Commission Rules and Regulations

Question 1

Commingling

Answer 1

Mixing client/customer funds with broker fund. This is strictly prohibited.

Question 2

Trust/Escrow account

Answer 2

Non-interest bearing account in an authorized bank to be used for the deposit of all money belonging to other persons.

Question 3

Mixing client/customer funds with broker fund.

Answer 3

Commingling

Question 4

What types of payments may a broker accept?

Answer 4

Cash, money order, wire transfer and debit card.

Question 5

Expired listing agreements

Answer 5

No listing was created. Must be kept for 6 months

Question 6

Off site conditions

Answer 6

Specific set of conditions that take place off the property of the house that affect the house. Includes items like hazard waste sites, landfills, and public wastewater treatments facilities. These MUST be disclosed except for new development.

Question 7

Social conditions

Answer 7

Neighborhood conditions which do not impact the physical condition of the house. Examples, barking dogs, noisy neighbors. These do NOT have to be disclosed unless specifically asked.

Question 8

Physiological impairments

Answer 8

Items like murder, suicide, or haunted house. These do NOT have to be disclosed unless specifically asked.

Question 9

Attorney General Memorandum

Answer 9

Given to all clients. Relates to discrimination law.

Question 10

Licensee loses their license, but can get it back within the same license cycle.

Answer 10

Suspension

Question 11

Licensee loses their license and cannot get it back until the following license cycle.

Answer 11

Revocation

Question 12

Licensee keeps their license, but has to check in with the Real Estate Commission in determined intervals.

Answer 12

Probation

Question 13

Probation

Answer 13

Licensee keeps their license, but has to check in with the Real Estate Commission in determined intervals.

Question 14

Revocation

Answer 14

Licensee loses their license and cannot get it back until the following license cycle.

Question 15

Suspension

Answer 15

Licensee loses their license, but can get it back within the same license cycle.

Question 16

Who can offer a commission rebate, and to whom?

Answer 16

The broker can offer a commission rebate to the buyer.

Question 17

Copy of a real estate contract with original signatures

Answer 17

Duplicate original

Question 18

Awareness of wrongdoing with no attempt to stop it

Answer 18

Guilty knowledge

Question 19

Guilty knowledge

Answer 19

Awareness of wrongdoing with no attempt to stop it

Question 20

When may a licensee represent both parties in the same transaction?

Answer 20

With the informed, written consent of both parties.

Question 21

How much notice is the Real Estate Commission obligated to give a licensee before a hearing is held on a possible violation?

Answer 21

10 days