Chapters 1-3 Review Flashcards
Chapter Review
Which is an example of commercial real estate?
A Hotel
How many real estate commissioners are there and how long do they serve?
5 serving 4 year terms
Which activity does not require a real estate license?
Property Management
What is the penalty for brokering a real estate deal without a license?
Up to $5,000 and/or a year in jail
Which of the following activities would the real estate recovery fund NOT pay out for?
Dishonorable Dealings
What are the liability limits of the real estate recovery fund?
$10,000 per year per licensee
What is true of a licensee if the real estate recovery fund pays out for them?
Their license is suspended until the judgement is repaid
How long is your pre-license course certificate good for?
3 Years
How long is your passing state exam certificate good for?
1 Year
How about the fingerprint background check?
6 Months
What are the Continuing Education requirements?
12 elective hour plus two core courses every 2 years
What is required in all advertisements for listed properties?
Brokerage company name
Which statement is true regarding a broker’s commission policies?
They can set a minimum commission the firm charges sellers/buyers
What is not a violation of Anti-Trust law
Variable Rate Commissions
Who are the only 2 unlicensed parties you may share any part of your commissions with
The Buyer and Seller to the transaction
