Real Estate Broker Exam Practice questions Flashcards

Real Estate Broker Exam Practice questions Flashcards Norm sells time-shares on the weekend and works for Mr.Black, a licensed broker. He would be called avacation sale representative.time-share vacation salesperson.time-share salesperson.time-share marketer.time-share salesperson.A person who acts as a broker without a broker's licensehas committed a Class B misdemeanor.has committed a Class C misdemeanor.has committed a felony.has committed no civil or criminal act; merely an administrative violation.has committed a Class B misdemeanor.Which of the following activities can an affiliate broker NOT perform?Act as principal or managing broker of an office agency.Handle client funds.Enter into agency contracts.Establish his or her own office Establish his or her own office Which of the following tasks is prohibited for an unlicensed person to perform?Writing ads under the supervision of the principal brokerScheduling appointments for a licensee to show propertiesComputing commissionsHosting an open house Hosting an open house How many active licenses may a broker hold at any given time?OneTwo, a firm license and an individual licenseOne for each branch office the broker supervisesOne for each affiliate broker the broker supervises one Which agency relationship is the most difficult to maintain?Single AgencyDesignated AgencyDual AgencyFacilitator Relationship Dual Agency What action should the seller take when an offer is rejected?Make a formal counter offer.Complete a contract rider.Complete an addendum.Note the rejection on the offer.Note the rejection on the offer.When a real estate firm appoints agent "X" as the agent for the buyer and agent "Y" as the agent for the seller this is known asdual agency.single agency.agency by default.designated agency.designated agency.A licensee may participate in a time-share transaction only ifhe or she has a special time-share license.the time-share project does not have its own principal broker.his or her firm is affiliated with a registered time-share project.the time-share developer does not pay commissions based on sale proceeds.his or her firm is affiliated with a registered time-share project.What can the Commission do to stop an unlicensed person from acting as if licensed?Nothing. The Commission has no

authority over unlicensed persons.Force the unlicensed person to take the license exam.Seize the individual's bank accounts.Petition a court to make the individual stop.Petition a court to make the individual stop.

Which of the following must be specified in a contract authorizing a broker to place funds in a trustee account?Terms for disbursement of fundsThe maximum amount that the fund may containThe depository institution in which the fund must be establishedThe interest rate that the deposited funds must earn Terms for disbursement of funds In a designated agency situation, the managing brokeris considered to be a dual agent.is not considered to be a dual agent.has less managing broker's responsibilities.has diminished contractual rights.is not considered to be a dual agent.When may a licensee who has changed affiliation begin to engage in real estate transactions at the new firm?ImmediatelyTen days after leaving the previous firmAs soon as the new broker allowsAfter transmitting the proper form and fees to the Commission After transmitting the proper form and fees to the Commission What is the continuing education requirement for renewal of an affiliate broker's license?Fifteen hoursSixteen hoursThirty hoursSixty hours Sixteen hours Which of the following is a principal broker's supervisory responsibility?Filing the affiliate brokers' renewal applicationsDividing listings equally among all affiliatesMonitoring how many cold calls affiliate brokers are making every dayEnsuring that affiliate brokers have Errors and Omissions insurance Ensuring that affiliate brokers have Errors and Omissions insurance When an agent at a real estate company is helping a buyer purchase property which he himself has listed, this is known asdual agency.single agency.double agency.agency of fact.dual agency.Which of the following property types is not subject to the law regulating landlords?An apartment in a building with more than ten unitsA high-rise that does not rent to transientsA property that uses no rental agreements entered into before 1975A condominium A condominium How is the Real Estate Recovery Fund funded?By appropriation in the state budgetBy a tax on all real estate transactionsBy fines levied on violators of the License ActBy fees paid by applicants for license and license renewal By fees paid by applicants for license and license renewal How long must a broker keep records of a completed transaction?Six monthsOne yearThree yearsIndefinitely Three years The licensee may be subject to legal action forfailure to disclose adverse facts not reported in inspection reports.failure to disclose adverse facts of which the seller had actual knowledge.failure to disclose adverse facts of which the licensee had NO actual knowledge.failure to

disclose adverse facts of which the licensee had actual knowledge.failure to disclose adverse facts of which the licensee had actual knowledge.If a web site displays "thumbnails" of MLS listings, what disclaimer must be included?That the thumbnail may not accurately represent the listed propertyThat the availability