Real Estate Brokerage

Question 1

licensed to buy, sell, exchange, or lease real property for others for a fee and may operate as a sole proprietorship, partnership, corporation, or limited liability company.

Answer 1

Real Estate Broker

Question 2

is a salesperson or broker who is licensed to perform real estate activities only on behalf of a licensed real estate broker

Answer 2

Sales Associate

Question 3

an employee who usually receives a commission, with no withholding for Social Security, income tax, and other purposes and has the freedom to set hours and accomplish goals.

Answer 3

independent contractor

Question 4

may be a licensed employee of the employing broker who is compensated by the broker, or, if unlicensed, is paid by either the sales associate or broker and is limited in the activities that can be undertaken.

Answer 4

assistant

Question 5

earned when the seller accepts an offer from a ready, willing, and able buyer prepared to buy on the seller’s terms and ready to take positive steps toward consummation of the transaction.

Answer 5

brokers commission

Question 6

broker’s compensation is based on charges for separate activities that the client desires (unbundling of services).

Answer 6

fee for service

Question 7

both state and federal (Sherman Antitrust Act) and prohibit monopolies, and contracts, combinations, and conspiracies that unreasonably restrain trade, including

price-fixing,
group boycott,
allocation of customers or markets, and
tie-in agreements (tying agreements) that force customers to purchase a product when only another was wanted.

Answer 7

Antitrust laws

Question 8

allows members to limit the internet distribution of listing information.

Answer 8

Internet Data Exchange (IDX) policy of the National Association of REALTORS

Question 9

contracts (including signatures) and records legally enforceable, regardless of the medium in which they are created.

Answer 9

Uniform Electronic Transactions Act (UETA)

Question 10

Restrictions on collection of information from children younger than 13 by means of the internet, including mobile apps,

Answer 10

Children’s Online Privacy Protection Act.

Question 11

The Uniform Electronic Transactions Act encourages the use of

Answer 11

electronic signatures

Question 12

Real estate license laws exist primarily to protect

Answer 12

consumers

Question 13

Which law has a feature that commercial email messages must include a means by which the recipient can unsubscribe?

Answer 13

can-spam act

Question 14

The amount of commission paid to a sales associate is determined by

Answer 14

mutual agreement with the broker

Question 15

two or more businesses conspire against another business or agree to withhold their patronage to reduce competition.

Answer 15

group boycotting

Question 16

Members of the National Association of Real Estate Brokers (NAREB) are known as

Answer 16

Realtists

Question 17

The National Do Not Call Registry is managed by

Answer 17

the Federal Trade Commission (FTC).

Question 18

a real estate licensee and a member of the National Association of REALTORS® (NAR).

Answer 18

Realtor

Question 19

Price-fixing is punishable by up to a $1 million fine and 10 years in prison under

Answer 19

the Sherman Antitrust Act.

Question 20

Do-not-call registries and laws such as the Telephone Consumer Protection Act, Junk Fax Prevention Act, and rules of the Federal Communications Commission dictate

Answer 20

prohibited communications

Question 21

The National Association of REALTORS® is composed of

Answer 21

state, regional, and local associations.

Question 22

The moral principles of a profession include

Answer 22

standards for integrity as well as a code of conduct.

Question 23

largest real estate trade organization serving the real estate industry.

Answer 23

National Association of Realtors

Question 24

After license laws are enacted by the legislature, who is responsible for adopting administrative regulations?

Answer 24

Licensing authority (division, Commission, etc.)

Question 25

A real estate broker was responsible for a chain of events that resulted in the sale of a client’s property. This is called

Answer 25

procuring cause.

Question 26

What is the practice called when a consumer selects specific services to use and only pays the real estate professional for those services?

Answer 26

Unbundling services

Question 27

The National Association of REALTORS® has adopted a code of ethics for

Answer 27

its members

Question 28

The Do Not Call Improvement Act of 2007 states that real estate professionals may call consumers with whom they have an established business relationship for up to how many months after the consumer’s last purchase, delivery, or payment?

Answer 28

18 months