Business Practice Flashcards
Broker Supervision over Business
Broker will supervise business. They will supervise the employee, licensed or unlicensed. They will protect confidentiality
Broker’s Liability in Salesperson Misconduct
A broker may be held liable for Salesperson’s misconduct UNLESS the have taken the necessary and proper steps to prevent such happening and did not participate:
Examples of such behavior include: making written instructions that inform salespersons to not do such behavior, establishing good procedures, active preventions or mitigation of damage, non participation in misconduct, disapproval of misconduct, investigation (or at least not avoiding) the misconduct.
Broker Duties
OLDCAR as usual. But we talk more specific like presenting all written offers
Designated Agent Appointment
Appointments of designated agents or transaction brokers must be entered by designated broker or office manager/supervisor
Writing Requirements for Designated Agents
Designated appointments should be in writing to client or party
Dual Agency Consideration for Principal Broker
Principal broker (or someone else who designates) shall not be considered a Dual Agent UNLESS:
They do one or more of the following acts:
supervise both sides of a transaction
obtain confidential information about either party
Consult a licensee who is involved with a transaction
Branch Office Requirements
Each branch office must have the same name and license when submitted to the commission. Each must be under broker supervision
On-Site offices Exemption
These are not required to be registered as branch offices
Sales Manager
Sale-Managers must hold Broker-Salesperson license or must be a broker to hold their position (as managers of a branch)
Clerical Personnel Considerations
They CANNOT engage in real estate business. They can only do clerical duties. I interpret this rule as something that prevents clerical staff from doing any actions that may require real estate knowledge/expertise
