Brokerage 4

Real Estate Brokerage: Practice Exam
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Which of these groups of protected classes is included in the NAR
Code of Ethics' definition of discriminatory behavior?
National origin and religion only Race, color, religion, sex, handicap, familial status, national origin,
Race and color only sexual orientation, or gender identity
Race, color, religion, sex, handicap, familial status, national origin,
sexual orientation, or gender identity
Sex, age, and marital status only
What should be the primary consideration in office configuration?
Amenities
Productivity
Current trends
Food service
Productivity
A(n) ______ compensation philosophy ties compensation level to
the employee's length of service.
Entitlement Entitlement
Performance
Production
Timed
Cam is a broker. His licensees, Jane and John, represent two
sides in a single transaction. Jane represents the seller; John
represents the buyer. What relationship does Cam have to the
buyer and the seller?
Cam is a designated agent to both the buyer and seller. Cam is a dual agent to both the buyer and seller.
Cam is a designated agent to the buyer and a dual agent to the
seller.
Cam is a designated agent to the seller and a dual agent to the
buyer.
Cam is a dual agent to both the buyer and seller.
Which component of a business plan document is written last but
is likely the first thing lenders and investors will read?
Company description Executive summary

Executive summary
Market analysis
Objectives, goals, and strategies
When broker Avery reviews her transaction files, she learns that
the average days on market for her firm's listings is around 59.
However, the average days on market in her geographical region
is 25. Which of the following factors could be the cause of this
difference in average days on market?
Poor property condition
Accurate competitive market analyses
Dissatisfaction with the brokerage
Low inventory and high demand
Poor property condition
Which organization includes as part of its mission the goal of
helping members become more profitable and successful?
Minority Real Estate Professionals of America (MREPA)

National Association of REALTORS (NAR)
National Association of Hispanic Real Estate Professionals
(NAHREP)
National Association of Real Estate Brokers (NAREB)
National Association of REALTORS (NAR)
Lilith is a broker who offers her agents a 100% commission.
Which of the following is a potential problem for her with this
compensation plan?
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She has less control over her agents' activities due to their level
of experience.
She may owe more taxes than she can afford to pay. She has less control over her agents' activities due to their level
She's required to supervise her licensees more closely because of experience.
of their level of experience.
She's responsible for paying her agents even when they aren't
producing.
How does assignment differ from novation?
Assignment automatically releases the party who assigned the

contract from further contract obligations.
Assignment doesn't require agreement of all the parties.
Assignment doesn't require agreement of all the parties.
Assignment requires agreement of all the parties in order to be
valid.
Novation does not terminate the original contract.
ABC Brokerage has developed a(n) ______ that leans toward a
production philosophy, since employees and independent con-
tractors receive pay raises related to productivity.
Compensation plan
Action plan
Business plan
Compensation plan
Staffing plan
Broker Hal has conducted eight exit interviews in the last three
years, and now he's sitting down to review those interview notes.
Which of the following is true of this situation?
He should look for common threads or themes in those notes

that could provide valuable information about the brokerage as a
workplace.
He should look for common threads or themes in those notes
He should only consider the comments from licensees, rather than
that could provide valuable information about the brokerage as a
from any regular staff members, because licensees are the only
workplace.
ones who matter at the brokerage.
He should only consider the comments from the people who
resigned, because those who were terminated will be too bitter
to provide valuable information.
He should only consider the "constructive criticism" form of in-
terview feedback, because the positive comments—while nice to
hear—aren't helpful for the brokerage.
Which one of the following actions is a required duty of a super-
vising broker?
Approve licensee business expenses. Monitor licensee paperwork.

Attend closings for all licensees.
Establish work hours for licensees.
Monitor licensee paperwork.
Volunteerism and social activism should NOT be done for the sake
of gaining ______.
A connection to the community Free publicity

Community respect
Free publicity
New causes to support
ABC's market had a total of 150 sales last year. ABC had 15 sales
in the same time period. What is ABC's market share?
15%
10%
15
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15%
It depends on the number of competitors.
Olivia, the owner of Your Home Brokerage, develops a goal for all
of her licensees: Increase sales by 15%. Is this a SMART goal?
No, because it's not measurable. No, because it's not time-based.
No, because it's not realistic.
No, because it's not specific.
No, because it's not time-based.
Chip represents Ginger, the buyer. Raphael represents Tom, the
seller. If Chip and Raphael are from the same brokerage, what is
their agency relationship with their clients?
They're designated agents; their broker is a dual agent. They're designated agents; their broker is a dual agent.
They're designated agents; their broker is also a designated
agent.
They're dual agents; their broker is also a designated agent.
They're dual agents; their broker is also a dual agent.
Which tactic is directly tied to the strategy, "Train all brokers and
licensees to use virtual meeting software"?
Advertise virtual meeting capabilities. Schedule training sessions for all staff members.
Purchase headsets for all staff members.
Schedule training sessions for all staff members.
Schedule virtual meetings with clients.
For what advertising purpose might a baseball cap with the bro-
kerage logo be appropriate?
A specific listing Name recognition

High-end listings
Name recognition
Targeted marketing
Of the following, which is the best reason for continuing marketing
efforts, even when revenue is down and the market is slow?
To maintain visibility To maintain visibility

To maintain your business relationship with suppliers
To reduce the cost of contact with clients
To spend all of the marketing budget
Which statement most accurately describes a licensee's respon-
sibility related to written offers on their listing, according to the
NAR Code of Ethics and Standards of Practice?
A licensee is only required to present formal written offers that are

equal to or more than the listing price. All formal written offers received by the licensee must be present-
A licensee is only required to present formal written offers within ed to the owner until closing or execution of a lease, unless the
a certain range of the listing price of the property. client waives this
All formal written offers received by the licensee must be present-
ed to the owner, unless the owner has accepted a previous offer.
All formal written offers received by the licensee must be present-
ed to the owner until closing or execution of a lease, unless the
client waives this obligation in writing.
When licensees focus all their efforts on one segment of the real
estate market with the intention of minimizing, and perhaps even
eliminating, the competition, this is known as ______.
Niche marketing
Foolhardy
Niche marketing
Smart business
Supply and demand
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Rochelle's firm is concerned about its licensees being attacked
during showings. Which of the following is the mostly likely source
of risk?
Safety
Brand
Financial
Fiscal
Safety
Arnold plans to open a brokerage. What might make him select a
sole proprietorship legal structure?
He wants control over branding. He wants control over branding.

