Legal Aspects Questions #3 UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Ethics would be best described as
A. Obeying the law
B. Doing what is right
C. An agency duty
D. Treating all people the same - CORRECT ANSWER - B. Doing what is right
(The Golden Rule)
In selling listings of another broker, a real estate salesperson is directly responsible to
A. His or her broker
B. The owner
C. The listing broker
D. The multiple-listing service - CORRECT ANSWER - A. His or her broker
Which statement is NOT an IRS requirement for a real estate salesperson to be treated as an
independent contractor so that the employing broker can avoid withholding taxes and Social
Security contributions?
A. That the salesperson have a valid California real estate license
B. That reimbursement be based solely on sales and not on hours worked
C. That there be a written contract that the salesperson will be treated as an independent
contractor for tax purposes
D. That the salesperson work without supervision - CORRECT ANSWER - D. That the
salesperson work without supervision
, (Supervised by broker)
A broker would MOST likely be responsible to salespersons for
A. Unemployment compensation
B. Minimum wages
C. Worker's compensation
D. All the above - CORRECT ANSWER - C. Worker's compensation
Commission disputes between a broker and salespeople would likely be referred to the
A. State labor commissioner
B. Court of appeal
C. Agency review board
D. Real estate commissioner - CORRECT ANSWER - A. State labor commissioner
A nonlicensee may properly be paid a finder's fee if he or she
A. Participated in negotiations
B. Introduced the parties to the licensee
C. Obtained the offer to purchase
D. Had a signed agreement to act as an agent of a broker - CORRECT ANSWER - B.
Introduced the parties to the licensee
In presenting two identical offers requiring seller financing to an owner, which act of the broker
would be wrong
A. Mentioning that one buyer had only recently been hired after a long period of unemployment
B. Mentioning that one buyer was black
ACTUAL Exam Questions and CORRECT
Answers
Ethics would be best described as
A. Obeying the law
B. Doing what is right
C. An agency duty
D. Treating all people the same - CORRECT ANSWER - B. Doing what is right
(The Golden Rule)
In selling listings of another broker, a real estate salesperson is directly responsible to
A. His or her broker
B. The owner
C. The listing broker
D. The multiple-listing service - CORRECT ANSWER - A. His or her broker
Which statement is NOT an IRS requirement for a real estate salesperson to be treated as an
independent contractor so that the employing broker can avoid withholding taxes and Social
Security contributions?
A. That the salesperson have a valid California real estate license
B. That reimbursement be based solely on sales and not on hours worked
C. That there be a written contract that the salesperson will be treated as an independent
contractor for tax purposes
D. That the salesperson work without supervision - CORRECT ANSWER - D. That the
salesperson work without supervision
, (Supervised by broker)
A broker would MOST likely be responsible to salespersons for
A. Unemployment compensation
B. Minimum wages
C. Worker's compensation
D. All the above - CORRECT ANSWER - C. Worker's compensation
Commission disputes between a broker and salespeople would likely be referred to the
A. State labor commissioner
B. Court of appeal
C. Agency review board
D. Real estate commissioner - CORRECT ANSWER - A. State labor commissioner
A nonlicensee may properly be paid a finder's fee if he or she
A. Participated in negotiations
B. Introduced the parties to the licensee
C. Obtained the offer to purchase
D. Had a signed agreement to act as an agent of a broker - CORRECT ANSWER - B.
Introduced the parties to the licensee
In presenting two identical offers requiring seller financing to an owner, which act of the broker
would be wrong
A. Mentioning that one buyer had only recently been hired after a long period of unemployment
B. Mentioning that one buyer was black
