Working in the Business
What's Mine & What Can I Do?
The Money & The Math
Construction
The Professional's Toolkit
100
What is the primary legal document that defines the working relationship between a real estate salesperson and their sponsoring broker?
An Independent Contractor Agreement OR Employment Agreement
100
A built-in bookshelf is considered what kind of property (while a freestanding bookcase is not).
A fixture
100
A property sells for $500,000 with a 6% total commission. How much commission was made from this sale?
$30,000
500,000 * .06 = 30,000
100
According to this floor plan, how many windows does this living room have?
3
100
What is it called when you look at similar recently sold properties when pricing a home?
A Comparative Market Analysis (CMA)
200
What type of agent relationship exists if you are helping a buyer client, but your firm also has the home listed for sale?
Designated Agency (if two agents from the same brokerage represent each side of the transaction)
OR
Dual Agency (if one agent represent both sides of the transaction)
200
A city's right to run a sewer line under your property is an example of what type of non-possessory interest?
An easement (specifically an easement in gross)
200
Seller Raquel has agreed to pay a 6% commission, which the buyer and seller agents will split equally.
How much does the buyer agent earn if the home sells for $375,000?
$11,250
375,000 * .06 = 22,500
22,500 / 2 = 11,250
200
What do we call the part of the building that is the structure on which the rest of the building sits?
The foundation
200
Describe how you might prepare for an open house that you are hosting in a few weeks.
Market the open house (social media, flyers, signage), make sure the home is clean/decluttered/staged, prepare a sign-in sheet, prepare materials to hand out at the event, make a plan for greeting visitors, make a plan for following up after the event
300
You notice water damage during a showing with your buyer client. To whom do you owe the duty to disclose this material fact?
To all parties (buyer client & seller)
300
What type of lien is created automatically by the government for unpaid charges and has priority over almost all other debts on a property?
A property tax lien
300
A property sold for $500,000 and the commission paid was $25,000. What was the commission rate?
5%
Rate = commission paid / sale price
25,000 / 500,000 = .05
300
What is an "eave" on a roof?
The lowest visible edfe of the roof that hangs over the exterior siding.
300
What is Search Engine Optimization, and how can it impact your marketing?
SEO is the process improving how your web content ranks on search engines (like using key words, ensuring sites are mobile-friendly and fast, optimizing business profiles, targeting your content on specific areas).
Good SEO increases the visibility of your web content, making it easier for potential clients to find you.
400
What is one example of an agent demonstrating the fiduciary duty of Reasonable Skill & Care?
Having competent knowledge of the market, of the property, of local zoning laws, of financing, recommendations of expert services, ability to meet deadlines, etc.
400
Which zoning classification allows for the conduct of business (like shopping centers, hotels, warehouses, office complexes, restaurants)
Commercial Zoning
400
If a buyer puts 20% down on a $350,000 home, how much will their remaining mortgage loan be for?
$280,000
Mortgage Loan = total price - down payment
350,000 * .2 = 70,000
350,000 - 70,000 = 280,000
400
What are at least 3 different components that make up a home's plumbing system?
Drains, faucets, hot water tank, sinks, showers/tubs, toilets, vents, valves, piping
400
What should you do if a client asks you a question outside your expertise?
Refer them to a qualified expert
500
What must an independent contractor salesperson file, which an employee does not, related to their income?
Tax payments
500
What do we call the legal document that proves you have the right to own a specific piece of real estate?
A deed
500
An undeveloped lot measures 250 x 320 feet. If it sells for $15,000 per acre and the commission rate is 5.5%, how much commission will the seller pay?
TIP: 1 acre = 43,560 square feet
$1,515.15
250 * 320 = 80,000 square feet
80,000 / 43,560 = 1.84 acres
1.84 * 15,000 = 27,548.21
27,548.21 * .055 = $1,515.15
500
What potential home hazard is an odorless, colorless gas formed by the incomplete combustion of fuels, which can suffocate people and animals when breathed in for prolonged amounts of time or at high levels?
Carbon monoxide (CO)
500
What might you say to a client who directly asks you for your personal opinions about a property you are viewing together?
Avoid giving your personal opinion (remind them of your role), remind them that it's not your opinion that matters but theirs, highlight features objectively, ask them questions to help them understand their own goals, direct them to resources for their own research on the area