REAL ESTATE PRACTICE - CHAPTER 1: GETTING STARTED IN REAL ESTATE
B
A broker ordinarily would be liable to sales persons for..... A) unemployment compensation B) worker's Compensation C) social Security contributions D) none of the above
C
All of the following will aid you in goal achievement EXCEPT the goal should be... A) attainable B) based on what you really want C) kept to yourself because they are personal D) exact so you can measure their attainment
1099
Brokers are required to report sales person's annual earnings to both the employee and the IRS using the IRS form _________?
No
Do wage laws protect independent contractors?
C
In choosing a broker a new licensee should be LEAST interested in an office that... A) has a high percentage of successful salespeople B) has a good library of books tapes and videos for training C) offers 100% commission D) is a member of a local multiple listing service
Single
Most of the residential properties sold by licensees are also known as __________ family dwelling units?
A
That the majority of real estate agents are primarily engaged in which area of activity? A) residential property B) raw land and lots C) commercial property D) development
B
The IRS will treat real estate person's as independent contractors if three criteria are met. Which is NOT one of the criteria? A) The sales person's reimbursement is solely based on sales not hours worked B) The sales person represents himself as an independent contractor when dealing with third parties C) there is a written contract it states that the sales person shall be treated as an independent contractor for text purposes D) The salesperson is licensed as a real estate agent
Independent
The IRS will treat the real estate sales person as an _______contractor?
D
The best way to learn is to.... A) listen to what others say B) read instructional material C) Watch what others are doing D) use the ideas you observe or read about
Residential
The majority of licensees are engaged in representing buyers and sellers in the sale of ___________ property?
B
The real estate market could be best described as being... A) homogenous B) stratified C) perfect D) uninfluenced by emotion
Stratified
The real estate market place is also a __________ marketplace?
Stratified
There could be a sellers market in homes priced under $250,000 with many more buyers and sellers. At the same time there could be a glut of homes priced between $800,000 and $1 million dollars with few buyers. This is known as a ____________ marketplace.
Buyers
When there are many sellers, few buyers and lowering of prices this is known as __________ market?
D
Which of the following statements regarding role-playing is TRUE? A) role-playing situations are limited only by our own imaginations B) role-playing can be verbalized or non-verbalized C) role-playing exercises can involve more than one person D) all of the above
C
Which statement is an example of a specific goal? A) I will work harder next week B) I will improve my listing presentation C) I will make 10 calls tomorrow on for sale by owner ads and schedule three property showings by Sunday D) I will learn by observing successful agents know
Cooperation
____________ lets brokers who are members of an MLS make their sale listings available for other agents to sell?