REE3043 FINAL REVIEW Questions
and Solutions | Grade A+
A state license is required for anyone who:
a)sells their own property
b)sells property for other people
c)a and b
d)none of the above
✔️: sells property for other people
Which of the following arrangements does not qualify as an agency relationship in real estate
transactions?
a)a seller hires a broker to help locate a buyer
b)a broker hires a sales associate to help locate buyers for properties or properties for buyers
c)a buyer hires a broker to help locate a property for purchase
d)a seller has a relative unlock a property so a prospective buyer can examine it.
✔️: a seller has a relative unlock a property so a prospective buyer can examine it.
,In an agency relationship between a seller and a broker, the broker is a(n)______ of the seller
and must protect the seller's best interest at all times.
a)Subagent
b)Principal
c)Agency
d)Fiduciary
✔️: Fiduciary
Which of the following statements is not true about brokers?
a)brokers take ownership of the item being transferred(at least for a brief moment in time)
b)brokers serve as an intermediary in a transaction
c)brokers often receive compensation in the form of a commission
d)brokers may represent prospective buyers or sellers of real estate.
✔️: brokers take ownership of the item being transferred(at least for a brief moment in time)
The process of evaluating a potential buyer's ability to purchase a listed property is called:
a)qualifying
b)negotiating
c)presentation
d)agency
,✔️: qualifying
A multiple listing is most often used in conjunction with a(n):
a)open listing
b)exclusive right-to-sell listing
c)by-owner listing
d)exclusive agency listing
✔️: exclusive right-to-sell listing
The primary function of the real estate brokerage industry is to:
a)match properties and customers
b)guide buyers and sellers through the complexities of real estate transactions
c)provide legal representation
d)a and b only
✔️: a and b only
The contract that defines the relationship between the property owner and the real estate
broker is the:
a)listing agreement
b)buyer representation agreement
, c)MLS clause
d)none of the above
✔️: listing agreement
A local brokerage firm that pays an initial fee plus a percentage of gross receipts in order to
be affiliated with a national firm is called a:
a)franchise
b)relocation service
c)MLS(multiple listing service)
d)MLF(multiple listing firm)
✔️: franchise
A patio house is very similar to a detached house except that there is no side yard on at least
one side.
a)true
b)false
✔️: true
In addition to analyzing recent trends within a market area, developer should determine what
underlies the trends.
and Solutions | Grade A+
A state license is required for anyone who:
a)sells their own property
b)sells property for other people
c)a and b
d)none of the above
✔️: sells property for other people
Which of the following arrangements does not qualify as an agency relationship in real estate
transactions?
a)a seller hires a broker to help locate a buyer
b)a broker hires a sales associate to help locate buyers for properties or properties for buyers
c)a buyer hires a broker to help locate a property for purchase
d)a seller has a relative unlock a property so a prospective buyer can examine it.
✔️: a seller has a relative unlock a property so a prospective buyer can examine it.
,In an agency relationship between a seller and a broker, the broker is a(n)______ of the seller
and must protect the seller's best interest at all times.
a)Subagent
b)Principal
c)Agency
d)Fiduciary
✔️: Fiduciary
Which of the following statements is not true about brokers?
a)brokers take ownership of the item being transferred(at least for a brief moment in time)
b)brokers serve as an intermediary in a transaction
c)brokers often receive compensation in the form of a commission
d)brokers may represent prospective buyers or sellers of real estate.
✔️: brokers take ownership of the item being transferred(at least for a brief moment in time)
The process of evaluating a potential buyer's ability to purchase a listed property is called:
a)qualifying
b)negotiating
c)presentation
d)agency
,✔️: qualifying
A multiple listing is most often used in conjunction with a(n):
a)open listing
b)exclusive right-to-sell listing
c)by-owner listing
d)exclusive agency listing
✔️: exclusive right-to-sell listing
The primary function of the real estate brokerage industry is to:
a)match properties and customers
b)guide buyers and sellers through the complexities of real estate transactions
c)provide legal representation
d)a and b only
✔️: a and b only
The contract that defines the relationship between the property owner and the real estate
broker is the:
a)listing agreement
b)buyer representation agreement
, c)MLS clause
d)none of the above
✔️: listing agreement
A local brokerage firm that pays an initial fee plus a percentage of gross receipts in order to
be affiliated with a national firm is called a:
a)franchise
b)relocation service
c)MLS(multiple listing service)
d)MLF(multiple listing firm)
✔️: franchise
A patio house is very similar to a detached house except that there is no side yard on at least
one side.
a)true
b)false
✔️: true
In addition to analyzing recent trends within a market area, developer should determine what
underlies the trends.
