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Modern RE Practice 8
Modern Real Estate Practice 8
| Term | Definition |
|---|---|
| Which state BEST explains this sentence: To recover a commission from brokerage services, a broker must be employed by a client? | |
| Sales associates who are paid in a lump sum and who are personally responsible for paying their own taxes are probably treated for tax purposes as | |
| A sales associate's contract with her broker state that she is not an employee. In the past year, less than half her income was commission, with the rest an hourly wage paid by the broker. The IRS would classify her as | |
| When acting as an employee rather than an independent contractor, a sales associate may be obligated to | |
| Terry is the personal assistant of a real estate sales associate. She must be paid by the broker who employs the sales associate. This means that | |
| A broker would have the right to dictate which of the following to an independent contractor? | |
| 2 real estate pros were found guilty of conspiring w/each other to allocate real estate brokerage markets. A seller suffered an estimated $90K loss because of their activities. If the seller files a civil suit against them what can they expect to recover? | |
| 2 sales associates who work for the same firm agree to divide their town into a northern & southern region; each handling one region. Which statement is TRUE? | |
| A state has recently updated its Rules & Regulations for the Real Estate Profession. Which statement is most likely TRUE regarding this update? | |
| A REALTOR is BEST described as an individual who is | |
| A broker sets the following office policy: All listings taken by any sales associate of this real estate brokerage must include compensation of 7% commission. No lower commission is acceptable. If they attempt to impose this requirement, which is TRUE? | |
| A real estate co has adapted a 100% commission plan with a $1,500 monthly desk rental set payable on the last day of the month. In August an associate makes 2 transactions for $11,370 & $6,875. Their other expenses are $2,170. What do they take home? | |
| A sales ass. took a listing on a home that sold for $329,985 w/a comm rate of 5%. The sales ass. employed by another broker found the buyer. The seller's & buyer's brokers get a 60/40 split. How much will the sales ass. get if the seller broker keeps 30%? | |
| On the sale of any property, a sales ass. compensation is based on the total commission paid to the broker. They'll get 30% of the 1st $2,500, 40% of the next amount between $2,500-$7,500, & 50% of any rest above $7,500. How much will they get if a prope | |
| The federal law that makes contracts originated, negotiated, and executed over a combination of computer and cell phone enforceable is | |
| The amount of commission paid to a sales associate is determined by | |
| A broker was accused of violating antitrust laws. Of the following, the broker was MOST likely accused of | |
| A real estate broker was responsible for a chain of events that resulted in the sale of a client's property. This is called | |
| A sales associate wants to be classified by the IRS as a qualified real estate agent-equivalent of holding independent contractor status for tax purposes. The sales associate must meet all of the requirements EXCEPT | |
| A real estate sales associate, classified by the IRS as an independent contractor receives |
Created by:
jr84