He wants to enter the market with a recognized brand.
He wants to minimize his personal liability.
He wants to share liability.
Which of the following may be a result of sluggish real estate
market conditions?
Higher-than-normal average DOM Higher-than-normal average DOM

Inaccurate competitive market analysis numbers
Low number of expired listings
Rising housing prices
Todd and Tory sign a contract agreeing to falsify the cost of roof-
ing repairs on Todd's house so Tory can collect more insurance
money. Why is this contract invalid?
It's not for a legal purpose.
It's not for a legal purpose.
The parties are incompetent.
There's no consideration.
There's no mutual consent.
Which of the following is one of the main purposes of the broker-
age sales meeting?
To establish which associates follow the rules To inspire sales associates and give them tools to work better
To give sales associates an amusing break from their work
To identify recent errors and the individuals who made them
To inspire sales associates and give them tools to work better
Which of the following is prohibited under federal fair housing
laws?
Noting that a property has an in-law apartment Offering different terms, conditions, or privileges based on pro-
Offering different terms, conditions, or privileges based on protected class status
tected class status
Requiring income verification before offering financing
Using the phrase "first-time homebuyer" in an advertisement
Brandon is managing a brainstorming session with his staff. On
the white board, they've listed items such as licensee safety,
embezzlement, agency relationships, and foreclosure sales. What
topic is the group likely discussing?
Risk identification
Ethical procedures
Fraud prevention
Risk identification
Risk mitigation
Which of the following is a true statement about a brokerage's
building safety?
Tall hedges near the entrance pose a problem.
A broker should not get involved in security measures, to minimize
litigation potential.
Occupant health is less of a consideration than security.
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Tall hedges near the entrance pose a problem.
Thick doors are a fire hazard.
Nicky is a brokerage ______, so he is most likely a salaried
employee.
Agent Manager
Licensee
Manager
Sales associate
Growing the firm by targeting a specific buyer profile to increase
sales is an example of ______.
Downsizing Niche management

Expansion
Niche management
Vertical growth
Shawna received loan proceeds. Why wouldn't this appear on her
income statement?
It's debt. It's not revenue.

It's income.
It's not cash coming in.
It's not revenue.
Sherman is a listing agent. At what point is he no longer obligated
to present offers to his seller client?
He has a signed contract. The sale has closed.

He has received his commission.
His client asks him to stop.
The sale has closed.
Tina is planning her brokerage's office space. Since the primary
purpose of the office is to meet with customers, it's important to
provide privacy. Which configuration is best for this office?
Partitioned
Loft
Lounge
Open
Partitioned
Which of the following is a contract that exists based on an
understanding or assumption, rather than on specifically defined
terms?
Implied contract
Express contract
Implied contract
Invalid contract
Unilateral contract
How many employees, not including independent contractors,
must a brokerage employ in order for the employer to be required
to abide by the Fair Labor Standards Act?
One
15
20
40
One
Which of the following can help you determine the best location
and structure of an office, based on the needs of your target
market? Market analysis
Business directories
5 / 26
Competitors' reviews
Executive summary
Market analysis
Which type of legal structure may be either general or limited in
type?
Corporation Partnership
Limited liability corporation
Partnership
Sole proprietorship
Mark is the listing agent for a home owned by the Browns. At the
open house, a colleague, Brandon, indicates that he has a buyer
for the Browns' home. Mark has had numerous interactions with
Brandon on other listings, and found that they don't get along. He
really doesn't want to work with him on this deal. In order to behave
ethically, what can Mark do?
Cooperate with Brandon because it's in the best interest of his
clients.
Cooperate with Brandon because it's in the best interest of his
clients.
Inform the buyers that they will probably not be happy with Bran-
don.
Persuade the buyers to break their contract with Brandon.
Refuse to work or cooperate with Brandon.
When should your firm perform the risk identification process?
Initially when writing the risk management plan and as needed

Initially when writing the risk management plan and as needed
thereafter
thereafter
On a five-year cycle when updating the strategic plan
Once, when writing the risk management plan
Quarterly when updating the financial statements
Which type of compensation plan benefits inexperienced real
estate agents the most?
Employee salary
Employee salary
Independent contractor with high commission split
Independent contractor with hourly wage
Independent contractor with low commission split and bonus in-
centives
Why shouldn't managing brokers bend the rules for their li-
censees? Select the best answer.
It could set a precedent. The broker's license is on the line.

It leads to dissention in the ranks.
Licensees will take advantage of the situation.
The broker's license is on the line.
Broker Stephen is excited to move his growing brokerage into the
most visible corner lot on fashionable Main Street. A lighted bill-
board with the brokerage's brand beams from the rooftop. What's
the most primary purpose for the office?
To promote the brokerage's image
To house backend functions
To promote the brokerage's image
To provide a secure official mailing address
To provide a service center for remote employees
Serious damage to the firm's brand or reputation can occur as a

result of ______.
A single large event or a pattern of smaller events
A pattern of small but negative events
A single large event
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A single large event or a pattern of smaller events
Competition in a market niche the firm has chosen
In marketing terms, your logo is the firm's ____.
Brand
Signature
Identity
Reputation
Signature
Gabe spent most of his capital on his new business venture, so
he needs his business to make money immediately. What type of
brokerage is Gabe looking for?
Purchase an existing brokerage.
Lease rights to an existing brokerage.
Purchase an existing brokerage.
Share business with an existing brokerage.
Start his own brokerage.
Business at Vista Brokerage is slow so you've initiated a new
marketing campaign to pull in more clients. What impact should
you expect from your marketing efforts?
Indirect
Direct
Extreme
Indirect
Minor
A business that's establishing a customer base and market pres-
ence is most likely in what stage of the business life cycle?
Birth Birth
Death
Maturity
Midlife
Many buyer agency agreements contain a provision which comes
into play if the buyers let the agreement expire and then try to
contact a seller directly. What is this provision called?
Protection clause
Commission assignment
Exclusivity clause
Mitigation clause
Protection clause
Connie and her staff had just moments to evacuate the building
when fire alarms sounded. Everyone's safe, but her office was
destroyed. What's Connie's first step in managing this disaster?
Refer to a prioritized list of restoration functions.
Contact her regulatory agency.
Contact the insurance company.
Gather her staff and develop a disaster recovery plan.
Refer to a prioritized list of restoration functions.
Which of the following statements describes business objectives?
Business objectives are derived from business goals and align

