Chap 13: Licensing Laws Flashcards
- 1 A Licensee may have his license revoked or suspended for all but which one of the following:
a. Making any misrepresentations concerning a real estate transaction.
b. Acting as agent for both buyer and seller without first having obtained written consent from both parties involved in the sale.
c. Accepting a commission for the sale of real estate from any person other than her broker
d. Accepting an earnest money deposit from an unqualified buyer.
d. Accepting an earnest money deposit from an unqualified buyer.
- 2 All BUT which one of the following must be included in property advertisements by a licensee:
a. The name of her brokerage, as registered by the Real Estate Commission
b. License status of the Licensee
c. Price of the property
d. Identification of the property, if it is a leasehold estate, as “leasehold”.
c. Price of the property
- An unlicensed employee of Blue Sky Realty who answers incoming phone calls may:
a. Give only a basic description of property for sale to a prospect.
b. Make an appointment for the caller to meet with a licensed agent to discuss a certain property.
c. Tell a caller which properties Blue Sky Realty has listed within a particular price range.
d. Tell a caller what terms she thinks a particular seller would accept.
- An unlicensed employee of Blue Sky Realty who answers incoming phone calls may:
b. Make an appointment for the caller to meet with a licensed agent to discuss a certain property.
13.4. If Sally Matsushita (RA) forgets to renew her license until Saturday, December 31:
a. She’s cooked. Theres no way she can get her renewal application and fee to the Real Estate Commission in Honolulu by the end of the year.
b. She will have to go inactive until the next renewal period.
c. Her renewal will be accepted by the REC if it is postmarked no later than Monday, January 2.
d. Her license is automatically renewed when her broker renews the license for the entire firm.
c. Her renewal will be accepted by the REC if it is postmarked no later than Monday, January 2.
13.5. Gordon Chang lives and works on Oahu, but is licensed with a Maui Broker. His license hangs in the Maui office. Which is true?
a. It doesn’t matter where he lives or where he hangs his license within the state. His license is valid statewide.
b. His Maui broker must open an Oahu branch office.
c. This is okay only if Gordon attends regular staff meetings at the Maui Brokerage.
d. Gordon must transfer his license to an Oahu brokerage, or he must move to Maui.
a. It doesn’t matter where he lives or where he hangs his license within the state. His license is valid statewide.
13.6. Which one of the following is required to have a real estate license?
a. A person selling his own home, who is not otherwise associated with the real estate business.
b. A person who manages, rents or operates a hotel.
c. A person who leases real estate of which he is custodian or caretaker, provided he does this for no more than a single owner.
d. The rental manager for a condominium rental pool.
d. The rental manager for a condominium rental pool.
13.7. A developer is so pleased with the sales by Sand and Sea Realty at his Kula development that he mailed each agent a nice thank you letter and a check for $100 in appreciation. Which is true?
a. The agents may keep the checks as just compensation for a job well done.
b. The agents must write a nice thank you note to the developer.
c. The agents may keep the checks as long as they inform their broker.
d. The agents may not accept the gifts unless the checks are made payable to the broker, and the broker then pays them.
d. The agents may not accept the gifts unless the checks are made payable to the broker, and the broker then pays them.
- As defined by Hawaii real estate licensing law, the term “seller” also includes:
a. Vendor
b. Lessor
c. Grantor of an option
d. All of the above
- As defined by Hawaii real estate licensing law, the term “seller” also includes:
d. All of the above
- Which of the following is NOT cause for revocation or suspension of ones real estate license?
a. Taking the Hawaii real estate licensing exam when you already have a valid license without specific permission from the REC.
b. Adding to or modifying the terms of an executed contract without written permission of all parties.
c. Advertising a property which is not listed with your brokerage.
d. Working with a seller who is selling his own property after disclosing to all parties who the licensee represents and who will pay a commission, if any.
- Which of the following is NOT cause for revocation or suspension of ones real estate license?
d. Working with a seller who is selling his own property after disclosing to all parties who the licensee represents and who will pay a commission, if any.
- In a court hearing regarding payment from the Real Estate recovery fund, the aggrieved person shall be required to show the following EXCEPT:
a. The person is not the spouse of the debtor.
b. The person has made reasonable searches to ascertain if the debtor owns valuable real or personal property.
c. The person has made at least 5 good faith attempts to phone the licensee and arrange an appointment to meet and discuss the problem.
d. The person has obtained a judgement against the licensee.
- In a court hearing regarding payment from the Real Estate recovery fund, the aggrieved person shall be required to show the following EXCEPT:
c. The person has made at least 5 good faith attempts to phone the licensee and arrange an appointment to meet and discuss the problem.
- Which of the following is eligible to take the brokers exam, if all other requirements are met?
a. Lisa, a licensed salesperson who has worked for Lehua Realty full time for the past 3 years.
b. Quinton, a licensed broker in Hawaii with 10 years experience.
c. Rita, who has 2 years full time experience as a salesperson within the past 5 years.
d. William, whose salespersons license was forfeited due to non payment of license fees.
- Which of the following is eligible to take the brokers exam, if all other requirements are met?
a. Lisa, a licensed salesperson who has worked for Lehua Realty full time for the past 3 years.
13.12. How long must a brokerage keep records of a closed transaction?
a. Two years
b. Three Years
c. Four years
d. Five years.
b. Three Years
