Mastering Real Estate Principles, Eighth Edition - Unit 13

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The real estate broker’s duty to keep his or her principle informed of facts affecting the transaction is called

obedience.

loyalty.

care.

disclosure.

The amount of commission to be paid to the broker by the principal is determined by

mutual agreement.

the MLS.

real estate licensing laws.

court order.

What situation would be considered a dual agency?

A salesperson and their employing broker splitting the commission

Brokers from two offices splitting a sales commission

A broker acting for both the buyer and seller in the same transaction

A broker acting for the seller, cooperating with a broker acting for the buyer

What activity could result in an antitrust violation?

Performing an undisclosed dual agency

Selling real estate without a license

Setting a standard commission rate with other brokers

Refusing to show a house to members of a certain religion

A property sold for $320,000 and the salesperson was entitled to 60% of the total commission. If the commission was 6% of the selling price, how much did the salesperson earn?

$187,200

$7,488

$11,520

$18,720

A broker makes statements exaggerating the benefits of a property. These would best be described as

marketing.

puffing.

fraud.

solicitation.

It would be illegal for a broker to act for both the buyer and seller in the same transaction unless

both parties are informed and give their written consent.

a commission is collected from both parties without their knowledge.

both parties are unaware of the transaction.

one of the parties is unaware of the transaction.

What would a salesperson, who is an independent contractor, receive from the employing broker?

Commissions on sales transactions

An hourly wage

Health care plan

Profit sharing

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