CHP 64 - Licensing Flashcards
Who are criminal record checks conducted thru
FBI
If records shows a felony how soon must record be submitted to the commission
5 days
If an order denies applicant what will it state
If and when app will be eligible to submit app
How many hours of academic credit must an applicant for a sales associate’s license have completed?
6
What must an applicant for a broker’s license provide as proof of experience in real estate?
A sworn notarized statement signed by the principal broker or other documentation satisfactory to the Commission
An applicant for a broker’s license must first attend what?
A 3-hour academic credit brokerage management skills course
CE required each year
6 hours
What is required of licensees once every 4 years?
That they attend a Commission-approved 6-hour core education course
License Renewal PEriod
April 1 - March 31st bi-annually
If not renewed license will be
Cancelled
HOw to renew
apply in writing and pay fee
Fine for failure to renew
$200
Once a license is suspended following a hearing, how long does the licensee have to reinstate his or her license before it is canceled?
90 days
How to avoid cancellation
- go inactive
- agree to dq plan
- Submit $500 fine
What happens to a license not renewed
Auto expires
A license must notify the Commission to changes of:
The licensee’s principal business location.
The licensee’s firm name.
A sales associate’s transfer from one principal broker to another.
A licensee’s surname.
Min E&O insurance limit of liability for 1 claim
$100K
How many days must you notify change of address
10 days
How to have expired license reativated
Pay delinquent fees within 1 yr of expiration
Can a sales associate manage a branch office
Yes if they have 2 yrs experience and branch is inside a 100 mile radius of main office
Record retention tiem frame
5 yrs
Branch offices must be regsitered within __ days
10
What’s an agents obligation at absolute auction
Sell to highest bidder
WHat happens a associate does not re-affiliate with a broker
License will be canceled
What % of RE attachs were against women
66%
When receiving a doc by email you should…
immediately place it in a file
A licensee must deliver a completed Consumer Guide to Agency Relationships before what?
Before receiving confidential information from a prospective party; or before entering a representation agreement; or at the conclusion of the second contact between the licensee and a prospective party.
When must an agency disclosure agreement be given to a consumer and signed?
At the time a buyer is making an offer and at the time a seller is reviewing that offer.
If a real estate transaction involves agents from the same real estate brokerage company, which section of the agency disclosure statement must be completed and what must be designated?
Section II must be completed and it must designate whether the transaction involves designated agency or dual agency by checking the appropriate box.
Can a broker designate himself as a designated agent
NO
What must a licensee provide to an owner selling a property without a listing agreement?
A blank disclosure of conditions form
What is a disclosure of conditions form not required for?
Residential purchases of new home if warranty is offered
Auction sales
Court foreclosure
When is it necessary for a licensee to provide a debit and credit type closing statement to the buyer and seller upon closing a real estate transaction?
When the financial institution or the attorney involved in the real estate transaction fails to furnish a closing statement.
Listing contract must include
price date and time of signatures expiration date fees address owners signature
How must an agreement for compensation be set
in writing
When must property disclosures be delivered
120 hours
