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CHAMPIONS REAL ESTATE EXAM LAW OF AGENCY EXAM LATEST EXAM | ALREADY GRADED A+ | VERIFIED ANSWERS | ALL QUESTIONS AND CORRECT ANSWERS (JUST RELEASED)$30.99
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A real estate brokerage firm that practices buyer agency only has a lot of
intermediary transactions.
(a) TRUE
(b) False ------CORRECT ANSWER---------------B
_______ means that, if a single agent in the firm is working with both buyer
and seller, another agent in the firm needs to be brought into the
transaction so appointments can be made.
(a) No intermediary
(b) Intermediary without appointments
,(c) Cooperative sale
(d) Intermediary with appointments only ------CORRECT ANSWER------------
---D
The IABS should be presented as the buyer is about to write an offer.
(a) True
(b) False ------CORRECT ANSWER---------------B
A licensee must present the Information About Brokerage Services form:
(a) Before contract negotiations begin
(b) Before closing
(c) At the first substantive discussion of a real estate transaction
(d) Only if the customer wants representation ------CORRECT ANSWER----
-----------C
If a broker's agents are independent contractors, there can be a policies
and procedures manual for the agents, however,
(a) The broker cannot require mandatory compliance
(b) The agents should not abide by these procedures
(c) The IRS finds them illegal
(d) None of these are correct ------CORRECT ANSWER---------------A
,Real estate agents who are independent contractors generally get paid:
(a) Travel expenses
(b) Commission
(c) Salary
(d) Business expenses ------CORRECT ANSWER---------------B
Your company sends out a memo that there is a mandatory sales meeting
this week for the sales agents.
(a) You go, so that you won't be fired from your company.
(b) The IRS rule on independent contractor status could be violated.
(c) There is no IRS independent contractor status problem here.
(d) None of these are correct ------CORRECT ANSWER---------------B
In Texas, Worker's Compensation must be paid for real estate agents by
brokers:
(a) True
(b) FALSE ------CORRECT ANSWER---------------B
The Tax Equity and Fiscal Responsibility Act has which of the following
tests for independent contractor status?
(a) the salesperson signs a written contract with the broker stating the
salesperson is not an employee
, (b) the salesperson states in writing he will not discriminate
(c) the salesperson is exempt because he is between 40-70 years old
(d) there is no such Act ------CORRECT ANSWER---------------A
Sally is an unlicensed assistant to Agent Bill at ABC Realty. In her role as a
transaction coordinator, Sally recently called a buyer and discussed some
minor title issues that turned up in the title search. She also mentioned to
the buyer that rates are down, and that, considering the buyer's situation,
an FHA loan might be more attractive than a conventional loan. Based on
this conversation, we can say that Sally:
(a) Appears to be doing a great job as a transaction coordinator.
(b) Should consider being more informative when contacting buyers
(c) Is dealing with issues that should only be discussed by a licensed
assistant
(d) Has no problem here because transaction coordinators always discuss
title and finance issues ------CORRECT ANSWER---------------C
A business practice may not be ethical, even if it is legal.
(a) TRUE
(b) FALSE ------CORRECT ANSWER---------------A
All of the following are included in the Canons of Professional Ethics for
real estate licensees, EXCEPT:
(a) Competency
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