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29 Cards in this Set
- Front
- Back
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The amount a broker has left after all commissions have been paid is called the: - brokerage cost -desk cost - profit - company dollar |
Company dollar; desk cost shows how much each sales associate must earn to cover expenses. |
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all the following items must be included in a commercial e-mail message, except: -valid and conspicous physical address of the sender - clean and conspicuous notice that the recipient may opt out further commercial email messages from the sender - a list of other email addresses that received the same message - clear and conspicuous identification that the message is an advertisement or solicitation |
a list of other email addresses that received the same message |
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An S-corporation is treated like a corporation for tax purposes. True or false |
False; treated like a partnership but operates like a corporation |
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according to the fair housing act, a real estate broker must display an equal housing opportunity poster. True or false |
True |
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Anyone who violates the housing financial discrimination act can be reported to the secretary for business and transportation. True or false |
True |
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Which of the following statements is correct regarding real estate advertising? - a broker must disclose its license status only on internet ads - a broker must disclose its license status only on real estate signs - a broker must disclose its license status in all advertising -a broker must disclose its license status only in email |
a broker must disclose its license status in all advertising |
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the compensation earned by a licensee depends on his or her: -track record -experience -employment status -education level |
employment status |
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What is the maximum amount he/she can keep in a trust account without being in violation of th law? -200 -75 -50 -100 |
$200. personal funds in the trust fund account to pay for bank charges or services fees related to the trust account |
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Real estate ads should not have state or imply a preference or limitation with regard to all of the following, except: -credit history -race -religion -gender |
Credit history |
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the housing financial discrimination act addresses discrimination that occurs in real estate financing. True or false |
True; geographic location, neighborhood, or any characteristic of the property |
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a brokerage typically involves an intermediary. True or false |
True. brokerage generally means an activity involving the sale of something through an intermediary who negotiates the transaction for payment |
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when a salesperson transfers his or her license to another broker, the listings obtained by the salesperson: -will remain with the original broker - will be divided evenly between the old and new broker -may be taken to the new broker - belong to the salesperson who may decide how to divide them |
will remain with the original broker |
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title VIII of the civil rights act of 1968 and the fair housing amendments act of 1988 make up the fair housing act. true or false |
True |
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a commercial email message is an electronic message that advertises a product or service. True or false |
True |
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an independent contractor is an employee of a firm. True or false |
False; IC is a person hired to do work for another person but who is not an employee of that person. |
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The amount a broker has left after all commissions have been paid is called the: -brokerage cost -desk cost -profit -company dollar |
Company dollar: the desk cost shows how much each sales associate must earn to cover expenses. it is calculated by dividing the total operating expenses of the firm by the number of licensed sales associates |
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In real estate brokerage, the negotiator is the: -product -agent -lender -principal |
Agent; product is real property |
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The California law that prohibits discrimination in the sale, rental or financing of practically all types of housing is called the: -housing financial discrimination act -unruh civil rights act -holden act -california fair employment and housing act |
California Fair Employment and Housing Act; Housing Financial Discrimination Act (holden act) prohibits discrimination in real estate lending. The unhurt civil rights act covers discrimination in business |
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a broker can open a branch office by obtaining a branch office license. True or false |
True |
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Which statement is incorrect regarding the broker/salesperson employment agreement? -the employment agreement must be on a form approved by the commissioner -after termination of employment, both broker and salesperson must keep copies of it for three years -the RE law requires that every broker must have a written agreement with each of his or her salespeople -both parties must sign the employment agreement |
the employment agreement must be on a form approved by the commissioner |
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The time allowed for the deposit of trust funds is: -two business days following the receipt of the funds - the next business day following the receipt of the funds - three business days following the receipt of the funds - four business days following the receipt of the funds |
Three business days following the receipt of the funds; into the hands of the owner of the funds, into a neutral escrow depository, or into a lawful trust account no later than 3 business days |
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Jones vs. mayer uphold the 1866 civil rights act and the 13th amendment to the US constitution. True or false |
True |
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only the debtor is responsible for a debt amount under joint and several liability. True or false |
False: each debtor or each judgment defendant is responsible for the entire amount of the debt or judgment |
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Can-spam laws regulate commercial e-mail messages. True or false |
True |
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___ is the act of telling others that property values will decline because of a specific event, such as a large influx of minorities into a neighborhood -steering -commingling -redlining -blockbusting |
blockbusting (panic selling); steering is the illegal practice of only showing property in certain areas to buyers. redlining is the illegal use of a property's location to deny financing |
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it is imperative to choose a brokerage that: -pays for all a salesperson's expenses -implements a high standard of ethics - offers the highest commission -gives their employees the best perks |
implements a high standard of ethics; since your livelihood will depend on the integrity of your employing broker's license, it is imperative to choose a brokerage firm that follows all legal and ethical business practices |
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a real estate broker must disclose its license status in all advertisements. True or false |
True |
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Real estate agents are exempt from do-not-fax rules. True or false |
false |
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Who regulates real estate advertising? -only federal agencies -state and federal -only international -only state agencies |
State and federal agencies |
