header bg

Download REALESTATE Prep app now

Scan QR code or get instant email to install app

Question:

If a group of brokers agreed to divide a market area or set commission rates, it would ____

A violate Anti-Trust Law.
explanation

Any restraint of trade is a federal anti-trust violation.

Explore more similar questions
Take more free practice tests for otherReal Estate topics with our real estate practice test now!

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Related Questions

A surrender occurs due to the cancellation of the lease agreement by ____

the mutual consent of the landlord and the tenant.

When the tenant relinquishes possession by mutual agreement with the owner, it is referred to as surrender. Alternatively, if the tenant relinquishes possession with no intent of returning and without the agreement of the owner, it is called abandonment.

If a licensee’s name is on a list of obligors who have not complied with a court-ordered payment of child support, the licensee’s renewal application will ____

renew as a temporary license, but the debt must be paid within 150 days.

On renewal of their license, failure to pay child support will cause a licensee to receive a temporary license allowing 150 days to resolve the arrears.

Sexual discrimination in housing is outlawed in sales and rentals under the ____

Civil Rights Act of 1968.

Gender is among the protected groups described in the Civil Rights Act of 1968.

A verbal agreement to sell real estate is enforceable when ____

the buyer makes a down payment, takes possession and improves the property.

The theory of estoppel holds the act of making a down payment, occupying and improving a property represents a mutual agreement to the sale.

An unlicensed assistant in a real estate office cannot ____

discuss the price and term of a transaction with a principal.

This question provides a good source of information about the activities that can be performed by unlicensed assistants that can be used in future questions on this topic.

If a seller refuses to fill out their section of the Transfer Disclosure Statement (TDS), the seller’s agent is advised to ____

complete the listing agent’s portion of the TDS and deliver it to the buyer without the seller completing their section of the form.

This is the best answer choice. However, as a matter of best practice, the seller’s agent is to explain to the seller their obligation to accurately complete their portion of the Transfer Disclosure Statement (TDS).

Most real estate records need to be kept for a period of three years, commencing from the date that a property is first listed or the date ____

escrow closes.

Record keeping commences from when the listing was signed or when the sale was complete, i.e., the close of escrow.

A salesperson’s commission is paid by ____

the broker.

A salesperson is “an agent of the agent” and always works for the broker who represents the principal. Thus, the commission is paid to the broker who then distributes the monies according to the terms of the salesperson/broker agreement.

A public walkway within a condominium community ____

exists in a common area.

Can you visualize exceptions that would make answers needs to be at least five feet wide and must be made of concrete incorrect? For instance, some walkways may be narrower than five feet or made of asphalt. Answer is maintained by individual owners cannot be correct, as the homeowners’ association (HOA) within a condominium community is responsible for the maintenance of common areas and facilities. Thus, only exists in a common area is the best option as public walkways always exist in a common area in an HOA community.

Which of the following conditions would not cause a building to be declared uninhabitable?

Electrical wiring that is safe and working properly but does not comply with present building codes.

This question is phrased in the negative. 3 other answer selections render the rental property uninhabitable. The electrical wiring (a significantly longer answer and more detailed answer selection), does not trigger the inhabitable defense since it is safe and functional even though it does not meet current building codes.

The purpose of a (n) ____, like an easement and a lease, is to grant the right to use property owned by another person.

license

A license is a revocable right to use something, such as land. A license is appropriate where the use of the land is open and notorious to avoid an adverse possession claim.

Roland, a broker, arranges a sale and opens escrow. Before escrow closes, his license is revoked by the Department of Real Estate (DRE). What happens to Roland’s commission?

Roland gets his commission.

The broker’s commission is earned when a ready, willing, and able buyer is found. Thus, since the broker was licensed at the time he procured a buyer as contracted for, he is able to collect his fee.

It is appropriate for real property managers to be compensated in all of the following ways, except ____

receiving kickbacks from contractors and suppliers.

This is a clear ethics violation. Kickbacks are never acceptable under any circumstance.

The Uniform Commercial Code, which pertains to a bulk sale transfer, exists primarily for the protection of ____

creditors.

Creditors need protection from those who might attempt to walk away from their debt obligations.

A prohibition against a “For Sale” sign in a residential neighborhood ____

violates the First Amendment.

Prohibiting the display of “For Sale” signs is a violation of the First Amendment freedom of speech right and prohibits the free flow of truthful commercial information. A homeowners’ association (HOA) may impose reasonable rules about the posting of a For Sale sign, though cannot prohibit it.