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Real Estate Brokerage Quiz

Authored by Christine Cruz

Professional Development

Professional Development

Used 28+ times

Real Estate Brokerage Quiz
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary function of a real estate broker?

Acts as a principal in real estate transactions

Develops real estate properties

Negotiates real estate transactions between buyers and sellers for a fee

Appraises real estate properties

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Under the Law on Agency, the real estate broker acts as a(n):

Principal

Agent

Third party

Sub-agent

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The following are the essential elements of a contract EXCEPT:

Consent

Object

Witnesses

Consideration

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the difference between an executory and executed contract?

Executory contracts are verbal, while executed contracts are written

Executory contracts still require obligations to be fulfilled, while executed contracts are fully performed

Executory contracts involve leasing, while executed contracts involve sales

Executory contracts are always invalid, while executed contracts are always enforceable

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which best describes the Statute of Frauds in real estate?

A law that requires real estate contracts to be in writing to be enforceable

A rule that prevents fraud in real estate transactions

A method of verifying the authenticity of property titles

A penalty for real estate fraud

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

If a seller is forced to sign a contract under threat, what element of a contract is violated?

Cause

Object

Consent

Consideration

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of listing agreement allows multiple brokers to sell the property, but only the first broker to secure a buyer earns the commission?

Exclusive Right to Sell

Exclusive Agency

Open Listing

Net Listing

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