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This Chapter Quiz includes 15 multiple-choice questions. You must answer 10 out of 15 questions correctly (70%) in order to pass.

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1. What happens when an independent contractor agreement does not lay out the financial agreement between the salesperson and the broker?

2. Which of the following is false?

3. When a broker has a salesperson working as an independent contractor, which of the following is NOT true?

4. When a salesperson is considered an employee of a brokerage, the IRS requires the broker to do which of the following as the employer?

5. Robin has been having a record year as a salesperson, but feels she could be doing even better if she hired an assistant to help her organize her paperwork, listings, and advertisements. Which is true?

6. Lauren has just acted as the real estate salesperson for the seller on successfully selling a $450,000 home, with a 6% commission. The buyer’s broker on the sale had agreed to a 50/50 split, and Lauren has a 50/50 split with her own broker. How much money will Lauren receive from this transaction?

7. When a salesperson participates in a successful real estate transaction, who pays them?

8. Jerrod believes that joining the NAR will greatly increase his effectiveness at selling. The annual membership is about $500. How should he pay for this?

9. Which statement is true?

10. Which of the following is true about independent contractor agreements?

11. Who pays for any expenses involved with getting a real estate license?

12. A real estate salesperson must have their license sponsored at all times by whom?

13. Which statement is false?

14. Which is true about independent contractor agreements?

15. Which is true about the commission split between a salesperson and their sponsoring broker?