unit 5

which of the following business entities is generally prohibited from brokering real estate?

• sole proprietorship

• partnership

• corporation for profit

• non-profit corporation

a joint venture may generally broker real estate if the co-venturers

• form a business trust

• form a co-operative association

• are properly licensed

• are limited partners

a licensed salesperson may work only for

• a client who has signed a listing agreement with a licensed broker

• a single employing broker who has an active brokers license

• a client who has signed an authorization agreement with a licensed salesperson

• an employer who has an active or inactive brokers license

which of the following activities is a licensed salesperson allowed to engage in

• accepting a listing that is in an associates name

• accept a commission directly from the MLS

• offer a property for lease on behalf of the employing broker

• sign a contract with a management company on behalf of a client

if a salesperson has worked on a completed transaction that involved a listing agent, a selling agent, and several subagent for each of these, from whom will the salesperson receive any compensation that is due

• the listing agent

• the selling agent

• the seller

• the employing broker

a salesperson makes a listing presentation to a homeseller and obtains a signed listing agreement. the first thing the salesperson must now do is

• make a final pricing determination for the property

• negotiate the commission with the client

• complete the signing of the listing

• explain the agency relationship to the client

a broker receives an earnest money deposit from a buyer and signs the check over to the listing agent as a partial commission advance. what is wrong with this procedure?

• nothing, provided the deposit clears the bank and doesnt bounce

• the broker and the agent are guilty of price fixing

• the broker has illegally converted security funds for business use

• the agent may not be able to return the advance if the transaction falls through

competing brokers in a county seat agree on a standard commission rate for principals within the county. this is a possible violation of

• fair trade and anti-trust laws

• the statute of frauds

• contract law

• the uniform commercial code

what is co-brokerage

• an owner agent and a buyer agent combine efforts to complete a sale

• outside brokers assist a listing agent in procuring a buyer

• an owner or buyer lists with several brokers to complete a transaction

• agents to a single agency cooperate to generate listings for the broker

a salepersons commission rate and structure is established by

• state regulations

• competitive conditions

• agreement with other brokers in the market

• negotiations with the client