Questions and Answers
Using time-management to increase income, you should realize that doubling "A" time activities should double your income.
true
What are the advantages of a good time-management program? (Select all that apply)
What is one requirement for a real estate salesperson to be regarded as an independent contractor by the IRS?
broker-salesperson contract states that the salesperson shall be treated as an independent contractor for tax purposes.
Once set, goals should never be changed.
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Brokers have liability to commission salespeople as to what?
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What is the purpose of a broker providing a sliding commission scale that rises as sales volume increases?
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If you are going to be buying a new car for real estate sales, you should consider what?
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How can you find out how things are done in your office?
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Which of the following statements regarding mobile home sales is TRUE? (Select all that apply)
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What are examples of abstract goals? (Select all that apply)
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Advertising a home in an area occupied solely by members of a minority group only in newspapers directed toward that minority group would be regarded as?
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The Civil Rights Act that applied only to race is the?
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A broker may discriminate against a tenant who?
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The Real Estate Commissioner's suggestions for professional conduct include that the agent should?
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The California Act that prohibits discrimination by all California businesses is the?
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Redlining is prohibited by the?
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The Civil Rights Act of 1968 prohibits? (Select all that apply)
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Ethics tends to precede the law.
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Redlining refers to a refusal to?
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What is the best test to evaluate if an act is ethical?
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The Seller Financing Disclosure Statement provided to both buyer and seller provides?
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An agent need not disclose to a buyer that a former owner had AIDS or there was a death by murder or suicide on the property more than 3 years ago.
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Compliance with environmental hazards disclosure requires?
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An agent's inspection under Easton v. Strassburger applies to?
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The earthquake safety disclosure statement applies to? (Select all that apply)
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A Transfer Disclosure Statement must be provided to the buyer when the sale involves? (Select all that apply)
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Real estate disclosure laws apply primarily for 1 to 4 residential units.
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A fiduciary relationship applies to a real estate licensee and to?
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Study Notes
Time Management in Real Estate
- Doubling time on "A" activities can potentially double income.
- A good time-management program enhances efficiency, increases income, and alleviates time pressures.
Independent Contractor Requirements
- A broker-salesperson contract must specify the salesperson's independent contractor status for IRS recognition.
Goal-Setting in Real Estate
- Goals should remain flexible; the misconception that once set, they should never change is false.
Broker Responsibilities
- Brokers are liable for commission-related matters, specifically workers' compensation.
Commission Structures
- A sliding commission scale incentivizes salespeople and aids in the retention of top performers.
Vehicle Selection for Real Estate
- Opt for a full-sized, four-door vehicle to facilitate easier access for clients.
Office Procedures
- Familiarity with office procedures can be achieved by reviewing the office procedure manual.
Mobile Home Sales
- Real estate agents can sell mobile homes both in rental parks and with accompanying land.
Abstract Goal Examples
- Common abstract goals include improving sales techniques, communication skills, and overall sales performance.
Fair Housing Violations
- Advertising exclusively to minority groups in targeted publications is considered steering.
Civil Rights Legislation
- The Civil Rights Act of 1866 specifically addresses race-related discrimination.
- The Unruh Act prohibits discrimination by all California businesses.
Discrimination and Ethics
- A broker can discriminate against tenants who do not have AIDS or a service animal.
- Redlining, the refusal to provide loans based on area designation, is banned under the Holden Act.
Ethical Standards
- Ethics often guide legal frameworks, since ethical standards typically precede laws.
Disclosure Requirements
- Seller Financing Disclosure Statements must inform parties about credit terms, deferred interest, and potential balloon payments.
- Agents are not obliged to disclose non-recent deaths or health conditions of previous owners.
Environmental Hazards and Safety
- Buyers must acknowledge receipt of "Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants" for compliance.
- The earthquake safety disclosure applies only to 1 to 4 residential units and requires signatures from both buyer and seller.
Transfer Disclosure Statement
- Required for transactions involving commercial buildings, vacant lots, or 3-unit residential buildings.
General Disclosure Laws
- Real estate disclosure laws predominantly apply to properties with 1 to 4 units.
Agency Relationships
- Fiduciary relationships exist between licensed real estate professionals and their principals.
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Description
Test your knowledge on California Real Estate Practice with this final exam quiz. The questions cover essential time-management strategies and their impact on income, as well as requirements for real estate salespersons. Perfect for final preparations or quick review!
