Chapter 15 Quiz

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  1. For a salesperson to be viewed as an indepenent contractor, federal law requires
    A written employment contract with the broker that clearly states the terms of the emplyment
  2. The amount of commission due to a sales person is determined by
    Mutual Agreement
  3. A realestate broker was responsible for a chain of events that resulted in the sale if a client's properties. This is referred to as a
    Procuring clause
  4. In PA, salespeople may advertise a property for sale, only if they
    Use the emplting broker's name in the advertisement.
  5. A parcel of vacent land 80ft wide and 200 ft deep was sold for $200 per front foot.  How much money would a salesperson receive for her 60% share in the 10% commission
    $900.  200x80=16,000   16,000 x 10%=$1600  $1600x.60=$960.
  6. A real estate salesperson who is an independent contractor receives
    Negotiated Commissions on transaction
  7. Upon discovering a latend defect in the propery, a licensee should discuss the problem with the seller and then
    Inform any prosepctive buyers of the defect
  8. To be  entitled to  collect a real estate commission, broker must be able to prove alll of the following
    • They have a valid real estate broker's license
    • They were the procuing cause
    • That they are employed to perform certain activites
  9. A broker lists a property for sale at $100,000 with a 5% commission, and he later obtains a verbal offer to putchase the property from a prospective buyer.  The seller indicated to the broker that the offer would be acceptable if it were submitted in writing.  Before it can be put in writing, the buyer backsout and revokes the verbal offer.  In this situation, the broker is entitled to
    No commission
  10. A salesperson finally concluded difficult negotiations that resulted in the sale of a listed parcel of property.  Fo all of her extra efforts, the salesperson can legally demans a performance bonus from
    No one
  11. Anti Trust Laws prohibit all of the following
    • Property management companies standardizing management fees
    • brokers allocating markets based on the value of homes
    • Real estate companies agreeing not to cooperate with a broker because of the fees that the broker charges
  12. There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale.  The owners have been interviewing sales people from different firms.  They tell A's sales person that firm B will charge 2% less commission for selling the house.  What should A's sales person tell the owneer to get the listing?
    A provides excellent services to market their seller's properties
  13. A buyer who is shown properties listed for rent by a brokers is the broker's
    Customer or consumer
  14. A licensed salesperson may receive compensation or commission form
    Only the employing broker
  15. The broker informs the affiliate licensees that from now on, the minomum commission that they may charge a seller is 7%.  In this situation the broker
    Legally permitted to do this.
Author:
mgferraro
ID:
316376
Card Set:
Chapter 15 Quiz
Updated:
2016-02-23 17:39:27
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realestatebrokerage
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Chapter 15 Quiz
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