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10 Cards in this Set
- Front
- Back
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1. When testing the conduct of an agent while engaged in real estate related activities, the independent contractor (IC) provision in the broker-agent employment agreement cannot and does not change the sales agent’s classification as: pg 6 a. an agent of the client. b. an agent of the broker. c. Both a and b. d. Neither a nor b. |
B |
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2 An outside salesperson is defined as a person who regularly works: pg 8 a. more than half of their time away from their place of employment. b. less than half of their time away from their place of employment. c. Both a and b. d. Neither a nor b. |
A |
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3. An agent needs to collect income data during an interview with a prospective broker, including: pg 15 a. the number of sales the agent is likely to close during their first year. b. the share of the gross broker fees the agent will receive under the fee-sharing schedule offered by the broker. c. Both a and b. d. Neither a nor b. |
C |
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4. The best time for a sales agent to renegotiate their share of broker fees is: pg 19 a. at the height of a booming market. b. during the slowdown following the boom. c. just prior to an upswing in sales. d. None of the above. |
A |
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5. To keep claims from clients and others under control, a broker needs to maintain a: pg 27 a. multiple listing service (MLS). b. risk reduction program. c. low turnover rate. d. All of the above. |
B |
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6. Agents are required to be members of the trade association that owns a multiple listing service (MLS) to post listings and access the MLS database. 35 |
F |
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7. A ____________ relationship is created between a seller and a buyer’s agent when the seller pays the buyer’s agent’s fee. pg 39 a. subagency b. dual agency c. Both a and b. d. Neither a nor b. |
D |
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8. When a dual agency is established on a one-to-four unit residential sales transaction, the dual agent may pass on any pricing information from the buyer to the seller without the buyer’s prior consent. pg 42 |
F |
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9. A broker must disclose to their seller the existence of an indirect interest one of the broker’s agents holds in the property. pg 46 |
T |
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10. A Compensation Disclosure form is used to inform sellers/buyers of the broker’s ownership interest in an affiliated business. pg 46 |
F |
