Chapter 1 - 5 (43%) Flashcards
Unit 4 - A Broker has received conflicting demand for Escrow. What must he do and how many days does he have ?
15 Days to Notify FREC in WRITING of dispute and (30) Days to implement on of the 4 Settlement procedures.
Uni 3 - A Broker employs an Unlicensed Personal Aissistant can she be paid commission?
No, she can not only Licensed Assistants may be paid commission.
Unit 3 - A broker employs a Licensed assistant and pays her $20 hour and 25% of all sales. Can a Broke do this?
No, A broker cannot pay a licensed assistant both Salary and Commission.
he would have to pay the licensed assistant full commission or only salary.
Unit 4 - When a Escrow Deposit is placed with a Title Company or Attorney what procedures must be done / follow?
Unit 1 - If a brokers license is suspended for any reason his Sales Associates licenses under him are placed on _______ ?
The sales associates licenses are placed on Involuntary Inactive Statues.
What percent is a broker required to refund regarding rental list.
75%
What is Cash Accounting?
Cash basis accounting records revenue and expenses when actual payments are received or disbursed. It doesn’t account for either when the transactions that create them occur.
EXAMPLE
Cash Accounting:
A customer buys a coffee for $5 and pays you in cash. You record this sale now because the cash was received immediately. Similarly, when you pay your supplier for coffee beans with cash, you record the expense right away.
What is Accrual Accounting?
accrual accounting records revenue and expenses when those transactions occur and before any money is received or paid out.
Example
A customer buys a coffee for $5 but pays with a gift card they previously purchased. You record the sale now, even though you received the cash when they bought the gift card. When you order coffee beans from a supplier and receive an invoice with a 30-day payment term, you record the expense now, even though you’ll pay it later.
How many member can be in a LLC?
There Is no limit it is unlimited.
What is the maximum number of member Sina. S -corp ?
100
What is the maximum in a sole proprietorship ?
1
What is the statues of license if the post education is not completed in the “First year/ Cycle” ?
Null and Void
