1 minute read
Chapter 1 Quiz
CHAPTER 1 QUIZ Print out this ten-question quiz and then select the most appropriate answer from the choices given. The answers are provided on the next page.
1. What does caveat emptor mean? a. A forewarning to leaders. b. Let the buyer beware. c. Let the seller be cautious d. Let the agent work hard.
Advertisement
2. What are the duties of the state’s real estate department? a. To license real estate agents. b. To regulate the profession. c. To administer disciplinary actions. d. All of the above.
3. What are the three levels of real estate licensing? a. Sales Associate, Broker, Broker Associate b. Sales Broker, Broker Associate, Sales Agent c. Sales Associate, Associate Agent, Broker d. Broker Agent, Sales Agent, Broker
4. True or False. All real estate applicants must be United States citizens? a. True b. False
5. A license must be at least ______ years old. a. 17 b. 18 c. 21 d. 25
6. An agreement between two states that provides for the recognition of each other's real estate license education is called _________________________. a. license sharing b. mutual respect c. mutual recognition d. licensing recognition
7. An Involuntary Inactive License classification occurs if… a. A licensee does not renew their license at the end of the license period. b. A licensee has not closed on a sale within the past 12 months. c. The agent’s broker has fired the licensed salesperson. d. The licensee is unemployed.
8. A voluntarily inactive license classification occurs if… a. A licensee does not renew their license at the end of the license period. b. The licensee has not completed their continuing education at the end of the license period. c. The licensee is not affiliated with a broker, developer or real estate company. d. None of the above.
9. True or False. It is legal to work under a real estate broker if you are not licensed. a. True b. False
10. True or False. It is illegal to share a commission or pay compensation to an unlicensed person for any services that would require that person to have a real estate license. a. True b. False
