Chapter 2: Commission Rules And Regulations

Question 1

a secondary place of business apart from the principal or main office from which real estate business is conducted

Answer 1

branch office

Question 2

mixing broker’s money with that of others

Answer 2

commingling

Question 3

copy of a real estate contract with original signatures

Answer 3

duplicate originals

Question 4

place for money belonging to clients and customers

Answer 4

escrow account

Question 5

awareness of wrong doing without any attempt to stop it

Answer 5

guilty knowledge

Question 6

a non-binding (usually) recitation of what the parties intend to do, preceding entering into a contract

Answer 6

letter of intent

Question 7

the least severe discipline available to the real estate commission

Answer 7

probation

Question 8

an act of recalling a power of authority conferred as the revocation of a power of attorney, a license, or an agency

Answer 8

revocation

Question 9

the temporary lifting of a real estate license by the commission

Answer 9

suspension

Question 10

sellers statement that only one office will be marketing the property

Answer 10

Waiver of Broker Cooperation