Name: Score:
90 Multiple choice questions
Term 1 of 90
The commission can deny licensure to an applicant based on the applicant's _______________________
moral character
previous employment history
financial stability
educational background
Term 2 of 90
buyer agency only
the firm will focus on commercial properties only
the firm will only represent buyers. no intermediary practice is allowed
the firm will represent both buyers and sellers equally
the firm will provide consulting services without representation
Term 3 of 90
the ___________ gets to decide to either appoint or not when it comes to intermediary without
appointments
broker
client
buyer
agent
,Term 4 of 90
A sales agent or broker must also provide the IABS form at the first substantive communication
with a prospective client by one of the following four methods
commingles money that belongs to another person with the license holders own money
a license holder or a real estate broker licensed in another state
personal delivery
first class mail
In an email
an attachment to an email or link within the body of an email
OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
Term 5 of 90
All listing agreements must have a definite
sales price
termination date
rate of commission
the seller
,Term 6 of 90
the following are guidelines set forth by the internal revenue service are appropriate for
designation of employee status
if there is a guaranteed minimum monthly compensation
if the broker pays the agents licensing fees
Yes, but they are limited to intermediary without appointments
When the first substantive discussion of real estate transaction takes place
The transaction must be an in house sale
Both sides must be clients
You must have written consent of both sides
Term 7 of 90
In Texas, most sellers prepare a Seller's Disclosure of Property Condition, and who is
responsible for its accuracy
the lender
the broker
the seller
the buyer
Term 8 of 90
Open Listing
Gives the Seller the right to list the property with multiple competing brokers and to sell
the property personally without liability for payment of a commission.
-If a single agent in the firm is working with both the buyer and seller, another agent in
the firm needs to be brought into the transaction so appointments can be made
the seller agrees to list the property with one one broker during the listing term, with the
provision that the seller can sell the property himself or herself, without payment of a
commission
A license holder not associated with the seller's broker, but who is representing the seller
through a cooperative agreement, often through membership in a Multiple Listing
Service (MLS), with the seller's broker.
, Term 9 of 90
When does the Information about brokerage services (IABS) form need to be provided?
When the property is listed online
When the first substantive discussion of real estate transaction takes place
During the closing meeting
At the signing of the purchase agreement
Term 10 of 90
A special duty of honesty is applied in the act when
receive a commission or percentage of a commission based on a real estate transaction
a license holder or a real estate broker licensed in another state
the license holder is buying or selling property in his or her name
When the first substantive discussion of real estate transaction takes place
Term 11 of 90
Broker Susan is representing the seller and Broker Daniel is working with a buyer customer.
Susan is representing the seller. Who is Daniel representing?
the broker
the seller
the lender
the buyer
90 Multiple choice questions
Term 1 of 90
The commission can deny licensure to an applicant based on the applicant's _______________________
moral character
previous employment history
financial stability
educational background
Term 2 of 90
buyer agency only
the firm will focus on commercial properties only
the firm will only represent buyers. no intermediary practice is allowed
the firm will represent both buyers and sellers equally
the firm will provide consulting services without representation
Term 3 of 90
the ___________ gets to decide to either appoint or not when it comes to intermediary without
appointments
broker
client
buyer
agent
,Term 4 of 90
A sales agent or broker must also provide the IABS form at the first substantive communication
with a prospective client by one of the following four methods
commingles money that belongs to another person with the license holders own money
a license holder or a real estate broker licensed in another state
personal delivery
first class mail
In an email
an attachment to an email or link within the body of an email
OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
Term 5 of 90
All listing agreements must have a definite
sales price
termination date
rate of commission
the seller
,Term 6 of 90
the following are guidelines set forth by the internal revenue service are appropriate for
designation of employee status
if there is a guaranteed minimum monthly compensation
if the broker pays the agents licensing fees
Yes, but they are limited to intermediary without appointments
When the first substantive discussion of real estate transaction takes place
The transaction must be an in house sale
Both sides must be clients
You must have written consent of both sides
Term 7 of 90
In Texas, most sellers prepare a Seller's Disclosure of Property Condition, and who is
responsible for its accuracy
the lender
the broker
the seller
the buyer
Term 8 of 90
Open Listing
Gives the Seller the right to list the property with multiple competing brokers and to sell
the property personally without liability for payment of a commission.
-If a single agent in the firm is working with both the buyer and seller, another agent in
the firm needs to be brought into the transaction so appointments can be made
the seller agrees to list the property with one one broker during the listing term, with the
provision that the seller can sell the property himself or herself, without payment of a
commission
A license holder not associated with the seller's broker, but who is representing the seller
through a cooperative agreement, often through membership in a Multiple Listing
Service (MLS), with the seller's broker.
, Term 9 of 90
When does the Information about brokerage services (IABS) form need to be provided?
When the property is listed online
When the first substantive discussion of real estate transaction takes place
During the closing meeting
At the signing of the purchase agreement
Term 10 of 90
A special duty of honesty is applied in the act when
receive a commission or percentage of a commission based on a real estate transaction
a license holder or a real estate broker licensed in another state
the license holder is buying or selling property in his or her name
When the first substantive discussion of real estate transaction takes place
Term 11 of 90
Broker Susan is representing the seller and Broker Daniel is working with a buyer customer.
Susan is representing the seller. Who is Daniel representing?
the broker
the seller
the lender
the buyer
