NY “Top Policy Issues Facing Brokerages Today” Questions only (no answers)
Answers will be revealed with proper subscription

1) When diligence is missed, _____________ occur.
a. Inspections
b. Breaches
c. Errors
d. Disclosure

NY Top Policy Issues Facing Brokerages Today

2) The law of ______ governs the relationship between the broker and a client.
a. Confidentiality
b. Advocacy
c. Obedience
d. Loyalty
3) Whose responsibility is it to create policy for a brokerage?
a. Lead agent
b. Broker-owner
c. Office manager
d. Real estate commission
4) Accounting includes which of the following?
a. Agency agreements, ledgers, advertising
b. Fiscal reports, market analysis, personal property
c. Advertising, land, finances
d. Paperwork, funds, personal property
5) Agency disclosure is a / an ___________ practice across the United States.
a. Theoretical
b. Optional
c. Disparate
d. Uniform
6) It is considered a good practice to exclude what from an MLS listing?
a. Unique features
b. Personal property
c. Approximate square footage
d. Brand names
7) One way, presented in the material, to make sure that your office does not have an issue with accounting for personal property is to:
a. Create a policy that personal property is never included in the listing unless it is in an addendum
b. Require that your client take care of it
c. You are not required to account for personal property
d. Require your seller to move personal property out of the house before you list it
8) What is another name for fiduciary duty?
a. Ethical duty
b. Auxiliary duty
c. Statutory duty
d. Basic duty
9) If a buyer’s agent tells a seller’s agent that the client’s offer was just a starting point, this is a breach of what?
a. Responsibility
b. Confidentiality
c. Trust law
d. Contract
10) Which of the following were included in the list of the top 10 violations as reported by real estate commissions?
a. Disclosure Issues
b. Misrepresentation
c. Reasonable skill
d. All of the answers shown
11) What is the big takeaway from the Bararsani v. Coldwell Banker Case?
a. None of the answers shown
b. The case was settled so there is no legal precedent either way
c. Real estate agents are always independent contractors
d. Real estate agents are never independent contractors
12) Texas law states that the broker must maintain ____________ to ensure the salesperson is competent to perform the authorized activities.
a. Theoretical practice
b. Standards of care
c. Written policies
d. The desire
13) The IRS published ____ factors on their website that determines whether an individual is an employee.
a. 6
b. 3
c. 30
d. 13
14) In the class-action complaint against Coldwell Banker, a real estate agent claimed he had been “willfully misclassified” as ________________ when he should have been entitled to employee benefits, including reimbursement for business expenses.
a. An outwork laborer
b. A fixed-term agent
c. An independent contractor
d. A subcontractor
15) A property management company has a position that requires set hours and days. A real estate agent in this position would be considered what?
a. A free agent
b. A contractor
c. An employee
d. A salesperson
16) Competency can be achieved through which of the following?
a. Additional training
b. Transactional experience
c. Both of the above
d. None of the above
17) A class-action lawsuit against which ride-hailing app company could have potential repercussions for the real estate industry?
a. Uber
b. Mytaxi
c. Curb
d. Lyft
18) A recent case that is of particular interest to real estate professionals involves:
a. None of the answers shown
b. Government employees demanding better benefits
c. Retail employees demanding higher wages
d. Uber drivers challenging their independent contractor status
19) How many criteria does the IRS have to determine independent contractor status?
a. 3
b. 10
c. 7
d. 5
20) Which of the following is a benefit of a real estate team?
a. It is beneficial for tax reasons.
b. It provides a productive work environment.
c. It is easier to get insurance for a team than an individual.
d. It qualifies its members for group discounts.
21) Which of the following are characteristics of a team-friendly office?
a. Positive atmosphere
b. Productive environment
c. Training programs available
d. All of the answers shown
22) If you have real estate agents who have assistants there are six documents that need to be signed. How often should these documents be renewed?
a. Biennially
b. Annually
c. Biannually
d. Never
23) Mom and Pop Brokerage Company decides to become a part of Large Real Estate Investment Company, who is the acting broker?
a. None of the above
b. All of the above
c. Large Real Estate Investment Company
d. Mom and Pop Brokerage Company
24) What happens when a real estate team turns into a legal entity and begins acting as a broker?
a. It violates OSHA workplace regulations.
b. It creates a potential liability.
c. New policies and procedures need to be created
d. This creates an unhealthy work environment
25) An unlicensed individual:
a. None of the answers shown
b. May not conduct any activity for which a license is required
c. May conduct activities for which licensure is required if their status of not being licensed is disclosed to all parties
d. May not work for a broker under any capacity
26) Paul Jones works for ABC Realty and starts his own team which he plans to name Paul Jones and Associates. Is that an acceptable name?
a. None of the answers shown
b. No. That name gives the impression that the team is actually a brokerage, and that Paul is the broker
c. No. He may not include his own name in the name of the team.
d. Yes. It is very different than the brokerage name. So, it is fine.
