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20 Cards in this Set
- Front
- Back
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BEFORE A REAL ESTATE LICENSE CAN BE SUSPENDED OR REVOKED, THE SALESPERSON OR BROKER IS USUALLY ENTITLED TO: A) A HEARING BEFORE THE LICENSING AUTHORITY B) A PROBATION PERIOD C) REPRESENTATION BY THE STATE'S ATTORNEYS IN COURT D) A HEARING IN THE LOCAL FEDERAL COURT |
A) |
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THE DESIGNATED BROKER OR MANAGING BROKER MUST REVIEW AND INITIAL REAL ESTATE CONTRACTS WITHIN: A) 3 DAYS B) 5 DAYS C) 7 BUSINESS DAYS D) 10 BUSINESS DAYS |
D) |
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A LICENSED SALESPERSON IN A REAL ESTATE TRANSACTION REPRESENTS A) ONLY THE BROKER FOR WHOM HE OR SHE WORKS FOR B) BOTH THE BUYER AND THE SELLER'S BROKER C) THE SELLER IN THE TRANSACTION D) THE BUYER IN THE TRANSACTION |
A) ONLY THE BROKER FOR WHO HE OR SHE WORKS |
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WHEN AN EMPLOYING BROKER'S REAL ESTATE LICENSE IS SUSPENDED OR REVOKED, SALESPEOPLE WORKING FOR THE BROKER A) MUST OBTAIN THEIR OWN BROKER'S LICENSE B) MAY CONTINUE SELLING ACTIVITIES C) LOSE THEIR LICENSE D) MUST STOP LISTING AND SELLING PROPERTY |
D) MUST STOP LISTING AND SELLING PROPERTY |
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THE PURPOSE OF THE RECOVERY FUND IS: A) TO PAY LICENSEE FOR LOSSES DUE TO CLIENT BREACH B) TO PAY CLIENTS DUE TO ACTIONS OF LICENSEES C) EXTRA MONEY SET ASIDE FOR REAL ESTATE ADVERTISING D) PAID BY LENDERS TO ASSIST CLIENTS |
B) TO PAY CLIENTS DUE TO ACTIONS OF LICENSEES |
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WHICH OF THE FOLLOWING PEOPLE WOULD BE REQUIRED TO HAVE A REAL ESTATE LICENSE? A) A DEVELOPER SELLING MORE THAN 6 PARCELS B) AN ATTORNEY-IN-FACT SELLING PROPERTY FOR A PRINCIPAL C) A TRUSTEE SELLING UNDER A FRIENDLY FORECLOSURE D) AN ATTORNEY-IN-FACT TAKING A LISTING |
D) AN ATTORNEY-IN-FACT TAKING A LISTING
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REAL ESTATE LAWS (STATUTES) ARE MADE BY A) THE COMMISSIONER B) THE LEGISLATURE C) THE DESIGNATED BROKER D) THE DEPARTMENT OF REAL ESTATE |
B) THE LEGISLATURE |
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AN ASSOCIATE BROKER A) HAS MANAGEMENT DUTIES ALONG WITH THE DESIGNATED BROKER B) HOLDS A BROKER'S LICENSE BUT WORKS UNDER A DESIGNATED BROKER C) IS THE EMPLOYING BROKER D) IS NOT AN INDEPENDENT CONTRACTORS, IS AN EMPLOYEE |
B) HOLDS A BROKER'S LICENSE BUT WORKS UNDER A DESIGNATE BROKER |
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TOM WORKED FOR BROKER JAMES AT THE TIME HIS CLIENTS ENTERED INTO A CONTRACT TO PURCHASE A HOUSE. PRIOR TO CLOSE OF ESCROW, TOM WENT TO WORK FOR BROKER BROWN. WHO WILL PAY TOM HIS COMMISSION UPON CLOSE OF ESCROW? A) DIRECTLY FROM BROKER JAMES B) DIRECTLY FROM BROKER BROWN C) BROKER JAMES WILL PAY BROKER BROWN WHO WILL PAY TOM D) THE ESCROW AGENT |
A) DIRECTLY FROM BROKER JAMES |
