REAL ESTATE U FINAL EXAM AND FINAL PRACTICE EXAM
LATEST ACTUAL EXAM
What discipline may be taken if a salesperson takes a property listing of a broker,
after leaving that broker... - ANSWER: The salesperson may lose his/her license
Which of the following is NOT exempt from having to obtain a real estate
salespersons or broker license to practice real estate...? - ANSWER: Architects
A price below which an owner will not sell the property, and at which price a broker
will not receive a commission is referred to as what...? - ANSWER: Net Listing
The right of the Department of State to deactivate a broker's or salesperson's license
for wrongdoing is known as what...? - ANSWER: Suspension
Any person who engages in the business of claiming, demanding, charging, receiving,
collecting, or contracting for the collection of, a fee from a customer for furnishing
information concerning the location and availability of real property, including
apartment housing, which may be leased, rented, shared or sublet as a private
dwelling, abode, or place of residence is known as a/an...? - ANSWER: Apartment
Information Vendor
A licensed individual that charges a fee to serve as the mediator between the buyer
and seller is known as a...? - ANSWER: Real Estate Broker
8. What is a common breach of the fiduciary duty of accountability...? - ANSWER:
Being negligent with the client's money
the employer of an agent or broker is known as a...? - ANSWER: principal
Which of the following is NOT an example of an agency relationship...? - ANSWER:
Landlord - Tenant
As a special agent in a transaction, a real estate salesperson is permitted to do which
of the following on behalf of the client...? - ANSWER: Show the property
There are generally two ways an agent is compensated for a transaction. One is a
percentage of the sales price, while the other is...? - ANSWER: flat fee
36. Who does the agent bring to the principal in a transaction...? - ANSWER: A
Customer
According to this doctrine, a principal cannot claim that an implied agency
relationship did not exist...? - ANSWER: Estoppel
, Ely is a real estate broker who has entered into an agency relationship with Justin, a
property owner looking to sell his house. Ely brings James, a prospective buyer, to
Justin with an offer to purchase Justin's house. Which of the following statements is
correct...? - ANSWER: Ely is the Agent, Justin is the Principal, and James is the
Customer
When a buyer's broker agrees to the cooperative arrangement of the MLS, he/she
becomes what to the seller, who's property is listed on the MLS...? - ANSWER: Sub-
agent
Andrew, a real estate broker representing the buyer in a transaction, has entered
into a dual agency arrangement after agreeing to the MLS cooperative arrangement.
What does Andrew owe the seller in the transaction...? - ANSWER: Fiduciary
responsibilities
If an agent signs an Exclusive Right to Sell agreement with a client and does NOT sell
the property within the term listed in the agreement, who is given authority to
renew the agreement between seller and agent...? - ANSWER: The Seller
What alternative action can be taken if consent to dual agency is not granted or
subsequently withdrawn...? - ANSWER: Assign designated sales agents
hen a buyer's broker agrees to the cooperative arrangement of the MLS, he/she
becomes a sub-agent to whom...? - ANSWER: seller
hen two brokers agree to the MLS' cooperative arrangement, what type of agency is
created...? - ANSWER: expressed
In a single agency transaction, what are the seller's broker's duties to the buyer...? -
ANSWER: To be fair and honest
chris, a real estate broker representing a buyer, insists that his client use his home
inspector during the due diligence phase, otherwise, he will only show the client a
limited number of properties. What has Chris introduced to his client...? - ANSWER:
tie-in-agreemetn
Marcus, a real estate broker representing a buyer, is insisting that his client use his
real estate attorney, otherwise, he will only show a limited number of properties to
the client. What has Marcus introduced to his client...? - ANSWER: tie-in-agreement
the amount of commission paid to an agent for a residential rental transaction is
typically based on a percentage of this amount...? - ANSWER: total annual rent
32. Michael, a real estate broker, is hesitant to enter into a dual agency arrangement
as he may compromise this fiduciary duty... - ANSWER: loyalty
