Questions & Expertly Verified
_____________Quiz____________?
The ____ is fully responsible for the actions preformed in the course of real estate business
by all persons licensed under ______. -
Answer✓✓
Broker, Broker
_____________Quiz____________?
The _____ can carry out ONLY those responsbilties assigned by employing ____. -
Answer✓✓
Salesperson, broker
_____________Quiz____________?
A salesperson can receive ______ ONLY from that broker. -
Answer✓✓
compensation
_____________Quiz____________?
A salesperson has _______ to make contracts with or ______ from any other party. -
Answer✓✓
no authority, receive compensation
1
, _____________Quiz____________?
A brokers commission is specified in the ______ with the principal. -
Answer✓✓
contract
_____________Quiz____________?
Independent contractors must have .... -
Answer✓✓
1. Current real estate licenses
2. Licensee must have a written contract w/ broker ( Tax Reasons)
3. At least 90 % of the individuals income as a licensee must be based on sales production
and NOT on # of hours worked.
_____________Quiz____________?
Anti-trust violations -
Answer✓✓
price-fixing, group boycotting, allocation of customers and markets, tie-in agreements
_____________Quiz____________?
Exclusive right to sell listing -
Answer✓✓
In this agreement, the agent gets paid no matter who sells the property, regardless of
whether it's the agent or the seller
_____________Quiz____________?
Exclusive agency listing -
Answer✓✓
Agents get paid in this type of agreement only if they sell the property. No fee is earned if
the owner sells the property on his own
2
, _____________Quiz____________?
Open listing -
Answer✓✓
In this type of agreement, sellers have the right to use as many brokers as they want. The
seller is not, however, obligated to pay any of them if he sells the property
_____________Quiz____________?
Net listing -
Answer✓✓
This type of agreement is illegal in some states. The agent gets to keep everything he can get
that's more than the sale price the owner wants
_____________Quiz____________?
Fiduciary -
Answer✓✓
The relationship between an agent and a client
_____________Quiz____________?
What are the fiduciary duties of a real estate agent to his/her client? -
Answer✓✓
Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience
_____________Quiz____________?
Tenancy in severalty -
Answer✓✓
type of ownership is by a single person or a corporation, and not being married doesn't
have anything to do with it
3
, _____________Quiz____________?
Tenancy in common -
Answer✓✓
Equal or unequal undivided ownership between two or more people is what characterizes
this type of ownership. If an owner dies, the deceased person's share is conveyed to his or
her heirs, not the other owners
_____________Quiz____________?
(Joint tenancy)The four unities that must exist for this type of ownership to exist are: -
Answer✓✓
1.Interest: Each owner has the same interest.
2.Possession: All owners hold an undivided interest.
3.Time: All owners receive their interest at the same time.
4.Title: All owners acquire their interest with the same deed.
_____________Quiz____________?
If one owner of a joint tenancy dies -
Answer✓✓
That owner's interest reverts to the other owners. This right of survivor-ship may vary by
state.
_____________Quiz____________?
Tenancy by the entirety -
Answer✓✓
Available only to married couples, tenancy by the entirety means that property may not be
sold without the agreement of both parties. The right of survivorship exists to the extent
that if one spouse dies, his/her interest reverts to the other spouse
_____________Quiz____________?
Adverse possession -
4
_____________Quiz____________?
The ____ is fully responsible for the actions preformed in the course of real estate business
by all persons licensed under ______. -
Answer✓✓
Broker, Broker
_____________Quiz____________?
The _____ can carry out ONLY those responsbilties assigned by employing ____. -
Answer✓✓
Salesperson, broker
_____________Quiz____________?
A salesperson can receive ______ ONLY from that broker. -
Answer✓✓
compensation
_____________Quiz____________?
A salesperson has _______ to make contracts with or ______ from any other party. -
Answer✓✓
no authority, receive compensation
1
, _____________Quiz____________?
A brokers commission is specified in the ______ with the principal. -
Answer✓✓
contract
_____________Quiz____________?
Independent contractors must have .... -
Answer✓✓
1. Current real estate licenses
2. Licensee must have a written contract w/ broker ( Tax Reasons)
3. At least 90 % of the individuals income as a licensee must be based on sales production
and NOT on # of hours worked.
_____________Quiz____________?
Anti-trust violations -
Answer✓✓
price-fixing, group boycotting, allocation of customers and markets, tie-in agreements
_____________Quiz____________?
Exclusive right to sell listing -
Answer✓✓
In this agreement, the agent gets paid no matter who sells the property, regardless of
whether it's the agent or the seller
_____________Quiz____________?
Exclusive agency listing -
Answer✓✓
Agents get paid in this type of agreement only if they sell the property. No fee is earned if
the owner sells the property on his own
2
, _____________Quiz____________?
Open listing -
Answer✓✓
In this type of agreement, sellers have the right to use as many brokers as they want. The
seller is not, however, obligated to pay any of them if he sells the property
_____________Quiz____________?
Net listing -
Answer✓✓
This type of agreement is illegal in some states. The agent gets to keep everything he can get
that's more than the sale price the owner wants
_____________Quiz____________?
Fiduciary -
Answer✓✓
The relationship between an agent and a client
_____________Quiz____________?
What are the fiduciary duties of a real estate agent to his/her client? -
Answer✓✓
Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience
_____________Quiz____________?
Tenancy in severalty -
Answer✓✓
type of ownership is by a single person or a corporation, and not being married doesn't
have anything to do with it
3
, _____________Quiz____________?
Tenancy in common -
Answer✓✓
Equal or unequal undivided ownership between two or more people is what characterizes
this type of ownership. If an owner dies, the deceased person's share is conveyed to his or
her heirs, not the other owners
_____________Quiz____________?
(Joint tenancy)The four unities that must exist for this type of ownership to exist are: -
Answer✓✓
1.Interest: Each owner has the same interest.
2.Possession: All owners hold an undivided interest.
3.Time: All owners receive their interest at the same time.
4.Title: All owners acquire their interest with the same deed.
_____________Quiz____________?
If one owner of a joint tenancy dies -
Answer✓✓
That owner's interest reverts to the other owners. This right of survivor-ship may vary by
state.
_____________Quiz____________?
Tenancy by the entirety -
Answer✓✓
Available only to married couples, tenancy by the entirety means that property may not be
sold without the agreement of both parties. The right of survivorship exists to the extent
that if one spouse dies, his/her interest reverts to the other spouse
_____________Quiz____________?
Adverse possession -
4