with the strategies that direct the actions laid out in the company's
long-range plan.
Business objectives are derived from situational analysis data and Business objectives are derived from situational analysis data and
align with and expand upon the company's mission to define what align with and expand upon the company's mission to define what
the organization will focus on for the duration of its long-range the organization will focus on for the duration of its long-range plan.
plan.
Business objectives are derived from the company's strategies
and expand upon them to define how much money the company
will make by the end of its long-range plan.
Business objectives are derived from the company's vision state-
7 / 26
ment and expand upon it to define what the company's reputation
will be at the conclusion of its current long-range plan.
Which of the following would help you improve communication
skills?
Avoid confusion by sharing all of the information you have about

a transaction with both the buyer and the seller.
Hold regular phone or web meetings with all parties to a transac-
Hold regular phone or web meetings with all parties to a transac-
tion.
tion.
Rely on your transaction coordinator to keep your transactions on
track.
Write down, verbatim, each conversation you have about a trans-
action.
A broker wants to make sure that her sales associates can perform
as effectively as possible. She uses a solid business model and
a clear business mission; she communicates expectations to her
licensees; she recognizes their efforts and compensates them
fairly; and she provides the training they need. What else should
she make sure her licensees have to allow them to perform at their
best? The technology tools and physical environment that the job re-
quires
A written contract requiring each licensee to promise to always do
his or her best
Only top-notch vendors associated with the brokerage
Paid benefits as part of their compensation plan
The technology tools and physical environment that the job re-
quires
Dan is planning the office space for his brokerage. He wants an
open work area for his enthusiastic sales staff to collaborate and
share experiences. Sometimes the group can get quite loud. Of
the following, which is the best option for the location of the open
work area?
On the opposite side of the building from the public areas
Across the hall from the conference room
In between two sales offices
Next to the reception, before the manager's office
On the opposite side of the building from the public areas
Landon is the listing agent for Maury's property. Maury is moving
out of state for a new job, so the house will be vacant for some
time, depending on how long it takes to sell. Maury is pretty
adamant about not having a sign in his yard, especially after he
moves. Landon follows Maury's wishes, but a month after Maury
moved, there hasn't been any movement on the property. Landon
places a sign in the yard, hoping it will drum up some interest. Is
this okay? No, Landon shouldn't place a sign on Maury's property without
Maury's written permission.
No, Landon shouldn't place a sign on Maury's property without
Maury's written permission.
No, Maury's neighbors might tattle.
Yes, as the listing agent, Landon has the right to place a sign on
the properties he has listed.
Yes, since Maury has moved, Landon can make decisions related
to the property.
Which of the following statements is true regarding risk identifica-
tion?
It involves analyzing the level of exposure associated with risks It involves reviewing every aspect of the firm's operations to de-
the firm faces. termine what risks each poses.
It involves reviewing every aspect of the firm's operations to de-
termine what risks each poses.
It's the final step in risk management.
8 / 26
It's the process of categorizing financial risks of various invest-
ments.
What hardware might a brokerage need to run essential software?
Desktop publishing, web design, and image editing

Financial management, word processing, and sales management Server, routers, and peripherals (printers and scanners)
programs
Internet, virus protection, and utilities
Server, routers, and peripherals (printers and scanners)
What would be considered a strength for a business in a SWOT
analysis?
A deficiency of skills or traits needed to achieve a business goal A skill or trait that is aligned with a business's goals
An external factor that could be exploited for business gain
An external factor that could restrict or inhibit business
A skill or trait that is aligned with a business's goals
Data encryption is important because it ______.
Allows regular updates to process without your approval

Turns information into indecipherable code
Ensures that you do not access unsecure sites
Prevents hackers from accessing your computer
Turns information into indecipherable code
The term "sticky website" refers to ________.
How well your website sells your other digital marketing tech-
niques Techniques for getting consumers to return to your site
Techniques for connecting your Facebook and LinkedIn pages
Techniques for getting consumers to return to your site
The user's inability to click out of the site
Which of the following would be an appropriate marketing depart-
ment goal statement?
Become the best residential sales firm in the city. Become the top annual sales producer in our firm's region.
Become the top annual sales producer in our firm's region.
Increase our market share and reduce days on market.
Stay within our marketing budget.
When comparing a leader to a manager, which of the following
traits or actions is more indicative of a manager rather than a
leader?
Establishing policies and procedures
Being people-focused
Establishing a vision and strategy
Establishing policies and procedures
Taking risks and seeking change
Using a company website, social media sites and apps, writing a
blog, and providing electronic checklists and guides are examples
of your firm's _________.
Online presence
Commitment to sustainability
Online presence
Social media savvy
Website development
The 1970 case against Prince George's County Board of REAL-

TORS found that the board was suggesting commission rates and
publishing schedules of commission rates. What type of antitrust
violation was this? Price fixing
Group boycotting
Market allocation
9 / 26
Price fixing
Tie-in arrangement
How can you calculate a firm's market share percentage?
Divide the firm's number of sales by the total number of market

sales.
Divide the firm's number of sales by the total number of market
Divide the regional GDP by the firm's total number of sales.
sales.
Multiply the average sales price by the firm's number of transac-
tions.
Multiply the firm's number of sales by the total sales in the market,
then divide by 100.
What might happen to housing demand in your target market if a
major employer closes?
Housing demand may exceed supply of housing in your target

Housing demand may fall if there are layoffs in your target market.
market.
Housing demand may fall if there are layoffs in your target market.
Housing demand may increase if the employment rate decreases.
Housing demand may rise if there are layoffs in your target market.
Monty is advertising a number of listings in the local newspaper
and includes the fair housing logo in the ad. What else is required?
A link to his firm's fair housing policy The verbiage, "Equal Opportunity Housing"
A link to the Housing and Urban Development fair housing site
The correct colors
The verbiage, "Equal Opportunity Housing"
Karen accepts Brent's rights and responsibilities under a contract.
The other party to the contract, Sharon, had to agree to this. This
action terminated the original contract. This is a(n) ______.
Novation
Assignment
Novation
Specific performance
Termination
If the cash flow statement projects a cash deficit for the majority
of the upcoming year, which of the following would be the best
solution?
Close the doors on this business as it appears it won't generate a Evaluate the firm's overall finances and make necessary adjust-
profit. ments.
Evaluate the firm's overall finances and make necessary adjust-
ments.
Obtain short-term financing to cover the firm's expenses.
Rely on cash reserves to cover the deficits.
Which of the following is considered illegal based on a buyer's
race, color, national origin, sex, religion, familial status, or disabil-
ity?
Declining to show your 30-something buyer a condo in a regis-

