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Real Estate > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

What is the office where a broker goes to work everyday called

A

Principle office

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2
Q

What can’t a principle office be ?

A

A motor home or a trailer

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3
Q

What are the requirements for a principal office

A

Enclosed room in a busier it of stationery construction

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4
Q

When does a broker have to renew his office registration

A

Every 2 years

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5
Q

Is a principle office registration transferable to a new location for the registration period

A

Yes

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6
Q

Does a broker have to pay Registration fees for additional offices

A

Yes

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7
Q

Can registration of a branch office be transferred

A

No

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8
Q

If a branch office is closed and then reopened within a 2 year period what do they have to do

A

Request a reissue of the license and no need to pay

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9
Q

What is required of legal advertising

A

Full name
Company name
Your title

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10
Q

What is a blind add

A

An add missing either full name

Company name or missing title

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11
Q

When must a real estate agent make their license status known to a seller when dealing with personal transactions

A

Once negotiating begins

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12
Q

Can post dated checks be considered a promissory note and accepted as earnest money

A

Yes with sellers approval

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13
Q

Where do all checks go

A

Broker

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14
Q

How many days until a broker must ask for written verification from a sales contract deposit

A

10 days title company or attorney to provide written verification of receipt of deposit

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15
Q

How many days does the buyer have to back out of a deal when it involves an association

A

4 days

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16
Q

What are the 4 ways an escrow account can be held

A

Commercial bank
Title company
Credit union
Savings and loan association

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17
Q

Is the money in an escrow account the brokers money

A

No

18
Q

How many days does a sales associate have to deliver earnest money deposit to their employer

A

No later than end of next business day

19
Q

How many days does the broker have to place the deposit in an escrow or trust account

A

4 business days

20
Q

What is an escrow dispute

A

Conflicting requests in with both buyer and seller demand that the broker release escrowed funds

21
Q

If the broker has good faith doubt as to which person is entitled to escrowed property what does he have to do

A

Give written notification to the commission within 15 days

22
Q

What is it called when a broker waives his commission during escrow dispute

A

Bill of interpleder

23
Q

When can a bill of interpleder be implemented

A

During litigation

24
Q

When can a broker acting as an escrow agent refund deposit to the buyer without notification to the commission

A

When a sales contract is subject to financing -person doesn’t have the qualifications or funds

Appraisal did not go through for the price

25
Q

Who can a sales associate who is not compensated as agreed upon sue

A

Just their employer

26
Q

Who can sue the buyer

A

Broker

27
Q

When must a lisencee who becomes a nonresident notify the commission

A

60 days

28
Q

When can a sole proprietor operate as a real estate broker

A

They have to be an active license broker

29
Q

Do documents need to be filed with the state to create a general partnership

A

No

30
Q

How many licensed broker’s need to be active being a real estate brokerage partnership

A

At least one

31
Q

What can the partner who has given up license do

A

They cannot deal with the public

32
Q

Can somebody in a limited partnership deal with the public

A

Not unless they are a licensed active broker

33
Q

Real estate brokerage limited partnership

A

Must have one general partner that is an active licensed broker

34
Q

What is a joint venture

A

One time gig

Not a real estate brokerage business

35
Q

What are examples of real estate corporations

A

Corp
Inc
Corporation

36
Q

Does a real estate corporation deal with the public

A

No. Only a real estate brokerage corporation.

37
Q

What can a real estate Corp do

A

Buy and sell real estate for its own purpose

38
Q

Can a cooperative association register as a real estate brokerage Corp

A

No. May buy sell and lease real estate for its own use

39
Q

What is a corporation sole

A

Formed under common law principles for religious purposes

40
Q

Does a corporation sole need to file and documents with the state

A

No

41
Q

Can a corporation sole register as a real estate brokerage Corp

A

No

42
Q

What are the 5 types of businesses that cannot register as a real estate brokerage company

A 
Corporation sole
Business trust
Unincorporated association
Cooperative association 
Joint venture

Real Estate (17 decks)

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