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29 Cards in this Set

  • Front
  • Back
Before the commissioner issues a public report on subdivided land, the subdivider may not:

a. Take lot reservations
b. Enter into a binding contract
c. Advertise the lots for sale
d. Begin lot improvements
b. Enter into a binding contract
All of the following can be used in a developer's public report advertisement except:

a. Specific prices
b. The public report is an endorsement of the project
c. Names of the owners and past history
d. Future plans of the general area
b. The public report is an endorsement of the project
How long does a broker need to keep h is records?

a. 2 years
b. 3 years
c. 4 years
d. 5 years
d. 5 years
The commissioner may deny a public report for all of the following reasons EXCEPT:

a. The property is without ingress or egress
b. The owners have previously declared bankruptcy
c. The owner can't produce perfect title
d. The owner can't produce marketable title
c. The owner can't produce perfect title
The commissioner may deny a public report on a subdivision because of the sub-divider's inability to:

a. Provide buyers with water rights
b. Provide building permits
c. Deliver clear title
d. Provide floor plans
c. Deliver clear title
Which of the following would not be required to appear on a broker's trust account deposit receipt:

a. Name of the principles
b. Date of deposit
c. Name of the brokerage
d. Deposit break down and amount
c. Name of the brokerage
Right to license real estate agents comes from the:

a. Commissioner
b. State Legislature
c. Municipalities
d. County Government
b. State Legislature
Which of the following need a real estate license?

a. Person giving information about a subdivision
b. Receiver in bankruptcy
c. The subdivider fails to provide floor plan
d. The commissioner fears the properties have no real value
b. Subdivider has filed previous fraud convictions
If you buy a parcel of land in which a public report was required but was not issued, the buyer may void the sale within:

a. 1 year
b. 2 years
c. 3 years
d. 5 years
c. 3 years
A real estate broker is required to have all of the following except:

a. General trust accoutn
b. Day to day control of the business
c. Use the brokerage name when advertising
d. Have an acting manager at each branch office
a. General trust account
Which of the following statements is true regarding a broker trust account:

a. It may contain up to $600 of the broker's personal funds
b. The broekr may not pay other bills with the trust money
c. The salesperson can be a signator on the account
d. All trust accounts must be bonded
c. The salesperson can be a signator on the account
Which of the following is NOT required of a real estate broker:

a. Keep a copy of all contracts for 5 years
b. Have day-to-day control of the operation
c. Maintain a neutral trust account
d. Approve advertising material before publication
c. Maintain a neutral trust account
A subdivision public report would be required on all of the following properties except?

a. Residential time share
b. New home sales
c. Apartments converted to condo
d. Commercial lots
d. Commercial lots
Upon conviction of a felony or misdemeanor, a licensee must notify the real estate department within...

a. 3 days
b. 7 days
c. 10 days
d. 14 days
c. 10 days
Who may initial a purchase contract per commissioner's rules?

a. Any office manager
b. Designated or Associate Broker
c. Salesperson
d. Office employees
b. Designated or Associate Broker
To act as a temporary broker, which of the following is not true:

a. You must hold an associate broker's license
b. May be appointed by the real estate department
c. Be a spouse of the deceased broker
d. Obtain the temporary license from the real estate department
a. You must hold an associate broker's license
The real estate commissioner may do each of the following EXCEPT:

a. Hire and fire employees
b. Look at the broker books at anytime
c. Formulate rules and regulations
d. Immediately revoke a real estate license on a complaint of fraud
d. Immediately revoke a real estate license on a complaint of fraud
When a sales license has expired and is now being renewed, the late charge would be...

a. A graduated monthly fee
b. Three times the license fee
c. Two and one half the license fee
d. Up to $100.00 penalty
a. A graduated monthly fee
When a public report is issued on a time-share project, which of the following would not be included in the report?

a. Market value
b. Names of owners and developers
c. Condition of the title
d. Association fees to be paid
a. Market value of the project
Who appoints the real estate advisory board?

a. Commissioner
b. State legislature
c. Governor
d. Popular election
c. Governor
A verbal lease of one year would be:

a. Void
b. Voidable
c. Valid
d. Unenforceable
c. Valid
When a real estate license is required to be renewed; it is done every two years at:

a. The end of the month
b. The beginning of the month
c. The day issued
d. Each birthday
a. The end of the month
A salesperson receives an offer on a property of another listing broker. The salesperson cannot contact the listing broker within 24 hours. What must he do?

a. Request the seller to give him written authorization to present the offer
b. Mail the offer back to the buyer
c. Submit the offer to the seller immediately
d. Hold the offer until he can contact the listing broker
a. Request the seller to give him written authorization to present the offer
How long does a developer keep a receipt of having given a public report to the buyer?

a. 6 months
b. 12 months
c. 5 years
d. 7 years
c. 5 years
If an individual practices real estate without a license, this would be considered:

a. Class 6 Felony
b. Class 3 Felony
c. Class 1 Misdemeanor
d. Class 3 Misdemeanor
a. Class 6 Felony
Which of the following would nto be included in a public report?

a. Names of developers
b. Legal description
c. Access to utilities
d. Market value
d. Market value
According to Real Estate Law, an improved lot would be:

a. A lot with utilities
b. A lot with streets and servers
c. A lot that has been subdivided
d. A structure will be built on the lot within two years of contract
d. A structure will be built on the lot within two years of contract
Lot reservations before a public report is issued, does not apply on which of the following?

a. Improved subdivided lots
b. Unimproved subdivided lots
c. Improved industrial lots
d. Un-subdivided lots
c. Improved industrial lots
Broker does not notify the Real Estate Commissioner that he closed his real estate office. Which of the following is true?

a. The fine is in excess of $1000
b. Broker's License is terminated
c. Broker must notify the commissioner within 20 days
d. As long as the broker opens a new office in ten days, no violation has occurred
b. Broker's License is terminated