Chapter 14 Flashcards
Who is responsible for recordkeeping of earnest money transferred to a third-party
Brokers or brokers office
When does Ernest money need to be delivered to the broker or brokers office?
Immediately
The use of a double contract is
Prohibited
All rejected offers must be
Marked and dated as rejected
What does a counter offer do to the original offer?
The counter offer voids the original offer
Representation confirmation and acknowledgment must be included with what
The purchase and sale agreement
What’s the maximum time a real estate sales person can be imprisoned for unauthorized practice of law
Six months
Leases must be in writing if they are longer than
One year
Subject area of legal opinions, rule 303 states a broker or sales associate shall what
Not discouraged any party from seeking advice from an attorney
