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21 Cards in this Set
- Front
- Back
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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. |
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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. |
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Commingling
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To mix personal and public money |
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Conversion
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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).
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When a sales associate obtains money to be deposited in the escrow account, it must be given to the broker when?
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immediately. This means no later than the end of the next business day. |
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When a broker receives money to be deposited in an escrow account, he must deposit it when?
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immediately within three business days. (Holidays and weekends are excluded) |
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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
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The broker has how many days from the last party's demand to implement one of the procedures set up for escrow disputes?
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30 days |
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What are the procedures for escrow disputes? |
Escrow Disbursement Order, Mediation, Arbitration, Litigation. |
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he federal government department which regulates RESPA is the |
Consumer Financial Protection Bureau (CFPB) |
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What must a broker do to maintain trust account? |
Reconcile monthly with a statement of any discrepancies. |
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escrow/trust accounts must be |
separate from the broker's own operating funds. |
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Once the dispute is settled, the broker must notify the FREC within ___ days that the dispute is over. |
10 days |
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If the information for rentals is inaccurate the tenant may |
Request a refund of 100% of the full fee (if requested within 30 days) |
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if the tenant does not find a rental the tenant may
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Request a refund of 75% of the fee (if requested within 30 days)
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The penalty for advertising obsolete or otherwise inaccurate rental lists is
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a fine up to $1,000 and/or up to one year in prison. This is a first degree misdemeanor.
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The sales associate may never accept direct payment (gifts, money) from a
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Principal or customer. |
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The Sherman anti-trust forbids |
Price fixing, Group Boycotts, and Division of markets by location or price |
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Penalties for violations of the Sherman Anti-Trust Act can include |
prison terms and fines of $50,000 per violation |
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Any time a sales associate changes employers (brokers) he must |
notify the FREC within 10 days on the current form prescribed by the DBPR. |
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if the primary broker dies in a partnership, that broker must be replaced by another active broker within
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14 days. |
