chapter 1 quiz

New licensees are required to become members of the NAR...?

B/ (False)

If a property sells for $500,000 and the seller's broker commission is 6%, how much will the broker earn from the transaction...?

B/ 30000

In addition to commission splits, brokers may make money from which of the following...?

B/ Desk fees

In order to use the title REALTOR, a licensee must be a member of the...?

B/ National Association of Realtors

If the overall commission in a transaction is 6%, and the seller/buyer broker commission split is 50/50, what would the buyer broker's commission be for the transaction...?

C/ 3 (% Percent)

Which of the following issues a real estate license in California...?

D/ California Bureau of Real Estate

C / Stratified

The real estate marketplace is a/an .......... marketplace?

High performing agents may demand a higher commission split with their sponsoring broker...?

A/ (True)

The overall commission for a transaction is 6%. The commission split between the seller's and buyer's broker is 50/50. The commission split between the seller's broker and their real estate agent in the transaction is also 50/50. What would the seller's broker's real estate agent's commission be for the transaction...?

A/ 1.5 (% Percent)

According to the IRS, real estate agents are ...?

C/ Independent Contractors

Which of the following carries workers compensation insurance...?

C/ Real estate brokers

True

Commissions are always negotiable...?

Broker commissions are typically stated as a...?

D/ Percentage of the sale price

As a new licensee, what is the most important aspect in choosing a broker...

D/ Training

This refers to a person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another...?

DIndependent contractor

False

Most new home buyers purchase using cash...?