Real Estate Practice - Unit 1

The salesperson pays the broker in a

100 percent commission office.

Which of the following statements regarding mobile home sales is TRUE?

A real estate agent can sell a mobile home in a rental park space AND a real estate agent can sell a mobile home with the land it is sited on.

The following are all examples of abstract goals EXCEPT

I will obtain three new listings each month

What is the dominant emphasis of the real estate profession?

Identifying and fulfilling the needs of others.

A unique system of cooperation among brokers that allows one broker to show and sell a listing of any other member broker is called:

Multiple Listing Service (MLS)

Real estate salespeople often team up with another salesperson to form a selling team. An advantage of such an arrangement is:

Team members are motivated because they share in each other's successes

Which of the following is TRUE with regard to 100 percent commission offices and newly hired salespeople?

This type of arrangement is not good for new hires because it typically means fewer services are provided by the broker to the agent.

Brokers have liability to commission salespeople as to:

Workmen's Compensation

Discount brokerage firms tend to be more successful in:

a seller's market, with few sellers and many buyers.

One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the:

broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes

Although the working relationship of the salesperson is that of an independent contractor, salespersons are actually:

employees of the broker and not independent contractors.

Real estate is not:

homogeneous

A training program in which the new hire assists a successful salesperson for several months is called a:

mentor program.

In choosing a broker, a new licensee should be LEAST interested in an office that:

offers 100 percent commission.

The real estate marketplace could best be described as being:

stratified.

Real estate licensees may also act as agents in:

the sale of office buildings, retail stores, or warehouses.

In a buyer's market,

there are many sellers and few buyers.