Yha - Broker Management Continuing Education Final Exam (100 Questions)

100 Questions | Total Attempts: 65

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Yha - Broker Management Continuing Education Final Exam (100 Questions)

12-Hour Broker Management Continuing Education Course Final Exam


Questions and Answers
  • 1. 
    Who is NOT exempt from needing a real estate license?
    • A. 

      A. Julie, who offers to help her neighbor find a buyer for his condo if he’ll pay her association fees that month

    • B. 

      B. Lisa, who lives in a multi-unit apartment building and is paid one month’s rent for referring two new tenants

    • C. 

      C. Matthew, who, as executor of his father’s will, is getting paid by the estate to sell his father’s house

    • D. 

      D. Paul, a county employee who is paid commission for finding and negotiating the lease of new office space

  • 2. 
    Who must be licensed as a broker under Illinois law?
    • A. 

      A. Ethan, who has keys made for a sponsoring broker’s company listing.

    • B. 

      B. Juan, who holds open houses to market real estate to the public for a sponsoring broker.

    • C. 

      C. Sam, who sets up for an open house at a sponsoring broker's property before it opens to the public.

    • D. 

      D. Wallace, who places signs on properties for a sponsoring broker.

  • 3. 
    Which agency regulates real estate activity in the State of Illinois?
    • A. 

      A. Attorney General’s office

    • B. 

      B. Department of Financial and Professional Regulation

    • C. 

      C. Illinois State Board of Real Estate

    • D. 

      D. Illinois State Legislature

  • 4. 
    A broker can receive his compensation from the
    • A. 

      A. client.

    • B. 

      B. lender representative.

    • C. 

      C. sponsoring broker.

    • D. 

      D. team leader.

  • 5. 
    Theo owns 50% of Great Day Realty and manages the company as well. Theo most likely
    • A. 

      A. is not required to have a license.

    • B. 

      B. is a licensed managing broker.

    • C. 

      C. is a licensed salesperson.

    • D. 

      D. is unlicensed but signed an Affidavit of Non-Participation.

  • 6. 
    Andrew, the sponsoring broker, asks his new office manager, Ellie, to write a company policy manual and distribute it to the company. If the state audits the company,
    • A. 

      A. Andrew will be solely responsible for the content, regardless.

    • B. 

      B. Andrew will not be responsible, since he didn’t write the manual.

    • C. 

      C. Ellie will be solely responsible for the content of the manual.

    • D. 

      D. Ellie and Andrew will be jointly responsible for the content of the manual.

  • 7. 
    Steve lists his house for sale with sponsoring broker Dan. Carl, a broker for sponsoring broker Sylvia, finds a buyer for Steve’s house. Once the transaction is complete, how will broker Carl receive his earned commission?
    • A. 

      A. Seller Steve pays Carl directly

    • B. 

      B. Seller Steve pays listing agent Dan, who pays Carl

    • C. 

      C. Seller Steve pays sponsoring broker Dan, who pays Sylvia, who pays Carl

    • D. 

      D. Seller Steve pays sponsoring broker Sylvia, who pays Carl

  • 8. 
    Abe is an inactive broker and vice president of Success Realty, Inc., a licensed brokerage corporation in Illinois. He has filed an affidavit of non-participation. Of the services listed below, which is Abe NOT allowed to perform?
    • A. 

      A. assist in establishing real estate sales goals for the corporation

    • B. 

      B. design a company logo

    • C. 

      C. conduct a real estate sales meeting with the agents

    • D. 

      D. maintain the financial accounts and records for the corporation

  • 9. 
    Jane works as a clerical assistant for a brokerage company. Under the Illinois Real Estate Act, Jane is required to be licensed if she
    • A. 

      A. arranges for keys to be picked up for an open house.

    • B. 

      B. explains the terms of a sales agreement to a client.

    • C. 

      C. follows up on completing paperwork for a client after the contract has been signed.

    • D. 

      D. responds to phone inquiries from customers about prices by quoting directly from published information.

  • 10. 
    Which of the following is NOT a minimum service specifically required under an exclusive listing agreement?
    • A. 

      A. accept delivery of and present to a client all offers.

    • B. 

      B. answer the seller's questions about offers, counteroffers, and contingencies.

    • C. 

      C. assist the seller in developing offers and counteroffers.

    • D. 

      D. advise the seller of the appropriate listing price based on market analysis.

  • 11. 
    Compensation can be paid
    • A. 

      A. from one sponsoring broker to another.

    • B. 

      B. to a friend who refers a client to you.

    • C. 

      C. to an assistant by a team leader.

    • D. 

      D. to an unlicensed online referral company.

  • 12. 
    Sylvia is a licensed assistant for Jim. Identify the statement that is TRUE.
    • A. 

      A. Jim will pay Sylvia a split of his commissions.

    • B. 

      B. Jim’s sponsoring broker will have an employment agreement with Sylvia.

    • C. 

