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Carpe Diem > CH 10 - Practice of RE > Flashcards

CH 10 - Practice of RE Flashcards

1
Q

Which two things must provider’s of trust funds acknowledge in writing?

A
  1. Which broker’s trust account will hold trust money.

2. Interest accrued on trust money will benefit the broker.

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2
Q

Conversion

A

Using the public’s money for some purpose other than what it was intended for.

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3
Q

Commingling

A

Mixing public money with personal/company money.

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4
Q

Earnest money should be delivered to broker within what time period?

A

no later than following business day

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5
Q

You could see “incompetence” used to describe who and why?

A

A broker-in-charge who doesn’t handle trust money as required has demonstrated incompetence.

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6
Q

Trust funds in cash or certified check must be deposited within what time period?

A

48 hours of receipt, excluding weekends and bank holidays

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7
Q

Trust funds in check must be deposited within what time period?

A

48 hours of lease signing, excluding weekends and bank holidays

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8
Q

Under no circumstances can anyone discriminate based on race. Which Supreme Court decision refers to this?

A

The Supreme Court Decision of 1968 (Jones vs Mayer) upheld the Civil Rights Act of 1866

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9
Q

Name the 7 protected classes

A

Race, Color, Religion, National Origin, Sex, Familial Status, Handicap

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10
Q

Records must be maintained for a minimum of __ years.

A

five

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11
Q

True or False: Buyer/tenant must acknowledge in writing they are waiving any interest accrued.

A

True

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12
Q

Civil Rights Act of _____ declared all US citizens, regardless of race/color shall have the right to purchase/sale/own real/personal property.

A

1866

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13
Q

True or False: To ensure restoration of the property upon a handicap tenant moving, the landlord may require an escrow account in the amount required to restore the property.

A

True

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14
Q

True or False: You can discriminate on age in housing.

A

True, age is not a protected class

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15
Q

It is illegal to place discriminatory statements in ________ related to the rent/sale of real property.

A

advertising

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16
Q

Fair Housing Law is federally enforced by ______.

A

HUD

17
Q

Fair Housing Law is enforced in SC by _______.

A

SCHAC

18
Q

Fair Housing complaints at the federal level, time limit to file: __________.

A

up to one year to file

19
Q

Fair Housing complaints at the state level, time limit to file: __________.

A

up to 6 months

20
Q

Penalty amounts for violations of Fair Housing Law:

A

$10,000, 1st offense
$25,000, 2nd offense in 5 years
$50,000, 3rd offense in 7 years

21
Q

Blockbusting

A

Inducing homeowners to sell their properties by making representations about the entry or prospective entry of persons of a particular race/origin into the neighborhood.

22
Q

Steering

A

Funneling of home buyers to a particular area based on the desire to keep the makeup of that neighborhood the same or intentionally change it.

23
Q

Redlining

A

Mortgage lenders refuse to make loans available inside a specific geographic area (minority neighborhood).

24
Q

A licensee may not advertise or conduct a real estate transaction involving real estate owned by another person without first _____________________.

A

obtaining a written listing agreement

25
Q

When advertising or marketing in any medium, a licensee must clearly identify the _____________________.

A

the full name of the company

26
Q

What is a blind ad?

A

an ad which does not identify the full name of the company

27
Q

Intentional misrepresentation of fact or omission of fact is known as

A

fraud

28
Q

stating an opinion that may exaggerate reality, and it’s legal

A

puffing

29
Q

To be a Statutory Independent Contractor, what must occur?

A

At least 90% of real estate income must come real estate commissions

30
Q

Commissions are always ________.

A

negotiable

31
Q

A set commission is considered _________.

A

price fixing

32
Q

Price fixing is a violation of what laws?

A

Anti-Trust Laws / Sherman & Clayton Acts

33
Q

What are the penalties for violating Anti-Trust laws?

A

fines up to $5,000 and/or 6 months in prison

34
Q

Who CANNOT legally receive a commission in connection with a real estate transaction?

A

unlicensed agents

35
Q

Requirements (2) to be the procuring cause:

A
  1. must have an agency relationship

2. must have shown the property, negotiated contract, and go to closing without any break in chain of events

36
Q

Requirements governing real estate transaction records must be kept and for how long are determined PRIMARILY by which authority?

A

State regulations and related rules

37
Q

If a buyer asks you for advice on which type of title to use, what should you do?

A

Do not give advice because you aren’t legally permitted to give legal advice.

38
Q

True or False: FHA DOES NOT cover people with physical or mental disabilities such as hearing, mobility, visual impairment, AIDS, etc.

A

False

Carpe Diem (14 decks)

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