27) What should you take into consideration before deciding to allow teams?
a. Policies and procedures
b. Benefits and liabilities
c. Advertising and marketing potential
d. Cost and legal implications
28) If you have a corporate name, where does it need to be registered?
a. With the real estate commission
b. With your local MLS
c. With the National Association of REALTORS®
d. With the state
29) As the popularity of real estate teams increases, real estate commissions are implementing rules regarding how they ____________.
a. Manage profits
b. Share responsibilities
c. Write contracts
d. Advertise their business
30) Which of the following is true regarding advertising as a team?
a. If the team leader is the top salesperson in the office, he/she may advertise as if he/she is the broker
b. Team advertisements do not need to include the broker’s name if the broker gives permission.
c. None of the answers shown
d. All team advertisements must include the name of the broker
31) An advertisement for a real estate team must contain what?
a. The web address of the team
b. The name of the broker
c. The agent’s home office address
d. The agent’s name
32) In regard to the use of contracts and forms, what was the suggestion presented in the material?
a. Use different sales contracts depending on whether you are the buyer or seller agent
b. Never use paper forms. Convert everything to digital.
c. Make your forms and contracts uniform to avoid confusion.
d. All of the answers shown
33) A good question to ask yourself when considering whether to retain digital information is:
a. None of the answers shown
b. Does this information make me look good?
c. Would I retain this information if it were in writing?
d. Do I have enough space to save this?
34) What is the name used to describe web-based documentation?
a. Electronic Cloud Files
b. Infinitely Stored Data
c. Electronically Stored Information
d. Optimized Data Management
35) The abbreviation ESI stands for:
a. Electronically Stored Information
b. None of the answers shown
c. Each Subsequent Interaction
d. Every Single Individual
36) Which of the following is a best practice that can help a broker in a courtroom situation?
a. Constantly using the same forms
b. Creating new forms once a year
c. Allowing agents to create their own forms
d. Using forms tailored to each client
37) Which one of these is an absolute “no-no” when communicating via email?
a. Forwarding an email chain between you and your client to another agent in response to that agent’s question
b. Emailing a contract to another agent
c. Emailing a contract to a client
d. All of the answers shown
38) In the listing agreement which of the following parties is authorized to take pictures of the property?
a. All of the above
b. Buyer’s agent
c. Buyers
d. Listing agent
39) If you have a web-based transaction management system, which device can you use to access your files?
a. All of these
b. Phone
c. Tablet
d. Computer
40) Which of the following is becoming an issue with paper copies of real estate forms?
a. Forgery
b. Privacy
c. Longevity
d. Legibility
41) What is a best practice before posting a virtual tour on MLS?
a. Valuables should be blurred out
b. It should be professionally edited
c. A descriptive voiceover should be added
d. The seller should review and approve it
42) An agent presents an offer to a seller. At which point can the seller no longer accept another, better offer?
a. As soon as the seller’s agent receives the offer
b. If the seller verbally agrees to accept the offer
c. When the offer is presented
d. Once the offer is in writing and signed
43) Depending on who you are in a transaction, your _______________ change.
a. Disclosures
b. Signatures
c. Forms
d. All of the above
44) Which of the following may be considered “should have known” information in a real estate transaction?
a. All of these
b. Highway development
c. Site plans
d. Zoning law changes
45) A material fact is anything that would affect:
a. the desirability of the real estate
b. the buyer’s ability to buy
c. the seller’s ability to sell
d. All of the answers shown
46) Brokers are held accountable for what they know and _____________.
a. What they should have known
b. Can prove to be true
c. Determining if a seller has lied about the property
d. For verifying the seller’s disclosure
47) A builder is the listing agent for his own property. When can he represent the buyer for a property that he owns?
a. After disclosure is made
b. If the commission fees are waived
c. When dual agency is created
d. None of the above
48) Mari is a licensee who is married to a home inspector. Mari strongly believes that her husband is the best home inspector in the area and directs all her clients to him. Is there anything wrong with what Mari is doing?
a. No. Mari’s duty is to take care of her client. If she believes her husband is the best, she should tell them to use him.
b. Maybe. It depends on whether Mari discloses her interest to her clients and provides an additional name or two
c. No. Mari can suggest any home inspector she chooses.
d. Yes. It is illegal to suggest a home inspector to the buyer.