      C. Sylvia is only required to have an employment agreement if acting independently.

    • D. 

      D. Sylvia will have an employment agreement with Jim.

  • 13. 
    Mary, the sponsoring broker, keeps the company policy manual locked in her desk.
    • A. 

      A. The manual must be available for access by the public.

    • B. 

      B. This is important for the security of this important document.

    • C. 

      C. This is imprudent because a copy should be readily available for all licensees.

    • D. 

      D. This is required by law.

  • 14. 
    Stu is opening up his own office. He writes a company policy manual for the company. Identify the statement that is TRUE.
    • A. 

      A. Stu is not required to have a company policy manual.

    • B. 

      B. Stu is required to file a copy of the company policy manual with the state.

    • C. 

      C. Stu will make the company policy manual available only if an employee asks about it.

    • D. 

      D. Stu will want to make sure that all employees have read the company policy manual.

  • 15. 
    Sally is a licensed leasing agent for the Rental People. She has been working there all summer as a part-time agent and will return to college in the fall.
    • A. 

      A. Sally may accept “gifts” from her lessor clients for the work she does.

    • B. 

      B Sally may also lease commercial space with the approval of her broker.

    • C. 

      C. Sally must be at least 21 years of age to have gotten her Leasing Agent License.

    • D. 

      D. Sally must have an employment agreement with her sponsoring broker.

  • 16. 
    Ace Realty has three brokerage offices in Illinois. Ace is NOT required to have
    • A. 

      A. an employment agreement with each affiliated licensed broker.

    • B. 

      B. an errors & omission insurance policy.

    • C. 

      C. a designated managing broker for each office.

    • D. 

      D. a written company policy.

  • 17. 
    An advantage of structuring a brokerage business as a corporation is
    • A. 

      A. strict federal laws regulate start-up and operation.

    • B. 

      B. easy to set up business.

    • C. 

      C. complete control over operations.

    • D. 

      D. limited personal liability.

  • 18. 
    A managing broker should include safety and security guidelines in the
    • A. 

      A. affiliated business disclosure.

    • B. 

      B. company policy manual.

    • C. 

      C. employment agreement.

    • D. 

      D. standard brokerage agreement.

  • 19. 
    An employee agreement
    • A. 

      A. must be copied to the licensee.

    • B. 

      B. must be in writing.

    • C. 

      C. must be signed by the licensee and the sponsoring broker.

    • D. 

      D. all of the above.

  • 20. 
    Brandon forms a Team at Big Sky Realty. On his team, he was three other members.
    • A. 

      A. All members of the team must have an employment agreement with the sponsoring broker of Big Sky Realty.

    • B. 

      B. Brandon can pay the members of his team.

    • C. 

      C. The other three members are solely responsible for their actions to Brandon.

    • D. 

      D. The team must be a licensed entity.

  • 21. 
    A licensed personal assistant
    • A. 

      A. may be paid by either sponsoring broker or the licensee being assisted.

    • B. 

      B. may only be paid by licensee being assisted.

    • C. 

      C. must be paid by the sponsoring broker.

    • D. 

      D. must have in their employment agreement who will pay them.

  • 22. 
    Of the following, which unlicensed employee is in violation of the Illinois Real Estate License Act?
    • A. 

      A. Courier Kenny who delivers documents to clients and picks up keys on behalf of the brokerage

    • B. 

      B. Personal assistant Larry who assembles closing documents and obtains public information from a court house

    • C. 

      C. Personal assistant Mary who fills in to show a property to a client for Broker Joe when he gets suddenly ill with the flu

    • D. 

      D. Receptionist Nancy who fills in for her boss when he must attend a closing by sitting at a property for a broker tour not open to the public

  • 23. 
    Which act would be acceptable under RESPA rules?
    • A. 

      A. A title company offers a broker free advertisement space in its brochure.

    • B. 

      B. A title company provides a broker with free promotional post-it notes featuring the name and logo of the broker.

    • C. 

      C. A title company provides a broker with post-it notes with the name and logo of the title company.

    • D. 

      D. A title company sponsors a broker’s golf outing to entertain new clients for the broker.

  • 24. 
    As a safety precaution, managing brokers should advise their agents to
    • A. 

      A. share confidential client information with another agent or assistant whenever possible.

    • B. 

      B. hold open houses with another agent or assistant whenever possible.

    • C. 

      C. share their computer network access password with another agent or assistant as soon as possible.

    • D. 

      D. reveal personal and confidential information about themselves with their clients to establish trust and rapport.

  • 25. 
    All of the following practices introduce an element of risk to an agent’s safety EXCEPT
    • A. 

      A. allow the customer to drive you to the property.

    • B. 

      B. keep the customer walking in front of you when showing a property.

    • C. 

      C. let the customer follow you when showing a property.

    • D. 

      D. publicly advertise that the property is vacant.

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