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Worksheet Real Estate

1. The document contains a 25 question pre-licensing exam for real estate salespeople covering topics like real estate marketing, broker and salesperson duties and responsibilities, listing contracts, and real estate market concepts. 2. Questions test knowledge of key real estate terms and concepts - for example, identifying a listing contract as a unilateral contract, and a broker's fiduciary duty to disclose material facts to their principal. 3. The exam addresses the broker-salesperson and broker-principal relationships, and scenarios involving payment of commissions in different listing agreements.

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195 views

Worksheet Real Estate

1. The document contains a 25 question pre-licensing exam for real estate salespeople covering topics like real estate marketing, broker and salesperson duties and responsibilities, listing contracts, and real estate market concepts. 2. Questions test knowledge of key real estate terms and concepts - for example, identifying a listing contract as a unilateral contract, and a broker's fiduciary duty to disclose material facts to their principal. 3. The exam addresses the broker-salesperson and broker-principal relationships, and scenarios involving payment of commissions in different listing agreements.

Uploaded by

seva
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

NAME: __________________________

REAL ESTATE TRAINING INSTITUTE


PRE-LICENSING COURSE FOR REAL ESTATE SALESMAN

SUBJECT: REAL ESTATE MARKETING-1 DURATION: 30 Mins

INSTRUCTIONS:
Answer all questions. This paper totals 40 marks.
SELECT and CIRCLE the correct letter.
------------------------------------------------------------------------------------------------------------

1. The intangible commodity that a real estate specialist has for sale is:

a) real property
b) salesmanship
c) beneficial investment
d) expertise

2. To be declared _____________________ _____________________ it must


definitely be established that a broker's efforts were directly responsible for
the consummation of the transaction

a) listing contract
b) sales contract
c) procuring cause
d) sub-agent

3. A listing contract is an example of:

a) implied contract
b) bilateral contract
c) unilateral contract
d) all of the above

4. The broker (dealer)-seller (principal) relationship is normally created by a/ an:

i. employment contract
ii. listing contract
iii. sales contract
iv. implied contract

a) ii only
b) iii only
c) i and ii only
d) ii and iv only

5. Seller Brenda entered into a 90-day exclusive-right-of-sale listing contract with


Broker David listing her house for $25,000,000. Seller Brenda agreed to pay
David a 5% commission. Seventy-five (75) days into the agreement Brenda calls
David to see if there had been any offers. David said no. However there had been
several persons interested in the property. Brenda then sells the house herself to
an old friend for $20 million. Which of the following applies?

a) David is entitled to no commission, as he was not the procuring cause


b) David is entitled to 2 ½ %, as he listed the house, but didn't actually sell it
c) David entitled to a commission of $1,250,000
d) David is entitled to a commission of $1,000,000

Page 1 of 4
NAME: __________________________

6. By which of the following may an active salesperson be employed?

a) A broker
b) A property owner
c) An approved Government Agency
d) All of the above

7. If a broker failed to notice a major construction defect, it would BEST be called:

a) Culpable negligence'
b) Fraud
c) Misrepresentation
d) Conversion

8. The relationship between brokers and employers, as well as between salespersons


and their employers is known as:

a) an arms-length relationship
b) a friendly relationship
c) a fiduciary relationship
d) an inverse relationship

9. A real estate salesperson can legally be paid his or her earned sales commission
by:
a) the seller of the property
b) the buyer of the property
c) his or her employer
d) any of the above

10. A broker is required to report to his or her principal

i. all material facts pertaining to a listed property


ii. all rumours that might influence a principal's decision
iii. only documented facts or reports that may have a bearing on a decision
to buy or sell
iv. the source of all rumours that might influence a principal's decision to buy
or sell.

a) i and ii only
b) ii only
c) i, ii and iii only
d) all of the above

11. Seller Wong gives broker Wilson a listing stating that Mrs Wong will pay
Mr. Wilson a commission if the latter sells the house. Mrs. Wong retained
the right to sell the house herself, paying Mr. Wilson no commission. This listing
is known as:

a) a net listing
b) a multiple listing
c) an exclusive listing
d) an exclusive right-of-sale-listing

Page 2 of 4
NAME: __________________________

12. A real estate agent is a _______________ with______________ authority

a) Universal agent; special


b) General agent; limited
c) Special Agent; limited
d) General agent; special

13. When reviewing the “P's” in marketing, ____________________ refers to the


target group/market to whom the product should be made available.

a) product
b) place
c) price
d) promotion

14 Which of the following is not a characteristic of the real estate market?

i. slow to respond to changes in supply and demand


ii. no central market for exchange
iii. local in nature (because land is immobile)
iv. can operate without government controls

a) ii only
b) ii and iii only
c) i, ii and iii only
d) iv only

15 “The owner–principal is not obligated to pay a commission to any broker except


the broker who first finds a buyer to purchase the property”

a. an exclusive listing
b. an exclusive right-of-sale-listing
c. an open listing
d. none of the above

16 Generally a real estate salesperson is considered to be:

a) sub-agent of his broker


b) his registered broker's employee
c) an agent employed by many brokers at the same time
d) sub-agent of the seller, buyer and employing broker

17. Which of the following legal duties does the broker owe to the principal?

i. to obtain best price and terms


ii. to notify of any personal interests
iii. obey all instructions
iv. to bind the principal by acts or promises.

a) i only
b) iii only
c) i and ii only
d) i, ii and iv only

Page 3 of 4
NAME: __________________________

18. The most advantageous type of listing from the broker's point of view is a/an:

a) open listing
b) exclusive listing
c) exclusive-right –of sale listing
d) net listing

19. When the equilibrium of the real estate market is upset by an excess supply:

i builder activity increases


ii. a sellers' market exists
iii. a buyers' market exists
iv. demand decreases

a) ii only
b) iii only
c) i and ii only
d) iii and iv only

20. A salesperson can be employed to more than one registered broker at the same
time:

a) True
b) False

21. The Salesman is also known as the Principal's Agent:

a) True
b) False

22. Fiduciary responsibilities end with the contract:

a) True
b) False

23. Value is a term which is synonymous with price and cost

a) True
b) False

24 Prices within the market are determined by Valuers and Agents.

a) True
b) False

25. An ostentatious good is represented by some neighbourhoods for which an


increase in the buyer's income causes a decrease in demand for the properties
therein

a) True
b) False
************* END OF PAPER*************

Page 4 of 4

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