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REAL ESTATE BROKERAG E SAE -
CHAMPION'S SCHOOL OF REAL
ESTATE QUESTIONS AND
ANSWERS
Question 1: Manager numbers related to number of agents
CORRECT ANSWER: 10
Question 2: Disadvantages of being a broker
CORRECT ANSWER: The broker is responsible for his
or her own health insurance benefits. The amount of the broker's paycheck is not consistent. The broker must plan for his or her own retirement. The broker is responsible for putting aside enough to cover his or her taxes. The broker is responsible for the activities of all sponsored agents at the brokerage. The fear of the unknown.
Question 3: Lean Management
CORRECT ANSWER: consistently evaluating and
improving efficiency to maximize what it is that customers value about your business, always with an eye out for cost reduction the overuse of emails to clients,
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generating reports and metrics that no one reviews or discusses, filling out a listing agreement before a customer has agreed to list with you. Improper training of sales agents or staff would also fall under this category
Question 4: Variable Expenses in the brokerage business
CORRECT ANSWER: • Transaction expense
(including commissions, franchise fees, referral fees, etc.) • Salaries (including the brokers' salary, all employees, and employee benefits) • Rent or mortgage payments • Advertising and marketing • Service fees • Supplies and equipment • Taxes • Licenses • Dues • Publications • Banking costs • Repairs and equipment replacement • Miscellaneous
Question 5: Legislation and identity theft
CORRECT ANSWER: Liability Issues
Question 6: Senior housing criteria
CORRECT ANSWE R: • HUD has determined that it is
specifically designed for and occupied by elderly persons
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under a federal, state, or local government program or • It is occupied solely by persons who are 62 or older • It houses at least one person who is 55 or older in at least 80 percent of the occupied units, and adheres to a policy that demonstrates an intent to house persons who are 55 or older.
Question 7: Factors affecting demand for real estate
CORRECT ANSWER: Growth in employment,
Transportation systems, Personal preference, availability of credit, federal gov policy
Question 8: Inorganic growth of business
CORRECT ANSWER: adding of additional businesses
from the outside to produce company growth (Acquisition)
Question 9: License holders vs unlicensed assistants
CORRECT ANSWER: may not Show properties to
buyers and answer real estate related questions about: 1.
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Listings 2. Closings 3. Financing 4. Title Issues 5. Market Conditions 6. Market Values
Question 10: Seller's Disclosure requirements
(exceptions)
CORRECT ANSWER: There are some exceptions to
the requirement for completion of a Seller's Disclosure of
Property Condition, including sales: • pursuant to a court
order or foreclosure sale • by a bankruptcy trustee • to a lienholder by the owner of a property • by a mortgagee (lender) who has acquired the property through a foreclosure or a deed in lieu of foreclosure • by a fiduciary (e.g. an executor, trustee or guardian) in the course of administration of a decedent's estate, guardianship, conservatorship or trust • from one co- owner to one or more other co-owners • to a spouse or to a person in the lineal line of consanguinity (e.g. parents, grandparents, children) of one or more of the transferrers • between spouses resulting from a divorce decree or a property settlement agreement incident to a divorce decree • to or from any governmental entity • of a new residence which has not previously been occupied for