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National Brokerage > Final national brokerage exam > Flashcards

Final national brokerage exam Flashcards

1
Q

A licensee tells a neighborhood watch group that Vietnamese are moving into the neighborhood. What is this broker guilty of?

A

Panic selling

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2
Q

The Brooks paid-off property sold for $247,600. What will they net after paying a 7.5% commission to their broker?

A

$229,030

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3
Q

Which of the following situations would cause the IRS to think that a contractor is really an employee?

A

The licensee takes paid sick days.

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4
Q

What is the best approach to establishing a buyer’s possession?

A

Buyers take possession on the day of the close.

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5
Q

Which form of agency is illegal in most states

A

Undisclosed dual agency

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6
Q

If a group of brokers have a meeting to set commission rates, what does this violate?

A

Sherman Antitrust Act

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7
Q

What can you do to increase your chances of extending a listing that is about to expire?

A

Meet with your sellers a few weeks before the listing expiration and review with them your marketing efforts.

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8
Q

Property briefs are also called

A

Property flyers.

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9
Q

Earnest money is usually made in the form of a

A

Check.

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10
Q

Which of the following is NOT a resource for information regarding professional ethics?

A

Real estate marketing copy

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11
Q

Disclosure is sometimes called what?

A

Notice

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12
Q

A utility right-of-way is an example of

A

An encumbrance.

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13
Q

Agent Sally has been with Black Realty for over three years and has worked up to the top agent in the firm. Her commission percentage rate is double that of a starting agent. Based on this information, what type of compensation plan does the Black agency have in place?

A

Graduated

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14
Q

Which type of contract can have tax benefits for a seller?

A

Contract for deed

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15
Q

Which party holds the escrow money when a dispute occurs?

A

The Sponsoring Broker

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16
Q

Which of the following is an advantage of investing in a nonresidential property?

A

Limited rent controls

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17
Q

What is the typical time period required to maintain escrow records?

A

3-5 years

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18
Q

What process determines how much money the buyer needs to bring to closing?

A

The escrow agent will subtract the total of the buyer’s credits from the total debits and the result is what the buyer needs to bring.

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19
Q

What process determines how much money the buyer needs to bring to closing?

A

The escrow agent will subtract the total of the buyer’s credits from the total debits and the result is what the buyer needs to bring.

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20
Q

Which method can be helpful in tracking your advertising results?

A

Assigning a code

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21
Q

How should a seller deal with an interested party that shows up at their front door unannounced and wants to see the house?

A

Take the person’s name and then call the office immediately so an agent can come to do the showing.

22
Q

A building with integrated office and retail space would be considered

A

A mixed-use property.

23
Q

When a seller agrees to an MLS listing, what is the seller authorizing?

A

Subagency

24
Q

Which of the following is considered a variable expense?

A

Utilities

25
Q

Most apartment leases are

A

Estates from period to period.

26
Q

What is the definition of a principal?

A

A person who delegates another to act on their behalf through an agency relationship

27
Q

What does risk management mean as it applies to property management?

A

Controlling and limiting risk through proper insurance

28
Q

What kind of lease conveys a leasehold interest to an owner of a cooperative?

A

Proprietary

29
Q

Which type of agreement assures that a broker will receive compensation regardless of who procures the buyer?

A

Exclusive right to sell

30
Q

If a buyer asks about homes in the “Muslim” area, what should you do?

A

Explain to the buyer that you, ethically and legally, cannot recommend housing based on religion.

31
Q

Which document is the most important at closing?

A

Deed

32
Q

A broker can enter into a single agency agreement with

A

A buyer.

33
Q

After a listing agreement is signed, and if the agent is a member of a marketing service called a Multiple Listing Service (MLS), what specific form must be completed before the agent can post and market the property to other licensees who are members of MLS?

A

An MLS form

34
Q

Puffing is a term characterized by which of the following actions?

A

Providing opinions

35
Q

Which of the following classes are not protected by federal law?

A

Military status

36
Q

Which of the following situations would give concern about working for the Sunny Valley Brokerage?

A

Agents seem to come and go quickly.

37
Q

An agent owes all but which of these to their customer?

A

Advertising

38
Q

What is the purpose of the Statute of Frauds?

A

It requires certain conveyance-related contracts to be in writing.

39
Q

All closing real estate sales must be reported to the IRS on which form?

A

Form 1099

40
Q

When agency relationship is terminated, which of the following responsibilities still remains in force?

A

Confidentiality

41
Q

What are persons called who act as buyers and check on Fair Housing compliance?

A

Testers

42
Q

Which person is responsible for filling out a property disclosure statement?

A

The sellers

43
Q

What is the purpose of a carryover clause?

A

Allows the broker to collect a commission for some period of time after the listing expires

44
Q

Owning a building typically

A

Reduces the flexibility of the business.

45
Q

AIDA stands for

A

Attention, Interest, Desire, and Action

46
Q

What type of budget is used to forecast income and expense over some period of years?

A

Stabilized

47
Q

Agent Sam gets about six hours of floor time each week. What is a major duty for Agent Sam during this time?

A

Respond to incoming sales calls.

48
Q

Which type of real estate advertisement is typically located in areas with a high presence of foot traffic?

A

Shopping Guides

49
Q

Which of the following referral fees are NOT prohibited by RESPA?

A

Fees among cooperating brokers

50
Q

Which statement about property management is FALSE?

A

Asset manager and resident manager mean the same thing.

51
Q

An agreement in which a seller hires a broker to market a property creates an agency relationship between

A

Broker and seller.

National Brokerage (13 decks)

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