WEICHERT REAL ESTATE – MD
QUESTIONS AND ANSWERS (GRADED
A+)
Under the terms of a listing agreement, the broker is considered to have earned the
commission if: - ANSWER-The transaction goes to settlement
The word "equity" as applied to real estate means: - ANSWER-The difference between
the appraised value of the property and the current loan balance.
What is a "listing"? - ANSWER-A contract for the professional services of a broker.
The common law concept of agency is based on: - ANSWER-The master-servant
relationship under English rules, traditions and court decisions.
Supply and Demand is an economic principle based on: - ANSWER-Uniqueness and
immobility
Real property is best understood as including: - ANSWER-Land, improvements and
rights
A personal assistant to a real estate salesperson: - ANSWER-Performs many small but
vital details in running the business.
Emblements: - ANSWER-Are plantings that require annual cultivation.
A listing is comparable to: - ANSWER-An employment agreement
A major benefit for most homeowners is that: - ANSWER-The IRS allows an interest
and tax deduction on the 1040.
A salesperson obtains a listing of residential property. After the listing is registered with
the broker, the salesperson shows the property to a family who came into the office in
search of a home. A disclosure of agency must be given to: - ANSWER-The Buyer
The six common law fiduciary duties are: - ANSWER-Disclosure
Care
Confidentiality
Obedience
Loyalty
Accounting
QUESTIONS AND ANSWERS (GRADED
A+)
Under the terms of a listing agreement, the broker is considered to have earned the
commission if: - ANSWER-The transaction goes to settlement
The word "equity" as applied to real estate means: - ANSWER-The difference between
the appraised value of the property and the current loan balance.
What is a "listing"? - ANSWER-A contract for the professional services of a broker.
The common law concept of agency is based on: - ANSWER-The master-servant
relationship under English rules, traditions and court decisions.
Supply and Demand is an economic principle based on: - ANSWER-Uniqueness and
immobility
Real property is best understood as including: - ANSWER-Land, improvements and
rights
A personal assistant to a real estate salesperson: - ANSWER-Performs many small but
vital details in running the business.
Emblements: - ANSWER-Are plantings that require annual cultivation.
A listing is comparable to: - ANSWER-An employment agreement
A major benefit for most homeowners is that: - ANSWER-The IRS allows an interest
and tax deduction on the 1040.
A salesperson obtains a listing of residential property. After the listing is registered with
the broker, the salesperson shows the property to a family who came into the office in
search of a home. A disclosure of agency must be given to: - ANSWER-The Buyer
The six common law fiduciary duties are: - ANSWER-Disclosure
Care
Confidentiality
Obedience
Loyalty
Accounting