49) An affiliate business relationship form helps to prevent what?
a. Conflict of interest issues
b. False endorsement claims
c. Agency discrepancies
d. Disclosure debates
50) ______________ that need to be disclosed include anything that would affect the desirability or value of the property.
a. Oppositional discoveries
b. Relevant assumptions
c. Material facts
d. Genuine articles
51) What information should a real estate agent be prepared to share with a buyer that is new to the area?
a. The ethnic makeup of a neighborhood
b. Flight patterns
c. The locations of sex offenders
d. None of the above
52) If a builder pays an incentive to a licensee for selling their properties, to whom does that incentive initially belong?
a. The broker
b. The licensee
c. Incentives are automatically split 50/50
d. None of the answers shown
53) Which of the following is NOT one of the 6 factors affecting procuring cause?
a. No predetermined rule of entitlement
b. Conformity with state law
c. Communication and contact – Abandonment and Estrangement
d. Time spent on the transaction
54) Bonuses and incentives belong to the brokerage. Determination of how they are treated is agreed upon where?
a. In the employment declaration
b. In the federal tax laws
c. In the local real estate commission rules
d. In the independent contractor agreement
55) When is it acceptable to discuss someone else’s commission during a listing presentation?
a. With the broker’s approval
b. Only after the selling asks
c. If the other agent has been notified
d. Never
56) What is the term for the entitlement to compensation that is determined by the cooperating broker’s performance?
a. Sales transaction
b. Commission rate
c. Procuring cause
d. Cost of business
57) Who should be receiving real estate commission checks?
a. The buying agent
b. It does not matter since the commission is shared
c. The brokerage
d. The listing
58) Which article in the Code of Ethics governs MLS cooperation compensation?
a. One
b. Two
c. Three
d. Four
59) How many times since 1976 has procuring cause changed?
a. Once
b. Three times
c. Five times
d. 10 times
60) Which of the following is an appropriate response when a potential seller questions your commission rate compared to the competition?
a. I only know the services I provide which I equate to the fee that I charge. I do not know what services the competition charges or how that equates to what they charge. I cannot respond to that.
b. I charge the lowest rates in the market. You must be mistaken about how much the competition is charging.
c. I do not think that’s a fair statement. I charge more because I provide more services than the competition. My competitor will not offer that same level of customized care that I am able to offer due to my higher rates.
d. I do not know why anyone is our market would be offering such a low rate. The realtors here have worked together to establish a set rate to create parity and equality in the market. It is only fair that everyone is charging the same rate for the same services.
61) In 1985, the first “help you sell” type of real estate company was established. This type of company is also known as a what?
a. Full commission brokerage
b. Combination brokerage
c. Flat fee brokerage
d. Transactional brokerage
62) A broker will be regarded as the “procuring cause of the sale” if:
a. The broker showed the property
b. The broker spent the most amount of time working on the transaction
c. The efforts of the broker were the foundation on which negotiations resulting in a sale were begun.
d. The broker possesses the contract
63) If a listing is in the MLS, a contract exists to cooperate and ______________.
a. Coordinate
b. Consider
c. Compensate
d. Convene
64) If you find a listing on an online real estate site that does not contain a brokerage name, the listing could be: ______________.
a. Inaccurate
b. Scraped from another website
c. For Sale By Owner
d. All of the above
65) If a real estate agent creates an online community and excludes certain people, this could create a potential __________ violation.
a. HUD
b. De minimis
c. Abatement
d. Fair Housing
66) What type of listing is at risk of creating a duplicate on 3rd party listing sites?
a. Any new listing
b. A listing that was also entered as a For Sale by Owner.
c. Any listing on the regional MLS for 90 days
d. Luxury listings
67) Where does most listing data on the internet come from?
a. Random entries
b. Regional MLS data integration
c. Agents entering their own listings manually
d. For Sale by Owner
68) Every broker should have what type of policies in place to dictate how their agents behave on the internet?
a. Modern technology
b. Information management
c. Facebook and Twitter
d. Social media
69) Through an agreement with MLS, what can a franchise post to their website?
