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15 Cards in this Set
- Front
- Back
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A broker desires to keep an escrow account in an interest bearing account. Would this be legal?
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Yes, if all parties to the transaction agree, in writing that the funds will go into an interest bearing account and who is to receive the interest.
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A broker took earnest money from a buyer. He deposited the money in the trust account, but when his electric bill was due, the broker deposited the buyer's money into the broker's business account. This is?
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Conversion
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How long does a sales associate have to deliver earnest money to the broker?
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Immediately
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What must a broker do with his trust account?
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Reconcile monthly with a statement of any discrepancies.
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Broker Paul from ABP and Broker Shawn from XYZ meet to play golf. During their round of golf and at lunch, both discuss how the cost of golf and at lunch, both discuss how the cost of business continues to rise. They agree that they should each increase their commission rates. This discussion is:
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A violation of the Sherman Anti-trust Act.
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Which CANNOT register with the Department to perform real estate services to the public?
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A corporation sale
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John, the actively licensed broker in a partnership, has had his licensed revoked. The sales associate working for that partnership:
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Will become involuntarily inactive, as the partnership will be cancelled.
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Three brokers get together and decide to form a corporation to sell real estate. They want to call their company "House of Brokers." Each broker wishes to maintain contact with the public. What is necessary to do this?
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All three brokers must be active brokers, the corporation must be registered, and the trade name must be registered.
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Brokers Sally wants to work out of a trailer at a new home site. She will negotiate deals here and do closings. What is true about this situation?
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Because Sally conducts closings and negotiations here, this would be considered a branch office and must be registered with the FREC.
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The Principal Statutes affecting the investigative and litigation activities of the Antitrust Division are the:
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Sherman and Clayton Acts:.
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If the rental information provided by the broker or sales associate to a prospective tenant is not current or accurate in any material respect, the full fee shall be repaid to the prospective tenant upon demand. A demand from the prospective tenant for the return of the fee, or any part thereof, shall be made within ____ days following the day on which the real estate broker or sales associate had contracted to perform services to the prospective tenant.
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30 days
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Real Estate Settlement Procedures Act (RESPA)
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was enacted because congress felt that consumers needed protection from " unnecessarily high settlement charges causes by certain abusive practices that have developed in some areas of the country. "
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THe federal government department which regulates Fair Housing laws, RESPA and provides funds to states for housing needs is:
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Department of housing and Urban Development (HUD)
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Which is NOT required on a broker's entrance sign?
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The name of a sales associate registered with the firm
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Which is NOT required on a broker's entrance sign?
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The name of a sales associate registered with the firm
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