Brokers – Chapter 1 Quiz

All of the following are recommended items to be addressed in a real estate brokerage firm’s  policies and procedures manual except: 

NRS.600 The responsibility of a broker include:

NRS.245 States that a licensee entering into brokerage agreement to represent client in real  estate transaction must not disclose confidential information relating to a client for 2 year  after the revocation or termination of the brokerage agreement, unless he or she is required  to do so pursuant to an order of a court of competent jurisdiction or is given written  permission to do so by the client.

A licensee who has entered into a brokerage agreement to represent a client in a real estate  transaction:

The Commission may sanction the licensee as well as the supervising broker with an  administrative fine of up to $_________ for each violation and/or suspend, revoke, deny the  renewal of, or place conditions upon the license if found guilty.

E&O policies cover liability for professional services, commonly covered items are:

A controlled business arrangement (CBA) recognized under the Real Estate Settlement and  Procedures Act (RESPA), allows a real estate brokerage firm to provide financing through  subsidiary companies that operate within the brokerage.

The average net profit of a brokerage is between:

A firm may withhold state and federal income taxes, pays Social Security, and provide  unemployment and worker’s compensation insurance to:

In a Member Profile survey conducted by the National Association of REALTORS® in 2012  they found that ____% of salespeople were independent contractors: