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%.