tered senior community. Denying that a house is available for sale when it actually is.
Denying that a house is available for sale when it actually is.
Informing your buyers that a house they're interested in is under
contract.
Showing your buyers all homes they're interested in, even if the
homes don't appear to meet their needs.
Which option best describes what an environmental impact state-
ment is?
It defines the level of drilling that needs to take place in order to

build foundations for the development.
10 / 26
It describes and analyzes a proposed action that may have a
significant effect on the environment.
It describes local zoning regulations like setbacks, zones, and It describes and analyzes a proposed action that may have a
curb requirements. significant effect on the environment.
It illustrates the benefits of the development to the community to
improve community acceptance.
The firm's reputation is best protected by ________.
Everyone in the firm

Managers
Sales staff
Staff who interact with clients
A broker is following a problem-solving process to handle a situa-
tion in which one of her licensees has violated a brokerage policy.
Which of these actions must be part of the solution she pursues
to resolve the problem?
Communication
Coaching
Communication
Discipline
Termination
Todd is opening a new brokerage firm that will target young,
career-minded individuals who are interested in urban living. Of
the following, which medium is best suited for this market?
Social media
An outdoor billboard
Collateral
Social media
Todd's blog
Rachel is subject to court-ordered supervision due to an antitrust
violation. This oversight may continue for as long as ______.
10 years 10 years
Five years
She remains in the state where the violation occurred
She's licensed
How is a brand identity directly expressed to your market?
Through licensee expertise

Through use of your logo
Through number of completed closings
Through referrals
Through use of your logo
What can be defined as the demographic to which you want to
provide services?
Competition Target market

Gross domestic product
Inventory sales
Target market
Of the following, which one could be considered a real estate
violation?
Before showing a buyer customer his listing, Mitchell explained to

the buyers that he represents the sellers.
Mandy didn't disclose to potential buyers that she was showing
Henry provided customers with a copy of their signed broker
her own listing, or that she represents the sellers.
engagement agreement.
Isabelle keeps all signed broker engagement agreements in a safe
but accessible location in the broker's office.
Mandy didn't disclose to potential buyers that she was showing
her own listing, or that she represents the sellers.
11 / 26
Direct mail to residents in your listing's neighborhood not only
markets the property, but may also ______.
Generate new client leads Generate new client leads

Give neighbors an idea what their house might be worth
Notify residents of a potentially empty home
Notify residents that they may be getting new neighbors
The value of a service or product, according to the value equation,
is equal to the benefits received, less price plus ______.
The time and effort put into the shopping process The time and effort put into the shopping process
The time it takes the process to be completed
The time used to determine which offering to select
Time over which the offering will be used
Strategic expense management includes which of the following
activities?
Evaluating marketing niches Regularly reviewing expenses

Monitoring the checking account
Planning for cash infusions
Regularly reviewing expenses
Cynthia loves her apartment and would like to have the option to
buy it once her lease is up. Who's the best person to help Cynthia
prepare a lease option?
A real estate attorney
A real estate attorney
A real estate investor
A real estate licensee
Her landlord
Which term is defined as your selected consumer base?
Base sales volume

Target market
Gross domestic product
Market share
Target market
Which of these is an action a broker should take after a sales
meeting?
Contact those who didn't attend and warn them that they'll need
to be at the next scheduled sales meeting
Send out a recap of the key points from the meeting to all associ-
Discard the sign-in sheet and any handouts used to prevent
ates
confusion
Send out a quiz on the key points of the meeting to establish who
wasn't paying attention
Send out a recap of the key points from the meeting to all asso-
ciates
A general business objective is designed to expand on which of
the following?
The company's core values The company's mission statement

The company shareholders' goals
The company's mission statement
The company's vision statement
______ is the process of determining what risks your firm faces.
Risk analysis
Risk identification
Risk identification
Risk management
Risk mitigation
12 / 26
Why does it matter if a brokerage decides to maintain a sales
staff of 50 mostly new licensees, rather than 10 very experienced
licensees?
The brokerage can make more money with many licensees, re-
gardless of experience level.
The number of licensees and their experience levels will affect the
The brokerage will be required to pay fewer taxes with a large
working relationships the brokerage has with its licensees.
group of new licensees than for a small group of experienced
licensees.
The brokerage will have more difficulty finding experienced li-
censees who want to switch brokers, so recruiting will be costlier.
The number of licensees and their experience levels will affect the
working relationships the brokerage has with its licensees.
All real estate licensees in Texas must abide by the Canons of
Professional Ethics and Conduct enforced by ______.
REALTOR associations The Texas Real Estate Commission

The Texas Association of Real Estate Ethics
The Texas Real Estate Commission
TWCCRD
If you have data about the GDP, CPI, mortgage climate and in-
terest rates, property values, and employment, what environment
are you ready to analyze?
Economic
Business
Economic
Legal
Regulatory
A broker is training all affiliated licensees on a recent change in fair
housing laws. Why should she deliver the training to new licensees
separately from experienced salespeople?
Because new licensees at a brokerage are required to complete

additional discussion items at all training To prevent new people from getting lost in details they don't
So that the training documentation all brokerages are required to understand, and to save experienced people from sitting through
maintain doesn't get mixed up explanations they don't need
To prevent experienced salespeople from offering unapproved tips
on the transactional process to new licensees
To prevent new people from getting lost in details they don't
understand, and to save experienced people from sitting through
explanations they don't need
Which one of the following statements is a potential consequence
of inaccurate revenue reported on financial statements?
Budgeting and forecasting will be inaccurate. Budgeting and forecasting will be inaccurate.
Payroll tax reporting will be impacted.
The cash account won't balance.
The state regulatory agency will impose penalties.
What is the purpose of strategic business planning?
To calculate staffing needs

