.
True
The exclusive right-to-buy listing agreement is the agent’s offer to render services for a fixed period of time.
True
A cooperating broker is used as the title for:
the subagent of the seller
Records of an agent’s activities on behalf of a buyer during the listing period need to be retained by:
the buyer’s broker
