A Brokers Life Quiz

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Question 1 of 20

1. Question
- the firm will want to know that the policies and procedures are legally ironclad for protective purposes in the event of a lawsuit.
- the firm wants to be sure the systems do not violate any laws or even potentially become the source of litigation.
- with legally sound policies and procedures, the broker has a much better defense in demonstrating communication and supervision of its salespeople.
- All of these
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Question 2 of 20

2. Question
- to teach the fundamentals of real estate and ethics
- to supervise their activities and oversee all operations of their business
- to motivate and train them to increase their overall sales production
- to establish policies, rules, procedures, and systems
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Question 3 of 20

3. Question
- risk management.
- errors and omissions insurance.
- broker management.
- internal analysis.
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Question 4 of 20

4. Question
- misrepresentation.
- fraud.
- fair housing violations.
- All of the above
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Question 5 of 20

5. Question
- regulated practice agreements.
- controlled business arrangements.
- legalized trade practices provisions.
- ancillary services agreements.
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Question 6 of 20

6. Question
- HUD.
- Federal Trade Commission.
- RESPA.
- Nevada Real Estate Commission.
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Question 7 of 20

7. Question
- estimates charges for the services.
- discloses that consumers are free to obtain these services elsewhere.
- is in writing and signed.
- All of the above
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Question 8 of 20

8. Question
- They may be hired as “employees.”
- They may NOT be paid a salary and must be paid commissions only.
- They may be hired without the broker being responsible to deduct federal taxes and social security.
- They must have a written employment agreement, usually called an independent contractor’s agreement.
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Question 9 of 20

9. Question
- most salespeople are employed by their firms as independent contractors.
- most salespeople are employed by their firms as employees.
- there is an equal balance of employees and independent contractor.
- None of the above
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Question 10 of 20

10. Question
- choose your market.
- scrutinize your competition.
- inspect your own agency internally.
- All of the above
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Question 11 of 20

11. Question
- mission statement
- goals
- prior accomplishments
- objectives
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Question 12 of 20

12. Question
- NAR Code of Ethics.
- MLS rules.
- RESPA.
- anti-trust.
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Question 13 of 20

13. Question
- licensees must cross-check cold call lists with a list of restricted telephone numbers filed with the Consumer Protection Agency.
- if a recipient expresses a desire not to be disturbed or called again, the licensee has no further obligation other than to not call that party again.
- that there be no calling between 8 p.m. and 9 a.m.
- It is not a violation if the nature of the call is to be information gathering or conducting a survey.
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Question 14 of 20

14. Question
- two out of the last three years of active full-time experience.
- two out of the last four years of active full-time experience.
- three out of the last four years of active full-time experience.
- four out of the last five years of active full-time experience.
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Question 15 of 20

15. Question
- A licensee may only be compensated by the employing broker.
- A licensee may be compensated directly by the client provided the broker offers consent.
- All commissions belong to the broker.
- A salesperson may not sue the client for a commission.
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Question 16 of 20

16. Question
- Federal income taxes and social security deductions will not be withheld by the broker.
- A written agreement is required if the licensee is an independent contractor but not as an employee.
- The broker only has the duties of education and supervision if the licensee is an employee.
- The licensee only has obligations to the client if employed as an independent contractor.
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Question 17 of 20

17. Question
- one year.
- three years.
- five years.
- ten years.
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Question 18 of 20

18. Question
- site examination.
- situation analysis.
- agency evaluation.
- brokerage assessment.
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Question 19 of 20

19. Question
- state statutes.
- commission rules and regulations.
- federal legislation.
- all of these
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Question 20 of 20

20. Question
- due diligence.
- caveat emptor.
- fiduciary duty.
- duty of inquiry.
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A Brokers Life Quiz

A Brokers Life Quiz

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