To help reach the business goal by determining the method by
To determine business objectives
which the goal can be achieved
To help reach the business goal by determining the method by
which the goal can be achieved
To support technological needs
What information does the Loan Estimate NOT provide to buyers

under required disclosures law?
Final closing costs
Estimated closing costs
Final closing costs
13 / 26
Loan fees
Loan payment schedule
Regarding industry trends and outlooks, which of the following is
a best practice for broker-owners?
Consider national and global trends, but keep a closer eye on

changes within your local market.
Consider national and global trends, but keep a closer eye on
Don't take them too seriously. Chances are, they will change—like
changes within your local market.
everything else in real estate.
If you don't agree with the current industry outlook or a particular
trend, just ignore it.
Take immediate steps to adjust your business model to address
all trends and outlooks.
On a scale of 1 to 3, with 3 being high, Johanna's brokerage
has identified flood damage to the office building as a level 2 for
likelihood of occurrence and a level 3 for severity of impact. Is this
a low-, medium-, or high-level risk?
High
Depends on number of occurrences
High
Low
Medium
How should technological advances factor into your business
systems decisions?
Your office and systems decisions should be made by your em-

ployees. Your office and systems should be adaptable to advancements
Your office and system should be run by an outside firm. that increase efficiency.
Your office and systems should be adaptable to advancements
that increase efficiency.
Your office and systems should constantly be modern and up to
date.
What needs to happen for a code of ethics to be effective?
Employees should be required to memorize the code.

The code needs to be enforced through consequences.
The code needs to be enforced through consequences.
The code needs to have monetary reinforcement.
The code should be posted on the firm's website.
Broker Keenan is working with a professional space planner
to design his office. The primary purpose of the space is for
collaboration among his virtual sales professionals. What office
configuration is best for Keenan's office?
Open
Corralled
Open
Partitioned
Walled-in
Brandon wants to find out how many rental units are unoccupied
in his area. Which market indicator provides this information?
Inventory rates Vacancy rates

Price levels
Sales volume
Vacancy rates
A ______ would fulfill his or her assigned role within the brokerage
by supervising licensees and staff.
Manager
Clerk
Manager
14 / 26
Personal assistant
Sales associate
Brokers can use many kinds of incentive to encourage the asso-
ciates at their firms to better performance. Which of these choices
would be the best strategy for a broker to use?
Using a variety of incentive programs
Offering extra support in exchange for achieving production goals
Offering money to top producers
Recognizing individual accomplishments
Using a variety of incentive programs
When working with a developer who's purchasing undeveloped
land for a new subdivision, ABC Realty stipulates in the contract
that in order to purchase the undeveloped land, the developer
must purchase grading services from Bulldozers-R-Us. Which
antitrust violation is this?
Tie-in arrangement
Group boycotting
Market allocation
Price fixing
Tie-in arrangement
Vince's job at the brokerage is to greet customers and clients who
walk in, answer the phone, and direct people to an agent. In which
staffing category does his position fall?
Clerical/administrative
Clerical/administrative
Manager
Personal assistant
Sales associate
When thinking about diversity in a brokerage, cultural and ethnic
differences are often what's meant. But another important consid-
eration for a brokerage is diversity in ______.
Personalities
Attire
Grooming
Personalities
Wealth
A 100% commission plan is more often used with ______.
All sales staff

Experienced licensees
Experienced licensees
New employees
New licensees
Jill is selling her property and hired David as her agent. David
brings another client, Kirk, to see the property, which Kirk is
interested in purchasing. What kind of agent is David acting as
in this scenario?
A dual agent
A buyer's agent
A dual agent
A seller's agent
A sub-agent
Which of the following business planning activities breaks the
long-range plan down into smaller tasks and identifies which
segment(s) of the company are responsible for doing what?
Tactical planning
Market analysis
Situational analysis
Strategic planning
Tactical planning
15 / 26
Which training delivery option is best when the topic for training
involves skills that can be practiced with role-play between stu-
dents?
Instructor-led training
Instructor-led training
Recorded webinar
Self-paced computer-based training
Video
Which term means the growth of a business by offering services
to a different niche or by offering a wide variety of services?
Geographic expansion Service expansion

Inorganic growth
Sector expansion
Service expansion
Broker Hannah has advertised for a new administrative assistant.
After receiving a number of applications, she's chosen those
whose qualifications best match the job. What step is next in the
hiring process?
Interviewing
Interviewing
Prescreening
Recruiting
Selection
Which factor should be considered when evaluating the competi-
tion in a given market area?
GDP Market share

Market share
New building permits
Vacancy rates
What is a flat-fee pricing strategy?
Clients are charged a flat fee for each service provided from a
menu of offerings. Clients are charged a pre-set fee for a pre-determined service.
Clients are charged a percentage of the property's listing price.
Clients are charged a percentage of the property's sales price.
Clients are charged a pre-set fee for a pre-determined service.
Which of the following is the best definition of a budget?
It's a detailed management and planning tool that serves as your

earnings and spending goal for a period of time.
It's a flexible planning tool that changes frequently to match ex- It's a detailed management and planning tool that serves as your
isting conditions. earnings and spending goal for a period of time.
It's a high-level outline of your projected revenue and expenses for
a given time period.
It's a report provided to your lender to prove that you can stay
within specified spending parameters.
Broker Allie wants to attract new licensees to her brokerage.
Which of the following is a good way to do this?
Ask her current licensees to act as ambassadors with their col-

Talk to real estate school instructors.
leagues.
Network at local real estate commission meetings.
Pass out her card to licensees she meets at industry events.
Talk to real estate school instructors.
Three brokers in the sales department of a large firm consistently
exceed their sales goals. When asked by the broker-owner how
they've been able to do it, they said they'd been following a strat-
egy they learned on a broker's blog site. What kind of organization
16 / 26
is at work?
Formal
Informal meeting
Functional
Informal
Staff
Jillian is considering running a virtual brokerage office. What might
be her biggest challenge with running her brokerage virtually?
Finances Supervision
Office space
Supervision
Technology
The Asian Real Estate Association of America (AREAA) mem-
bership "includes housing and real estate professionals of all cul-
tural backgrounds and is open to those who support the mission
of_______________."
Increasing sustainable home ownership in the Asian community
Advocating for public policy that serves all America
Educating real estate professionals who serve minority home
buyers and sellers
Increasing sustainable home ownership in the Asian community
Promoting democracy in housing for African-Americans
The income statement might also be called the ______.
Cash expended statement

Statement of profit or loss
Receipts statement
Statement of fixed and variable expenses
Statement of profit or loss
Which of the following is an example of the data and transactional
management feature of a computer system?
Data encryption Report generation

File storage
Report generation
Teleconferencing abilities
Rich is a sole proprietor who has no staff. If he grows his business
to a four-agent firm, which of the following can he expect?
Decreased costs of doing business Increased revenue

