BR, SP and Associate BR Requirements & Info

Question 1

Salesperson Duties (3)

Answer 1

1. Facilitates purchase and sale on behalf of customers
2. Obtains list of properties for sale w/ employer broker
3. Assists buyers to locate and purchase properties

Acts as Broker’s Agent

Question 2

Salesperson License Requirements (4)

Answer 2

1. 75 Hour course
2. School Test
3. State Test
4. Submit license application
   
   • signed by sponsoring broker
   • with school seal and license fee

Question 3

Broker Definition

Answer 3

Person/firm/LLC that performs [RE] services for another, for compensation (listed on website)
Responsible for supervision, conduct and licensing

Question 4

Broker Requirements

Answer 4

1. [SP] requirements and
2. 45 hour broker course
3. Exam
4. 2 years full time experience licensed [RE] 3 years other exp

Question 5

Associate Broker Definition

Answer 5

Chooses to work under supervision and guidance of another broker (can save $ and liability)

Question 6

Additional Training Standards to Maintain License

Answer 6

22.5 hours of additional instruction every 2 years

Question 7

Responsibility of License (SP)

What skills/services are expected?

Answer 7

• needs working knowledge of the law (12A, contacts, property etc)
• mastery of job skills
• knowledge of ethical obligations
• knowledge of General obligations law and performance of duties

Question 8

Responsibility of License {Broker]

(What skills/services are expected?)

Answer 8

• everything for SP and
• working knowledge of English language
• knowledge of deeds, mortgages, land contracts, leases
• obligations between principle and agent

Question 9

Suspension/Revocation Consequences

Commonly for fraud, untrustworthiness

Answer 9

1. $1000 fine
2. loss of license for 1 year (result of suspension)
3. allowed to reapply after 1 year, no guarantee

Question 10

Final Determination of License

- two possible results

Answer 10

The applicant will be sent acceptance or letter of proposed denial
If latter, the applicant will be allowed to be heard in person or by council prior to decision

Question 11

Fiduciary duties

Answer 11

Due to the client by the customer, who is owed trust and honesty.

Question 12

Change/Termination of Association

What are the regulations/restrictions?

Answer 12

Notify Dept of State ASAP
SP cannot provide services without sponsoring BR
Cannot receive compensation if suspended
The broker must remove from eAccess within 5 days

Question 13

Appropriate BR/SP Payment flow

Answer 13

SP cannot accept payment from anyone but their sponsoring BR

All payments must be made to BR, BR then divides and pays SP/employees.

Question 14

Dual Licensure Define and 2 Examples

Answer 14

Can hold more than one license
Example 1: DL SP with BR1 (Commercial) and BR2(Residential)

Example 2: DL Associate BR working with main BR while maintaining private brokerage as well.