Question 1

A broker maintains a real estate agency and terminated two salespersons. In this situation, the broker is REQUIRED to take all the following actions with regard to these two salespersons EXCEPT:

Options :

A : provide each with a written accounting of all monies due each salesperson.

B : permit them to remove original sales or listing contracts from the brokers office.

C : pay any undisputed compensation due within ten days of the broker's receipt of such funds.

D : abide by the post-termination compensation clause contained in their employment agreements or provide a written explanation for not doing so.

Answer: B

Question 2

The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law?

Options :

A : Civil Rights Act

B : Diversity Jurisdiction

C : Sherman Anti-trust Act

D : Housing and Community Development Act of 1974

Answer: C

Question 3

In commercial property leasing, listing agents should ensure that the owner complies with:

Options :

A : their fiduciary responsibilities to the tenant

B : state and federal Fair Housing laws

C : the Americans with Disabilities Act

D : market lease rates

Answer: C

Question 4

A seller places a property on the market for sale at a certain price. A buyer sees the property and makes a written offer to purchase that is 90% of the asking price. The seller rejects that offer, but will accept an offer of 95% of the original asking price. The buyer rejects that counteroffer. The original offer is:

Options :

A : rescinded

B : null and void

C : irrevocable

D : binding

Answer: B

Question 5

According to the Real Estate Licensing Law, a real estate licensee can provide a rebate of the commission to a buyer

Options :

A : if the licensee is the broker.

B : if notated on the contract of sale.

C : provided it does not exceed 50% of the total commission.

D : if a writing confirming the terms of the rebate is provided to the buyer at closing.

Answer: D