REPractice Chapter Quizzes
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...?
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