Course 2 Quiz 1

In order to use the title realtor, A Licensee must be a member of the ? A. California division about B. National Association of realtors C. National institution of realtors D. California Bureau Of real estate

Answer: 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 brokers commission be for the transaction ? A. 1.5% B. 2% C. 3% D. 6%

Answer: C 6%

Real estate licensees Are required to do ____________ in order to renew their license? A. Prospecting B. Sales Training C. Continuing education D. A minimum of closings

Answer: C, Continuing education

A real estate salesperson can sell Which of the following real property types. A. Luxury homes B. Timeshares C. Condominiums D. All the above

Answer: D all the above.

The California Bureau of real estate has the power to do Which of the following. A. Issue a license B. Suspended license C. Revoked a license D. All the above

Answer: D, All the above.

This refers to a person who acts for another but who sells final results and whose method of achieving those results are not subject to control of another. A. Employee B. Partner C. Client D. Independent contractor

Answer: D, Independent Contractor

Which of the following should be considered when choosing a broker? A. Location B. Commission split C. Training D. All the above

Answer : D All the above

Aa a new licensee, what is the Most important aspect in choosing a broker? A. Advertising B. Number of agents in the office C. Desk fee D. Training

Answer: D Training .

New agents typically work better in an office environment. A. True B. False

A, True.

A True Real estate is cyclical? A. True B. False

Answer: A True

Since areal estate agent act as an independent contractor, the Agent's sponsoring Broker is not required To withhold any income taxes . A. True B. False

Answer: A true

A real estate salesperson Must work under a Sponsoring Broker. A. True B. False

Answer: A, True

Brokers commission Are typically stated as a ? A. Flat fee. B. Percentage of the assessed value. C. Percentage of the listing Price. D. Percentage of the sale price.

answer: D Percentage of the sale price.

New licensees are required to become a member of the NAR. A. True B. False

Answer : B False

An agents compensation For performing the duties of the agency is known as? A. Salary B. Commission C. Referral fee D. Kick back

Answer : B commission

Commissions are always negotiable ? A. True B. False

Answer: A True

Most home buyers Purchase using cash ? A. True B. False

Answer: B False

According to the IRS real estate agents are? A. Principal's B. Clients C. Independent contractors D. Employees

Answer: C Independent contractors.

Real estate salesperson must have a good time management. A. True B. False

Answer: A True

Which of the following issues a real estate license in California? A. California Association of realtors B. California real estate commissions. C. National Association of realtors. D. California Bureau of Real Estate.

Answer: D, California Bureau of Real Estate

A seller who must sell is known as a ? A. Reluctant seller B. Motivated seller C. Patient seller D. Opportunistic seller

Answer: Motivated Seller.

In a buyers market, there is an excess of inventory. A. True B. False

Answer: A, True

Any home that is not newly constructed is considered a ________. A. Secondary home B. Depreciated it home C. Resell home D. Used home

Answer: C, Resell home.

Almost all home purchases are now Started online. A. True B. False

Answer: A, True

In addition to commission splits, Brokers may make money from which of the following? A. Subscription fees B. Desk fees C. Processing fees D. Insurance fees

Answer: B Desk fees

High performing agents may demand a higher commission Split with their sponsoring Broker. A. True B. False

Answer: A, True

Which of the following carries Worker's Compensation Insurance? A. Real Estate salesperson B. Buyers C. Real estate brokers D. Sellers

Answer: C Real estate brokers

The real estate marketplace is a/an ______________ marketplace ? A. Efficient B. Even C. Stratified D. Stagnant

Answer : C stratified market

If a property sells for $500,000 and the seller's broker's Commission Is 6%, How much will the broker earn from the transaction? A. $15,000 B. $30,000 C. $45,000 D. $60,000

Answer: B $30,000. $500,000 -6%=$30,000

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 sellers Broker And their real estate agent In the transaction is also 50/50. What would the seller's Broker's real estate agents Commission be For the transaction ? A. 1.5 % B. 2% C. 3% D. 6%

Answer: A 1.5% , Take half of 6% which is 3% And divide that by two to get 1.5%.