Delaware Real Estate Orientation Section 1:
Exam Questions and Answers
On ,the ,surface, ,most ,brokers ,may ,seem ,pretty ,similar. ,So ,it's ,up ,to ,you ,to ,do ,a ,little ,probing ,to ,disc
over ,what ,makes ,one ,broker ,different ,than ,another. ,That's ,where ,you'll ,start ,to ,determine ,if ,you ,an
d ,the ,broker ,are ,a ,good ,fit. ,Which ,five ,of ,these ,areas ,should ,you ,inquire ,about ,when ,looking ,for ,a ,
broker? ,- ,correct ,answers-1. ,Reputation ,
2. ,Policies ,and ,Procedures
3. ,Training ,Program ,
4. ,Culture
5. ,Specialites
One ,recommendation ,for ,finding ,a ,broker ,who ,works ,as ,hard ,as ,you ,will ,to ,avoid ,liability ,is ,to ,revie
w ,the ,firm's ,policies ,and ,procedures ,manual. ,But ,what ,should ,you ,be ,looking ,for ,when ,you ,crack ,th
at ,manual ,open? ,Select ,the ,best ,two ,answers. ,- ,correct ,answers-1. ,Clear ,Policies ,
2. ,Thoroughness
One ,recommendation ,is ,to ,find ,out ,about ,the ,size ,of ,the ,firm. ,Why ,is ,this ,an ,important ,item ,to ,res
earch? ,- ,correct ,answers-
The ,size ,of ,the ,firm ,can ,affect ,the ,ways ,you ,can ,relate ,to ,your ,fellow ,licensees ,and ,your ,broker.
It's ,a ,good ,idea ,to ,prepare ,for ,your ,interview ,with ,a ,broker ,by ,making ,a ,list ,of ,the ,questions ,you'll ,
ask. ,Identify ,each ,of ,the ,following ,questions ,as ,one ,that ,should ,be ,on ,your ,list, ,and ,one ,that ,you ,d
on't ,want ,to ,ask ,a ,broker. ,- ,correct ,answers--What ,will ,you ,do ,to ,guarantee ,my ,success? ,(Don't ,ask)
-Are ,you ,still ,a ,practicing ,broker? ,(Ask)
-What ,strategies ,do ,your ,top ,producers ,use ,to ,succeed? ,(Ask)
-What ,types ,of ,marketing ,materials ,do ,you ,provide ,to ,your ,licensees? ,(Don't ,ask)
-What's ,your ,floor ,time ,policy? ,(Ask)
,It's ,a ,good ,idea ,to ,prepare ,for ,your ,interview ,with ,a ,broker ,by ,making ,a ,list ,of ,the ,questions ,you'll ,
ask. ,Identify ,each ,of ,the ,following ,questions ,as ,one ,that ,should ,be ,on ,your ,list, ,and ,one ,that ,you ,d
on't ,want ,to ,ask ,a ,broker. ,Part ,2 ,- ,correct ,answers--What ,kind ,of ,salary ,do ,you ,offer? ,(Don't ,ask)
-What ,costs ,would ,I ,be ,responsible ,for? ,(Ask)
-What ,type ,of ,technology ,support ,do ,you ,provide? ,(Ask)
-Tell ,me ,about ,the ,training ,program ,you ,provide ,to ,new ,licensees. ,(ask)
Mr. ,Brady ,works ,in ,real ,estate ,for ,a ,brokerage ,firm ,called ,Whosit ,Properties. ,His ,broker ,provides ,hi
m ,with ,training ,and ,supervision. ,His ,work ,hours ,and ,the ,work ,he ,does ,aren't ,set ,by ,his ,broker. ,As ,l
ong ,as ,Mr. ,Brady ,gets ,the ,job ,done, ,his ,broker ,doesn't ,care ,how ,much ,time ,it ,takes. ,Mr. ,Brady ,isn't
,required ,to ,work ,in ,the ,office, ,and ,he ,must ,pay ,for ,his ,own ,work ,supplies.
Is ,Mr. ,Brady ,an ,independent ,contractor ,or ,an ,employee? ,- ,correct ,answers-Independent ,Contractor
Independent ,Contractor ,- ,correct ,answers--Worker's ,hours ,are ,set ,by ,the ,worker.
-Worker ,is ,responsible ,for ,expenses ,and ,must ,provide ,own ,work ,tools.
-Worker ,can ,choose ,to ,work ,from ,home ,or ,in ,the ,broker's ,office.
-Worker ,is ,paid ,by ,the ,job, ,not ,by ,the ,hour.
