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21 Cards in this Set

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  • Back

A blind ad is

an advertisement that does not make it clear that a broker or real estate company is advertising the property for sale, rent or lease.

Escrow is

an amount of money or property granted to somebody but held by a third party and only released after a specific condition has been met.

Commingling

To mix personal and public money

Conversion
taking money that should be held in escrow for the parties and using the money for the broker's own needs (such as operating money).
When a sales associate obtains money to be deposited in the escrow account, it must be given to the broker when?

immediately. This means no later than the end of the next business day.

When a broker receives money to be deposited in an escrow account, he must deposit it when?

immediately within three business days. (Holidays and weekends are excluded)

if there is a dispute over the return or disbursement of earnest money the broker must

notify the FREC within 15 business days from the last party's demand
The broker has how many days from the last party's demand to implement one of the procedures set up for escrow disputes?

30 days

What are the procedures for escrow disputes?

Escrow Disbursement Order, Mediation, Arbitration, Litigation.

he federal government department which regulates RESPA is the

Consumer Financial Protection Bureau (CFPB)

What must a broker do to maintain trust account?

Reconcile monthly with a statement of any discrepancies.

escrow/trust accounts must be

separate from the broker's own operating funds.

Once the dispute is settled, the broker must notify the FREC within ___ days that the dispute is over.

10 days

If the information for rentals is inaccurate the tenant may

Request a refund of 100% of the full fee (if requested within 30 days)

if the tenant does not find a rental the tenant may
Request a refund of 75% of the fee (if requested within 30 days)
The penalty for advertising obsolete or otherwise inaccurate rental lists is
a fine up to $1,000 and/or up to one year in prison. This is a first degree misdemeanor.
The sales associate may never accept direct payment (gifts, money) from a

Principal or customer.

The Sherman anti-trust forbids

Price fixing, Group Boycotts, and Division of markets by location or price

Penalties for violations of the Sherman Anti-Trust Act can include

prison terms and fines of $50,000 per violation

Any time a sales associate changes employers (brokers) he must

notify the FREC within 10 days on the current form prescribed by the DBPR.

if the primary broker dies in a partnership, that broker must be replaced by another active broker within

14 days.