Colibri Real Estate f f
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
1. Joe Alpha of ABC Real Estate Corp. has been very successful in buying house
f f f f f f f f f f f f f
s, fixing them up, and reselling them. He put an advertisement in the local newsp
f f f f f f f f f f f f f f
aper seeking investors to help him purchase property and pay for renovations,pr
f f f f f f f f f f f f
omising an excellent return on investment when the properties sold. Do you think
f f f f f f f f f f f f f
that Joe needs a securities broker-dealer license?: No
f f f f f f f
2. Ellie is very regimented. She likes to be in the office by 8 a.m. and be home by 5:3
f f f f f f f f f f f f f f f f f f
0 p.m. She likes that same precision in her monthly budget—
f f f f f f f f f f
she wants to know what's coming in and how much she can expect to put into her
f f f f f f f f f f f f f f f f f
IRA. She is a good candidate for a career in real estate sales.: False
f f f f f f f f f f f f f
3. Phil, a real estate licensee, considers going to work for JJ Realty. Broker Jana
f f f f f f f f f f f f f f
James offers him a 60%-40% split on commission. If JJ Realty takes in
f f f f f f f f f f f f
$5,000 total commission on Phil's first sale, what is Phil's split?: $3,000
f f f f f f f f f f f
4. A real estate licensee is more likely to be an employee of his broker.: False
f f f f f f f f f f f f f f
5. If a broker supervises the real estate activities of an associated licensee, that
f f f f f f f f f f f f f
licensee CANNOT be considered an independent contractor.: False f f f f f f f
6. A real estate licensee who is an independent contractor is paid based on suc
f f f f f f f f f f f f f
cessful real estate transactions, not on hours worked.: True
f f f f f f f f
7. Generically speaking,a person who,for a fee,sells,lists,leases,exchanges, neg f f f f f f f f f f f f
otiates, or otherwise deals in the real estate of others or represents pub-
f f f f f f f f f f f f
licly that they do so.: Broker
f f f f f f
8. A business that serves as an intermediary between buyers and sellers an
f f f f f f f f f f f
d/or lessees and lessors of real estate.: Brokerage
f f f f f f f
9. Insurance that protects real estate licensees from liability due to mistakes or neg f f f f f f f f f f f f
ligence. It does not cover claims related to fraud or discrimination.: Errors and Omi
f f f f f f f f f f f f f
ssions Insurance (E&O) f f
10. Under common law, a person who contracts to do a job for another but maint f f f f f f f f f f f f f f
ains control over how the task will be carried out, rather than following detailed in
f f f f f f f f f f f f f f
structions.: Independent Contractor f f
11. A person licensed under state law to practice real estate.: Licensee
f f f f f f f f f f
12. Any real estate licensee who is a member of the National Association of REA
f f f f f f f f f f f f f
LTORS® (NAR) and his or her affiliated state/local boards. Only members may use
f f f f f f f f f f f f
the term REALTOR® as it's a registered trademark of NAR.: REAL- TOR®
f f f f f f f f f f f f
13. Generically speaking, a real estate licensee agent who is associated with a br f f f f f f f f f f f f
oker and as such may perform most of the acts a broker can on behalf of the broke
f f f f f f f f f f f f f f f f f
r. Also called Sales Associate.: Salesperson
f f f f f
14. A real estate licensee who is treated as an independent contractor for tax pur
f f f f f f f f f f f f f
poses when specified conditions are met:proper licensing;compensation
f f f f f f f f
1f/f60
, Colibri Real Estate f f
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
based on sales; and services performed under a written contract.: Statutory Nonem
f f f f f f f f f f f
ployee
15. In which field do the majority of new licensees begin their work?: Residen-
f f f f f f f f f f f f
tial Sales
f f
16. Which is NOT an advantage to a career in real estate sales?: the option to doubl
f f f f f f f f f f f f f f f
e commission percentages during slow months
f f f f f
17. Licensee Louie has worked for Rick,the broker at ABCRealty,for 20 years. Loui f f f f f f f f f f f f f f
e has been accused of negligence for not disclosing a material fact to a buyer.Wh
f f f f f f f f f f f f f f f
ichstatement isTRUE?: Rick can be held liable for Louie's misconduct.
f f f f f f f f f f f
18. At the end of the year,what tax form will an independent contractor receive to do
f f f f f f f f f f f f f f f
cument their income?: 1099-MISC f f f
19. Who could a real estate licensee represent in a real estate transaction? Sel
f f f f f f f f f f f f
ect all correct responses.: Buyers
f f f f
Landlords Sell f
ers Tenants f
All are correct
f f
20. Steven just successfully finished his required real estate prelicensing cours
f f f f f f f f f
e.Which statement isTRUE?: Once he joins the NAR, he can call himself a REALTOR
f f f f f f f f f f f f f f f
®.
