chapter 15 Flashcards
1
Q
The recovery fund
A
an account established as a last resort for a consumer who has obtained a final civil judgment or criminal restitution order against a real estate licensee based on fraud or certain other grounds
2
Q
Commissioner’s Regulations
A
3
Q
commingling
A
the practice of mixing a client’s money with the agent’s personal funds and it is illegal.
4
Q
Conversion
A
when a broker spends the principals deposit he or she has converted those funds into his or her own.
5
Q
essential elements of business
A
bill of sale
financial statements
6
Q
real estate syndication
A
gives a person the chance to channel his or her private savings into real estate investments for which other financing cannot be obtained
7
Q
A
