Chapter 1 Flashcards
(13 cards)
In general, when the supply of a commodity increases
prices tend to drop
The real estate market is subject to
the cyclical changes in the national economy AND
the law of supply and demand.
The real estate market may be described in all of the following ways EXCEPT
market that is slow to react to changes in supply and demand
The typical real estate licensee must have specialized knowledge in a variety of subjects which include all of the following EXCEPT
excavation.
he regulatory body established by the legislature and empowered to carry out the provisions of the Oklahoma Real Estate License Code is the
Oklahoma Real Estate Commission (OREC)
Which of the following is usually exempt from real estate licensure?
Owners of real estate handling their own property, or delegating such right to an attorney–in-fact.
When brokers hire associates as employees, they are responsible for paying which of the following on behalf of the associates?
FICA tax.
State unemployment tax.
Federal income tax withholding.
Persons who are only responsible to their employer for the results of their work are
independent contractors.
Which of the following is/are an accurate statement(s) regarding a successful career in real estate?
A successful career in real estate is based on ethical conduct and services to others AND
A successful career in real estate is based on knowledge of a great variety of subjects.
The NAR Code of Ethics reflects the relations of the licensee to the public, licensees to fellow brokers and licensees to
Clients
he term REALTOR is a registered trademark term and can be used by
only members of NAR.
Professional associations of specialist in various fields of real estate activity have been organized to serve the interests of their members. Which of the following is not expected of such organizations?
Passing laws to regulate licensees.
ARELLO is
the Association of Real Estate License Law Officials.
