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Question 1 of 10
1. Question
How long does a broker have to put a buyer’s deposit check in an escrow account after the acceptance of an offer?
Correct
The correct answer is three business days in accordance to the law.
Incorrect
The correct answer is three business days in accordance to the law.
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Question 2 of 10
2. Question
Which of the following statements best describes inherent authority?
Correct
An inherent authority is an agent’s right to do something when selling a property listing agreement is an accepted practice but not specified.
Incorrect
An inherent authority is an agent’s right to do something when selling a property listing agreement is an accepted practice but not specified.
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Question 3 of 10
3. Question
Which of the following statements is correct?
Correct
All agency agreements must, at some stage, be either originally written or verified in writing.
Incorrect
All agency agreements must, at some stage, be either originally written or verified in writing.
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Question 4 of 10
4. Question
Which of the following statements is true?
Correct
In an open listing, if the broker finds a buyer, a vendor decides (express) to pay a fee. The seller is obligated to pay (unilaterally) only if a buyer is found by the broker. The broker is under no obligation to sell or try to find a buyer for the land.
Incorrect
In an open listing, if the broker finds a buyer, a vendor decides (express) to pay a fee. The seller is obligated to pay (unilaterally) only if a buyer is found by the broker. The broker is under no obligation to sell or try to find a buyer for the land.
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Question 5 of 10
5. Question
ABC Real Estate Corporation withholds the salaries of its employees from Social Security, pays unemployment benefits on its behalf, and withholds payroll taxes. What does the situation imply?
Correct
From a tax perspective, the mentioned issue is almost a classic description of an employee.
Incorrect
From a tax perspective, the mentioned issue is almost a classic description of an employee.
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Question 6 of 10
6. Question
Which of the following statements is correct?
Correct
While pocket listings are not allowed by most MLS organisations, they are not necessarily illegal or unethical.
Incorrect
While pocket listings are not allowed by most MLS organisations, they are not necessarily illegal or unethical.
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Question 7 of 10
7. Question
What does the disparity for tax purposes between an employee and an independent contractor imply?
Correct
If flat fee per sale is confusing, take note that as long as the transactions on which an agent operates, she is being paid, unless taxes and social security are withheld, she remains an autonomous contractor.
Incorrect
If flat fee per sale is confusing, take note that as long as the transactions on which an agent operates, she is being paid, unless taxes and social security are withheld, she remains an autonomous contractor.
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Question 8 of 10
8. Question
Which of the following should the seller be present with a written disclosure of agency relationships?
Correct
Before the listing agreement is signed, a listing agent must supply the disclosure. The disclosure must be given to the buyer by a buyer’s agent as soon as possible, but definitely before the buyer decides to purchase and sign an offer. Before the bid is made and approved by the seller, the disclosure form has to be presented to the seller again. The listing agreement being signed is primarily the best choice here because it is the responsibility of the buyer’s agent to send the agency disclosure form to the seller before sending the bid and definitely before the seller signs approval of the offer.
Incorrect
Before the listing agreement is signed, a listing agent must supply the disclosure. The disclosure must be given to the buyer by a buyer’s agent as soon as possible, but definitely before the buyer decides to purchase and sign an offer. Before the bid is made and approved by the seller, the disclosure form has to be presented to the seller again. The listing agreement being signed is primarily the best choice here because it is the responsibility of the buyer’s agent to send the agency disclosure form to the seller before sending the bid and definitely before the seller signs approval of the offer.
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Question 9 of 10
9. Question
For which of the following operations does the broker not enable the principal to have particular authority?
Correct
Specific approval from the principal includes the remaining activities specified in the choices.
Incorrect
Specific approval from the principal includes the remaining activities specified in the choices.
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Question 10 of 10
10. Question
Which of the following statements provides the best description for the type of revenue used in the approach of income capitalization?
Correct
Potential gross income is an estimation of all sources of consumer income, including leasing, parking, sales, and machines for laundry.
Incorrect
Potential gross income is an estimation of all sources of consumer income, including leasing, parking, sales, and machines for laundry.