Increased revenue
More control
Simplified operations
Martha is completing an addendum for her client. She should
make sure that it's written ______.
In block type Using standardized language

In cursive
Using legalese
Using standardized language
Which of the following has the legal effect of preventing a person
from making a claim based on her prior behavior or statements?
Estoppel Estoppel
In rem proceeding
Ratification
Reaffirmation
Which of the following would appear on your budget?
17 / 26
Gross income
Notes payable
Gross income
Office equipment
Total assets
A consistent disparity in listing versus selling prices may reflect
______.
Attempts to avoid a bidding war Inaccurate competitive market analysis

Inaccurate competitive market analysis
Miscommunication between licensee and client
Showing availability
The firm's target market information in the marketing plan includes
which of the following?
Average time on market Demographics

Demographics
Interest rate trends
Inventory of homes
Citytown officials know that they have an abandoned factory site
that has been identified for cleanup under CERCLA. When city
officials tried to trace the ownership of the property, they found
several shell corporations but can't determine which individual
or corporate entity actually owns the property. What is a likely
outcome of this situation? Citytown will apply to the CERCLA trust fund for cleanup costs.
Citytown will apply to the CERCLA trust fund for cleanup costs.
Citytown will bill the EPA for cleanup costs.
Citytown will end up paying for cleanup.
The factory site won't be cleaned up and will sit empty.
Under what conditions can a licensee contact sellers who are
under an exclusive listing agreement with another agent?
Only to arrange a showing to a buyer

To inform them that they will probably not be happy with the Only to arrange a showing to a buyer
services provided by their current representative
To let them know that they can provide the seller with an appraisal
that may allow them to raise their asking price
To persuade them to break their listing contract
One of the actions that landed the Consolidated Multiple Listing
service of South Carolina in court was prohibiting members from
offering home sellers the opportunity to avoid paying a broker's
commission if the seller located a buyer on their own. What type
of antitrust violation does this exemplify?
Price fixing
Group boycotting
Market allocation
Price fixing
Tie-in arrangement
Licensee Audrey was convicted of an antitrust violation. What is
the maximum prison sentence she can serve?
10 years 10 years
Five years
No prison time
Two years
Independent contractors maintain some degree of protection from
discrimination by virtue of their ______.
Independent contractor agreement
Independent contractor agreement
License
18 / 26
Membership in the National Association of REALTORS
Production levels
If a minor enters into a contract with an adult, which of the following
is true?
The adult may legally hold the minor to the contract, but the minor
cannot legally hold the adult to the contract.
The minor may legally hold the adult to the contract, but the adult
The contract is valid, and both the minor and the adult may legally
cannot legally hold the minor to the contract.
hold the other party to the contract.
The contract is void, and neither the minor nor the adult may
legally hold the other party to the contract.
The minor may legally hold the adult to the contract, but the adult
cannot legally hold the minor to the contract.
Sonja is meeting with a hearing-impaired client for the first time.
What should she do to comply with the Americans with Disabilities
Act?
Hire a recorder to capture everything that's stated in the first

meeting. Meet with the customer and offer to provide a sign language
Hire a sign language translator to be present at the first meeting translator for future meetings and the signing of contracts.
and all that follow.
Inform the customer that he's required to hire a translator to be
present at the first meeting and all that follow.
Meet with the customer and offer to provide a sign language
translator for future meetings and the signing of contracts.
Bob Wolf, the firm's bookkeeper, doesn't interact with clients. His
main responsibility is to manage the firm's escrow records. What's
his responsibility in helping maintain the firm's reputation?
Maintain spotless escrow records.
Become a licensed sales agent so he can work with clients.
Fill in when the receptionist goes to lunch.
Maintain spotless escrow records.
Share escrow account information with the firm's associates.
Which of the following is a good reason to merge with or acquire
another company?
To form a larger company that is more competitive To form a larger company that is more competitive
To help a new company form its own identity
To hide financial losses from customers and investors
To save a company that's in decline from bankruptcy
Which of the following is true regarding a standardized set of
policies and procedures?
They don't assist in overall risk management, but they do play a

They're a primary tool in risk management.
role in human resources management.
They often cause confusion.
They're a primary tool in risk management.
They're one of the risks associated with broker liability.
You're representing Crystal in the purchase of a house. Crystal

has a trust fund and can more than afford the house on which
she's made an offer. Which of the following statements is true?
Your duty of confidentiality to your client dictates that you not

disclose your client's financial situation to the seller. Your duty of confidentiality to your client dictates that you not
Your duty of disclosure to customers and third parties requires that disclose your client's financial situation to the seller.
you disclose Crystal's financial status to the seller.
Your duty of honesty and fairness to customers dictates that you
must share with the seller Crystal's ability to pay more for the
property than she offered.
Your duty of working in your client's best interests means you
19 / 26
should be showing her properties that are in a higher price range
since she can afford it.
Who's responsible for protecting the firm's reputation? Choose the
best answer.
Administrative staff Everyone in the firm

Staff who interact with clients
The sales staff
Jerome noticed that more and more seniors were moving to his
town. As a real estate broker, how might he capitalize on this
trend?
He could develop a niche in serving seniors.
He could develop a niche for first-time homebuyers.
He could develop a niche in serving seniors.
He could have flyers printed in large print.
He could hire senior citizens as office staff.
Which of the following is an example of an illegal tie-in arrange-
ment?
ABC Realty requires that all buyers who work with their company
be qualified by ABC Mortgage company, an affiliated business.
XYZ Realty requires all buyers who work with their company to
MNQ Realty offers the services of an affiliated business, with full
obtain financing through XYZ Mortgage company.
disclosure of its business relationship.
TUV Realty offers a variety of financing providers to potential
clients.
XYZ Realty requires all buyers who work with their company to
obtain financing through XYZ Mortgage company.
Carlisle is Robin's unlicensed personal assistant. Which activity
may Carlisle legally perform?
Counseling clients on strategies Placing an advertisement

Discussing terms
Negotiating offers
Placing an advertisement
How might a company help its non-English-speaking agents from
another country succeed in its U. S. offices?
By forcing them to speak English By providing English as a second language (ESL) classes and
By giving them an Anglo boss tutors
By giving them bonuses for excellent work
By providing English as a second language (ESL) classes and
tutors
Broker Kay is the anti-hoarder; she hates all forms of clutter, es-
pecially paperwork. She'd love to shred every bit of paperwork the
second a transaction closes, and decides to write her brokerage
policy to state that all transaction paperwork must be shredded
within one month of the transaction's closing. Is this okay?
No. Kay must obey the recordkeeping requirements established