21. In order to be considered an independent contractor, a licensee's compen-
f f f f f f f f f f
sation must be: based on sales produced, not hours worked.
f f f f f f f f f f
22. For a real estate licensee, which is NOT a characteristic that indicates they are a
f f f f f f f f f f f f f f
n independent contractor?: The licensee must be paid for hours spent in the brokerage
f f f f f f f f f f f f f
office.
f
23. What are the tasks for which a property manager is typically responsible? Sel
f f f f f f f f f f f f
ect all correct responses.: Collecting Rents
f f f f f
Leasing Units f
Maintaining Tenant Relationships f f
Managing the Maintenance and Repair of the Building f f f f f f f
All are correct
f f
24. The theory of supply and demand states that when supply exceeds de-
f f f f f f f f f f f
mand, prices will fall.: True
f f f f f
25. Real estate cycles tend to lag somewhat behind general business cycles in r
f f f f f f f f f f f f
esponse to supply and demand.: True f f f f f
2f/f60
, Colibri Real Estate f f
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
26. As the supplyof homes in the area rises,whatwould you expect to happen to ho
f f f f f f f f f f f f f f f f
me prices in the short term?: Home prices will fall slightly from their high points.
f f f f f f f f f f f f f f
27. WhenWidget moves out, what type of market is Big City likely to experi-
f f f f f f f f f f f f f
ence?: Buyer's Market
f f f
28. Cost inflation can affect new home prices as builders pass along their hig
f f f f f f f f f f f f
her costs for labor and materials.: True
f f f f f f
29. Higher taxes tend to encourage spending and investing.: False f f f f f f f f
30. P-E-G-
S:Physical Economic
f f f
Government
Social
31. A situation in the housing market when there are many homes available for sale
f f f f f f f f f f f f f
, but few buyers.: Buyer's Market
f f f f f
32. The interest rate that people or businesses must pay to use another's mo
f f f f f f f f f f f f
ney for their own purposes.: Cost of Money
f f f f f f f
33. The main business or industry in an area that supports and sustains the com
f f f f f f f f f f f f f
munity.: Economic Base f f
34. An increase in the cost of goods or services or too many people wanting too f
f f f f f f f f f f f f f f f
ew goods.: Inflationf f
35. A characteristic of real property; each piece of land, each building, and eac
f f f f f f f f f f f f
h house is a unique piece of real estate. Also called Uniqueness or Het-
f f f f f f f f f f f f f
erogeneity.: Non-Homogeneity
f f
36. General swings in real estate activity, resulting in increasing or decreasing acti f f f f f f f f f f f
vity and property values, during different phases of the cycle.: Real Estate Cycles
f f f f f f f f f f f f
37. A physical characteristic of real property that says there is a limited supply ofre
f f f f f f f f f f f f f f
al estate;the perceived supply of a good or service relative to the demand for the ite
f f f f f f f f f f f f f f f f
m.: Scarcity f
38. A situation in the housing market when a large number of buyers are look
f f f f f f f f f f f f f
ing for houses in an area of limited availability.: Seller's Market
f f f f f f f f f f
39. An economic principle that says that for all products, goods, and services whe
f f f f f f f f f f f f
n supply exceeds demand, prices will fall and when demand exceeds supply, pri
f f f f f f f f f f f f
ces will rise.: Supply and Demand
f f f f f
40. These associates take and approve loan applications,appraise properties, as
f f f f f f f f f
sess risk.They can find jobs with savings and loan associations, mutual savings
f f f f f f f f f f f f f
banks, commercial banks, mortgage companies, endowments, and governmen
f f f f f f f
t agencies.: Real Estate Finance
f f f f
3f/f60
, Colibri Real Estate f f
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
41. People in this field use rigorous appraisal methods to evaluate property for fi f f f f f f f f f f f f
nancial institutions,developers,property managers,or government agen-
f f f f f f f
cies.: Real Estate Appraisal
f f f f
42. These professionals purchase large tracts of land at a low cost per acre, then f f f f f f f f f f f f f
subdivide and improve it with streets, sewers, and utilities so it can
f f f f f f f f f f f f
be resold at a higher cost per front foot (for lots) or per square foot (for buildings).:
f f f f f f f f f f f f f f f f
eal Estate Development f f
43. People in this area of real estate build homes on contract or speculation. The f f f f f f f f f f f f f
y might choose to sell, appraise, manage, or help buyers finance the property.:
f f f f f f f f f f f f f
Real Estate Property Construction f f f
44. This is a growing field. More and more brokers, banks, and lawyers are gettin
f f f f f f f f f f f f f
g into this service area as profit margins are shrinking elsewhere. Jobs can inclu
f f f f f f f f f f f f f
de title researcher, escrow agent, and title insurance overseer.: Real Estate Title W
f f f f f f f f f f f f
ork
45. There are numerous national, state, and local trade associations that work toe f f f f f f f f f f f f
ducate, lobby, support members, and manage public relations.: Real Estate Trade
f f f f f f f f f f f
Association Work f
46. Continuing education is part of maintaining a real estate license. Educa- f f f f f f f f f f
tors have ample opportunities to teach these courses.: Real Estate Education.
