Chapter 2: Commission Rules and Regulations KEY TERMS REVIEW

Question 1

Branch office

Answer 1

broker’s additional place of business

Question 2

Commingling

Answer 2

mixing broker’s money with that of others

Question 3

Duplicate original

Answer 3

copy of a real estate contract with original signatures

Question 4

Escrow account

Answer 4

place for money belonging to clients and customers

Question 5

Guilty knowledge

Answer 5

awareness of wrongdoing with no attempt to stop it

Question 6

Probation

Answer 6

least severe discipline by the Real Estate Commission

Question 7

Revocation

Answer 7

cancellation of a real estate license

Question 8

Suspension

Answer 8

temporary lifting of a real estate license

Question 9

Trust account

Answer 9

another name for escrow account

Question 10

Waiver of Broker Cooperation

Answer 10

form sellers must sign for an office-exclusive listing