Chapter 2

Question 1

Sales associates may be licensed under a

Answer 1

Broker or older employer such as a developer

Question 2

What are the licensing in registering requirements for brokers and owner employers

Answer 2

Brokers are registered and licensed owner employers are registered but not licensed

Question 3

What post license education most all sales associates complete

Answer 3

45 hour post license course prior to the expiration date on their initial license.

Question 4

What is the penalty for sales associates who do not complete the post license education

Answer 4

Failure to complete the required course prior to the Expiration of the initial license will cause the listens to become void in the licensee will be out of business

Question 5

What is a broker associate

Answer 5

The broker associate is a person who has the brokers license but chooses to continue employment in a sales associate position with current employer

Question 6

A B A R S A L E

Answer 6

A - appraising B - Buying A- Auctioning R - Renting S - Selling A - Advertising L - Leasing E - Exchanging

Question 7

What is it attorney in fact

Answer 7

In attorney in fact is the person granted authority under a power of attorney to act for others in some capacity such as signing documents

Question 8

What is an attorney at law

Answer 8

In attorney at law may perform legal services on behalf of their clients

Question 9

What are the three diffrent types of corperations?

Answer 9

1 - Disposable

2 - Holding

3 - For Others

Question 10

When employed by and licensed under a Broker, a sales associate or

broker associate acts as the brokers ________?

Answer 10

Agent in performing the services of real estate

Question 11

What is an owner employer?

Answer 11

An owner employeris an individual or company that is in the buisness of

buying, owning and or developing real estate. The owner employer is regisetered with the Department bu recives no real estate license.

Question 12

A sales associate fails to complete the required post license education prior

to renewal. What is the status of his license?

Answer 12

VOID

Question 13

Registration of an aactive sales associate with the department refers to what three things?

Answer 13

Keeping on record the sales associates

name

home address

buisness address of his employing broker

Question 14

A broker associate is?

Answer 14

A broker employed as a sales associate