Chapter 22: Licensing & Regulation Flashcards
In which of the following cases with a person probably be required to have a real estate license?
Bruce gets hired to find an office suite for a friend who is relocating her business
A license applicant signs up to take the state examination, but has failed to obtain an employer prior to the exam date in this case the applicant…
May take the exam and receive an inactive license
A broker operates an office in a town on the state line. A buyer from the adjoining state wants to see homes on both sides of the border. In this case, the broker…
May not show the buyer homes in the other state without a non-resident license
The principal role of the real estate commission is to…
Administer state licensing requirements
License regulators, and powered by state law to oversee brokerage practices, may…
Take punitive actions against fraud or misrepresentation
A broker has her license suspended for violating state license law. In such a case, the licenses of her three salespeople are…
Not valid
The purpose of a recovery fund is to…
Ensure the judgments against licensees will be collectible
