California Real Estate Office
Administration Questions And Answers
With Verified Solutions 100% Correct!!!
Accounts Payable - ANSWER✔✔Liabilities that represent amounts owed to
creditors, usually for goods or services that were purchased.
Accounts receivable - ANSWER✔✔Claims against debtors, usually for goods or
services that were delivered to the debtors.
Affinity programs - ANSWER✔✔Enticements such as coupons, discounts, and
points used in marketing programs to attract consumers by giving them increased
purchasing power for a wide range of products and services. Also known as cross
marketing programs.
Agency - ANSWER✔✔A relationship in which one person (principal or client)
delegates authority to another (the agent) to act on behalf of the principal in certain
business transactions. This creates a fiduciary relationship, which imposes certain
responsibilities on the agent who acts in this capacity.
Agency contracts - ANSWER✔✔Written agreements that create an agency
relationship between a principal and agent. Please include listing agreement such
as an open listing, an exclusive agency and an exclusive right to sell agreement,
and buyer agency contract (I E open agreements, exclusive agency buyer agency
agreement, exclusive buyer agency contracts).
Agent - ANSWER✔✔A person authorized to act on behalf of the principal and
who has fiduciary responsibilities to the principal. In a real estate transaction, the
broker is normally considered to be the agent of the principal or client.
,Americans with disabilities act (ADA) - ANSWER✔✔A federal law enacted to
eliminate discrimination against people with disabilities in employment, public
accommodations, government services, public transportation, and communications.
Andragogy - ANSWER✔✔The process by which adults learn, which distinguishes
the adult learning process from the child's. It recognizes differences in approaching
in processing new information.
Antitrust laws - ANSWER✔✔Federal and state laws enacted for the purpose of
fostering competition and preventing anti-competitive practices. Antitrust
violations include price-fixing, certain types of boycotts, allocations of markets,
and tying agreements.
Arbitration - ANSWER✔✔A non-judicial proceeding in which a third-party
determines the resolution of the dispute between parties. The determinations of the
arbitrator can be as enforceable as a decision rendered in court.
Autocratic style - ANSWER✔✔Management style in which the manager
dominates the organization and makes all decisions, but in a more humanistic or
benevolent manner than the dictatorial manager. In the autocratic style of
management, there is greater concern for people, which enables them to feel more
secure and comfortable. The atmosphere is more relaxed.
Balance sheet - ANSWER✔✔A financial statement that itemizes assets, liabilities,
and net worth.
Blockbusting - ANSWER✔✔See panic selling.
, Brainstorming - ANSWER✔✔A group discussion held for the purpose of having
participants generate a variety of ideas relating to the selected issue or solutions to
a specific problem. Management uses brainstorming to encourage people to
participate in the organization and utilizes their creativity and talents, rather than
making unilateral decisions without the benefit of staff input.
Branch office - ANSWER✔✔A secondary office or place of business of a
brokerage firm, normally required to be registered, licensed, and supervised
according to the real estate licensing laws of the state.
Brand - ANSWER✔✔The company's market identity, the asset that is developed
by its name recognition and reputation in the marketplace.
Broker - ANSWER✔✔A party, being a person, a corporation or partnership, that is
properly licensed as a broker under the real estate licensing laws within the
jurisdiction where the individual or entity serves as a special agent to others in the
brokerage of real property.
Brokerage - ANSWER✔✔Specialty in the real estate business that is concerned
with bringing parties together in the sale, lease, or exchange of real property.
Budget - ANSWER✔✔A statement of estimated income and expenses; a forecast
to guide the financial operations of the business.
Business plan - ANSWER✔✔A long-range blueprint, typically covering 3 to 5
years, that includes the mission statement, general objectives, goals, and strategies
of the company.
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