Real Estate Exam Flashcards

Front

Which of the following is not a typical way that property management fees are set?

Back

A. Fixed fee B. Commission on new leases C. Percentage of gross income D. Percentage of operating costs

Front

For what activity does a person generally not need a real estate license?

Back

A. Collecting rents as an employee of a building owner B. Representing people in the exchange of properties C. Selling properties on behalf of several owners D. Negotiating leases on behalf of several commercial buildings owners

Front

Roof replacement is considered what type of expense in a building’s budget?

Back

A. Capital B. Operating C. Maintenance D. Fixed

Front

Which of the following is true for an independent contractor working for a broker?

Back

A. The broker is required to pay the contractor’s Social Security taxes. B. The broker is required to withhold income taxes from the contractor’s commission checks. C. The broker must give workman’s compensation to the contractor. D. The broker is required to supervise the contractor.

Front

The primary duty of a property manager is to

Back

A. ensure that income is generated by the building. B. maintain the building. C. protect the owner’s investment in the building. D. maximize income while maintaining the building’s value.

Front

A real estate broker hired to represent someone who wants to sell his house is

Back

A. a special agent. B. a general agent. C. a universal agent. D. a representative agent.

Front

Fiduciary responsibilities are always owed to

Back

A. the client. B. the customer. C. the buyer. D. the seller.

Front

Fiduciary duties do not include

Back

A. care. B. control. C. accounting. D. confidentiality.

Front

The client is always

Back

A. the seller. B. the buyer. C. the principal. D. the customer.

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

Front

Which of the following would not end an agency relationship?

Back

A. The property was sold. B. The house was burned in a fire. C. The principal got married. D. The broker declared bankruptcy.