Practice: Chapter 2 • Part I: Legal Descriptions, Methods Of Acquiring Title, And Deeds

Front 1

Industrial Property: While sales
are not abundant, the high prices paid for such real estate generates
__ commissions and fees.

Back 1

large

Front 2

Manufactured (__) home parks

Back 2

mobile

Front 3

Selling a new mobile home requires a license from the Department of Housing and __ Development, so realtors cannot sell them.

Back 3

Community

Front 4

Land and farm brokerage – These brokers cover a very __ area.

Back 4

wide

Front 5

Site Sales: Licensees work out
of an on-site sales trailers or model homes that have been converted
into sales offices. Generally not involved in listing property
on behalf of sellers, these salespersons show lots and “spec”
homes to potential buyers and write purchase contracts. This
type of position often calls for a “draw,” a monetary allowance
paid to the site sales licensee by the builder or developer as an
__ against future commissions earned.

Back 5

advance

Front 6

A large number of former real estate licensees are now certified __.

Back 6

appraisers

Front 7

50 percent of new licensees
leave the business before the end of the first year and over __ percent leave before the end of the third year. So 1) pick a good broker, 2) get trained!

Back 7

87

Front 8

Its best to shadow someone attending to the day-to-day tasks of prospecting, presenting offers, and so on. By closely following a successful salesperson, you'll learn best.

Back 8

yeah

Front 9

During your broker interview, You may wish to ask for references from the firm’s current sales staff, as well as the high, low, and average __ of the existing
licensees.

Back 9

earnings

Front 10

Even if you want a career in commercial real estate, it is still best
to become experienced in __ real estate first.

Back 10

residential

Front 11

Under the 100 percent type of commission split program, the
sales associate actually pays the broker to belong to the office. The
associate also pays a “broker supervision fee” and pays for all forms and supplies that she uses plus a pro rata share of the cost to run the office. In return, she is paid __ percent of the commission earned from each transaction.

Back 11

100

Front 12

As a new licensee, you need
as much support and training as you can get, so don’t be lured by a
high commission __.

Back 12

split

Front 13

Most licensees are hired as independent __.

Back 13

contractors

Front 14

Despite the nature of the independent contractor agreement,
salespersons are considered __ of the employing broker by the state of California and not independent contractors because Section 10177(h) of the Business and Professions Code requires that brokers supervise their salespeople.

Back 14

employees

Front 15

Since the IRS sees me as an indep. contractor, the broker need not pay into my retirement nor withhold income tax from my __.

Back 15

pay

Front 16

It has also become the norm for nearly all employing
brokers to require that the licensees working in their office participate in a __ insurance policy more commonly known as an Errors and Omissions (E & O) insurance policy.

Back 16

malpractice

Front 17

workers’ compensation insurance is required of all employers, including __.

Back 17

brokers

Front 18

As real estate professionals, we do not sell real estate; sellers sell real estate and buyers buy it. We sell time and __ to sellers and buyers so they can make good, intelligent decisions when they sell or buy.

Back 18

knowledge

Front 19

The authors highly recommend role-playing with another __.

Back 19

licensee

Front 20

Every 4 years you will be required to take forty-five clock hours, of
which fifteen hours are from DRE-approved continuing education
courses in ethics, fair housing, agency, trust fund handling, and risk
management as well as a minimum of eighteen clock hours of consumer
protection courses, and the remaining fifteen hours are in
courses related to consumer service or consumer __.

Back 20

protection

Front 21

Far and away, the two biggest reasons for the high attrition rate are a lack of training and the lack of a business __.

Back 21

plan

Front 22

Another critical step in your success is to learn as much as you can as quick as you can about the __ of properties in your market area.

Back 22

inventory

Front 23

Two kinds of roleplay:
- with another licencee
- in front of a __

Back 23

mirror

Front 24

The most well-known example of a state-level professional designation is the Graduate REALTORS® Institute (__) designation.

Back 24

GRI

Front 25

Real estate licensees with professional __ make on average far more money than their counterparts who do not hold some type of professional designation.

Back 25

designations

Front 26

5. When choosing a broker, a new licensee should
A. interview several brokers.
B. speak with several licensees in
each office before accepting a position.
C. use a comparison chart
D. All of the above.

Back 26

D. All of the above.

Front 27

Independent contractors working
for an employing broker must pay their own as well as the employer’s part of the Social Security __.

Back 27

tax

Front 28

8. What is the most effective type of
training?
A. Classroom training
B. CDs and tapes
C. Books
D. Role-playing

Back 28

D. Role-playing