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13 Cards in this Set

  • Front
  • Back
Rules and regulations adopted by government agencies

a. serve only as general guidelines only
b. are used to administer and enforce legislative acts
c. may not prescribe penalties for violations
d. do not have the force and effect of legislative acts
b. are used to administer and enforce legislative acts
Broker W, in the course of selling a home to N, told her that the foundation was “solid as a rock” when he knew for a fact that it was slowly sinking into the landfill on which it was built/ In this situation, W may be subject to any of the following EXCEPT

a. having his real estate license revoked
b. being sued criminally for restitution
c. being sued civilly for damages
d. being sued criminally for fraud
b. being sued criminally for restitution
A sales person’s license must be

a. kept in a safe place by the sales person
b. carried by the sales person with him or her
c. retained in the office of the employing broker
d. retained by the sales person at his or her residence
c. retained in the office of the employing broker
Before a real estate license can be suspended or revoked, the licensee is usually entitled to

a. have the state’s attorney represent him or her in court
b. a hearing before the jurisdiction’s licensing authority
c. a probationary period
d. make restitution for any financial irregularities
b. a hearing before the jurisdiction’s licensing authority
A licensed real estate salesperson may represent

a. any owner who employs him or her
b. not more than one owner at one time
c. only the broker under whom he or she is licensed
d. more than one broker, depending on the parties to the transaction
c. only the broker under whom he or she is licensed
As a licensed real estate salesperson, which of the following is required of you when you are selling your own property?

a. you must list it with your employing broker
b. you must list it with another impartial broker
c. you must inform all prospective purchasers that you are a real estate licensee
d. you must inform prospective purchasers of your real estate license only if they inquire about it
c. you must inform all prospective purchasers that you are a real estate licensee
A broker cannot legally collect commissions from both the seller and the buyer without

a. notifying both parties of this fact verbally after the sale has closed
b. notifying both parties of this fact in writing after the sale has closed
c. having exclusive listing agreements signed by both the seller and the buyer
d. the prior knowledge and written consent of both the seller and the buyer
d. the prior knowledge and written consent of both the seller and the buyer
Generally, anyone who acts for another person in matters concerning the sale or lease of real estate must be licensed EXCEPT

a. one who is personally representing a dealer in real estate
b. anyone acting under a power of attorney
c. a relative of the party
d. a next-door neighbor
b. anyone acting under a power of attorney
The states have enacted real estate licensing laws for all of the following purposes EXCEPT to

a. protect the public from dishonest individuals
b. maintain minimum income levels for licensees
c. prescribe qualifications and standards for licensees
d. maintain minimum education levels for licensees
b. maintain minimum income levels for licensees
When the license of a real estate broker is suspended or revoked, his or her salespeople

a. must find a new employing broker
b. must obtain their broker’s licenses
c. must stop listing and selling property
d. may continue operating as before
c. must stop listing and selling property
A broker receives a check for earnest money from a buyer and deposits the money in an escrow or trust account. She does this to protect herself from a charge of

a. commingling
b. novation
c. lost or stolen funds
d. embezzlement
a. commingling
Under the real estate licensing laws, a salesperson is authorized to

a. sign a settlement statement
b. collect a commission directly from the principal
c. advertise a property under his or her own name
d. act under the broker’s supervision
d. act under the broker’s supervision
The purpose of the Real Estate Recovery Fund is to

a. protect the public from dishonest salespeople
b. provide a source from which to collect unpaid commissions
c. provide a means by which an injured party can collect a judgment award
d. pool monies from broker’s escrow accounts
c. provide a means by which an injured party can collect a judgment award