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Question 1 of 10
1. Question
The partnership between broker and salesperson is always for the purposes of the state license rule is referred to as which of the following?
Correct
Although the relationship can vary for tax purposes, all salespeople are considered employees by the state license law.
Incorrect
Although the relationship can vary for tax purposes, all salespeople are considered employees by the state license law.
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Question 2 of 10
2. Question
A limited license may require a licensee to have a license of what?
Correct
In reality, a restriction on commercial property may be a constraint on any specific form of operation in real estate.
Incorrect
In reality, a restriction on commercial property may be a constraint on any specific form of operation in real estate.
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Question 3 of 10
3. Question
Which of the following statements would constitute a breach of real estate license law?
Correct
This is a legislative one. Merging funds from customers and brokers, combining an option with a listing agreement, neglecting to obtain informed seller consent and unknown dual organization constitute a breach of real estate license law.
Incorrect
This is a legislative one. Merging funds from customers and brokers, combining an option with a listing agreement, neglecting to obtain informed seller consent and unknown dual organization constitute a breach of real estate license law.
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Question 4 of 10
4. Question
What of the above does not preclude the issuance of a real estate license?
Correct
Technically, in order to take the test, the applicant need not have completed the course on Real Estate Principles, but the applicant should be enrolled in it at least.
Incorrect
Technically, in order to take the test, the applicant need not have completed the course on Real Estate Principles, but the applicant should be enrolled in it at least.
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Question 5 of 10
5. Question
Which of the following statements is true?
Correct
No state code of ethics exists, but the state strongly recommends conformity with the National Association of Realtors.
Incorrect
No state code of ethics exists, but the state strongly recommends conformity with the National Association of Realtors.
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Question 6 of 10
6. Question
What will happen once a seller has received a bid, a realtor, according to the NAR code of ethics?
Correct
It is important to continue to present offers. While at closing, commissions are usually received. This is not mandated by NAR. Before accepting a subsequent bid, a realtor should suggest that the seller consult an attorney.
Incorrect
It is important to continue to present offers. While at closing, commissions are usually received. This is not mandated by NAR. Before accepting a subsequent bid, a realtor should suggest that the seller consult an attorney.
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Question 7 of 10
7. Question
Which of the following statements is true?
Correct
This question is confusing, since all the incorrect answers are courses from the list that can be chosen to satisfy the criteria for a full license, but the license test can be taken either completed or under way with only the Real Estate Principles course.
Incorrect
This question is confusing, since all the incorrect answers are courses from the list that can be chosen to satisfy the criteria for a full license, but the license test can be taken either completed or under way with only the Real Estate Principles course.
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Question 8 of 10
8. Question
Which of the following statements about anti-trust prohibition is correct?
Correct
Many of the other options are legal and normal practice.
Incorrect
Many of the other options are legal and normal practice.
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Question 9 of 10
9. Question
Which of the agreements below has to be in writing?
Correct
A one-year lease, signed today but starts in four months, the option may be a complicated one, but it must be in writing because the lease will expire more than a year after it is signed.
Incorrect
A one-year lease, signed today but starts in four months, the option may be a complicated one, but it must be in writing because the lease will expire more than a year after it is signed.
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Question 10 of 10
10. Question
For a real estate agent, disclosure standards are limited to which of the following?
Correct
This is a legislative one. For a real estate agent, disclosure standards are limited to material information and all the relationships between agencies.
Incorrect
This is a legislative one. For a real estate agent, disclosure standards are limited to material information and all the relationships between agencies.