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Real Estate U Final Exam Questions: Real Estate U Final Exam Test
Bank
Which of the following should an agent recommend to their client as a
means to verify the financial capabilities of the client...?
(Ans- Have the buyer obtain a pre-approval letter from a lender
The amount of commission paid to an agent for a residential rental
transaction is typically based on a percentage of this amount...?
(Ans- Total annual rent
A person that provides services to another under terms specified in a
contract or within a verbal agreement is known as an...?
(Ans- Independent Contractor
As a real estate agent working as an independent contractor,
compensation is directly related to what...?
(Ans- Sales
Abby is a New York State real estate agent, specializing in condominium
sales. According to State law, Abby's compensation is directly related to
what...?
(Ans- Sales
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Kevin is a real estate agent in New York City. Over the past two months,
Kevin has worked nearly 40 hours per week on average; however, he
has not closed a deal in that time frame. How much did Kevin earn over
the past two months while working as a real estate agent...?
(Ans- He did not earn any money as his compensation is directly related
to sales
According to New York State law, an independent contractor agreement
can NOT be signed under what condition...?
(Ans- Duress
Mark is an agent with City Brokers. Mark decides that he wants to leave
City Brokers to work with another broker. Who is capable of terminating
the independent contractor relationship that exists between Mark and
City Brokers...?
(Ans- Either Mark and/or City Brokers
Which of the following is NOT a characteristic of an independent
contractor relationship...?
(Ans- The agent is entitled to health benefits
Marcus is a real estate agent with Town Brokers. Town Brokers
demanded that Marcus work a minimum of 25 hours per week at their
main office location. Under this scenario, what may New York State
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consider Marcus if he were to work a set amount of hours in a specific
location...?
(Ans- An employee
When an agent represents either the buyer or the seller, but NOT both
in a transaction, the agent is considered what...?
(Ans- Single Agent
If an independent contractor relationship is breached and the agent is
considered an employee according to New York State, what is the
broker required to do...?
(Ans- Withhold income taxes
According to this agreement, taxes are NOT deducted from
commissions an agent has earned over the course of business...?
(Ans- Independent Contractor Agreement
Which of the following is a fundamental difference between an
independent contractor and an employee...?
(Ans- An independent contractor does NOT have set working hours,
while an employee does
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MLS is an acronym for what...?
(Ans- Multiple Listing Service
Two brokerage firms in a particular market entered into an agreement
with each other to refrain from competition. They agreed that one firm
would only do business on the west side of the city while the other firm
would only do business on the east side of the city. What are the two
firms guilty of...?
(Ans- Market Allocation
When a buyer's broker agrees to the cooperative arrangement of the
MLS, he/she becomes a sub-agent to whom...?
(Ans- Seller
David is a real estate broker who represents a buyer in a transaction.
David finds a potential property for his client on the MLS. By agreeing to
the cooperative arrangement of the MLS, David has become a sub-
agent to whom...?
(Ans- Seller
Jason, a buyer's broker, found a property for his client on the MLS. By
agreeing to the MLS' cooperative arrangement, what type of agency
was created...?
(Ans- Dual Agency
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Real Estate U Final Exam Questions: Real Estate U Final Exam Test
Bank
Which of the following should an agent recommend to their client as a
means to verify the financial capabilities of the client...?
(Ans- Have the buyer obtain a pre-approval letter from a lender
The amount of commission paid to an agent for a residential rental
transaction is typically based on a percentage of this amount...?
(Ans- Total annual rent
A person that provides services to another under terms specified in a
contract or within a verbal agreement is known as an...?
(Ans- Independent Contractor
As a real estate agent working as an independent contractor,
compensation is directly related to what...?
(Ans- Sales
Abby is a New York State real estate agent, specializing in condominium
sales. According to State law, Abby's compensation is directly related to
what...?
(Ans- Sales
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Kevin is a real estate agent in New York City. Over the past two months,
Kevin has worked nearly 40 hours per week on average; however, he
has not closed a deal in that time frame. How much did Kevin earn over
the past two months while working as a real estate agent...?
(Ans- He did not earn any money as his compensation is directly related
to sales
According to New York State law, an independent contractor agreement
can NOT be signed under what condition...?
(Ans- Duress
Mark is an agent with City Brokers. Mark decides that he wants to leave
City Brokers to work with another broker. Who is capable of terminating
the independent contractor relationship that exists between Mark and
City Brokers...?
(Ans- Either Mark and/or City Brokers
Which of the following is NOT a characteristic of an independent
contractor relationship...?
(Ans- The agent is entitled to health benefits
Marcus is a real estate agent with Town Brokers. Town Brokers
demanded that Marcus work a minimum of 25 hours per week at their
main office location. Under this scenario, what may New York State
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,https://www.stuvia.com/user/passnursingnow https://www.stuvia.com/user/passnursingnow https://www.stuvia.com/user/passnursingnow
consider Marcus if he were to work a set amount of hours in a specific
location...?
(Ans- An employee
When an agent represents either the buyer or the seller, but NOT both
in a transaction, the agent is considered what...?
(Ans- Single Agent
If an independent contractor relationship is breached and the agent is
considered an employee according to New York State, what is the
broker required to do...?
(Ans- Withhold income taxes
According to this agreement, taxes are NOT deducted from
commissions an agent has earned over the course of business...?
(Ans- Independent Contractor Agreement
Which of the following is a fundamental difference between an
independent contractor and an employee...?
(Ans- An independent contractor does NOT have set working hours,
while an employee does
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, https://www.stuvia.com/user/passnursingnow https://www.stuvia.com/user/passnursingnow https://www.stuvia.com/user/passnursingnow
MLS is an acronym for what...?
(Ans- Multiple Listing Service
Two brokerage firms in a particular market entered into an agreement
with each other to refrain from competition. They agreed that one firm
would only do business on the west side of the city while the other firm
would only do business on the east side of the city. What are the two
firms guilty of...?
(Ans- Market Allocation
When a buyer's broker agrees to the cooperative arrangement of the
MLS, he/she becomes a sub-agent to whom...?
(Ans- Seller
David is a real estate broker who represents a buyer in a transaction.
David finds a potential property for his client on the MLS. By agreeing to
the cooperative arrangement of the MLS, David has become a sub-
agent to whom...?
(Ans- Seller
Jason, a buyer's broker, found a property for his client on the MLS. By
agreeing to the MLS' cooperative arrangement, what type of agency
was created...?
(Ans- Dual Agency
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