California Real Estate Practice - Questions and Answers | 100% Correct Answers | Verified | Latest 2024 Version

(1) 1. The real estate marketplace could BEST be described as being A. homogeneous B. stratified C. perfect D. uninfluenced by emotion - B. stratified (based on price) (1) 2. Most real estate agents are primarily engaged in which area of activity A. residential property B. raw land and lots C. commercial property D. development - A. residential property (1) 3. The IRS will treat real estate salespeople as independent contractors if 3 criteria are met. Which is not a criteria A. The salesperson's reimbursement is solely based on sales, not hours worked B. The salesperson represents himself as an independent contractor when dealing with third parties C. There is a written contract stating that the salesperson will be treated as an independent contractor for tax purposes D. The salesperson is licensed as a real estate agent - B. The salesperson represents himself as an independent contractor when dealing with third parties ( merely representing oneself as an independent contractor would be a violation of disclosure requirements and is not considered to be an IRS criteria) (1) 4. A broker ordinarily would be liable to salespeople forA. unemployment compensation B. workers' compensation C. Social Security contributions D. none of these - B. workers' compensation (for work related injuries) (1) 5. In choosing a broker, a new licensee should be LEAST interested in an office that A. has a high percentage of successful people B. has a good library of books, tapes, and videos for training C. offers 100% commission D. is a member of a local multiple listing service - C. offers 100% commission (new licensees should remember training is more important than commission split) (1) 6. The BEST way to learn is to A. listen to what others say B. read instructional material C. watch what others do D. use the ideas you observe or read about - D. use the ideas you observe or read about (by using ideas, they become yours) (1) 7. Which of the following statements is true about role-playing A. Role-playing situations are limited only by our own imagination B. Role-playing can be verbalized or nonverbalized C. Role-playing exercises can involve more than one person D. All of these - D. All of these