Name: Homework 1

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Instructions:  

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Question 1   Multiple Choice (1.0000 points)
  Question: A broker sold a residence for $56,000 and received $3,920 as her commission in accordance with the terms of the listing agreement. What percentage of the sale price was the broker's commission?
 
    6 percent
6 1/2 percent
7 percent
7 1/2 percent
8 1/2 percent
 

 
Question 2   Multiple Choice (1.0000 points)
  Question: Normally, a real estate broker is paid
I. A percentage of the sale price as a commission
II. At the time the seller agrees to sell to a buyer

 
    I only
II only
Both I and II
Neither I nor II
 

 
Question 3   Multiple Choice (1.0000 points)
  Question: Real estate brokerage is
I. A highly localized business
II. A relatively non-competitive business

 
    I only
II only
Both I and II
Neither I nor II
 

 
Question 4   Multiple Choice (1.0000 points)
  Question: The brokerage process does not include which of the following?
 
    Listing property for sale
Lending money to prospective buyers
Marketing listed property
Settlement of brokered transactions
 

 
Question 5   Multiple Choice (1.0000 points)
  Question: Two important characteristics found in successful real estate brokers are
 
    ego drive and empathy.
aggressiveness and assertiveness.
dominating and talkative.
ego drive and aggressiveness.
empathy and aggressiveness.