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COURSE 1 CHAPTER 1
REAL ESTATE EXPRESS PREP FOR COURSE 1
Terms in this set (28)
Good ethical practices have to do with ____________________.
trustworthiness, honesty, and competence.
What is an organization of member brokers who share listing information with one another called?
Which of the following would be an example of a licensee specializing in business type?
-Jim specializes in clients who want to buy restaurants.
-Alice knows everything about the exclusive east side neighborhoods.
-Tom specializes in options.
-Chris is a buyer's agent.
Jim specializes in clients who want to buy restaurants.
Which of the following statements is FALSE?
-A broker may require licensees to carry high levels of automobile insurance.
-It's a good idea for brokers to carry workers' compensation coverage.
-A broker is not responsible for the acts of independent contractors.
-Employee status versus independent contractor status is an IRS issue.
A broker is not responsible for the acts of independent contractors.
A shopping center would be primarily categorized as what type of property?
What type of property describes land used for leisure activities, such as, parks, forests, time-shares and campgrounds?
What association is primarily made up of Hispanic members who meet and work towards real estate goals that are beneficial to the Hispanic population?
Which of the following circumstances would concern you about working for Broker John?
-John offers weekly training seminars.
-There are several successful agents at John's office.
-John's office has a selection of books, CDs and tapes for agent use.
-John expects his agents to spend 5 hours a week on unsupervised telephone duty.
John expects his agents to spend 5 hours a week on unsupervised telephone duty.
A salesperson is licensed to perform transactions on behalf of
his or her licensed broker
What is defined as land or improved property with buildings designed for humans to live in, such as single-family homes, multifamily homes, apartments, vacation homes or condominiums?
What type of property is defined as land used primarily for growing crops or raising livestock?
Which of these statements is true?
-Salesperson Harry can solicit his own listings.
-Salesperson Julie can receive her commission from the cooperating broker in her latest transaction.
-Salespersons must perform all of their activities on behalf of their employing broker.
-Broker Tom has only limited responsibility for the actions of his licensees.
Salespersons must perform all of their activities on behalf of their employing broker.
Broker Alice has hired several independent contractors in her firm. Which of the these activities does she have control over?
-What the licensees wear
-What percent of commission the licensees can charge
-How much time the licensees must spend in the office
-Whether or not the licensees attend staff meetings
What percent of commission the licensees can charge
In what type of commission plan does the licensee start out at a lower percentage payment but then graduate to a higher percentage rate as his or her production increases?
-A 100 % commission plan
-A 50/50 split
-An accelerated plan
-A graduated plan
A graduated plan
What type of property is described as one having a unique use to the persons who own and use it such as churches, hospitals, schools and government buildings?
Which statement is TRUE regarding working as an independent contractor?
-The contractor will pay Social Security and Medicare taxes.
-The broker can dictate the number of hours per week the agent spends in the office.
-The broker will withhold income tax.
-The contractor must attend weekly sales meetings.
The contractor will pay Social Security and Medicare taxes.
Which part of the Code of Ethics contain principles that are considered "aspirational" only and may not be enforced?
-The Professional Standards
-The Beginning Statements
-The Document Sections
The Beginning Statements
The formal Code of Ethics and Standards of Practice set forth by NAR calls for professionals to observe
-the Golden Rule.
the golden rule
What refers to a legal document that pledges a property to the lender as security for payment of a debt?
-An affidavit of property
-An investment document
If an area has an overabundance of lower priced homes with more buyers than homes available, the location is considered
-a buyers' market.
-a depressed market.
-a sellers' market.
-an open market.
a sellers' market
One goal of the National Association of REALTORS® Code of Ethics is to
-provide a standard for brokerage compensation.
-maintain a minimum workflow standard for the listing and selling of property.
-allow agents to seek reduced group rates on errors and omission insurance.
-encourage the highest standard of ethical business practice by all of the members.
encourage the highest standard of ethical business practice by all of the members.
Alice has decided that she will specialize in selling farm land. Which area of specialization would she fall into?
-Type of property
-Type of client
Type of property
Which of the following is NOT a condition of the safe harbor test?
-Person must be properly licensed.
-Gross income must be based on production.
-Clearly written contractor agreement must exist.
-Gross income must be based on hours worked.
Gross income must be based on hours worked.
The purpose of the NAR Standards of Practice is to
-clarify, interpret, or give examples of the intent of the article itself.
-share legal opinions with NAR members.
-provide a source for the collection and sharing of market trend data.
-allow for the collection of source data for government review.
clarify, interpret, or give examples of the intent of the article itself.
In what category do real estate salespersons spend the bulk of their time and effort?
-Acquisition and development
-Sale or transfer
Sale or transfer
What is the oldest and largest minority trade association in the United States?
Real estate licensing regulations on the state level
-focus on anti-discrimination laws and fair trade practices
-deal mostly with standards for professional conduct
-focus on skills and knowledge training.
-deal primarily with agency issues and disclosures.
deal primarily with agency issues and disclosures.
How often are the NAR Code of Articles reviewed?
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