real estate chapter 5.5

What is the term given to assigned office duty? a) Floor Time b) Hang Time c) Meet and Greet Time d) Non-field Time

a) Floor Time

If a licensee joins a company as an independent contractor, which of these will he probably have to pay for on his own? a) Health insurance b) Office space c) For Sale signs d) Errors and omissions insurance

a) Health insurance

Behavioral, Financial, and Type of Relationship are a) IRS verification levels of control and independence regarding contractor status. b) Title IX verification levels of payment. c) HUD levels of reimbursement. d) compensation levels due a contractor based on performance.

a) IRS verification levels of control and independence regarding contractor status.

Which of the following is NOT a responsibility that brokers have to their licensees? a) Provide and pay for networking opportunities to allow licensee to make business contacts. b) Provide access to all the firm's listings and marketing data. c) Provide the appropriate level of office support. d) Provide agreed upon training.

a) Provide and pay for networking opportunities to allow licensee to make business contacts.

In a company's policy and procedures manual, where would you find information regarding acceptable business standards and practices? a) Listing Agreements b) Code of Ethics c) Compensation Policy d) Floor Time

b) Code of Ethics

Which of these guidelines is not part of the IRS safe harbor test? a) Income must be based on sales input. b) Contractors must have access to workers compensation benefits. c) The contractor must be licensed as a real estate salesperson or broker. d) There must be a written contract in place.

b) Contractors must have access to workers compensation benefits.

What type of training is frequently conducted by multiple office companies? a) Self-study b) Organized classroom training c) One-on-one d) On-the-job

b) Organized classroom training

If a licensee joins a company as an independent contractor, which of these will he probably have to pay for on his own? a) MLS Fees b) Social Security Tax c) Advertisement Expenses d) Utility Expenses

b) Social Security Tax

Which of the following must a broker legally provide to an employee? a) Pension plan b) Unemployment insurance c) Health insurance d) Sales commission

b) Unemployment insurance

Work agreements a) should be individualized. b) should be signed by all parties and a witness. c) should be standardized. d) should be notarized and a copy sent to the Real Estate Board office.

b) should be signed by all parties and a witness.

The policy and procedures manual should include a) business agreements. b) the firm's commission policy. c) itemization of the managing broker's short-term and long-term business goals. d) the unique role of each individual employee.

b) the firm's commission policy.

Which of the following statements is FALSE? a) A broker may require licensees to carry high levels of automobile insurance. b) It's a good idea for brokers to carry workers' compensation coverage. c) A broker is not responsible for the acts of independent contractors. d) Employee status versus independent contractor status is an IRS issue.

c) A broker is not responsible for the acts of independent contractors.

Broker Al offers all his agents the ability to sell their own homes without any commission owed the brokerage. In what part of the work agreement might this information be located? a) Directives b) Approvals c) Miscellaneous benefits d) Reporting Authority

c) Miscellaneous benefits

Which training method is conducive for a small brokerage office? a) Classroom training b) Lecture style training c) One-on-one training d) Group problem-solving training

c) One-on-one training

Which of these statements is TRUE? a) Salesperson Harry can solicit his own listings. b) Salesperson Julie can receive her commission from the cooperating broker in her latest transaction. c) Salespersons must perform all of their activities on behalf of their employing broker. d) Broker Tom has only limited responsibility for the actions of his licensees.

c) Salespersons must perform all of their activities on behalf of their employing broker.

As a listing agent, in most cases your listing will be sold by a) yourself b) your broker c) a cooperating broker d) an assigned agent

c) a cooperating broker

Which of the following is typically NOT a licensee's duty to the brokerage? a) Work to promote and sell the broker's listings. b) Be appropriately licensed. c) Remain knowledgeable about the license laws and rules. d) Establish compensation agreements with other ancillary service providers.

d) Establish compensation agreements with other ancillary service providers.

What are the two most common forms of compensation that brokers use? a) Salary draw or escrow draw b) Kickback payments and direct deposits c) Hourly and flat rates d) Salary or a percentage of the commission

d) Salary or a percentage of the commission

Should a policy manual contain a section on referral fees? a) No, this should be discussed privately. b) No, this should only be shared in the interview meeting. c) Yes, provided the MLS Board has a policy. d) Yes, all licensees should be given the same information in writing.

d) Yes, all licensees should be given the same information in writing.