Chapter 1 quiz
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%
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...?
3 (% percent)
If a property sells for $500,000 and the seller's broker commission is 6%, how much will the broker earn from the transaction...?
30,000
Which of the following issues a real estate license in California...?
California bureau of real estate
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
In addition to commission splits, brokers may make money from which of the following...?
desk fees
Most new home buyers purchase using cash...? (t/f)
false
New licensees are required to become members of the NAR...? (t/f)
false
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
According to the IRS, real estate agents are ...?
independent contractors
In order to use the title REALTOR, a licensee must be a member of the...?
national association of realtors
Broker commissions are typically stated as a...?
percentage of the sale price
Which of the following carries workers compensation insurance...?
real estate brokers
Any home that is not newly constructed is considered a...?
resale home
The real estate marketplace is a/an .......... marketplace?
stratified
As a new licensee, what is the most important aspect in choosing a broker...?
training
Commissions are always negotiable...? (t/f)
true
Most home purchases are now started online...? (t/f)
true
Real estate is cyclical...? (t/f)
true
an agent's compensation for performing the duties of the agency is known as a...?
commission
Real estate licensees are required to do ..............in order to renew their license?
continuing education
Real estate salespersons must have good time management skills...? (t/f)
true
Since a real estate agent operates as an independent contractor, the agent's sponsoring broker is NOT required to withhold any income taxes...? (t/f)
true
A seller who must sell is known as a...?
motivated seller
A real estate salesperson must work under a sponsoring broker...? (t/f)
true
High performing agents may demand a higher commission split with their sponsoring broker...? (t/f)
true
A real estate salesperson can sell which of the following real property types...?
Luxury homes Time-shares Condominiums
In a buyer's market, there is an excess of inventory...? (t/f)
true
New agents typically work better in an office environment...? (t/f)
true