f f f f f f f f f f f
47. This work can be for the FHA,VA, Fannie Mae, Ginnie Mae, Freddie Mac, and H
f f f f f f f f f f f f f f f
UD and for state and county work, such as urban planning.: Real Estate Governme
f f f f f f f f f f f f f
nt Work f
48. include single-family residential properties, multi- f f f f
family properties (from a double to a large apartment building), condominiums,
f f f f f f f f f f f
or cooperatives. Specialized residential properties can include converted-
f f f f f f f
use property, man- ufactured housing, and timeshares.: Residential properties
f f f f f f f f
49. include offices, stores, hotels, and other buildings.Those dealing in com- f f f f f f f f f f
mercial properties are usually involved not only in sales and other aspects of br
f f f f f f f f f f f f f f
okerage, but also in leasing and leasebacks, property management, and even co f f f f f f f f f f f
nstruction or financing.: Commercial properties f f f f
50. include land and structures involved in the production, distribution, and sto f f f f f f f f f f
rage of tangible economic goods.: Industrial properties
f f f f f f
51. include selling farms or selling large areas to subdivide and develop.: Farm and f f f f f f f f f f f f f
vacant land f
52. This varies by agency and can include filling out forms and contracts, clo
f f f f f f f f f f f f
sing a sale, selling your services, and attracting new listings.: Training
f f f f f f f f f f
53. These are the tools (websites, email, online forms), advertising, and staff sup f f f f f f f f f f f
port that help you do your job. Many brokerages supply these things as
f f f f f f f f f f f f
4f/f60
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
1. Joe Alpha of ABC Real Estate Corp. has been very successful in buying house
f f f f f f f f f f f f f
s, fixing them up, and reselling them. He put an advertisement in the local newsp
f f f f f f f f f f f f f f
aper seeking investors to help him purchase property and pay for renovations,pr
f f f f f f f f f f f f
omising an excellent return on investment when the properties sold. Do you think
f f f f f f f f f f f f f
that Joe needs a securities broker-dealer license?: No
f f f f f f f
2. Ellie is very regimented. She likes to be in the office by 8 a.m. and be home by 5:3
f f f f f f f f f f f f f f f f f f
0 p.m. She likes that same precision in her monthly budget—
f f f f f f f f f f
she wants to know what's coming in and how much she can expect to put into her
f f f f f f f f f f f f f f f f f
IRA. She is a good candidate for a career in real estate sales.: False
f f f f f f f f f f f f f
3. Phil, a real estate licensee, considers going to work for JJ Realty. Broker Jana
f f f f f f f f f f f f f f
James offers him a 60%-40% split on commission. If JJ Realty takes in
f f f f f f f f f f f f
$5,000 total commission on Phil's first sale, what is Phil's split?: $3,000
f f f f f f f f f f f
4. A real estate licensee is more likely to be an employee of his broker.: False
f f f f f f f f f f f f f f
5. If a broker supervises the real estate activities of an associated licensee, that
f f f f f f f f f f f f f
licensee CANNOT be considered an independent contractor.: False f f f f f f f
6. A real estate licensee who is an independent contractor is paid based on suc
f f f f f f f f f f f f f
cessful real estate transactions, not on hours worked.: True
f f f f f f f f
7. Generically speaking,a person who,for a fee,sells,lists,leases,exchanges, neg f f f f f f f f f f f f
otiates, or otherwise deals in the real estate of others or represents pub-
f f f f f f f f f f f f
licly that they do so.: Broker
f f f f f f
8. A business that serves as an intermediary between buyers and sellers an
f f f f f f f f f f f
d/or lessees and lessors of real estate.: Brokerage
f f f f f f f
9. Insurance that protects real estate licensees from liability due to mistakes or neg f f f f f f f f f f f f