LATEST ACTUAL EXAM
What discipline may be taken if a salesperson takes a property listing of a broker,
after leaving that broker... - ANSWER: The salesperson may lose his/her license
Which of the following is NOT exempt from having to obtain a real estate
salespersons or broker license to practice real estate...? - ANSWER: Architects
A price below which an owner will not sell the property, and at which price a broker
will not receive a commission is referred to as what...? - ANSWER: Net Listing
The right of the Department of State to deactivate a broker's or salesperson's license
for wrongdoing is known as what...? - ANSWER: Suspension
Any person who engages in the business of claiming, demanding, charging, receiving,
collecting, or contracting for the collection of, a fee from a customer for furnishing
information concerning the location and availability of real property, including
apartment housing, which may be leased, rented, shared or sublet as a private
dwelling, abode, or place of residence is known as a/an...? - ANSWER: Apartment
Information Vendor
A licensed individual that charges a fee to serve as the mediator between the buyer
and seller is known as a...? - ANSWER: Real Estate Broker
8. What is a common breach of the fiduciary duty of accountability...? - ANSWER:
Being negligent with the client's money
the employer of an agent or broker is known as a...? - ANSWER: principal
Which of the following is NOT an example of an agency relationship...? - ANSWER:
Landlord - Tenant
As a special agent in a transaction, a real estate salesperson is permitted to do which
of the following on behalf of the client...? - ANSWER: Show the property
There are generally two ways an agent is compensated for a transaction. One is a
percentage of the sales price, while the other is...? - ANSWER: flat fee
36. Who does the agent bring to the principal in a transaction...? - ANSWER: A
Customer
According to this doctrine, a principal cannot claim that an implied agency
relationship did not exist...? - ANSWER: Estoppel
, Ely is a real estate broker who has entered into an agency relationship with Justin, a
property owner looking to sell his house. Ely brings James, a prospective buyer, to
Justin with an offer to purchase Justin's house. Which of the following statements is
correct...? - ANSWER: Ely is the Agent, Justin is the Principal, and James is the
Customer
When a buyer's broker agrees to the cooperative arrangement of the MLS, he/she
becomes what to the seller, who's property is listed on the MLS...? - ANSWER: Sub-
agent
Andrew, a real estate broker representing the buyer in a transaction, has entered
into a dual agency arrangement after agreeing to the MLS cooperative arrangement.
What does Andrew owe the seller in the transaction...? - ANSWER: Fiduciary
responsibilities
If an agent signs an Exclusive Right to Sell agreement with a client and does NOT sell
the property within the term listed in the agreement, who is given authority to
renew the agreement between seller and agent...? - ANSWER: The Seller
What alternative action can be taken if consent to dual agency is not granted or
subsequently withdrawn...? - ANSWER: Assign designated sales agents
hen a buyer's broker agrees to the cooperative arrangement of the MLS, he/she
becomes a sub-agent to whom...? - ANSWER: seller
hen two brokers agree to the MLS' cooperative arrangement, what type of agency is
created...? - ANSWER: expressed
In a single agency transaction, what are the seller's broker's duties to the buyer...? -
ANSWER: To be fair and honest
chris, a real estate broker representing a buyer, insists that his client use his home
inspector during the due diligence phase, otherwise, he will only show the client a
limited number of properties. What has Chris introduced to his client...? - ANSWER:
tie-in-agreemetn
Marcus, a real estate broker representing a buyer, is insisting that his client use his
real estate attorney, otherwise, he will only show a limited number of properties to
the client. What has Marcus introduced to his client...? - ANSWER: tie-in-agreement
the amount of commission paid to an agent for a residential rental transaction is
typically based on a percentage of this amount...? - ANSWER: total annual rent
32. Michael, a real estate broker, is hesitant to enter into a dual agency arrangement
as he may compromise this fiduciary duty... - ANSWER: loyalty