a. Agent contact information
b. Buyer contact information
c. Current listings
d. Local real estate laws
70) If an agent belongs to a franchise, who holds the agreement with MLS and related data feeds?
a. The franchise
b. None of the above
c. The broker
d. The agent
71) Where do most clients see property listings first?
a. The regional MLS
b. Zillow, Trulia, Realtor.com, or Redfin
c. Social Media
d. On printed listings at the office

72) Agent Tom participated in an online Q & A site. Tom advised a single parent with 4 children to avoid the prestigious oaks estates because the neighbors prefer “quiet family living”. How does this impact brokerage liability?
a. Tom has violated the Fair Housing Act
b. It makes the brokerage look very smart about the local community
c. It does not affect the brokerage as these forums are unofficial
d. Tom has violated antitrust laws
73) Why did Marcie cautioned brokers against allowing agents to participate in Q & A platforms?
a. The platforms are a good way to advertise your services
b. Social media is bad for mental health
c. Agents may make incorrect or unethical statements by accident
d. The platforms are expensive
74) How is the internet a friend to real estate brokers?
a. Listings are far more available to buyers than in the past
b. Brokerages and agents can create online advertising
c. Agents can perform research online
d. All of the above
75) Licensee Dan pays for all his own advertising so that he can expedite the process. Who is the party responsible for Dan’s advertisements?
a. Dan
b. The broker
c. The Seller
d. None of the answers shown
76) A name badge is considered an advertisement and as such must contain the full and correct what?
a. Company address
b. Company name
c. Agent name
d. Agent title
77) REALTORS® have extra obligations and must follow the ____________ when it supersedes the ____________.
a. Code of Ethics, law
b. Fair Housing Act, commission rules
c. MLS ruling, law
d. Local law, federal law
78) To ensure advertising compliance, you may want to:
a. Document ad corrections and provide that feedback
b. Require periodic advertising education
c. Review any advertisement published by your licensees
d. All of the answers shown
79) Licensee Linda posts the following on her personal Facebook account, “Wow! What a beautiful day! So happy to be out doing what I love! “Assume that is the entirety of her post with no other information provided. What was her violation?
a. There is no violation. Linda’s post is not an advertisement.
b. Linda did not include a phone number in her post
c. Linda did not include the name of the broker in her post.
d. Linda should not have said that it was a “beautiful day” because it may not have been a beautiful day for everyone.
80) Which of the following would be considered an advertising violation?
a. Removing a power line from a picture in a listing
b. Changing the exterior paint color of the house
c. Removing dead bushes from a neighbor’s adjoining yard
d. All of the answers shown
81) The definition of an advertisement as something that describes property being sold and not the people who should buy it, came from the Massachusetts _____________ section.
a. Equal Housing
b. Fair Housing
c. Advertising
d. Ethics
82) Listing descriptions such as ‘wonderful family home,’ ‘mother-in-law suite,’ and ‘great home for children’ determine what?
a. Advertising violations
b. MLS interpretations
c. Who is selling
d. Who is buying
83) An advertisement is a written or oral statement or communication by or on behalf of a licensee which __________ that member of the public to do business with the agent.
a. Induces
b. Directs
c. Suggests
d. Steers
84) REALTORS® shall ensure that ________ status is readily apparent in their advertising, marketing, and other representations?
a. Financial
b. Real estate professional
c. Business ranking
d. Pertinent education
85) For how long must requests to be placed on an internal Do-Not-Call list be honored?
a. 31 days
b. 5 years
c. 10 years
d. Forever
86) Agents should understand that there is a difference between the fair housing provisions in the ___________ and _____________.
a. Code of Ethics, license law
b. Code of Ethics, disclosure policy
c. Common law, license law
d. HUD statement, procedure manual
87) What must an agent do before calling an expired listing?
a. Let the broker review the listing
b. Check the National Do Not Call Registry
c. Call the previous agent
d. Obtain permission from MLS
88) A broker best practice is to require agents to turn in all forms for each transaction before what?
a. Commission is paid
b. Leads are provided
c. Bonuses are paid
d. Promotions are given
89) It is important for every broker to have what in place to ensure agent compliance?
a. New agent handbook
b. Office organization binder
c. Administrative practice guide
d. Policy and Procedures manual
90) To prevent discrimination, a broker should establish policies requiring agents to do what?
