REAL ESTATE SEVENTH EDITION
FINAL EXAM PT. 1 EXAM QUESTIONS
& VERIFIED CORRECT ANSWERS
A real estate sales agent may be employed by: - CORRECT ANSWER their broker.
As a prerequisite to an agent's use of an income and expense data worksheet, the
agent asks a prospective broker: - CORRECT ANSWER The price range of property
the agent is most likely to list and sell, the number of sales the agent will likely close in
that price range during their first year, and the gross broker fees generated by the
number of sales during the first year.
A _______ occurs when a broker or their agent has a professional or personal bias
which hinders their ability to fulfill the fiduciary duties owed to their client. - CORRECT
ANSWER conflict of interest
A ______ is referred to as a selling agent in agency law. - CORRECT ANSWER
buyer's agent
A broker who fails to disclose their dual agency is subject to: - CORRECT ANSWER
Loss of their broker fee, liability for their client's money losses, and disciplinary action by
the California Bureau of Real Estate. (CalBRE)
When a dual agency is established in a one-to-four unit residential sales transaction
(both parties are represented by the same broker) the broker and their agents may not
pass on any information from one party to the other relating to: - CORRECT ANSWER
The price the buyer may be willing to pay and the terms of payment the seller may be
willing to accept.
Brokers supervise and police the business-related conduct of their agents by: -
CORRECT ANSWER setting the number of listings and sales to be acquired and
closed, overseeing the agents' management of time spent working for the broker, and
analyzing the agents' incomes and expenses.
The Agency Law Disclosure form is mandated to be presented to all parties by a broker
or their agent when listing, selling, buying or leasing for a term greater than one year: -
CORRECT ANSWER Commercial property and property containing one-to-four
residential units.
FINAL EXAM PT. 1 EXAM QUESTIONS
& VERIFIED CORRECT ANSWERS
A real estate sales agent may be employed by: - CORRECT ANSWER their broker.
As a prerequisite to an agent's use of an income and expense data worksheet, the
agent asks a prospective broker: - CORRECT ANSWER The price range of property
the agent is most likely to list and sell, the number of sales the agent will likely close in
that price range during their first year, and the gross broker fees generated by the
number of sales during the first year.
A _______ occurs when a broker or their agent has a professional or personal bias
which hinders their ability to fulfill the fiduciary duties owed to their client. - CORRECT
ANSWER conflict of interest
A ______ is referred to as a selling agent in agency law. - CORRECT ANSWER
buyer's agent
A broker who fails to disclose their dual agency is subject to: - CORRECT ANSWER
Loss of their broker fee, liability for their client's money losses, and disciplinary action by
the California Bureau of Real Estate. (CalBRE)
When a dual agency is established in a one-to-four unit residential sales transaction
(both parties are represented by the same broker) the broker and their agents may not
pass on any information from one party to the other relating to: - CORRECT ANSWER
The price the buyer may be willing to pay and the terms of payment the seller may be
willing to accept.
Brokers supervise and police the business-related conduct of their agents by: -
CORRECT ANSWER setting the number of listings and sales to be acquired and
closed, overseeing the agents' management of time spent working for the broker, and
analyzing the agents' incomes and expenses.
The Agency Law Disclosure form is mandated to be presented to all parties by a broker
or their agent when listing, selling, buying or leasing for a term greater than one year: -
CORRECT ANSWER Commercial property and property containing one-to-four
residential units.
