Chapter 10 Flashcards
If a real estate office is in a private residence, the following must apply?
Answer: It must have a separate entrance
Most violations of RELRA can be classified as ………… or ………….
Answer: Unlicensed activity, violations of the rules and regulations of RELRA
The State Real Estate Commission has the authority to enforce which of the following?
Answer: RELRA
An exclusive listing agreement must contain all of the following, except?
Answer: Open house schedule
If a sales agreement is conditioned upon the ability of the buyer to obtain a mortgage, it shall contain all of the following, except?
Answer: The amount of down payment
You are a Broker, and you have just spent several days negotiating a deal for your client. The deal is set to close next week. Your client asks you what expenses they will incur as part of the deal. What do the rules tell you to do?
Answer: You are required to submit a written estimate of reasonably foreseeable expenses associated with the sale
As a licensee, you will often be asked to perform a comparative market analysis (CMA) for a prospective seller. When you perform a CMA, you are required to include the following statement on the first page of the report: “This analysis …………been performed in accordance with the Uniform Standards of Professional Appraisal Practice which require valuers to act as unbiased, disinterested third parties with impartiality, objectivity and independence and without accommodation of personal interest. It …………to be construed as an appraisal and …………be used as such for any purpose.” What words belong in the blanks?
Answer: has not, is not, may not
Escrow involves the deposit of …………, with a third party to be held until the completion of a specified event or until specific conditions have been met. At that time, the …………. is released to a designated party. Which answer is correct?
Answer: funds, a deed, or other legal instrument
A broker’s escrow duty …………be waived or altered by an agreement between the parties to the transaction, between the broker and the parties, or between the broker and other brokers who may be involved in the transaction.
Answer: may not
You must have worked as a licensed salesperson for …………years, or have the equivalent education and/or experience as determined by the Commission, to take the Broker’s exam.
Answer: 3
A broker must keep records of all funds deposited in a custodial or trust fund account, which records indicate clearly all the following, except?
Answer: The date the account was opened
An advertisement by a licensee for the solicitation, sale or offering for sale of real estate that employs lotteries or contests, or that offers prizes, certificates, gifts, or free lots shall contain all of the following, except?
Answer: A guarantee that playing means you will win something
An advertisement by a broker about ‘‘sales volume’’ or ‘‘production’’ shall refer only to closed transactions. For purpose of this subsection, a ‘‘closed transaction’’ is…?
Answer: either a listing sold or a sale made after a fully executed deed is delivered
In order to take the real estate salesperson’s exam, you must have completed ………… hours of study approved by the Commission.
Answer: 75
if you change employers, you must notify the Commission no later than ………… days after your change of employment.
Answer: 10
