State Real Estate Exam Practice

After applying for a salesperson or community manager license, when may the applicant begin brokerage activities?

• 30 days after license issuance

• Upon receiving the wall certificate of licensure

• Immediately after agreeing with a broker

• Instantly

Is it permissible for a real estate broker to offer an exclusive listing agreement that auto-renews, requiring the seller's cancellation to end it?

• No, such an agreement is prohibited as it must conclude on a set date without the seller's prior notice

• Yes, if the arrangement is documented in writing

• This type of agreement is completely permissible

• No, because an agreement like this is considered legally invalid without the broker's written agreement to conclude

Which action by a licensee constitutes a violation?

• Promising future profits from property resale

• Mentioning the brokerage name in a newspaper advertisement

• Listing a property owned by the licensee through their brokerage

• Drafting a sales contract for a non-client

When a qualifying broker appoints separate affiliated licensees to represent the buyer and seller in a transaction, how are these licensees acting

• As dual agents

• As designated agents

• As implied agents

• As appointed agents

When can a new salesperson or community association manager begin brokerage activities after applying for a license

• Immediately upon agreement with a broker

• Once the broker receives the wall certificate of licensure

• Instantly, without any wait

• Thirty days after the initial license assurance

What term describes the relationship where a real estate broker, under written authorization, represents another as a client in a real property transaction?

• Escheat

• Designated Agency

• Dual Agency

• Agency

Which of the following is NOT a mandatory term in property management agreements?

• Instructions on the custody of security deposits

• Acknowledgement that the broker will maintain total confidentiality at all times

• A definite termination date of the agreement

• Signatures from both the broker and the property owner

What term is used for entities that compile or supply real estate for sale or lease information

• Transaction brokerage

• BRRETA

• Common Source Information

• Brokerage

What consequences does a licensee face for violations of license law or for practicing without a license?

• Considered guilty of a misdemeanor

• Could be either a misdemeanor or a felony, based on the offense's severity

• None of the other choices are correct

• Classified as a class 4 felony

Which of the following statements is NOT true for licensees who are independent contractors?

• They are only accountable for their actions, not how they perform them

• They are responsible for both their actions and how they perform them.

• They manage their own finances and pay their own taxes

• Brokers have less control over their schedules and financial management