Unit 7 - Questions Flashcards
Academy of Real Estate is a real estate education provider. Can it be owned and operated by ABC Realty?
a) Yes, if the Commission approved the application and received the appropriate fees
b) Yes, if the provider and the brokerage company make the relationship clear on all promotions, endorsements and advertisements
c) No, because a brokerage company is never allowed to own a real estate education provider
d) No, because a real estate education provider must be owned by a broker of record
b) Yes, if the provider and the brokerage company make the relationship clear on all promotions, endorsements and advertisements
If a lessor or property manager expressly states that a property is not to be included in lists prepared by rental listing referral agents, a broker publishing such a list:
a) may mention, but not in detail, the property
b) may not include info about the property in the list
c) must fully describe the property anyway
d) must disclose the restriction in any advertising of the property
b) may not include info about the property in the list
When advertising property a broker must not publish listing information about a property if the lessor or property manager states that the property is not to be included in lists prepared by rental listing referral agents.
What kind of price or value is defined as that prospective buyer would expect to pay for a similar item of like quality and quantity in a retail outlet that offers the item for sale to the general public?
a) fair trade price
b) fair market value
c) suggested retail price
d) over the counter price
b) fair market value
If a real estate ad is in print, the odds of winning an advertised prize must be presented in type that is…
a) twice the size of that used to describe the prize
b) of any legible size
c) the same size as that used to describe the prize
d) at least half the size of that used to describe the prize
c) the same size as that used to describe the prize
The statement by a licensee to a seller that “someone is moving in, and you had better get out before your house value drops” is an example of which of the following illegal activities?
a) profile peddling
b) block commingling
c) panic peddling
d) redlining
c) panic peddling
John usually goes by his nickname Jack when he is selling and listing houses. His full name is John Robert Smith. When he submits his application for renewal to the Commission with the appropriate fees and paperwork, which of the following should John do?
a) Include his nickname if he wants to use it when he is conducting business
b) Have his broker submit his nickname to the Commission
c) Have his name legally changed
d) Make sure he places quotation marks around his legal name
a) Include his nickname if he wants to use it when he is conducting business
A licensee who by personal contact, telephone, mail or advertising attempts to sell or dispose of real estate with such frequency as to interfere with the owner or other person who controls the sale or disposition of the property may be guilty of…
Harassment
The Commission states that any licensee who fails to disclose the possibility that a certain prize may not be awarded is practicing ____ in advertising
Deceptive Conduct
A Licensee who sells or leases his own property must disclose that he is a real estate licensee in advertisements for the property. However, this does not apply IF
a) the licensee is a broker of record
b) the property is owned with non-licensees
c) the property is listed with a real estate company
d) the owner only owns one piece of property
c) the property is listed with a real estate company
If in compliance with the rest of the Act, licensees who use gifts for the purpose of influencing consumers may substitute prizes of
a) lesser fair market value
b) lesser suggested retail value
c) equal or greater suggested retail value
d) equal or greater fair market value
d) equal or greater fair market value
Susan, a salesperson, placed the following ad in yesterday’s paper: “Susan White of XYZ Realty has ten new listings to show you. Call Susan at 123-4567,” Is this advertising acceptable?
a) Yes. Susan is allowed to advertise using the company name and Susan’s phone number as the contact number
b) No. the business name and telephone number of the brokerage must be included.
c) No. Salespersons are not allowed to advertise properly
d) No, the broker should limit the number of listings advertised to avoid unfair advertising
b) No. the business name and telephone number of the brokerage must be included.
A licensee’s advertising or marketing on a site on the internet must include all of the following EXCEPT
a) the firm’s Notice of Approval for internet Advertising (NAIA)
b) the licensee’s name
c) the city in which the licensee’s office is located
d) the state in which the licensee’s office is located
a) the firm’s Notice of Approval for internet Advertising (NAIA)
Discriminatory advertising used by agents to profit from quick sales is expressly forbidden by which of the following?
The Federal Fair Housing Act and the Pennsylvania Human Relations Act
When a broker advertises about his production or Market Position in the market, he must identify:
a) polling firm that determined the outcome
b) individual licensees by name and volume
c) actual sales and dollars amount of each sale
d) municipality that the market comprises
d) municipality that the market comprises
What does “fair market value” mean in the context of brokers’ advertising by means of offering prizes?
a) the suggested retail price of the prize
b) the price of a buyer would expect to pay in a retail outlet that offers the item for sale
c) the price a buyer would pay at a wholesale club
d) the price most people would be willing to pay
b) the price of a buyer would expect to pay in a retail outlet that offers the item for sale
