Article 3: Miscellaneous Provisions

Question 1

Branch Offices (supervision)

Answer 1

Direct supervision of a real estate assc broker. An assc broker can only supervise one office

Question 2

Listing Managing Contracts

Answer 2

Must be in writing,
Must be signed by the broker, associated licensee, and by the client.
Have an expiration date
Renewal only through writing

Question 3

How long should Accounts, records of transactions be kept

Answer 3

3 years

Question 4

When commission is earned

Answer 4

When the buyers offer is accepted (getting paid is actually closing the deal)

Question 5

Conflict of Interest Disclosure

Answer 5

Licensee shall disclose to the persons adversely affected by the conflict

Question 6

When is there a conflict of interest

Answer 6

licensee has:
Present ownership of leasehold interest in the property
is whole or part owner of a business interest in the property being marketed