Sales Management

      2. A sales license holder, Maria, works for ABC Realty. Her broker is James. She has signed a property management agreement for the Sunshine Apartment Complex. The agreement authorizes the agent to manage the complex and includes the authority to oversee advertising, maintenance, leasing space, and collecting rents. Which of the following statements about this situation is true? (a) A sales license holder cannot sign a management agreement. (b) Maria is a general agent for the Sunshine Apartment Complex. (c) James is a special agent for the Sunshine Apartment Complex. (d) James is a general agent for the Sunshine Apartment Complex. 7. Which of the following is NOT an element of a listing agreement? (a) The names of the parties to the contract, with signatures (b) The agreement to pay a stated commission to the broker (c) A legal description of the property, including street address (d) The broker's guarantee of profit for the seller 12. Mark, a licensed sales agent with XYZ Real Estate, has taken a listing at 25 Smith Street. The seller has told Mark that two years ago, there was a murder/suicide on the property. The seller has asked that Mark be sensitive to this issue in marketing the property. The real estate term used to describe this property is _____. (a) Unmarketable (b) Stigmatized (c) Uninsurable (d) Deficient 15. Which of the following statements about Intermediary with Appointments is true? (a) The broker/Intermediary can give advice and opinions to both parties as long as he remains honest and fair (b) The broker can be one of the appointees. (c) An appointed associate can give advice and opinions to one party. (d) Appointed associates can only disclose facts to the parties to the transaction. 22. Regarding marketing activities, what does the term "consistently" mean? (a) Consistently means marketing for six months (b) Posting a listing on social media and then waiting a couple of months to take it down if it does not pan out (c) Sticking to one form of marketing activity and never trying anything new (d) Using your entire marketing budget on one property 23. What happens to a sales agent's agreements if TREC revokes the broker's license? (a) Only the listing agreements with sellers are terminated. (b) The agreements are terminated. (c) Nothing, all agency agreements remain with the sales agent. (d) Only the buyer's representation agreements are terminated. 25. A signed employment agreement is necessary in order to: (a) Obtain a broker’s license (b) Represent a buyer (c) Collect a commission (d) Take continuing education courses toward a real estate license 26. Which of the following statements regarding IRS guidelines for independent contractors is INCORRECT? (a) Commissions must compensate the sales agent. (b) The broker cannot require the sales agent to attend sales meetings. (c) The broker is responsible for paying the sponsored sales agent's business expenses. (d) The broker may provide a policies and procedures manual, but may not make it mandatory for agents to follow. \27. The duty that calls for the principal to pay for expenses incurred by the agent during an agency relationship is _____. (a) Compensation (b) Reimbursement (c) Indemnification (d) Performance 28. A broker has entered into a listing agreement with a client in which he alone has the authority to sell the property. This type of listing is called a(n) _____. (a) Exclusive agency listing (b) Open listing (c) Net listing (d) Exclusive right to sell listing 29. According to TREC rules, what must be included in broker advertisements? (a) The broker license number (b) Brokerage information – the broker or company name (c) The broker email address (d) The brokerage phone number 32. Maria is a sales agent for Broker Bob who has a listing on a property on Oak St. Which of the following would NOT terminate the agency relationship created by this listing? (a) Maria's death (b) Broker Bob abandons the listing (c) Broker Bob's bankruptcy (d) The fulfillment of the purpose 33. An investor has secured the services of a broker to help the investor locate a particular type of property. This broker is most likely acting as a(n) _____. (a) Special or limited agent (b) General agent (c) Universal agent (d) Attorney in fact 36. Norma is in the market to purchase a property. She has talked to a couple of sales agents at different brokerages but has not yet signed a Buyer's Representation Agreement with any of them. What is true of Norma's property search? (a) Norma will receive limited brokerage services until she signs a Buyer's Representation Agreement because she is a customer. (b) Norma has entered an agency relationship with each brokerage that she has contacted. (c) Norma is a client of each brokerage she has called. (d) Norma has a duty of performance to each sales agent or broker that she speaks to until she enters an agency agreement.