No. Kay must obey the recordkeeping requirements established
by state laws and regulations.
by state laws and regulations.
No. Kay's brokerage must keep all real estate transaction records
for at least one year, according to the National Association of
REALTORS.
No. Kay's brokerage must keep all real estate transaction records
for five years.
Yes. As the broker, Kay is allowed to create her own brokerage
policies, including those regarding recordkeeping.
The first part of analyzing risk is to determine the ______ of the
risk.
20 / 26
Cause
Likelihood Source
Severity
Source
In contrast to inorganic growth, organic growth usually involves
__________.
A merger Gradual change over time

An acquisition
Gradual change over time
Rapid growth
Training for licensees will be most effective when ______.
The class is held in-person rather than online

The instructor gives out prizes to associates who answer quiz The training topic and benefit to the associates is clearly defined
questions correctly and relevant to them
The training has a required "seat time"
The training topic and benefit to the associates is clearly defined
and relevant to them
Which of the following is the final step in the performance review
process?
Assign a numeric rating to the employee's performance

Hold a meeting between manager and employee to review the
Develop job descriptions and standards for performance
performance evaluation
Evaluate the employee's performance against a job description
and standards for performance
Hold a meeting between manager and employee to review the
performance evaluation
Select the activity that would most likely help build brand recog-
nition among your target audience.
Attending local REALTOR association meetings

Defining and using a company look, including logo, style, and Defining and using a company look, including logo, style, and
colors colors
Sending an annual mailing to prospective buyers and sellers in
your community
Using different logos to represent the various branches of your
firm
A market with fewer competitors would mean that you would have
a(n) ______ market share than in the same market with more
competitors.
Larger
Larger
Overstated
Smaller
Understated
In the 1950 case involving the District of Columbia's Washing-
ton Board of REALTORS in which the National Association of
REALTORS became involved, the board required that brokers
should maintain the standard rates of commission adopted by
the board, and no business should be solicited at lower rates. No
member may charge less than this rate when involved in the sale,
exchange, lease, or management of real property in the District of Price fixing
Columbia. What were the parties guilty of?
Fair housing law

Group boycotting
License law
Price fixing
21 / 26
You've completed your budget, and it shows a projected net loss
for the year. What should you do?
Adjust your projected revenue so it exceeds expenses. Review projected expenditures and revenue to see if there are
Immediately slash spending so you can meet your budget. acceptable adjustments to be made.
Obtain financing.
Review projected expenditures and revenue to see if there are
acceptable adjustments to be made.
Which of the following describes the process of making a copy
of a website for the purpose of obtaining money or data from
unsuspecting users?
Cloning
Backing up files to an external hard drive
Cloning
Encrypting your email
Storing logins and passwords
Which of the following is an example of software?
Hard drive
Word processing
Peripheral
Scanner
Word processing
Thom is nearing retirement but hopes to keep his brokerage firm
intact when he retires. He's concerned that no one on his existing
staff has the skills, aptitude, or interest necessary to take over the
management role. What's the disadvantage of hiring an external
candidate to manage the firm?
The longer transition and training time
Reduction in recruitment costs
The introduction of new ideas
The longer transition and training time
The new manager's skill level
Darrel wanted managing broker Ella to sign off on incomplete
paperwork, claiming she knew he was "good for it." Why should
Ella refuse?
Brokers should never trust licensees. Managing brokers are responsible for their associated licensees'
Darrel is her friend and he forgets things a lot. She needs to teach actions.
him a lesson.
Managing brokers are responsible for their associated licensees'
actions.
She shouldn't, if she trusts Darrel.
Which of the following is an example of a fixed asset?
Accounts receivable
Office equipment
Cash
Office equipment
Petty cash
Donna believes if she's not directly involved with every step of
a process, it's not going to get done correctly. Which style of
management does Donna likely use?
Coercive
Autocratic
Coercive
Laissez-faire
Participatory
Sarina's firm primarily uses electronic marketing communications,
including emails, Twitter feeds, and Facebook posts. Which of the
following marketing tools might receive special attention?
22 / 26
A Facebook post carefully written to sound personalized
A hand-written thank you note
A hand-written thank you note
An email that appears to come directly from the supervising broker
An invitation to view new listings on the firm's website
Equal pay for equal work is a federal law that is ______.
Applicable to all employers with 15 or more employees

Enforced by the Equal Employment Opportunity Commission
Applicable to all employers with 20 or more employees
Codified in the Civil Rights Act of 1866
Enforced by the Equal Employment Opportunity Commission
Beverly, a real estate licensee, doesn't represent either party to a
specific real estate transaction. She merely helps the parties han-
dle the paperwork. What role is Beverly taking in this transaction?
A transactional broker
A designated agent
A dual agent
A sub-agent
A transactional broker
Jennings has received a Closing Disclosure from his lender.
What's the purpose of this form?
To detail all costs Jennings will owe at closing

To detail all costs Jennings will owe at closing
To disclose the distribution of commissions that will occur at
closing
To estimate closing costs
To estimate the seller's net proceeds
Which of the following is a good way to ensure safety and security
of properties listed by your brokerage?
Keep keys locked in a secure location.

Keep keys locked in a secure location.
Keep lockboxes and lockbox data close to you.
Store keys in an easily accessible location so they're available in
an emergency.
Tag keys with clients' names and addresses.
One of the most effective ways to lead is to establish an environ-
ment of ______ respect.
Employee Mutual
Hierarchical
Manager
Mutual
This style of leadership works well when a group needs to be
brought into line, but it can also stifle creativity and create distrust.
Autocratic Dictatorial
Dictatorial
Laissez-faire
Participatory
Which of the following describes the purpose of a formal chain of
command?
Centrally manages the organization Establishes a reporting structure

Determines work to be completed
Divides an organization into units
Establishes a reporting structure
Which of the following is a good way to ensure safety and security

at an office building?
Double-paned, double locked windows
Consistent alarm codes
23 / 26
Dim entrances and parking lots
Double-paned, double locked windows
Hollow-core exterior doors
Maury noticed that no one else in his market area was offering
relocation services, so he added this to the many benefits he
provided to his clients. What type of horizontal expansion did
Maury do?
Service
Inorganic
Operational
Sector
Service
The staffing philosophy for a brokerage should be developed to
support the _______.
Brokerage's mission and goals Brokerage's mission and goals