-Worker ,is ,supervised ,by ,the ,broker, ,but ,the ,broker ,doesn't ,direct ,or ,control ,the ,worker's ,work.
Employee ,- ,correct ,answers--Worker's ,expenses ,are ,covered ,by ,the ,broker.
-Worker's ,hours ,are ,set ,by ,the ,broker.
-Worker ,is ,required ,to ,work ,at ,a ,specified ,location ,chosen ,by ,the ,broker.
-Worker ,is ,required ,to ,do ,the ,work ,in ,the ,order ,specified ,by ,the ,broker.
Ms. ,Bumblegard ,receives ,a ,regular ,paycheck ,each ,pay ,period ,from ,the ,brokerage ,firm ,for ,which ,she
,works. ,Her ,broker ,withholds ,money ,from ,her ,paycheck ,and ,pays ,her ,state ,unemployment ,taxes. ,Ms
. ,Bumblegard ,cannot ,file ,Schedule ,C ,to ,deduct ,business ,expenses, ,and ,her ,broker ,does ,not ,send ,her
,a ,1099 ,for ,income-
reporting ,purposes. ,When ,she ,started ,with ,the ,brokerage ,firm, ,her ,broker ,asked ,her ,to ,fill ,out ,a ,W-
4 ,form.
Is ,Ms. ,Bumblegard ,an ,independent ,contractor ,or ,an ,employee? ,- ,correct ,answers-Employee
Worker ,fills ,out ,a ,W-9 ,form. ,- ,correct ,answers-Independent ,Contractor
Broker ,doesn't ,withhold ,taxes ,from ,the ,worker's ,pay. ,- ,correct ,answers-Independent ,Contractor
, Broker ,makes ,no ,tax ,payments ,or ,deposits ,on ,the ,worker's ,behalf. ,- ,correct ,answers-
Independent ,Contractor
Worker ,pays ,self-employment ,taxes. ,- ,correct ,answers-Independent ,Contractor
Worker ,fills ,out ,a ,W-4 ,form. ,- ,correct ,answers-Employee
Broker ,withholds ,federal, ,state, ,and ,Social ,Security ,taxes ,(FICA) ,for ,the ,worker. ,- ,correct ,answers-
Employee
If ,the ,worker ,earned ,
$600 ,or ,more, ,the ,broker ,prepares ,forms ,1096 ,and ,1099, ,distributes ,form ,1099 ,to ,the ,worker ,for ,ta
x-preparation ,purposes, ,and ,submits ,both ,of ,the ,forms ,to ,the ,IRS ,for ,income-
reporting ,purposes. ,- ,correct ,answers-Independent ,Contractor
Broker ,pays ,federal ,unemployment ,(FUTA) ,and ,state ,unemployment ,taxes. ,- ,correct ,answers-
Employee
Broker ,prepares ,quarterly ,reports ,(941) ,and ,annual ,reports ,(W-2, ,W-
3, ,and ,Form ,940) ,and ,submits ,them ,to ,the ,IRS ,for ,income-reporting ,purposes. ,- ,correct ,answers-
Employee
Which ,two ,items ,below ,identify ,the ,primary ,reasons ,why ,workers ,are ,categorized ,by ,federal ,law? ,- ,
correct ,answers--Determines ,whether ,the ,worker ,is ,exempt ,or ,non-exempt ,for ,FLSA ,purposes.
-Impacts ,how ,the ,worker ,is ,treated ,for ,employment ,tax ,law ,purposes.
This ,worker ,is ,classified ,by ,the ,common ,understanding ,of ,the ,profession, ,such ,as ,a ,food ,server. ,- ,co
rrect ,answers-Common ,law ,employee
This ,worker ,is ,treated ,as ,self-
employed ,by ,statute ,for ,all ,federal ,tax ,purposes, ,such ,as ,a ,licensed ,real ,estate ,agent. ,- ,correct ,answ
ers-Statutory ,nonemployee
An ,independent ,contractor ,who's ,treated ,as ,an ,employee ,for ,employment ,tax ,purposes, ,such ,as ,a ,d
elivery ,driver ,paid ,on ,commission. ,- ,correct ,answers-Statutory ,employee
Because ,of ,the ,lack ,of ,control ,over ,the ,individual ,by ,the ,"employing ,party," ,this ,worker ,is ,not ,classi
fied ,as ,an ,employee, ,such ,as ,a ,doctor. ,- ,correct ,answers-Independent ,contractor
Bridget ,has ,just ,passed ,her ,licensing ,exam ,and ,is ,working ,with ,a ,broker. ,What ,should ,she ,expect ,to
,pay ,in ,start-up ,costs? ,- ,correct ,answers-$2,000 ,to ,$4,000