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A DESIGNATED BROKER IS ULTIMATELY RESPONSIBLE FOR THE ACTIONS OF A) EVERY SALESPERSON IN THE COMPANY B) EVERY EMPLOYEE IN THE MAIN OFFICE C) ALL LICENSEES AND THE COMPANY EMPLOYEES D) ONLY MAIN OFFICE ACTIVITIES, NOT BRANCH OFFICE ACTIVITIES |
C) ALL LICENSEES AND THE COMPANY EMPLOYEES |
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THE MINIMUM AMOUNT IN THE RECOVERY FUND MUST BE AT LEAST A) $700,000 AS OF JANUARY 1 EVERY YEAR B) $600,000 AS OF APRIL 15 EACH YEAR C) $700,000 AS OF JULY 1, EACH YEAR D) $600,000 AS OF JUNE 30, EACH YEAR |
D) $600,000 AS OF JUNE 30, EACH YEAR |
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ANYTIME THERE IS A HEARING BEFORE A LICENSING AUTHORITY A) THE BROKER MAY NOT BE REPRESENTED BY LEGAL COUNCIL B) THE BROKER MUST REPRESENT HIM/HERSELF C) THE BROKER IS ENTITLED TO BE REPRESENTED BY LEGAL COUNCIL D) THE COST FOR LEGAL COUNCIL IS INCLUDED IN ANNUAL BOARD DUES |
C) THE BROKER IS ENTITLED TO BE REPRESENTED BY LEGAL COUNCIL |
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THE REAL ESTATE ADVISORY BOARD IS APPOINTED BY THE A) COMMISSIONER B) ATTORNEY GENERAL C) OFFICER OF ADMINISTRATIVE HEARINGS D) GOVERNOR |
D) GOVERNOR |
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WHAT IS THE MAXIMUM AMOUNT THAT WILL BE PAID FROM THE RECOVERY FUND PER TRANSACTION A) $10,000 B) $20,000 C) $30,000 D) $90,000 |
C) $30,000 |
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WHICH OF THE FOLLOWING IS REQUIRED IN ORDER TO HAVE A BRANCH OFFICE? A) MANAGING BROKER B) A SIGN C) 3 AGENTS D) LINKING COMPUTER SYSTEM |
B) A SIGN |
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WHO IS RESPONSIBLE FOR ALL ADVERTISING? A) OFFICE MANAGER B) ASSOCIATE BROKER C) DESIGNATED BROKER D) REAL ESTATE COMMISSIONER |
C) DESIGNATED BROKER |
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HOW MANY AGENTS ARE REQUIRED IN ORDER TO HAVE A BRANCH OFFICE? A) 1 B) 2 C) 3 D) 5 |
A) 1 |
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WHAT IS MAXIMUM AMOUNT OF THE BROKER'S PERSONAL FUNDS THAT CAN LEGALLY BE DEPOSITED INTO A TRUST FUND? A) $500 B) $1500 C) $3000 D) NO MAXIMUM |
C) $3,000 |
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A CLIENT HAS SUED THE BROKER. THE COURT AWARDED THE CLIENT $20,000 IN DAMAGES. THE BROKER DOES NOT HAVE THE FUNDS TO PAY THE JUDGEMENT SO THE CLIENT REQUESTS PAYMENT FROM THE REAL ESTATE RECOVERY FUND. THE $20,000 IS PAID TO THE CLIENT FROM THE FUND. WHAT HAPPENS TO THE BROKER? A) THE BROKER CAN NEVER PRACTICE REAL ESTATE IN ARIZONA AGAIN B) THE BROKER'S LICENSE IS TERMINATED C) THE BROKER'S LICENSE IS SUSPENDED D) THE BROKER'S LICENSE IS HELD INACTIVE AT THE DEPARTMENT OF REAL ESTATE |
B) THE BROKER'S LICENSED IS TERMINATED |
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HOW MANY DAYS DOES THE LICENSEES HAVE TO NOTIFY THE REAL ESTATE COMMISSIONER OF A MISDEMEANOR OR FELONY CONVICTION? A) 3 DAYS B) 10 DAYS C) 5 DAYS D) 30 DAYS |
B) 10 DAYS |