Marketplace
Needs of local licensees
Personality of the sponsoring broker
Five competing licensees in the same area agreed to cooperate
in setting a standard commission rate for the area. This makes
them guilty of a per se antitrust violation. What is a per se antitrust
violation?
One in which no intent needs to be proven to establish a violation
Boycotting has occurred
One in which no intent needs to be proven to establish a violation
has occurred
One in which the parties colluded
Price fixing
A brokerage's independent contractor agreements should include
_______.
An indication that the worker won't be treated as an employee An indication that the worker won't be treated as an employee
A statement of benefits
Information about approved working hours
Specifics for overtime pay
What phase of the business life cycle is reached when a company
has to lay off its employees and liquidate its assets to pay off debt?
Death Death
Decline
Maturity
Rebirth
What is the purpose of tracking industry and economic trends?
To provide budget-to-expenditure comparisons

To provide information about external events that might impact the
To provide information about external events that might impact the
brokerage
brokerage
To provide topics of conversation for the next association meeting
To support the retention schedule for transaction files
Although training delivered via a recorded webinar may not be

very engaging for a learner, it does have one advantage over other
training delivery methods. What is it?
It's budget-friendly for the brokerage when a large, physically
It allows learners to interact frequently with the content, though
dispersed audience is involved.
not with one another.
It incorporates many opportunities for practice with other students
or an instructor.
It's budget-friendly for the brokerage when a large, physically
24 / 26
dispersed audience is involved.
It's quick and easy to produce.
Broker Terrence is shopping for office space. He found a great deal
on an office located on the corner of a busy intersection. Which
of the following data from the market analysis will help Terrence
decide if this is a good location for his office?
Target market's traffic patterns
Average rental rates
Name recognition of competitors
Target market's service needs
Target market's traffic patterns
April, an employee, takes two hours for lunch on a regular basis.
She always says she has an appointment, or something else that
has come up that was important. Other employees in the office
are beginning to complain. What should the managing broker do?
Explain to April that she needs to keep her lunch to one hour, just
Explain to April that she needs to keep her lunch to one hour, just
like everyone else.
like everyone else.
Have one of April's co-workers find out what April is doing when
she's gone so long.
Ignore it, as long as her work is getting done.
Tell the others in the office to mind their own business.
What is the primary purpose of an exit interview when a licensee
leaves a brokerage?
To abide by laws that require exit interviews, so the brokerage isn't

penalized or sued for wrongful termination To collect feedback about what it's like to work for the brokerage,
To collect feedback about what it's like to work for the brokerage, and possibly find areas for improvement
and possibly find areas for improvement
To collect the employee's confidential information to tell everyone
at the brokerage
To try to convince the licensee to stay at the brokerage
Which generation is known as the social media generation?
Baby boomers
Millennials
Generation X
Generation Z
Millennials
Which agency prohibits unfair acts, practices, or methods of com-
petition, and enforces federal antitrust and consumer protection
laws nationally?
Federal Trade Commission
Attorney general's office
Consumer Reports
Federal Trade Commission
National Bar Association
A thorough understanding of the ______, regulatory, and business
environments is needed to fully analyze the market.
Average sales price Economic

Economic
GDP
Market share
Licensee Elise, an independent contractor, is completing paper-

work for her affiliation with a new broker. Which of the following is
she required to complete to work in this capacity?
A W-9
A W-2
A W-4
25 / 26
A W-7
A W-9
Marsha is reviewing a market analysis to help her determine the
location of her new brokerage office. What data should she look
for?
What current tenants pay for rent and utilities
The importance of walk-in business What current tenants pay for rent and utilities
Where her target market spends their money
26 / 26

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Real Estate Brokerage: Practice Exam

Study online at https://quizlet.com/_9dam6d

Company description Executive summary

Minority Real Estate Professionals of America (MREPA)

Assignment automatically releases the party who assigned the

He should look for common threads or themes in those notes

Approve licensee business expenses. Monitor licensee paperwork.

A connection to the community Free publicity

A specific listing Name recognition

To maintain visibility To maintain visibility

A licensee is only required to present formal written offers that are

He wants control over branding. He wants control over branding.

Higher-than-normal average DOM Higher-than-normal average DOM

Downsizing Niche management

It's debt. It's not revenue.

He has a signed contract. The sale has closed.

Initially when writing the risk management plan and as needed

It could set a precedent. The broker's license is on the line.

Serious damage to the firm's brand or reputation can occur as a

Business objectives are derived from business goals and align

Avoid confusion by sharing all of the information you have about

Desktop publishing, web design, and image editing

Allows regular updates to process without your approval

The 1970 case against Prince George's County Board of REAL-

Divide the firm's number of sales by the total number of market

Housing demand may exceed supply of housing in your target

Declining to show your 30-something buyer a condo in a regis-

It defines the level of drilling that needs to take place in order to

Everyone in the firm

Through licensee expertise

Competition Target market

Before showing a buyer customer his listing, Mitchell explained to

Generate new client leads Generate new client leads

Evaluating marketing niches Regularly reviewing expenses

Base sales volume

The company's core values The company's mission statement

REALTOR associations The Texas Real Estate Commission

Because new licensees at a brokerage are required to complete

To calculate staffing needs

What information does the Loan Estimate NOT provide to buyers

Consider national and global trends, but keep a closer eye on

Your office and systems decisions should be made by your em-

Employees should be required to memorize the code.

Inventory rates Vacancy rates

All sales staff

Geographic expansion Service expansion

GDP Market share

It's a detailed management and planning tool that serves as your

Ask her current licensees to act as ambassadors with their col-

Cash expended statement

Data encryption Report generation

Decreased costs of doing business Increased revenue

In block type Using standardized language

Which of the following would appear on your budget?

Attempts to avoid a bidding war Inaccurate competitive market analysis

Average time on market Demographics

Only to arrange a showing to a buyer

Hire a recorder to capture everything that's stated in the first

They don't assist in overall risk management, but they do play a

You're representing Crystal in the purchase of a house. Crystal

Your duty of confidentiality to your client dictates that you not

Administrative staff Everyone in the firm

Counseling clients on strategies Placing an advertisement

No. Kay must obey the recordkeeping requirements established