ligence. It does not cover claims related to fraud or discrimination.: Errors and Omi
f f f f f f f f f f f f f
ssions Insurance (E&O) f f
10. Under common law, a person who contracts to do a job for another but maint f f f f f f f f f f f f f f
ains control over how the task will be carried out, rather than following detailed in
f f f f f f f f f f f f f f
structions.: Independent Contractor f f
11. A person licensed under state law to practice real estate.: Licensee
f f f f f f f f f f
12. Any real estate licensee who is a member of the National Association of REA
f f f f f f f f f f f f f
LTORS® (NAR) and his or her affiliated state/local boards. Only members may use
f f f f f f f f f f f f
the term REALTOR® as it's a registered trademark of NAR.: REAL- TOR®
f f f f f f f f f f f f
13. Generically speaking, a real estate licensee agent who is associated with a br f f f f f f f f f f f f
oker and as such may perform most of the acts a broker can on behalf of the broke
f f f f f f f f f f f f f f f f f
r. Also called Sales Associate.: Salesperson
f f f f f
14. A real estate licensee who is treated as an independent contractor for tax pur
f f f f f f f f f f f f f
poses when specified conditions are met:proper licensing;compensation
f f f f f f f f
1f/f60
, Colibri Real Estate f f
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
based on sales; and services performed under a written contract.: Statutory Nonem
f f f f f f f f f f f
ployee
15. In which field do the majority of new licensees begin their work?: Residen-
f f f f f f f f f f f f
tial Sales
f f
16. Which is NOT an advantage to a career in real estate sales?: the option to doubl
f f f f f f f f f f f f f f f
e commission percentages during slow months
f f f f f
17. Licensee Louie has worked for Rick,the broker at ABCRealty,for 20 years. Loui f f f f f f f f f f f f f f
e has been accused of negligence for not disclosing a material fact to a buyer.Wh
f f f f f f f f f f f f f f f
ichstatement isTRUE?: Rick can be held liable for Louie's misconduct.
f f f f f f f f f f f
18. At the end of the year,what tax form will an independent contractor receive to do
f f f f f f f f f f f f f f f
cument their income?: 1099-MISC f f f
19. Who could a real estate licensee represent in a real estate transaction? Sel
f f f f f f f f f f f f
ect all correct responses.: Buyers
f f f f
Landlords Sell f
ers Tenants f
All are correct
f f
20. Steven just successfully finished his required real estate prelicensing cours
f f f f f f f f f
e.Which statement isTRUE?: Once he joins the NAR, he can call himself a REALTOR
f f f f f f f f f f f f f f f
®.
21. In order to be considered an independent contractor, a licensee's compen-
f f f f f f f f f f
sation must be: based on sales produced, not hours worked.
f f f f f f f f f f
22. For a real estate licensee, which is NOT a characteristic that indicates they are a
f f f f f f f f f f f f f f
n independent contractor?: The licensee must be paid for hours spent in the brokerage
f f f f f f f f f f f f f
office.
f
23. What are the tasks for which a property manager is typically responsible? Sel
f f f f f f f f f f f f
ect all correct responses.: Collecting Rents
f f f f f
Leasing Units f
Maintaining Tenant Relationships f f
Managing the Maintenance and Repair of the Building f f f f f f f
All are correct
f f
24. The theory of supply and demand states that when supply exceeds de-
f f f f f f f f f f f
mand, prices will fall.: True
f f f f f
25. Real estate cycles tend to lag somewhat behind general business cycles in r
f f f f f f f f f f f f
esponse to supply and demand.: True f f f f f
2f/f60
, Colibri Real Estate f f
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
26. As the supplyof homes in the area rises,whatwould you expect to happen to ho
f f f f f f f f f f f f f f f f
me prices in the short term?: Home prices will fall slightly from their high points.
