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5.0
Colibri Real Estate Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded
A+
Quiz: Joe Alpha of ABC Real Estate Corp. has been very successful in
buying houses, fixing them up, and reselling them. He put an
advertisement in the local newspaper seeking investors to help him
purchase property and pay for renovations, promising an excellent
return on investment when the properties sold. Do you think that Joe
needs a securities broker-dealer license?
Ans: No
Quiz: Ellie is very regimented. She likes to be in the office by 8 a.m. and
be home by 5:30 p.m. She likes that same precision in her monthly
budget—she wants to know what's coming in and how much she can
expect to put into her IRA. She is a good candidate for a career in real
estate sales.
Ans: False
Quiz: Phil, a real estate licensee, considers going to work for JJ Realty.
Broker Jana James offers him a 60%-40% split on commission. If JJ Realty
takes in $5,000 total commission on Phil's first sale, what is Phil's split?
Ans: $3,000
18:36:59
,Quiz: A real estate licensee is more likely to be an employee of his
broker.
Ans: False
Quiz: If a broker supervises the real estate activities of an associated
licensee, that licensee CANNOT be considered an independent
contractor.
Ans: False
Quiz: A real estate licensee who is an independent contractor is paid
based on successful real estate transactions, not on hours worked.
Ans: True
Quiz: Generically speaking, a person who, for a fee, sells, lists, leases,
exchanges, negotiates, or otherwise deals in the real estate of others or
represents publicly that they do so.
Ans: Broker
Quiz: A business that serves as an intermediary between buyers and
sellers and/or lessees and lessors of real estate.
Ans: Brokerage
Examstudy - Stuvia US
,Quiz: Insurance that protects real estate licensees from liability due to
mistakes or negligence. It does not cover claims related to fraud or
discrimination.
Ans: Errors and Omissions Insurance (E&O)
Quiz: Under common law, a person who contracts to do a job for
another but maintains control over how the task will be carried out,
rather than following detailed instructions.
Ans: Independent Contractor
Quiz: A person licensed under state law to practice real estate.
Ans: Licensee
Quiz: Any real estate licensee who is a member of the National
Association of REALTORS® (NAR) and his or her affiliated state/local
boards. Only members may use the term REALTOR® as it's a registered
trademark of NAR.
Ans: REALTOR®
Quiz: Generically speaking, a real estate licensee agent who is
associated with a broker and as such may perform most of the acts a
broker can on behalf of the broker. Also called Sales Associate.
Ans: Salesperson
Examstudy - Stuvia US
, Quiz: A real estate licensee who is treated as an independent
contractor for tax purposes when specified conditions are met: proper
licensing; compensation based on sales; and services performed under
a written contract.
Ans: Statutory Nonemployee
Quiz: In which field do the majority of new licensees begin their work?
Ans: Residential Sales
Quiz: Which is NOT an advantage to a career in real estate sales?
Ans: the option to double commission percentages during slow months
Quiz: Licensee Louie has worked for Rick, the broker at ABC Realty, for
20 years. Louie has been accused of negligence for not disclosing a
material fact to a buyer. Which statement is TRUE?
Ans: Rick can be held liable for Louie's misconduct.
Quiz: At the end of the year, what tax form will an independent
contractor receive to document their income?
Ans: 1099-MISC
Examstudy - Stuvia US
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
Colibri Real Estate Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded
A+
Quiz: Joe Alpha of ABC Real Estate Corp. has been very successful in
buying houses, fixing them up, and reselling them. He put an
advertisement in the local newspaper seeking investors to help him
purchase property and pay for renovations, promising an excellent
return on investment when the properties sold. Do you think that Joe
needs a securities broker-dealer license?
Ans: No
Quiz: Ellie is very regimented. She likes to be in the office by 8 a.m. and
be home by 5:30 p.m. She likes that same precision in her monthly
budget—she wants to know what's coming in and how much she can
expect to put into her IRA. She is a good candidate for a career in real
estate sales.
Ans: False
Quiz: Phil, a real estate licensee, considers going to work for JJ Realty.
Broker Jana James offers him a 60%-40% split on commission. If JJ Realty
takes in $5,000 total commission on Phil's first sale, what is Phil's split?
Ans: $3,000
18:36:59
,Quiz: A real estate licensee is more likely to be an employee of his
broker.
Ans: False
Quiz: If a broker supervises the real estate activities of an associated
licensee, that licensee CANNOT be considered an independent
contractor.
Ans: False
Quiz: A real estate licensee who is an independent contractor is paid
based on successful real estate transactions, not on hours worked.
Ans: True
Quiz: Generically speaking, a person who, for a fee, sells, lists, leases,
exchanges, negotiates, or otherwise deals in the real estate of others or
represents publicly that they do so.
Ans: Broker
Quiz: A business that serves as an intermediary between buyers and
sellers and/or lessees and lessors of real estate.
Ans: Brokerage
Examstudy - Stuvia US
,Quiz: Insurance that protects real estate licensees from liability due to
mistakes or negligence. It does not cover claims related to fraud or
discrimination.
Ans: Errors and Omissions Insurance (E&O)
Quiz: Under common law, a person who contracts to do a job for
another but maintains control over how the task will be carried out,
rather than following detailed instructions.
Ans: Independent Contractor
Quiz: A person licensed under state law to practice real estate.
Ans: Licensee
Quiz: Any real estate licensee who is a member of the National
Association of REALTORS® (NAR) and his or her affiliated state/local
boards. Only members may use the term REALTOR® as it's a registered
trademark of NAR.
Ans: REALTOR®
Quiz: Generically speaking, a real estate licensee agent who is
associated with a broker and as such may perform most of the acts a
broker can on behalf of the broker. Also called Sales Associate.
Ans: Salesperson
Examstudy - Stuvia US
, Quiz: A real estate licensee who is treated as an independent
contractor for tax purposes when specified conditions are met: proper
licensing; compensation based on sales; and services performed under
a written contract.
Ans: Statutory Nonemployee
Quiz: In which field do the majority of new licensees begin their work?
Ans: Residential Sales
Quiz: Which is NOT an advantage to a career in real estate sales?
Ans: the option to double commission percentages during slow months
Quiz: Licensee Louie has worked for Rick, the broker at ABC Realty, for
20 years. Louie has been accused of negligence for not disclosing a
material fact to a buyer. Which statement is TRUE?
Ans: Rick can be held liable for Louie's misconduct.
Quiz: At the end of the year, what tax form will an independent
contractor receive to document their income?
Ans: 1099-MISC
Examstudy - Stuvia US
