QUIZ 1
The following statements are all examples of abstract goals EXCEPT
a. I will improve my communication skills.
b. I will obtain three new listings each month.
c. I will become a better salesperson.
d. I will strive to improve my sales techniques.
b. I will obtain three new listings each month.
Answer Explanation &/or Location: Specific measurable goal. p. 35
The Civil Rights Act of 1968 prohibits
a. blockbusting.
b. steering.
c. both A and B.
d. neither A nor B.
c. both A and B. block busting and steering.
Compliance with environmental hazards disclosure requires
a. that the Alquist-Priolo Act be complied with.
b. the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants.
c. that the seller post a bond to cover damages by hazards discovered at a later date.
d. chemical tests of the soil for all dangerous contaminants.
b. the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants.
A geographic farm could be a
a. special interest of buyers
b. particular subdivision
c. particular ethnic group
d. type of property
b. particular subdivision
Which of the following statements regarding the time it takes for a property to sell is TRUE?
a. Properties listed above market value tend to sell faster than properties listed at prices closer to market value.
b. Buyers seldom offer the list price, therefore the list price has no effect on time to sell.
c. Properties listed below market value tend to take longer to sell than properties listed at market value.
d. None of these.
d. None of these.
The purpose of a broker providing a sliding commission scale that rises as sales volume increases is to
a. motivate salespeople.
b. retain top producers.
c. both A and B.
d. neither A nor B.
motivate salespeople & retain top producers
Answer Explanation &/or Location: Incentive to do more and to stay. p. 28
Which of the following statements regarding ethics is TRUE?
a. Ethics and good business are not compatible.
b. Ethics tends to precede the law.
c. If it is legal, it is ethical.
d. If it is unethical, it is illegal.
b. Ethics tends to precede the law.
Real estate disclosure laws apply
a. to buyer disclosure only.
b. to disclosures to principals only.
c. uniformly to all real estate transactions.
d. primarily for 1 to 4 residential units.
d. primarily for 1 to 4 residential units.
A major reason owners attempt to sell without an agent is to
a. saves paying commission
b. get a higher gross price
c. avoid seller disclosures
d. have a quicker
a. save paying commission
In preparing estimated seller proceeds, you should remember that
a. because owners want to get as much as possible, you should underestimate costs so the net will be greater.
b. owners who get less than they expected to receive from a sale are likely to be unhappy with you.
c. it is better to estimate costs a little on the high side than the low side.
d. both B and C.
d. both B and C.
One of the requirements for a real estate salesperson to be regarded as an independent contractor by the IRS is that the
a. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes.
b. salesperson is paid a salary.
c. salesperson is not supervised by the broker.
d. salesperson is not responsible to a broker.
a. broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes.
Answer Explanation &/or Location: Plus they must be licensed and paid only for success. p. 20
What is the best test to evaluate if an act is ethical?
a. Are others doing it?
b. Is it legal?
c. The Golden Rule
d. Is it in my best interests?
c. The Golden Rule
An agent need not disclose to a buyer:
a. that a former owner had AIDS.
b. that there was a death by murder or suicide on the property more than 3 years ago.
c. that there was a death on the property within the last 3 years.
d. both that a former owner had AIDS and that there was a death by murder or suicide on the property more than 3 years ago
d. both that a former owner had AIDS and that there was a death by murder or suicide on the property more than 3 years ago
The CAN-SPAM Act applies to
a. restrictions on e-mail solicitations
b. direct mail solicitations
c. unsolicited fax messages
d. home solicitation phone calls
a. restrictions on e-mail solicitations
If your firm is small, to obtain a listing when competing against a large firm you should emphasize that
a. because you concentrate on a small number of select properties, you are able to give more individual attention to the property.
b. it is better to help small businesses.
c. you need it more than the large firm.
d. you will work just as hard as the large firm.
a. because you concentrate on a small number of select properties, you are able to give more individual attention to the property.
If you are going to be buying a new car for real estate sales, you should consider
a. a two-door model to control the passengers.
b. as expensive a car as possible to impress others.
c. a sports car to show you are a modern person.
d. a full-sized, four-door car for easy entrance and exit.
d. a full-sized, four-door car for easy entrance and exit.
Answer Explanation &/or Location: Buyer's comfort. p. 47
Advertising a home in an area occupied solely by members of a minority group only in newspapers directed toward that minority group would be regarded as
a. steering.
b. blockbusting.
c. redlining.
d. subordination.
a. steering.
A selling agent must comply with agency disclosures to the buyer
a. prior to showing property.
b. prior to qualifying the buyer.
c. upon delivery of the seller's acceptance.
d. before the buyer executes an offer.
d. before the buyer executes an offer.
A reverse directory allows an agent to have the
a. owner’s name from the tax number.
b. address from the occupant’s name.
c. legal description from the address.
d. occupant’s name from the address.
d. occupant’s name from the address.
Benefits that an owner receives by listing with an agent include
a. promotion and advertising paid by the agent.
b. qualification of prospects.
c. the benefit of multiple listing.
d. all of these.
d. all of these.
Which of the following statements regarding mobile home sales is TRUE?
a. A mobile home must be at least 2 years old for a real estate agent to sell it.
b. A real estate agent can sell a mobile home in a rental park space.
c .A real estate agent can sell a mobile home with the land it is sited on.
d. Both B and C.
d. both b and c:
a real estate agent can sell a mobile home in a rental park space and a mobile home with the land it is sited on
Redlining refers to a refusal to
a. list in designated areas.
b. cooperate with other agents in designated areas.
c. loan in designated areas.
d. advertise in designated areas.
c. loan in designated areas.
The proper order of the steps taken in agency disclosure is
a. disclose, elect, confirm.
b. confirm, elect, disclose.
c. elect, disclose, confirm.
d. elect, confirm, disclose.
a. disclose, elect, confirm.
The phrase “centers of influence” refers to
a. institutions within an area that influence behavior.
b. the factor that makes a neighborhood cohesive.
c. properties that set the neighborhood value.
d. influential people in the community.
d. influential people in the community.
As an indication of value, which of the following would BEST indicate the market value of a home?
a. Similar properties sold within the past 2 years
b. Similar properties sold within the past 3 months
c. Listings that expired unsold
d. Current listings for similar properties
b. Similar properties sold within the past 3 months