REPractice Chapter Quizzes

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TILA was enacted in...?

1968

Your geographic farm can be which of the following...?

A neighborhood A community A building complex

This Act protects consumers from unsolicited emails...?

CAN-SPAM Act

Expired listings are listings that have...?

Not sold

The real estate broker is responsible for completing the AVID form...?

True

Steering is commonly associated with...?

buyers

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

desk fees

Blockbusting is also known as panic selling...?

true

What is the maximum fine per violation of the CAN-SPAM Act...?

16000

When conducting a CMA, an agent should look for comparable properties that have sold in the last...?

3 months

A CMA is only used for residential properties up to...?

4 units

The illegal mixing of personal funds with money held in trust on behalf of a client is known as...?

Commingling

A long-term physical or mental impairment, or condition, that substantially limits a person's major activities is known as a/an...?

disability

Discrimination in advertising is covered under the Civil Rights Act of 1968...?

true

Dual agency is legal in California...?

true

Ethics tends to preceed law...?

true

In a buyer's market, there is an excess of inventory...?

true

Most home purchases are now started online...?

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...?

1.5 (% Percent)

A federal law protecting the rights of individuals with physical or mental impairments is known as the...?

Americans with Disabilities Act

Public accommodations for handicapped individuals is required under the...

Americans with Disabilities Act

What is typically the seller's largest closing cost...?

Broker's commission

What is the final step in disclosing an agency relationship...?

Confirm

An agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as...?

Dual agency

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure is known as a...?

Fiduciary duty

A comparable property sold for $300,000, which included 2 bedrooms and 3 bathrooms. If the subject property includes 2 bedrooms and 2.5 bathrooms, what type of adjustment must be made...?

Negative adjustment

David recently obtained his real estate salesperson license. What should David focus on most to get listing contracts with sellers and grow his business...?

Prospecting

This federal law requires the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development (HUD)...?

RESPA

TILA is also known as...?

Regulation Z

An agent who works only for the buyer or the seller is known as a...?

Single agent

A person in a position of trust and confidence is known as a...?

fiduciary

What is the minimum number of comparables an agent should use when conducting a CMA...?

3

In order to be considered a senior living residence, at least 80% of the units must be occupied by persons ..........years or older?

55

This federal law prohibits all discrimination on the basis of race only...?

Civil Rights Act of 1866

Which of the following occurs when two agents working under the same sponsoring broker represent both sides in a transaction...?

Dual agency

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...?

Independent contractor

The California Bureau of Real Estate has the power to do which of the following...?

Issue a license Suspend a license Revoke a license

Which of the following should be considered when choosing a broker...?

Location Commission split Training

Broker commissions are typically stated as a...?

Percentage of the sale price

The Sherman Anti-Trust Act prohibits which of the following...?

Price fixing Market allocation Group boycotting

Agency exists between the principal and...?

Real estate broker

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

Real estate brokers

Who owns any listings obtained by a real estate salesperson...?

The salesperson's sponsoring broker only

Money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction are known as...?

Trust funds

Which of the following must be double braced in California...?

Water heaters

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

training

The weather conditions at the time of the visual inspection must be described on the AVID form...?

true

Working with buyers is typically more time consuming than working with sellers...?

true

Properties built prior to ........... require a lead based paint disclosure?

1978

This federal law prohibits discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money...?

Civil Rights Act of 1964

In addition to the broker's commission, sellers are also responsible for paying which of the following when selling their house...?

Closing costs

This court case determined that a seller's agent only has a duty to visually and diligently inspect a property...?

Easton vs. Strassburger

Which of the following prohibited discrimination in housing whenever federal funds were involved...?

Executive Order 11603

A real estate agent offers which of the following to the principal...?

Experience Exposure Expertise

This federal law prohibits discrimination in the sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status...?

Fair Housing Act of 1968

This court cased determined it was unconstitutional to refuse to sell a house on the basis of race...?

Jones v. Mayer

A real estate salesperson can sell which of the following real property types...?

Luxury homes Time-shares Condominiums

What should an agent include in their mailings to their geographical farm...?

Recently listed properties Recently sold properties Market updates

The natural hazards disclosure is required for...?

Residential properties

A broker owes fiduciary duties to a buyer...?

true

When conducting a CMA, which of the following listings should be reviewed...?

Recently sold properties Current properties on the market Expired listings

A ........... property is a property that may be perceived to be undesirable for other than physical or environmental reasons?

Stigmatized

Which of the following is an indication of a water problem in a house...?

mold

Which of the following is an example of a non-geographical farm...?

short sales

A federal legislation including the imposition of civil and punitive damages for anti-trust activities is known as the...?

Sherman Anti-Trust Act

The people in your existing network are referred to as your...?

Sphere of influence

What contact information should agents collect from prospective buyers at the open house...?

email

Any fact that would influence the decision of a reasonably prudent person is known as a...?

material fac

Any home that is not newly constructed is considered a...?

resale home

A landlord is not allowed to charge an increased security deposit for a tenant with a service animal...?

true

anything greater than four dwelling units is considered commercial real estate...?

true

The unlawful appropriation of another's property or funds is known as...?

Conversion

Moral principles that govern a person's or group's behavior are known as...?

ethics

Any licensed real estate broker or agent can call themselves a Realtor...?

false

A seller who must sell is known as a...?

motivated seller

When getting started as a real estate agent, it is usually better to focus on a ............ market?

niche

Commissions are always negotiable...?

true

A real estate agent is allowed to call a For Sale By Owner to try and list their property...?

false

Contacting owners of expired listings is considered a violation of the Do Not Call Registry...?

false

Most new home buyers purchase using cash...?

false

The seller's broker is responsible for completing the Transfer Disclosure Statement...?

false

When conducting their visual inspection, the real estate agent is required to check crawl spaces and roofs...?

false

Any agent involved in a residential transaction must disclose agency...?

true

New agents typically work better in an office environment...?

true

Purchasers of residential real estate are entitled to a Real Estate Transfer Disclosure Statement...?

true

Real estate related mailings should be sent to homes in an agent's geographical farm...?

true

Since a real estate agent operates as an independent contractor, the agent's sponsoring broker is NOT required to withhold any income taxes...?

true

What is a typical starting radius to use when searching for recently sold properties...?

¼ mile

Familial status became a protected class under the...?

1988 Fair Housing Amendment Act

A comparable property sold for $250,000, which included 2 bedrooms and 2 bathrooms. If the subject property also includes 2 bedrooms and 2 bathrooms but comes with a garage, what type of adjustment must be made...?

Positive adjustment

Which of the following is considered an illegal action under the fair housing laws...?

Steering Blockbusting Redlining

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

Stratified

The process of locating owners who are interested in selling their homes is known as...?

prospecting

A lead database is separate from a prospect database...?

true

A mandated disclosure is a disclosure which is required by law...?

true

A new agent's geographical farm should be close to their own home...?

true

A non-geographical farm allows an agent to work in a niche market...?

true

A real estate broker acts as a fiduciary to the principal...?

true

A real estate salesperson operates as a sub-agent to their broker...?

true

All disclosures involved in a real estate transaction should be in writing...?

true


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