Unit 24: Brokerage Relationships and Agency Unit Test

Who may operate a real estate brokerage firm?

A licensed real estate broker

Which of the following statements about teams is FALSE?

A salesperson cannot be a team leader.

A brokerage may lawfully perform dual agency if it satisfies all of the following conditions, EXCEPT

when the firm has been certified by the Commission for dual agency brokerage.

What is required by law on any outdoor sign or advertisement displayed on property for sale subject to ground rent?

If the sign shows the price, it must also show ground rent and cost of capitalization in lettering no smaller than the lettering used for the price.

Which of the following is TRUE concerning how a check drawn on a brokerage firm's escrow (trust) account must be signed?

It does not necessarily need a second signature if signed by the broker of the firm.

What must be included in advertising by a broker?

The designated name of that broker as registered with the Commission

Which of the following is NOT required in advertising for a team?

The advertisement must contain the name of the team leader.

Which statement concerning agency is TRUE?

A broker who represents both buyer and seller in the same transaction must appoint two intracompany agents.

What is the maximum percentage of a real estate company that may be directly or indirectly owned by one or more salespersons or associate brokers who are affiliated with that firm?

50%

Brokers must maintain which of the following?

An office with a fixed street address

Which of the following may unlicensed persons working in a brokerage firm NOT do?

Conduct an open house

When must a licensee who is representing a seller disclose this fact to the buyer?

No later than the first scheduled face-to-face meeting with an unrepresented buyer

Which of the following does a licensee NOT owe to a customer?

Obedience

Which statement is TRUE concerning presumed buyer representation?

Presumed buyer representation can no longer occur since agency relationships are now only created by signed brokerage agreements.

Which of the following is TRUE of ads in which licensees advertise real property which they have listed?

The name of the salesperson need not be included in the advertisement, but the designated name of the broker must be shown.

Which of the following is a requirement for team advertising?

The name of the team must be directly connected with the full name of the brokerage firm of which it is a part.

Which statement about a team leader is FALSE?

The team leader can appoint intracompany agents (ICAs) when dual agency occurs involving two team members.

Which is TRUE when brokers handle the purchase and sale of residential real property?

They may not represent both buyer and seller in the same transaction without designating two intracompany agents.

Which of the following is TRUE of brokers when they represent buyers of real estate?

They must disclose this agency relationship to unrepresented sellers.

Under what circumstances may salespersons use their own names and phone numbers in advertising listed property?

When the designated name of their firm is clearly and meaningfully shown, as well as the firm's phone number

Broker's principals are called

clients.

Reasonable and adequate supervision includes all of the following EXCEPT

paying one-half of an agents' Social Security.

An unlicensed assistant may do all of the following EXCEPT

review contracts with prospective purchasers.

All of the following supervise team members in a multioffice company EXCEPT

the company's chief financial officer.