Chapter 5 Flashcards
What is the office where a broker goes to work everyday called
Principle office
What can’t a principle office be ?
A motor home or a trailer
What are the requirements for a principal office
Enclosed room in a busier it of stationery construction
When does a broker have to renew his office registration
Every 2 years
Is a principle office registration transferable to a new location for the registration period
Yes
Does a broker have to pay Registration fees for additional offices
Yes
Can registration of a branch office be transferred
No
If a branch office is closed and then reopened within a 2 year period what do they have to do
Request a reissue of the license and no need to pay
What is required of legal advertising
Full name
Company name
Your title
What is a blind add
An add missing either full name
Company name or missing title
When must a real estate agent make their license status known to a seller when dealing with personal transactions
Once negotiating begins
Can post dated checks be considered a promissory note and accepted as earnest money
Yes with sellers approval
Where do all checks go
Broker
How many days until a broker must ask for written verification from a sales contract deposit
10 days title company or attorney to provide written verification of receipt of deposit
How many days does the buyer have to back out of a deal when it involves an association
4 days
What are the 4 ways an escrow account can be held
Commercial bank
Title company
Credit union
Savings and loan association
Is the money in an escrow account the brokers money
No
How many days does a sales associate have to deliver earnest money deposit to their employer
No later than end of next business day
How many days does the broker have to place the deposit in an escrow or trust account
4 business days
What is an escrow dispute
Conflicting requests in with both buyer and seller demand that the broker release escrowed funds
If the broker has good faith doubt as to which person is entitled to escrowed property what does he have to do
Give written notification to the commission within 15 days
What is it called when a broker waives his commission during escrow dispute
Bill of interpleder
When can a bill of interpleder be implemented
During litigation
When can a broker acting as an escrow agent refund deposit to the buyer without notification to the commission
When a sales contract is subject to financing -person doesn’t have the qualifications or funds
Appraisal did not go through for the price
Who can a sales associate who is not compensated as agreed upon sue
Just their employer
Who can sue the buyer
Broker
When must a lisencee who becomes a nonresident notify the commission
60 days
When can a sole proprietor operate as a real estate broker
They have to be an active license broker
Do documents need to be filed with the state to create a general partnership
No
How many licensed broker’s need to be active being a real estate brokerage partnership
At least one
What can the partner who has given up license do
They cannot deal with the public
Can somebody in a limited partnership deal with the public
Not unless they are a licensed active broker
Real estate brokerage limited partnership
Must have one general partner that is an active licensed broker
What is a joint venture
One time gig
Not a real estate brokerage business
What are examples of real estate corporations
Corp
Inc
Corporation
Does a real estate corporation deal with the public
No. Only a real estate brokerage corporation.
What can a real estate Corp do
Buy and sell real estate for its own purpose
Can a cooperative association register as a real estate brokerage Corp
No. May buy sell and lease real estate for its own use
What is a corporation sole
Formed under common law principles for religious purposes
Does a corporation sole need to file and documents with the state
No
Can a corporation sole register as a real estate brokerage Corp
No
What are the 5 types of businesses that cannot register as a real estate brokerage company
Corporation sole Business trust Unincorporated association Cooperative association Joint venture
