(5) Real Estate Brokerage Activities And Procedures Flashcards
1
Q
If a broker has conflicting demands on money held in escrow, what is the first thing the broker should do?
A
Notify FREC in writing within 15 day
2
Q
A buyer drops off an escrow check on Tuesday. To avoid any trouble with the FREC on which day must the broker deposit the check by close of business.
A
Friday
3
Q
What must a sales associate do upon receiving an earnest money deposit?
A
Deliver the funds to his or her broker or owner developer
4
Q
Any resident licensee who becomes a nonresident must notify the Commission of the change in residency within __ days and comply with nonresident requirements.
A
60
5
Q
If a sales associate received a post dated check what should he/she do
A
Immediately give it to their employing broker