a. Take Fair Housing classes
b. Seek out ethnic clients
c. Participate in peer roundtable sessions
d. Create target marketing for people with disabilities
91) If an office policy is 6% commission but an agent takes a listing for 4% commission, whose side does the 2% come from?
a. The buying agent
b. The buying broker
c. The listing broker
d. The listing agent
92) The Do-Not-Call Registry:
a. Is no longer active
b. Is active, but real estate professionals are exempt from using it
c. Is active and real estate agents must make sure not to call numbers that are on it
d. None of the answers shown
93) In which situation is it permissible to call a For Sale by Owner listing without checking the National Do Not Call Registry?
a. For marketing purposes
b. None of the above
c. To schedule a showing
d. To solicit their business
94) A study from Marriott suggested that:
a. Their most loyal customers are the ones who do not experience problems
b. Customers who experience unresolved problems will most likely never come back
c. Their most loyal customers are the ones who experienced problems that were resolved
d. None of the answers shown
95) The company that allows professionals to hear feedback directly from clients is:
a. Hear it Direct
b. Unfiltered Truth
c. Flurry of Feedback
d. Listen In
96) How long should the relationship last between the agent and the consumer?
a. Forever
b. While they are doing business
c. One year
d. Until the consumer begins a new real estate transaction
97) The National Association of REALTORS® has a new initiative that is about commitment to ______________.
a. Clients
b. Each other
c. The real estate industry
d. Excellence
98) The goals of the National Association of REALTORS® Code of Ethics is to increase the _____________ of real estate agents.
a. Education
b. Leads
c. Salaries
d. Professionalism
99) Where do real estate agents rank on the list of trusted professionals published by the Gallup Survey?
a. They are not on the list
b. In the bottom five
c. At the fiftieth percentile
d. In the top ten
100) Half of complaints filed with real estate commissions are what type of issues?
a. Etiquette
b. Minor infractions
c. Violations
d. None of the answers shown
101) Article 15 Section 2 prevents REALTORS® from making false or misleading statements about what?
a. Other real estate businesses
b. Other real estate professionals
c. All of the above
d. Other real estate business practices
102) What percentage of cases that came to the real estate commissions have violations?
a. 10%
b. 15%
c. 35%
d. 70%
103) What is the one thing most dissatisfied real estate consumers really want?
a. A fair trial
b. Financial restitution
c. To see an agent fired
d. An apology
104) Which of the following activities can be done by an unlicensed assistant?
a. Answer questions at an open house
b. Hand out flyers at an open house
c. Showing property
d. None of the above
105) Using the domain name www.virginiamls.com for your real estate business is considered what?
a. Appropriate marketing
b. False advertising
c. Illegitimate campaigning
d. Fair trading
106) If your state requires you to retain records for four years, when is it acceptable to destroy records dealing with a particular transaction?
a. Never
b. 1,460 days
c. Four years and one day
d. Four years
107) _______________ not only covers everything having to do with material parts of a transaction, but also personal and confidential information from the other party that would assist your client.
a. Full disclosure
b. Total declaration
c. Fiduciary duty
d. Robust exposure
108) Which article in the REALTOR® Code of Ethics states, “REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in advertising, marketing, and other representations.”
a. Ninth
b. Twelfth
c. Third
d. Sixth
109) If Sam Agent’s wife is a mortgage broker that recommends his clients to Sam, what form do the clients need to fill out?
a. Competitive consent form
b. Affiliated business relationship form
c. Recommendation release form
d. Spousal proposal form
110) A real estate team that is missing what may end up becoming unproductive?
a. Equal job responsibilities
b. A clearly defined leader
c. A cohesive advertising plan
d. A binder of standards and procedures
111) In a Massachusetts case against Boston Pads, the Court ruled that real estate agents should be considered independent contractors or employees depending on what?
a. The contractual agreement
b. The number of hours worked
c. The agent’s preference
d. Real estate commission guidelines
112) Which of the following have been responsible for the compilation of information in the Legal Scan?
a. Real estate attorneys
b. Boards of REALTORS®
c. Members of real estate commissions
d. All of the above
113) Article 15 Section 2 originally was written to prevent REALTORS® from making false or misleading statements about other agents. It was recently updated to include which of the following?
a. Government policymakers
b. Real estate consumers
c. Attorneys
d. All real estate professionals
114) Agent Sue had a file in her car that contained a client’s financial information and other sensitive personal information. If someone was to break into her car and steal the file, she could be held in violation of what laws?