f f f f f f f f f f f f f f
27. WhenWidget moves out, what type of market is Big City likely to experi-
f f f f f f f f f f f f f
ence?: Buyer's Market
f f f
28. Cost inflation can affect new home prices as builders pass along their hig
f f f f f f f f f f f f
her costs for labor and materials.: True
f f f f f f
29. Higher taxes tend to encourage spending and investing.: False f f f f f f f f
30. P-E-G-
S:Physical Economic
f f f
Government
Social
31. A situation in the housing market when there are many homes available for sale
f f f f f f f f f f f f f
, but few buyers.: Buyer's Market
f f f f f
32. The interest rate that people or businesses must pay to use another's mo
f f f f f f f f f f f f
ney for their own purposes.: Cost of Money
f f f f f f f
33. The main business or industry in an area that supports and sustains the com
f f f f f f f f f f f f f
munity.: Economic Base f f
34. An increase in the cost of goods or services or too many people wanting too f
f f f f f f f f f f f f f f f
ew goods.: Inflationf f
35. A characteristic of real property; each piece of land, each building, and eac
f f f f f f f f f f f f
h house is a unique piece of real estate. Also called Uniqueness or Het-
f f f f f f f f f f f f f
erogeneity.: Non-Homogeneity
f f
36. General swings in real estate activity, resulting in increasing or decreasing acti f f f f f f f f f f f
vity and property values, during different phases of the cycle.: Real Estate Cycles
f f f f f f f f f f f f
37. A physical characteristic of real property that says there is a limited supply ofre
f f f f f f f f f f f f f f
al estate;the perceived supply of a good or service relative to the demand for the ite
f f f f f f f f f f f f f f f f
m.: Scarcity f
38. A situation in the housing market when a large number of buyers are look
f f f f f f f f f f f f f
ing for houses in an area of limited availability.: Seller's Market
f f f f f f f f f f
39. An economic principle that says that for all products, goods, and services whe
f f f f f f f f f f f f
n supply exceeds demand, prices will fall and when demand exceeds supply, pri
f f f f f f f f f f f f
ces will rise.: Supply and Demand
f f f f f
40. These associates take and approve loan applications,appraise properties, as
f f f f f f f f f
sess risk.They can find jobs with savings and loan associations, mutual savings
f f f f f f f f f f f f f
banks, commercial banks, mortgage companies, endowments, and governmen
f f f f f f f
t agencies.: Real Estate Finance
f f f f
3f/f60
, Colibri Real Estate f f
Studyfonlinefatfhttps://quizlet.com/_eeg5rw
41. People in this field use rigorous appraisal methods to evaluate property for fi f f f f f f f f f f f f
nancial institutions,developers,property managers,or government agen-
f f f f f f f
cies.: Real Estate Appraisal
f f f f
42. These professionals purchase large tracts of land at a low cost per acre, then f f f f f f f f f f f f f
subdivide and improve it with streets, sewers, and utilities so it can
f f f f f f f f f f f f
be resold at a higher cost per front foot (for lots) or per square foot (for buildings).:
f f f f f f f f f f f f f f f f
eal Estate Development f f
43. People in this area of real estate build homes on contract or speculation. The f f f f f f f f f f f f f
y might choose to sell, appraise, manage, or help buyers finance the property.:
f f f f f f f f f f f f f
Real Estate Property Construction f f f
44. This is a growing field. More and more brokers, banks, and lawyers are gettin
f f f f f f f f f f f f f
g into this service area as profit margins are shrinking elsewhere. Jobs can inclu
f f f f f f f f f f f f f
de title researcher, escrow agent, and title insurance overseer.: Real Estate Title W
f f f f f f f f f f f f
ork
45. There are numerous national, state, and local trade associations that work toe f f f f f f f f f f f f
ducate, lobby, support members, and manage public relations.: Real Estate Trade
f f f f f f f f f f f
Association Work f
46. Continuing education is part of maintaining a real estate license. Educa- f f f f f f f f f f
tors have ample opportunities to teach these courses.: Real Estate Education.
f f f f f f f f f f f
47. This work can be for the FHA,VA, Fannie Mae, Ginnie Mae, Freddie Mac, and H
f f f f f f f f f f f f f f f
UD and for state and county work, such as urban planning.: Real Estate Governme
f f f f f f f f f f f f f
nt Work f
48. include single-family residential properties, multi- f f f f
family properties (from a double to a large apartment building), condominiums,
f f f f f f f f f f f
or cooperatives. Specialized residential properties can include converted-
f f f f f f f
use property, man- ufactured housing, and timeshares.: Residential properties
f f f f f f f f
49. include offices, stores, hotels, and other buildings.Those dealing in com- f f f f f f f f f f
mercial properties are usually involved not only in sales and other aspects of br
f f f f f f f f f f f f f f
okerage, but also in leasing and leasebacks, property management, and even co f f f f f f f f f f f
nstruction or financing.: Commercial properties f f f f
50. include land and structures involved in the production, distribution, and sto f f f f f f f f f f
rage of tangible economic goods.: Industrial properties
f f f f f f
51. include selling farms or selling large areas to subdivide and develop.: Farm and f f f f f f f f f f f f f
vacant land f
52. This varies by agency and can include filling out forms and contracts, clo
f f f f f f f f f f f f
sing a sale, selling your services, and attracting new listings.: Training
f f f f f f f f f f
53. These are the tools (websites, email, online forms), advertising, and staff sup f f f f f f f f f f f
port that help you do your job. Many brokerages supply these things as
f f f f f f f f f f f f
4f/f60