a. Consumer protection
b. Anti-trust
c. Privacy
d. All of the above
115) In Minnesota, there is a law that states that a real estate team name must _____________ the name of the brokerage.
a. Be similar to
b. Be the same as
c. Incorporate
d. Differentiate itself from
116) State laws, as well as ethics, state that conflicts of interest ______________.
a. Prevent legal contracts
b. Are disclosed when a contract is signed
c. Are negligible
d. Must be disclosed
117) What advice should a broker give an agent about online chat and Q& A forums?
a. These forums are private so no need to worry about your conduct
b. Activity on these forums is a great way to show professionalism
c. Avoid them because it is easy to accidentally make problematic statements
d. This is none of the broker’s business
118) Which of the following is NOT an acceptable name for a team because it may confuse consumers as to who is responsible for brokerage operations?
a. Edward Anderson Group
b. Edward Anderson and Associates
c. Edward Anderson Team
d. All of the above are acceptable
119) According to the NAR Legal Scan, most issues fall into what topic?
a. Agency
b. Ethics
c. Technology
d. Fair Housing
120) Which is a benefit of storing and managing your files electronically?
a. Electronic files are not subject to discovery in civil lawsuits
b. If they are saved to the cloud, you can access them anywhere from any device.
c. They can never be deleted
d. All of the answers shown
121) If a broker has a small office and all agents work from home, what is an efficient system for monitoring transactions?
a. Requiring clients to manage the safekeeping of documents
b. Hand delivering multiple copies to the central office
c. Mailing hardcopies to a post office box
d. Web-based transaction management
122) Dressing to make your client feel comfortable is called what?
a. Sharp dressing
b. Business casual
c. Occupational dressing
d. Formal attire
123) Which of the following checklists could potentially cost the broker the most money?
a. Agency disclosure
b. Lead disclosure
c. Seller’s disclosure
d. Condo disclosure
124) What is defined as a written or oral statement or communication by or on behalf of a licensee which induces that member of the public to do business with the agent?
a. Targeting
b. Farming
c. Advertising
d. Marketing
125) Whose commission rates are you allowed to discuss during a listing presentation?
a. Yours
b. Your competitors’ rates
c. The set rate in your market
d. All of the above
126) Which of the following statements cannot be used in a listing advertisement without the seller’s consent?
a. Owner anxious
b. Seller motivated
c. Let’s just make an offer
d. All of the above
127) If a licensee purchased and began using the URL ohioMLS.com:
a. That would be a smart business decision.
b. They can do it, but no one would visit the page.
c. That would be illegal.
d. That would be a violation of the Code of Ethics
128) What laws were violated when Texas brokers boycotted flat fee brokerages?
a. Anti-trust laws
b. Disclosure requirements
c. Agency regulations
d. Fair Housing Act
129) In real estate, an advertisement is something that describes the property being sold not the _____________.
a. Real estate agent
b. People who should buy it
c. Available amenities
d. Community
130) What is a potential outcome when a broker refuses to do risk management?
a. Profit
b. Business loss
c. Reduced agent turnover
d. Increased client satisfaction
131) Agency policy must be appropriate for your ___________ and your company.
a. State
b. County
c. District
d. Region
132) When posting pictures of a listing, it is best practice to exclude which rooms?
a. Attics
b. Children’s bedrooms
c. Garages
d. Bathrooms
133) Which is the proper way to report antitrust issues to the Federal Trade Commission?
a. Phone
b. Postal mail
c. Email
d. All of the above
134) Office policies should be clearly __________ so there is no confusion as to proper protocol among agents.
a. Agreed upon
b. Discussed
c. Written
d. Stated
135) The buyer’s ability to buy and the seller’s ability to sell is considered a what to the other party?
a. Relevant detail
b. Acquired knowledge
c. Material fact
d. Pertinent information
136) A licensed broker or salesperson may not place an advertisement that in any way implies that the salesperson is responsible for the operation of what?
a. Client relationships
b. Office marketing
c. Policy management
d. The brokerage business
137) What is an easy way to make sure that your Facebook page is compliant?
a. Have a lawyer review your posts.
b. Hire someone to manage your page.
c. Use a picture of your real estate sign as your profile picture.
d. Don’t post about real estate.
138) Where does the information of most Zillow, Trulia, or Realtor.com listing originate?
a. Entered manually by an agent
b. Synced through a data share with regional MLS
c. Mostly scraped from random spots online
d. Compiled by researchers
139) Agents must check the National Do Not Call Registry before calling which leads?
a. Expired
b. For Sale by Owner
c. All of the above
d. None of the above
140) Which of the following is considered confidential information?
a. Price
b. Terms
c. Motivation
d. All of the above
141) Jack names his team, “The Jack Wilson Team.” Is there likely to be an issue with that team name?
a. Yes. Jack cannot include his name in the team.
b. Yes. Jack exceeded the maximum number of characters permitted for a team.
c. No. The name of the team does not imply that Jack is the broker.
d. No. There are no restrictions on team names.
142) Coldwell Banker settled out of court for how much in the case against them regarding an agent’s classification as an independent contractor?
a. $4.5 Million
b. $1.75 Million
c. $14.5 Million
d. $10 Million
143) When should agency disclosure happen?
a. Immediately before a contract is ratified
b. Within 72 hours of meeting a client
c. At first substantive contact
d. None of the above
144) If your client is interested in a property outside of your MLS, you need to arrange for what prior to showing the property?
a. Compensation
b. Open listing
c. Right of refusal
d. Local agency
145) A person who protects the consumer is known as what?
a. Delegate
b. Adversary
c. Compatriot
d. Advocate
146) You can identify an online listing that was scrapped because it is usually missing what information?
a. Brokerage name
b. Agent’s phone number
c. Disclosure forms
d. Tax information
147) If you work on a commission and not a salary, the IRS considers you to be _______________.
a. A temporary worker
b. A singular agent
c. An independent contractor
d. An employee
148) Purging records is a _______________ of federal law.
a. Direct violation
b. Willful offense
c. Misdemeanor
d. Involuntary manipulation
149) Texas requires brokers to create _______________ standard for their salespeople.
a. An agency disclosure
b. A disciplinary
c. An employment designation
d. A competency
150) When is it acceptable for a real estate agent to call someone on the National Do Not Call Registry?
a. If there is a sales opportunity
b. If the person fits your target market
c. If there is an existing business relationship
d. When the person is actively marketing personal real estate
151) If you have teams or are considering teams, where should you go to gather information about best practices?
a. US Real Estate services document library
b. Library of Congress real estate files
c. Your corporate policy resource
d. National Association of REALTORS® website
152) If an agent hires an assistant as an independent contractor, but the assistant is technically an employee; whose responsibility is it to pay those taxes?
a. The assistant
b. The agent
c. The real estate commission
d. The broker
153) In the case of a $5,000 incentive to sell a property, who should receive the incentive check when the property is sold?
a. The listing agent
b. The broker
c. The builder
d. The buying agent
154) The real estate commission can typically only discipline an agent for ______________ behaviors.
a. Federal compliance law
b. Standard of care
c. Breach of ethics
d. Real estate license law
155) Which law governs the relationship between clients and the brokerage?
a. Law of averages
b. Universal law
c. Natural law
d. Law of advocacy
156) As the listing agent for a property, which of the following information should you NOT share with a potential buyer at an open house?
a. The year the property was built
b. Taxable square footage
c. How long the property has been on the market
d. The seller’s disclosure form
157) When we agree to upload our information to vendors, and they publish it to the internet, this is known as what?
a. Information loops
b. Product strings
c. Data feeds
d. Cloud technology
158) What has been one of the real estate issues most susceptible to lawsuits over the past two decades?
a. Fair housing
b. Misrepresentation
c. Agency
d. Antitrust
159) Once a relationship has been established, how long should a consumer give business to a broker?
a. Indefinitely
b. Five years
c. One year
d. For the term stated in the contract
160) The laws regarding ESI state that anything that can be used in a civil lawsuit must be maintained electronically with the ability to be ___________ on demand.
a. Signed
b. Printed
c. Edited
d. Downloaded
161) In Indiana, what does disclosure apply to regarding real estate?
a. Off-site information
b. Only information relevant to the property
c. Local demographics
d. All of the above
162) If an agent creates an online community for real estate purposes, it is best practice to do what?
a. Cite the source of articles that are discussed
b. Seek permission from the photographer before posting pictures
c. Publish contact information
d. All of the above
163) Brokers must demonstrate that they are monitoring what activities of their sale people?
a. Advertising
b. Open house
c. Email
d. Cold calling

click here for all Q&A on 1page for easier searching

Recommended Real Estate Schools:

Website Trusted and Protected by: